# EDGAR Filing Document

**Accession Number:** 0000810893
**File Stem:** 0001193125-25-308321
**Filing Date:** 2025-12
**Character Count:** 6353319
**Document Hash:** fdb838020c837d506d1f631e37ecf2f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-308321.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001193125-25-308321

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251205

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05028
- **FILM NUMBER:** 251550909

**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 International Bond Fund (U.S. Dollar-Hedged) (Series ID: S000009678)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026516 | Institutional  | PFORX           |
| C000026517 | Administrative | PFRAX           |
| C000026518 | A              | PFOAX           |
| C000026520 | C              | PFOCX           |
| C000026522 | R              | PFRRX           |
| C000064132 | I-2            | PFBPX           |
| C000200438 | I-3            | PFONX           |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000065241 | Institutional | PSAIX           |
| C000074976 | Class A       | PGSAX           |

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

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

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

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

### PIMCO TRENDS Managed Futures Strategy Fund (Series ID: S000042791)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000132356 | Institutional Class | PQTIX           |
| C000132357 | I-2                 | PQTPX           |
| C000132360 | Class A             | PQTAX           |
| C000132361 | Class C             | PQTCX           |
| C000200466 | I-3                 | PQTNX           |

### 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           |

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

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

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

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

### 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: September 30, 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 three (3) 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 #0001193125-25-308184) 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 Investment Company Act of 1940 (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 submission (the "second companion submission"). Apart from Items 1, 6 and 7, this submission is identical in all material respects to the initial 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 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

● 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

------

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

● 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

● 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 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 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 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 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

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

● 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

● PIMCO All Asset: Multi-RAE PLUS Fund

● PIMCO All Asset: Multi-Real Fund

● PIMCO All Authority: Multi-RAE PLUS Fund

● PIMCO CommoditiesPLUS® Strategy Fund Class A

● PIMCO CommoditiesPLUS® Strategy Fund Class C

● PIMCO CommoditiesPLUS® Strategy Fund InstitutionalClass

● PIMCO CommoditiesPLUS® Strategy Fund I-2

● PIMCO CommoditiesPLUS® Strategy Fund I-3

● PIMCO CommodityRealReturnStrategy Fund® Class A

● PIMCO CommodityRealReturnStrategy Fund® Administrative Class

● PIMCO CommodityRealReturnStrategy Fund® Class C

● PIMCO CommodityRealReturnStrategy Fund® Institutional Class

● PIMCO CommodityRealReturnStrategy Fund® I-2

● PIMCO CommodityRealReturnStrategy Fund® Class R

● PIMCO CommodityRealReturnStrategy Fund® I-3

● PIMCO Inflation Response Multi-Asset Fund Class A

● PIMCO Inflation Response Multi-Asset Fund Institutional Class

● PIMCO Inflation Response Multi-Asset Fund I-2

● PIMCO Inflation Response Multi-Asset Fund I-3

● PIMCO Long-Term Real Return Fund Institutional Class

● PIMCO Long-Term Real Return Fund I-2

● PIMCO Real Return Fund Class A

● PIMCO Real Return Fund Administrative Class

● PIMCO Real Return Fund Class C

● PIMCO Real Return Fund Institutional Class

● PIMCO Real Return Fund I-2

● PIMCO Real Return Fund Class R

● PIMCO Real Return Fund I-3

● PIMCO RealEstateRealReturn Strategy Fund Class A

● PIMCO RealEstateRealReturn Strategy Fund Class C

● PIMCO RealEstateRealReturn Strategy Fund Institutional Class

● PIMCO RealEstateRealReturn Strategy Fund I-2

● PIMCO RealEstateRealReturn Strategy Fund I-3

● PIMCO 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 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

(b) Not applicable to the Registrant.

# Institutional Class: GCMVX

# PIMCO California Municipal Intermediate Value Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO California Municipal Intermediate Value Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $21 | 0.41%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $25443 |
| # of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 1% |
| Total Net Advisory Fees Paid During the Reporting Period | $26 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 25.9% |
| Lease (Abatement) | 22.0% |
| Health, Hospital & Nursing Home Revenue | 8.0% |
| Port, Airport & Marina Revenue | 6.8% |
| Tax Increment/Allocation Revenue | 5.6% |
| General Fund | 4.5% |
| Special Tax | 3.6% |
| Local or Guaranteed Housing | 3.3% |
| College & University Revenue | 2.6% |
| Water Revenue | 2.6% |
| Lease (Appropriation) | 2.5% |
| Other Investments | 6.2% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 5.4% |
| Other Assets and Liabilities, Net | 1.0% |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## 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](g920090g35n09.jpg)

# Institutional Class: GCMVX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS2207TSRSAR_093025

# Institutional Class: GCMFX

# PIMCO California Municipal Opportunistic Value Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO California Municipal Opportunistic Value Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $30 | 0.60%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $215358 |
| # of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 8% |
| Total Net Advisory Fees Paid During the Reporting Period | $410 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 38.8% |
| Lease (Abatement) | 17.0% |
| Port, Airport & Marina Revenue | 11.9% |
| Health, Hospital & Nursing Home Revenue | 6.5% |
| Local or Guaranteed Housing | 4.6% |
| Lease (Non-Terminable) | 3.6% |
| Electric Power & Light Revenue | 3.3% |
| Lease (Appropriation) | 2.6% |
| Water Revenue | 2.1% |
| Sales Tax Revenue | 1.6% |
| College & University Revenue | 1.3% |
| Highway Revenue Tolls | 1.2% |
| Other Investments | 3.7% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.6% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Institutional Class: GCMFX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS2208TSRSAR_093025

# Class A: PAEMX

# PIMCO Emerging Markets Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $71 | 1.36%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2252600 |
| # of Portfolio Holdings | 1368 |
| Portfolio Turnover Rate | 31% |
| Total Net Advisory Fees Paid During the Reporting Period | $4582 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 8.9% |
| United States | 7.4% |
| Luxembourg | 4.5% |
| Colombia | 4.3% |
| Turkey | 4.3% |
| Egypt | 3.5% |
| Indonesia | 3.5% |
| Cayman Islands | 3.5% |
| Brazil | 3.2% |
| Other Countries | 56.5% |
| Short-Term Instruments | 5.0% |
| Affiliated Investments | 5.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (9.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Class A: PAEMX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4001TSRSAR_093025

# Class C: PEBCX

# PIMCO Emerging Markets Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $110 | 2.11%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2252600 |
| # of Portfolio Holdings | 1368 |
| Portfolio Turnover Rate | 31% |
| Total Net Advisory Fees Paid During the Reporting Period | $4582 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 8.9% |
| United States | 7.4% |
| Luxembourg | 4.5% |
| Colombia | 4.3% |
| Turkey | 4.3% |
| Egypt | 3.5% |
| Indonesia | 3.5% |
| Cayman Islands | 3.5% |
| Brazil | 3.2% |
| Other Countries | 56.5% |
| Short-Term Instruments | 5.0% |
| Affiliated Investments | 5.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (9.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Class C: PEBCX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4201TSRSAR_093025

# I-3: PEBNX

# PIMCO Emerging Markets Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $60 | 1.14%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2252600 |
| # of Portfolio Holdings | 1368 |
| Portfolio Turnover Rate | 31% |
| Total Net Advisory Fees Paid During the Reporting Period | $4582 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 8.9% |
| United States | 7.4% |
| Luxembourg | 4.5% |
| Colombia | 4.3% |
| Turkey | 4.3% |
| Egypt | 3.5% |
| Indonesia | 3.5% |
| Cayman Islands | 3.5% |
| Brazil | 3.2% |
| Other Countries | 56.5% |
| Short-Term Instruments | 5.0% |
| Affiliated Investments | 5.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (9.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# I-3: PEBNX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2180TSRSAR_093025

# Institutional Class: PEBIX

# PIMCO Emerging Markets Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $52 | 0.99%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2252600 |
| # of Portfolio Holdings | 1368 |
| Portfolio Turnover Rate | 31% |
| Total Net Advisory Fees Paid During the Reporting Period | $4582 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 8.9% |
| United States | 7.4% |
| Luxembourg | 4.5% |
| Colombia | 4.3% |
| Turkey | 4.3% |
| Egypt | 3.5% |
| Indonesia | 3.5% |
| Cayman Islands | 3.5% |
| Brazil | 3.2% |
| Other Countries | 56.5% |
| Short-Term Instruments | 5.0% |
| Affiliated Investments | 5.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (9.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Institutional Class: PEBIX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0137TSRSAR_093025

# I-2: PEMPX

# PIMCO Emerging Markets Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $57 | 1.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2252600 |
| # of Portfolio Holdings | 1368 |
| Portfolio Turnover Rate | 31% |
| Total Net Advisory Fees Paid During the Reporting Period | $4582 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 8.9% |
| United States | 7.4% |
| Luxembourg | 4.5% |
| Colombia | 4.3% |
| Turkey | 4.3% |
| Egypt | 3.5% |
| Indonesia | 3.5% |
| Cayman Islands | 3.5% |
| Brazil | 3.2% |
| Other Countries | 56.5% |
| Short-Term Instruments | 5.0% |
| Affiliated Investments | 5.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (9.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# I-2: PEMPX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1914TSRSAR_093025

# Institutional Class: PEMIX

# PIMCO Emerging Markets Corporate Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Corporate Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $49 | 0.96%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $61678 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 82% |
| Total Net Advisory Fees Paid During the Reporting Period | $143 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Cayman Islands | 10.2% |
| United States | 8.8% |
| United Kingdom | 5.4% |
| Chile | 4.9% |
| Brazil | 4.7% |
| Mexico | 4.4% |
| Luxembourg | 4.1% |
| United Arab Emirates | 3.9% |
| Colombia | 3.5% |
| India | 3.4% |
| Other Countries | 43.4% |
| Short-Term Instruments | 1.6% |
| Affiliated Investments | 6.9% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (5.2%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## 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](g920090g35n09.jpg)

# Institutional Class: PEMIX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Corporate Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1948TSRSAR_093025

# Class A: PLMAX

# PIMCO Emerging Markets Currency and Short-Term Investments Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Currency and Short-Term Investments Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $69 | 1.31%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $696733 |
| # of Portfolio Holdings | 1301 |
| Portfolio Turnover Rate | 78% |
| Total Net Advisory Fees Paid During the Reporting Period | $1567 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil | 19.6% |
| Malaysia | 9.5% |
| Mexico | 7.2% |
| South Africa | 5.7% |
| United States | 4.8% |
| Peru | 3.5% |
| Colombia | 3.1% |
| Dominican Republic | 3.0% |
| Poland | 2.6% |
| Other Countries | 20.4% |
| Short-Term Instruments | 9.0% |
| Affiliated Investments | 18.0% |
| Financial Derivative Instruments | (2.2%) |
| Other Assets and Liabilities, Net | (4.2%) |
| 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](g920090g35n09.jpg)

# Class A: PLMAX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Currency and Short-Term Investments Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4029TSRSAR_093025

# Institutional Class: PLMIX

# PIMCO Emerging Markets Currency and Short-Term Investments Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Currency and Short-Term Investments Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $48 | 0.91%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $696733 |
| # of Portfolio Holdings | 1301 |
| Portfolio Turnover Rate | 78% |
| Total Net Advisory Fees Paid During the Reporting Period | $1567 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil | 19.6% |
| Malaysia | 9.5% |
| Mexico | 7.2% |
| South Africa | 5.7% |
| United States | 4.8% |
| Peru | 3.5% |
| Colombia | 3.1% |
| Dominican Republic | 3.0% |
| Poland | 2.6% |
| Other Countries | 20.4% |
| Short-Term Instruments | 9.0% |
| Affiliated Investments | 18.0% |
| Financial Derivative Instruments | (2.2%) |
| Other Assets and Liabilities, Net | (4.2%) |
| 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](g920090g35n09.jpg)

# Institutional Class: PLMIX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Currency and Short-Term Investments Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1872TSRSAR_093025

# I-2: PLMPX

# PIMCO Emerging Markets Currency and Short-Term Investments Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Currency and Short-Term Investments Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $53 | 1.01%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $696733 |
| # of Portfolio Holdings | 1301 |
| Portfolio Turnover Rate | 78% |
| Total Net Advisory Fees Paid During the Reporting Period | $1567 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil | 19.6% |
| Malaysia | 9.5% |
| Mexico | 7.2% |
| South Africa | 5.7% |
| United States | 4.8% |
| Peru | 3.5% |
| Colombia | 3.1% |
| Dominican Republic | 3.0% |
| Poland | 2.6% |
| Other Countries | 20.4% |
| Short-Term Instruments | 9.0% |
| Affiliated Investments | 18.0% |
| Financial Derivative Instruments | (2.2%) |
| Other Assets and Liabilities, Net | (4.2%) |
| 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](g920090g35n09.jpg)

# I-2: PLMPX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Currency and Short-Term Investments Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1915TSRSAR_093025

# Institutional Class: PFSIX

# PIMCO Emerging Markets Full Spectrum Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Full Spectrum Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $6 | 0.11%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $198756 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid During the Reporting Period | $0 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 3.4% |
| Cayman Islands | 0.4% |
| Peru | 0.3% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 98.6% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (2.9%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

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

---

| | |
|:---|:---|
| PIMCO Emerging Markets Local Currency and Bond Fund | 49.3% |
| PIMCO Emerging Markets Bond Fund | 23.8% |
| PIMCO Emerging Markets Corporate Bond Fund | 22.7% |
| Uniform Mortgage-Backed Security, TBA, 5.500% due 11/01/2055 | 1.0% |
| Uniform Mortgage-Backed Security, TBA, 5.000% due 11/01/2055 | 0.8% |
| Uniform Mortgage-Backed Security, TBA, 4.500% due 11/01/2055 | 0.8% |
| Uniform Mortgage-Backed Security, TBA, 4.000% due 11/01/2055 | 0.8% |
| Poinsettia Finance Ltd. SARL, 6.625% due 06/17/2031 | 0.3% |
| Peru Government International Bonds, 6.950% due 08/12/2031 | 0.3% |
| CIFI Holdings Group Co. Ltd., 4.375% due 04/12/2027 | 0.0% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g920090g26i55.jpg)

# Institutional Class: PFSIX

# PIMCO Emerging Markets Full Spectrum Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2078TSRSAR_093025

# Class A: PELAX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Local Currency and Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $95 | 1.78%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2530156 |
| # of Portfolio Holdings | 1555 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid During the Reporting Period | $4500 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 12.3% |
| South Africa | 9.6% |
| Malaysia | 8.1% |
| Brazil | 7.1% |
| Peru | 6.8% |
| Poland | 5.8% |
| Indonesia | 5.4% |
| Colombia | 5.4% |
| United States | 4.6% |
| Philippines | 4.5% |
| Other Countries | 29.3% |
| Short-Term Instruments | 2.9% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (11.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Class A: PELAX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Local Currency and Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4032TSRSAR_093025

# Class C: PELCX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Local Currency and Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $134 | 2.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2530156 |
| # of Portfolio Holdings | 1555 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid During the Reporting Period | $4500 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 12.3% |
| South Africa | 9.6% |
| Malaysia | 8.1% |
| Brazil | 7.1% |
| Peru | 6.8% |
| Poland | 5.8% |
| Indonesia | 5.4% |
| Colombia | 5.4% |
| United States | 4.6% |
| Philippines | 4.5% |
| Other Countries | 29.3% |
| Short-Term Instruments | 2.9% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (11.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Class C: PELCX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Local Currency and Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4232TSRSAR_093025

# I-3: PELNX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Local Currency and Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $81 | 1.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2530156 |
| # of Portfolio Holdings | 1555 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid During the Reporting Period | $4500 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 12.3% |
| South Africa | 9.6% |
| Malaysia | 8.1% |
| Brazil | 7.1% |
| Peru | 6.8% |
| Poland | 5.8% |
| Indonesia | 5.4% |
| Colombia | 5.4% |
| United States | 4.6% |
| Philippines | 4.5% |
| Other Countries | 29.3% |
| Short-Term Instruments | 2.9% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (11.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# I-3: PELNX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Local Currency and Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2179TSRSAR_093025

# Institutional Class: PELBX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Local Currency and Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $73 | 1.38%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2530156 |
| # of Portfolio Holdings | 1555 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid During the Reporting Period | $4500 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 12.3% |
| South Africa | 9.6% |
| Malaysia | 8.1% |
| Brazil | 7.1% |
| Peru | 6.8% |
| Poland | 5.8% |
| Indonesia | 5.4% |
| Colombia | 5.4% |
| United States | 4.6% |
| Philippines | 4.5% |
| Other Countries | 29.3% |
| Short-Term Instruments | 2.9% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (11.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Institutional Class: PELBX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Local Currency and Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0332TSRSAR_093025

# I-2: PELPX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Local Currency and Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $79 | 1.48%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2530156 |
| # of Portfolio Holdings | 1555 |
| Portfolio Turnover Rate | 63% |
| Total Net Advisory Fees Paid During the Reporting Period | $4500 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 12.3% |
| South Africa | 9.6% |
| Malaysia | 8.1% |
| Brazil | 7.1% |
| Peru | 6.8% |
| Poland | 5.8% |
| Indonesia | 5.4% |
| Colombia | 5.4% |
| United States | 4.6% |
| Philippines | 4.5% |
| Other Countries | 29.3% |
| Short-Term Instruments | 2.9% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (11.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# I-2: PELPX
![Image](g920090g26i55.jpg)

# PIMCO Emerging Markets Local Currency and Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1930TSRSAR_093025

# Class A: PGSAX

# PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $62 | 1.21%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $164886 |
| # of Portfolio Holdings | 1113 |
| Portfolio Turnover Rate | 313% |
| Total Net Advisory Fees Paid During the Reporting Period | $279 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 71.9% |
| Japan | 6.5% |
| France | 5.7% |
| United Kingdom | 3.9% |
| Ireland | 3.7% |
| Cayman Islands | 3.4% |
| Canada | 3.2% |
| Italy | 2.7% |
| Saudi Arabia | 2.3% |
| South Africa | 2.3% |
| Other Countries | 27.1% |
| Short-Term Instruments | 2.3% |
| Affiliated Investments | 5.6% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (40.3%) |
| 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](g920090g35n09.jpg)

# Class A: PGSAX
![Image](g920090g26i55.jpg)

# PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4087TSRSAR_093025

# Institutional Class: PSAIX

# PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $42 | 0.81%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $164886 |
| # of Portfolio Holdings | 1113 |
| Portfolio Turnover Rate | 313% |
| Total Net Advisory Fees Paid During the Reporting Period | $279 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 71.9% |
| Japan | 6.5% |
| France | 5.7% |
| United Kingdom | 3.9% |
| Ireland | 3.7% |
| Cayman Islands | 3.4% |
| Canada | 3.2% |
| Italy | 2.7% |
| Saudi Arabia | 2.3% |
| South Africa | 2.3% |
| Other Countries | 27.1% |
| Short-Term Instruments | 2.3% |
| Affiliated Investments | 5.6% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (40.3%) |
| 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](g920090g35n09.jpg)

# Institutional Class: PSAIX
![Image](g920090g26i55.jpg)

# PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1864TSRSAR_093025

# Class A: PAIIX

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $47 | 0.91%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1668162 |
| # of Portfolio Holdings | 1484 |
| Portfolio Turnover Rate | 367% |
| Total Net Advisory Fees Paid During the Reporting Period | $1948 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 80.4% |
| France | 6.5% |
| United Kingdom | 5.5% |
| Japan | 5.0% |
| Spain | 4.9% |
| Canada | 4.3% |
| Cayman Islands | 3.5% |
| Ireland | 3.5% |
| South Africa | 2.4% |
| Italy | 2.3% |
| Other Countries | 14.6% |
| Short-Term Instruments | 2.2% |
| Affiliated Investments | 9.8% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (44.6%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Class A: PAIIX
![Image](g920090g26i55.jpg)

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4011TSRSAR_093025

# Class C: PCIIX

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $85 | 1.66%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1668162 |
| # of Portfolio Holdings | 1484 |
| Portfolio Turnover Rate | 367% |
| Total Net Advisory Fees Paid During the Reporting Period | $1948 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 80.4% |
| France | 6.5% |
| United Kingdom | 5.5% |
| Japan | 5.0% |
| Spain | 4.9% |
| Canada | 4.3% |
| Cayman Islands | 3.5% |
| Ireland | 3.5% |
| South Africa | 2.4% |
| Italy | 2.3% |
| Other Countries | 14.6% |
| Short-Term Instruments | 2.2% |
| Affiliated Investments | 9.8% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (44.6%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Class C: PCIIX
![Image](g920090g26i55.jpg)

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4211TSRSAR_093025

# Institutional Class: PGBIX

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $29 | 0.56%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1668162 |
| # of Portfolio Holdings | 1484 |
| Portfolio Turnover Rate | 367% |
| Total Net Advisory Fees Paid During the Reporting Period | $1948 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 80.4% |
| France | 6.5% |
| United Kingdom | 5.5% |
| Japan | 5.0% |
| Spain | 4.9% |
| Canada | 4.3% |
| Cayman Islands | 3.5% |
| Ireland | 3.5% |
| South Africa | 2.4% |
| Italy | 2.3% |
| Other Countries | 14.6% |
| Short-Term Instruments | 2.2% |
| Affiliated Investments | 9.8% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (44.6%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Institutional Class: PGBIX
![Image](g920090g26i55.jpg)

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0249TSRSAR_093025

# I-2: PGNPX

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $34 | 0.66%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1668162 |
| # of Portfolio Holdings | 1484 |
| Portfolio Turnover Rate | 367% |
| Total Net Advisory Fees Paid During the Reporting Period | $1948 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 80.4% |
| France | 6.5% |
| United Kingdom | 5.5% |
| Japan | 5.0% |
| Spain | 4.9% |
| Canada | 4.3% |
| Cayman Islands | 3.5% |
| Ireland | 3.5% |
| South Africa | 2.4% |
| Italy | 2.3% |
| Other Countries | 14.6% |
| Short-Term Instruments | 2.2% |
| Affiliated Investments | 9.8% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (44.6%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# I-2: PGNPX
![Image](g920090g26i55.jpg)

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1913TSRSAR_093025

# Class A: PONAX

# PIMCO Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $47 | 0.91%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $203538188 |
| # of Portfolio Holdings | 10099 |
| Portfolio Turnover Rate | 312% |
| Total Net Advisory Fees Paid During the Reporting Period | $235799 |

---

---

| | |
|:---|:---|
| 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 | 60.0% |
| Non-Agency Mortgage-Backed Securities | 29.7% |
| Asset-Backed Securities | 20.1% |
| U.S. Treasury Obligations | 16.3% |
| Corporate Bonds & Notes | 9.2% |
| Sovereign Issues | 7.3% |
| Loan Participations and Assignments | 3.0% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 11.6% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (58.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Class A: PONAX
![Image](g920090g26i55.jpg)

# PIMCO Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4021TSRSAR_093025

# Administrative Class: PIINX

# PIMCO Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $39 | 0.76%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $203538188 |
| # of Portfolio Holdings | 10099 |
| Portfolio Turnover Rate | 312% |
| Total Net Advisory Fees Paid During the Reporting Period | $235799 |

---

---

| | |
|:---|:---|
| 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 | 60.0% |
| Non-Agency Mortgage-Backed Securities | 29.7% |
| Asset-Backed Securities | 20.1% |
| U.S. Treasury Obligations | 16.3% |
| Corporate Bonds & Notes | 9.2% |
| Sovereign Issues | 7.3% |
| Loan Participations and Assignments | 3.0% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 11.6% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (58.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Administrative Class: PIINX
![Image](g920090g26i55.jpg)

# PIMCO Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1822TSRSAR_093025

# Class C: PONCX

# PIMCO Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $85 | 1.66%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $203538188 |
| # of Portfolio Holdings | 10099 |
| Portfolio Turnover Rate | 312% |
| Total Net Advisory Fees Paid During the Reporting Period | $235799 |

---

---

| | |
|:---|:---|
| 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 | 60.0% |
| Non-Agency Mortgage-Backed Securities | 29.7% |
| Asset-Backed Securities | 20.1% |
| U.S. Treasury Obligations | 16.3% |
| Corporate Bonds & Notes | 9.2% |
| Sovereign Issues | 7.3% |
| Loan Participations and Assignments | 3.0% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 11.6% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (58.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Class C: PONCX
![Image](g920090g26i55.jpg)

# PIMCO Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4221TSRSAR_093025

# I-3: PIPNX

# PIMCO Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $34 | 0.66%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $203538188 |
| # of Portfolio Holdings | 10099 |
| Portfolio Turnover Rate | 312% |
| Total Net Advisory Fees Paid During the Reporting Period | $235799 |

---

---

| | |
|:---|:---|
| 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 | 60.0% |
| Non-Agency Mortgage-Backed Securities | 29.7% |
| Asset-Backed Securities | 20.1% |
| U.S. Treasury Obligations | 16.3% |
| Corporate Bonds & Notes | 9.2% |
| Sovereign Issues | 7.3% |
| Loan Participations and Assignments | 3.0% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 11.6% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (58.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# I-3: PIPNX
![Image](g920090g26i55.jpg)

# PIMCO Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2186TSRSAR_093025

# Institutional Class: PIMIX

# PIMCO Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $26 | 0.51%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $203538188 |
| # of Portfolio Holdings | 10099 |
| Portfolio Turnover Rate | 312% |
| Total Net Advisory Fees Paid During the Reporting Period | $235799 |

---

---

| | |
|:---|:---|
| 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 | 60.0% |
| Non-Agency Mortgage-Backed Securities | 29.7% |
| Asset-Backed Securities | 20.1% |
| U.S. Treasury Obligations | 16.3% |
| Corporate Bonds & Notes | 9.2% |
| Sovereign Issues | 7.3% |
| Loan Participations and Assignments | 3.0% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 11.6% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (58.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Institutional Class: PIMIX
![Image](g920090g26i55.jpg)

# PIMCO Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1821TSRSAR_093025

# I-2: PONPX

# PIMCO Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $31 | 0.61%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $203538188 |
| # of Portfolio Holdings | 10099 |
| Portfolio Turnover Rate | 312% |
| Total Net Advisory Fees Paid During the Reporting Period | $235799 |

---

---

| | |
|:---|:---|
| 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 | 60.0% |
| Non-Agency Mortgage-Backed Securities | 29.7% |
| Asset-Backed Securities | 20.1% |
| U.S. Treasury Obligations | 16.3% |
| Corporate Bonds & Notes | 9.2% |
| Sovereign Issues | 7.3% |
| Loan Participations and Assignments | 3.0% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 11.6% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (58.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# I-2: PONPX
![Image](g920090g26i55.jpg)

# PIMCO Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1907TSRSAR_093025

# Class R: PONRX

# PIMCO Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $59 | 1.16%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $203538188 |
| # of Portfolio Holdings | 10099 |
| Portfolio Turnover Rate | 312% |
| Total Net Advisory Fees Paid During the Reporting Period | $235799 |

---

---

| | |
|:---|:---|
| 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 | 60.0% |
| Non-Agency Mortgage-Backed Securities | 29.7% |
| Asset-Backed Securities | 20.1% |
| U.S. Treasury Obligations | 16.3% |
| Corporate Bonds & Notes | 9.2% |
| Sovereign Issues | 7.3% |
| Loan Participations and Assignments | 3.0% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 11.6% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (58.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Class R: PONRX
![Image](g920090g26i55.jpg)

# PIMCO Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4521TSRSAR_093025

# Class A: PFOAX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $51 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $16412901 |
| # of Portfolio Holdings | 2003 |
| Portfolio Turnover Rate | 311% |
| Total Net Advisory Fees Paid During the Reporting Period | $19463 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 63.7% |
| Japan | 6.2% |
| United Kingdom | 5.0% |
| Canada | 4.9% |
| France | 4.7% |
| Spain | 4.7% |
| China | 4.4% |
| Ireland | 3.1% |
| Australia | 2.5% |
| Italy | 2.4% |
| Other Countries | 23.4% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 4.6% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (30.3%) |
| 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](g920090g35n09.jpg)

# Class A: PFOAX
![Image](g920090g26i55.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4007TSRSAR_093025

# Administrative Class: PFRAX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $43 | 0.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $16412901 |
| # of Portfolio Holdings | 2003 |
| Portfolio Turnover Rate | 311% |
| Total Net Advisory Fees Paid During the Reporting Period | $19463 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 63.7% |
| Japan | 6.2% |
| United Kingdom | 5.0% |
| Canada | 4.9% |
| France | 4.7% |
| Spain | 4.7% |
| China | 4.4% |
| Ireland | 3.1% |
| Australia | 2.5% |
| Italy | 2.4% |
| Other Countries | 23.4% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 4.6% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (30.3%) |
| 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](g920090g35n09.jpg)

# Administrative Class: PFRAX
![Image](g920090g26i55.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0403TSRSAR_093025

# Class C: PFOCX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $89 | 1.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $16412901 |
| # of Portfolio Holdings | 2003 |
| Portfolio Turnover Rate | 311% |
| Total Net Advisory Fees Paid During the Reporting Period | $19463 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 63.7% |
| Japan | 6.2% |
| United Kingdom | 5.0% |
| Canada | 4.9% |
| France | 4.7% |
| Spain | 4.7% |
| China | 4.4% |
| Ireland | 3.1% |
| Australia | 2.5% |
| Italy | 2.4% |
| Other Countries | 23.4% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 4.6% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (30.3%) |
| 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](g920090g35n09.jpg)

# Class C: PFOCX
![Image](g920090g26i55.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4207TSRSAR_093025

# I-3: PFONX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $38 | 0.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $16412901 |
| # of Portfolio Holdings | 2003 |
| Portfolio Turnover Rate | 311% |
| Total Net Advisory Fees Paid During the Reporting Period | $19463 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 63.7% |
| Japan | 6.2% |
| United Kingdom | 5.0% |
| Canada | 4.9% |
| France | 4.7% |
| Spain | 4.7% |
| China | 4.4% |
| Ireland | 3.1% |
| Australia | 2.5% |
| Italy | 2.4% |
| Other Countries | 23.4% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 4.6% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (30.3%) |
| 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](g920090g35n09.jpg)

# I-3: PFONX
![Image](g920090g26i55.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2182TSRSAR_093025

# Institutional Class: PFORX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $31 | 0.60%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $16412901 |
| # of Portfolio Holdings | 2003 |
| Portfolio Turnover Rate | 311% |
| Total Net Advisory Fees Paid During the Reporting Period | $19463 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 63.7% |
| Japan | 6.2% |
| United Kingdom | 5.0% |
| Canada | 4.9% |
| France | 4.7% |
| Spain | 4.7% |
| China | 4.4% |
| Ireland | 3.1% |
| Australia | 2.5% |
| Italy | 2.4% |
| Other Countries | 23.4% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 4.6% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (30.3%) |
| 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](g920090g35n09.jpg)

# Institutional Class: PFORX
![Image](g920090g26i55.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0103TSRSAR_093025

# I-2: PFBPX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $36 | 0.70%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $16412901 |
| # of Portfolio Holdings | 2003 |
| Portfolio Turnover Rate | 311% |
| Total Net Advisory Fees Paid During the Reporting Period | $19463 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 63.7% |
| Japan | 6.2% |
| United Kingdom | 5.0% |
| Canada | 4.9% |
| France | 4.7% |
| Spain | 4.7% |
| China | 4.4% |
| Ireland | 3.1% |
| Australia | 2.5% |
| Italy | 2.4% |
| Other Countries | 23.4% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 4.6% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (30.3%) |
| 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](g920090g35n09.jpg)

# I-2: PFBPX
![Image](g920090g26i55.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1911TSRSAR_093025

# Class R: PFRRX

# PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $63 | 1.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $16412901 |
| # of Portfolio Holdings | 2003 |
| Portfolio Turnover Rate | 311% |
| Total Net Advisory Fees Paid During the Reporting Period | $19463 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 63.7% |
| Japan | 6.2% |
| United Kingdom | 5.0% |
| Canada | 4.9% |
| France | 4.7% |
| Spain | 4.7% |
| China | 4.4% |
| Ireland | 3.1% |
| Australia | 2.5% |
| Italy | 2.4% |
| Other Countries | 23.4% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 4.6% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (30.3%) |
| 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](g920090g35n09.jpg)

# Class R: PFRRX
![Image](g920090g26i55.jpg)

# PIMCO International Bond Fund (U.S. Dollar-Hedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4507TSRSAR_093025

# Class A: PFUAX

# PIMCO International Bond Fund (Unhedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $51 | 0.99%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1065902 |
| # of Portfolio Holdings | 1520 |
| Portfolio Turnover Rate | 267% |
| Total Net Advisory Fees Paid During the Reporting Period | $1096 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 62.4% |
| Japan | 5.7% |
| United Kingdom | 5.0% |
| China | 4.8% |
| Spain | 3.9% |
| Canada | 3.9% |
| Ireland | 3.2% |
| Cayman Islands | 3.0% |
| Italy | 2.9% |
| France | 2.8% |
| Other Countries | 19.3% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (28.1%) |
| Total | 100.0% |

---

---

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

---

## 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](g920090g35n09.jpg)

# Class A: PFUAX
![Image](g920090g26i55.jpg)

# PIMCO International Bond Fund (Unhedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4042TSRSAR_093025

# Administrative Class: PFUUX

# PIMCO International Bond Fund (Unhedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $44 | 0.84%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1065902 |
| # of Portfolio Holdings | 1520 |
| Portfolio Turnover Rate | 267% |
| Total Net Advisory Fees Paid During the Reporting Period | $1096 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 62.4% |
| Japan | 5.7% |
| United Kingdom | 5.0% |
| China | 4.8% |
| Spain | 3.9% |
| Canada | 3.9% |
| Ireland | 3.2% |
| Cayman Islands | 3.0% |
| Italy | 2.9% |
| France | 2.8% |
| Other Countries | 19.3% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (28.1%) |
| Total | 100.0% |

---

---

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

---

## 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](g920090g35n09.jpg)

# Administrative Class: PFUUX
![Image](g920090g26i55.jpg)

# PIMCO International Bond Fund (Unhedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1877TSRSAR_093025

# Class C: PFRCX

# PIMCO International Bond Fund (Unhedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $90 | 1.74%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1065902 |
| # of Portfolio Holdings | 1520 |
| Portfolio Turnover Rate | 267% |
| Total Net Advisory Fees Paid During the Reporting Period | $1096 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 62.4% |
| Japan | 5.7% |
| United Kingdom | 5.0% |
| China | 4.8% |
| Spain | 3.9% |
| Canada | 3.9% |
| Ireland | 3.2% |
| Cayman Islands | 3.0% |
| Italy | 2.9% |
| France | 2.8% |
| Other Countries | 19.3% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (28.1%) |
| Total | 100.0% |

---

---

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

---

## 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](g920090g35n09.jpg)

# Class C: PFRCX
![Image](g920090g26i55.jpg)

# PIMCO International Bond Fund (Unhedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4242TSRSAR_093025

# I-3: PFUNX

# PIMCO International Bond Fund (Unhedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $38 | 0.74%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1065902 |
| # of Portfolio Holdings | 1520 |
| Portfolio Turnover Rate | 267% |
| Total Net Advisory Fees Paid During the Reporting Period | $1096 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 62.4% |
| Japan | 5.7% |
| United Kingdom | 5.0% |
| China | 4.8% |
| Spain | 3.9% |
| Canada | 3.9% |
| Ireland | 3.2% |
| Cayman Islands | 3.0% |
| Italy | 2.9% |
| France | 2.8% |
| Other Countries | 19.3% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (28.1%) |
| Total | 100.0% |

---

---

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

---

## 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](g920090g35n09.jpg)

# I-3: PFUNX
![Image](g920090g26i55.jpg)

# PIMCO International Bond Fund (Unhedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2183TSRSAR_093025

# Institutional Class: PFUIX

# PIMCO International Bond Fund (Unhedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $31 | 0.59%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1065902 |
| # of Portfolio Holdings | 1520 |
| Portfolio Turnover Rate | 267% |
| Total Net Advisory Fees Paid During the Reporting Period | $1096 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 62.4% |
| Japan | 5.7% |
| United Kingdom | 5.0% |
| China | 4.8% |
| Spain | 3.9% |
| Canada | 3.9% |
| Ireland | 3.2% |
| Cayman Islands | 3.0% |
| Italy | 2.9% |
| France | 2.8% |
| Other Countries | 19.3% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (28.1%) |
| Total | 100.0% |

---

---

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

---

## 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](g920090g35n09.jpg)

# Institutional Class: PFUIX
![Image](g920090g26i55.jpg)

# PIMCO International Bond Fund (Unhedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1853TSRSAR_093025

# I-2: PFUPX

# PIMCO International Bond Fund (Unhedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $36 | 0.69%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1065902 |
| # of Portfolio Holdings | 1520 |
| Portfolio Turnover Rate | 267% |
| Total Net Advisory Fees Paid During the Reporting Period | $1096 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 62.4% |
| Japan | 5.7% |
| United Kingdom | 5.0% |
| China | 4.8% |
| Spain | 3.9% |
| Canada | 3.9% |
| Ireland | 3.2% |
| Cayman Islands | 3.0% |
| Italy | 2.9% |
| France | 2.8% |
| Other Countries | 19.3% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 9.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (28.1%) |
| Total | 100.0% |

---

---

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

---

## 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](g920090g35n09.jpg)

# I-2: PFUPX
![Image](g920090g26i55.jpg)

# PIMCO International Bond Fund (Unhedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1912TSRSAR_093025

# Institutional Class: GNMVX

# PIMCO National Municipal Intermediate Value Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO National Municipal Intermediate Value Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $20 | 0.40%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $53076 |
| # of Portfolio Holdings | 52 |
| Portfolio Turnover Rate | 3% |
| Total Net Advisory Fees Paid During the Reporting Period | $65 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 36.8% |
| Local or Guaranteed Housing | 16.8% |
| Health, Hospital & Nursing Home Revenue | 6.7% |
| Lease (Appropriation) | 6.5% |
| Appropriations | 5.0% |
| Recreational Revenue | 4.2% |
| Port, Airport & Marina Revenue | 4.1% |
| Electric Power & Light Revenue | 3.2% |
| Lease Revenue | 2.3% |
| Miscellaneous Revenue | 2.3% |
| Fuel Sales Tax Revenue | 2.2% |
| Tobacco Settlement Funded | 2.2% |
| Other Investments | 4.9% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 1.3% |
| Other Assets and Liabilities, Net | 1.0% |
| 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](g920090g35n09.jpg)

# Institutional Class: GNMVX
![Image](g920090g26i55.jpg)

# PIMCO National Municipal Intermediate Value Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2209TSRSAR_093025

# Institutional Class: GNMFX

# PIMCO National Municipal Opportunistic Value Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO National Municipal Opportunistic Value Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $30 | 0.60%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $229994 |
| # of Portfolio Holdings | 114 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid During the Reporting Period | $457 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 29.9% |
| Health, Hospital & Nursing Home Revenue | 11.9% |
| Port, Airport & Marina Revenue | 9.9% |
| Lease (Appropriation) | 9.8% |
| Local or Guaranteed Housing | 7.9% |
| Highway Revenue Tolls | 4.1% |
| College & University Revenue | 4.1% |
| Sales Tax Revenue | 3.5% |
| Natural Gas Revenue | 2.9% |
| Miscellaneous Taxes | 2.3% |
| Appropriations | 2.1% |
| Lease Revenue | 1.4% |
| Other Investments | 9.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.1% |
| Other Assets and Liabilities, Net | 0.9% |
| 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. |

---

## 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](g920090g35n09.jpg)

# Institutional Class: GNMFX
![Image](g920090g26i55.jpg)

# PIMCO National Municipal Opportunistic Value Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2210TSRSAR_093025

# Class A: PTFAX

# PIMCO RAE Fundamental Advantage PLUS Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE Fundamental Advantage PLUS Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $72 | 1.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $380646 |
| # of Portfolio Holdings | 1013 |
| Portfolio Turnover Rate | 414% |
| Total Net Advisory Fees Paid During the Reporting Period | $1345 |

---

---

| | |
|:---|:---|
| 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 | 112.0% |
| Asset-Backed Securities | 28.6% |
| Sovereign Issues | 13.1% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Corporate Bonds & Notes | 7.0% |
| U.S. Treasury Obligations | 5.0% |
| Other Investments | 0.1% |
| Short-Term Instruments | 12.2% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (2.8%) |
| Other Assets and Liabilities, Net | (85.9%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## 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](g920090g35n09.jpg)

# Class A: PTFAX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS4088TSRSAR_093025

# Institutional Class: PFATX

# PIMCO RAE Fundamental Advantage PLUS Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE Fundamental Advantage PLUS Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $52 | 1.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $380646 |
| # of Portfolio Holdings | 1013 |
| Portfolio Turnover Rate | 414% |
| Total Net Advisory Fees Paid During the Reporting Period | $1345 |

---

---

| | |
|:---|:---|
| 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 | 112.0% |
| Asset-Backed Securities | 28.6% |
| Sovereign Issues | 13.1% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Corporate Bonds & Notes | 7.0% |
| U.S. Treasury Obligations | 5.0% |
| Other Investments | 0.1% |
| Short-Term Instruments | 12.2% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (2.8%) |
| Other Assets and Liabilities, Net | (85.9%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## 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](g920090g35n09.jpg)

# Institutional Class: PFATX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS1899TSRSAR_093025

# Class A: PEFFX

# PIMCO RAE PLUS EMG Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS EMG Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $94 | 1.73%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $195026 |
| # of Portfolio Holdings | 868 |
| Portfolio Turnover Rate | 457% |
| Total Net Advisory Fees Paid During the Reporting Period | $802 |

---

---

| | |
|:---|:---|
| 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 | 99.4% |
| Asset-Backed Securities | 22.3% |
| Sovereign Issues | 12.1% |
| Non-Agency Mortgage-Backed Securities | 11.1% |
| Corporate Bonds & Notes | 5.3% |
| U.S. Treasury Obligations | 2.5% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 26.4% |
| Affiliated Investments | 8.1% |
| Financial Derivative Instruments | 7.2% |
| Other Assets and Liabilities, Net | (94.4%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## 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](g920090g35n09.jpg)

# Class A: PEFFX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS EMG Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6046TSRSAR_093025

# Class C: PEFCX

# PIMCO RAE PLUS EMG Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS EMG Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $135 | 2.48%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $195026 |
| # of Portfolio Holdings | 868 |
| Portfolio Turnover Rate | 457% |
| Total Net Advisory Fees Paid During the Reporting Period | $802 |

---

---

| | |
|:---|:---|
| 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 | 99.4% |
| Asset-Backed Securities | 22.3% |
| Sovereign Issues | 12.1% |
| Non-Agency Mortgage-Backed Securities | 11.1% |
| Corporate Bonds & Notes | 5.3% |
| U.S. Treasury Obligations | 2.5% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 26.4% |
| Affiliated Investments | 8.1% |
| Financial Derivative Instruments | 7.2% |
| Other Assets and Liabilities, Net | (94.4%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## 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](g920090g35n09.jpg)

# Class C: PEFCX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS EMG Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6246TSRSAR_093025

# Institutional Class: PEFIX

# PIMCO RAE PLUS EMG Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS EMG Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $72 | 1.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $195026 |
| # of Portfolio Holdings | 868 |
| Portfolio Turnover Rate | 457% |
| Total Net Advisory Fees Paid During the Reporting Period | $802 |

---

---

| | |
|:---|:---|
| 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 | 99.4% |
| Asset-Backed Securities | 22.3% |
| Sovereign Issues | 12.1% |
| Non-Agency Mortgage-Backed Securities | 11.1% |
| Corporate Bonds & Notes | 5.3% |
| U.S. Treasury Obligations | 2.5% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 26.4% |
| Affiliated Investments | 8.1% |
| Financial Derivative Instruments | 7.2% |
| Other Assets and Liabilities, Net | (94.4%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## 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](g920090g35n09.jpg)

# Institutional Class: PEFIX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS EMG Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1829TSRSAR_093025

# I-2: PEFPX

# PIMCO RAE PLUS EMG Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS EMG Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $78 | 1.43%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $195026 |
| # of Portfolio Holdings | 868 |
| Portfolio Turnover Rate | 457% |
| Total Net Advisory Fees Paid During the Reporting Period | $802 |

---

---

| | |
|:---|:---|
| 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 | 99.4% |
| Asset-Backed Securities | 22.3% |
| Sovereign Issues | 12.1% |
| Non-Agency Mortgage-Backed Securities | 11.1% |
| Corporate Bonds & Notes | 5.3% |
| U.S. Treasury Obligations | 2.5% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 26.4% |
| Affiliated Investments | 8.1% |
| Financial Derivative Instruments | 7.2% |
| Other Assets and Liabilities, Net | (94.4%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## 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](g920090g35n09.jpg)

# I-2: PEFPX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS EMG Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1936TSRSAR_093025

# Class A: PIXAX

# PIMCO RAE PLUS Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $71 | 1.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1094391 |
| # of Portfolio Holdings | 1322 |
| Portfolio Turnover Rate | 424% |
| Total Net Advisory Fees Paid During the Reporting Period | $2783 |

---

---

| | |
|:---|:---|
| 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 | 97.1% |
| Asset-Backed Securities | 21.0% |
| Sovereign Issues | 9.3% |
| Non-Agency Mortgage-Backed Securities | 7.5% |
| Corporate Bonds & Notes | 5.7% |
| U.S. Treasury Obligations | 3.7% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 6.1% |
| Affiliated Investments | 16.8% |
| Financial Derivative Instruments | 7.7% |
| Other Assets and Liabilities, Net | (75.0%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## 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](g920090g35n09.jpg)

# Class A: PIXAX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4043TSRSAR_093025

# Class C: PIXCX

# PIMCO RAE PLUS Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $111 | 2.08%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1094391 |
| # of Portfolio Holdings | 1322 |
| Portfolio Turnover Rate | 424% |
| Total Net Advisory Fees Paid During the Reporting Period | $2783 |

---

---

| | |
|:---|:---|
| 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 | 97.1% |
| Asset-Backed Securities | 21.0% |
| Sovereign Issues | 9.3% |
| Non-Agency Mortgage-Backed Securities | 7.5% |
| Corporate Bonds & Notes | 5.7% |
| U.S. Treasury Obligations | 3.7% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 6.1% |
| Affiliated Investments | 16.8% |
| Financial Derivative Instruments | 7.7% |
| Other Assets and Liabilities, Net | (75.0%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## 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](g920090g35n09.jpg)

# Class C: PIXCX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4243TSRSAR_093025

# I-3: PXTNX

# PIMCO RAE PLUS Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $58 | 1.08%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1094391 |
| # of Portfolio Holdings | 1322 |
| Portfolio Turnover Rate | 424% |
| Total Net Advisory Fees Paid During the Reporting Period | $2783 |

---

---

| | |
|:---|:---|
| 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 | 97.1% |
| Asset-Backed Securities | 21.0% |
| Sovereign Issues | 9.3% |
| Non-Agency Mortgage-Backed Securities | 7.5% |
| Corporate Bonds & Notes | 5.7% |
| U.S. Treasury Obligations | 3.7% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 6.1% |
| Affiliated Investments | 16.8% |
| Financial Derivative Instruments | 7.7% |
| Other Assets and Liabilities, Net | (75.0%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## 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](g920090g35n09.jpg)

# I-3: PXTNX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2193TSRSAR_093025

# Institutional Class: PXTIX

# PIMCO RAE PLUS Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $50 | 0.93%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1094391 |
| # of Portfolio Holdings | 1322 |
| Portfolio Turnover Rate | 424% |
| Total Net Advisory Fees Paid During the Reporting Period | $2783 |

---

---

| | |
|:---|:---|
| 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 | 97.1% |
| Asset-Backed Securities | 21.0% |
| Sovereign Issues | 9.3% |
| Non-Agency Mortgage-Backed Securities | 7.5% |
| Corporate Bonds & Notes | 5.7% |
| U.S. Treasury Obligations | 3.7% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 6.1% |
| Affiliated Investments | 16.8% |
| Financial Derivative Instruments | 7.7% |
| Other Assets and Liabilities, Net | (75.0%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## 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](g920090g35n09.jpg)

# Institutional Class: PXTIX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1874TSRSAR_093025

# I-2: PIXPX

# PIMCO RAE PLUS Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $55 | 1.03%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1094391 |
| # of Portfolio Holdings | 1322 |
| Portfolio Turnover Rate | 424% |
| Total Net Advisory Fees Paid During the Reporting Period | $2783 |

---

---

| | |
|:---|:---|
| 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 | 97.1% |
| Asset-Backed Securities | 21.0% |
| Sovereign Issues | 9.3% |
| Non-Agency Mortgage-Backed Securities | 7.5% |
| Corporate Bonds & Notes | 5.7% |
| U.S. Treasury Obligations | 3.7% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 6.1% |
| Affiliated Investments | 16.8% |
| Financial Derivative Instruments | 7.7% |
| Other Assets and Liabilities, Net | (75.0%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## 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](g920090g35n09.jpg)

# I-2: PIXPX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1926TSRSAR_093025

# Class A: PTSOX

# PIMCO RAE PLUS International Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS International Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $81 | 1.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $140627 |
| # of Portfolio Holdings | 903 |
| Portfolio Turnover Rate | 436% |
| Total Net Advisory Fees Paid During the Reporting Period | $407 |

---

---

| | |
|:---|:---|
| 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 | 98.1% |
| Asset-Backed Securities | 20.9% |
| Sovereign Issues | 12.0% |
| Non-Agency Mortgage-Backed Securities | 11.5% |
| Corporate Bonds & Notes | 4.9% |
| U.S. Treasury Obligations | 3.6% |
| Short-Term Instruments | 11.0% |
| Affiliated Investments | 7.4% |
| Financial Derivative Instruments | 2.7% |
| Other Assets and Liabilities, Net | (72.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Class A: PTSOX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS International Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS8002TSRSAR_093025

# Institutional Class: PTSIX

# PIMCO RAE PLUS International Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS International Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $63 | 1.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $140627 |
| # of Portfolio Holdings | 903 |
| Portfolio Turnover Rate | 436% |
| Total Net Advisory Fees Paid During the Reporting Period | $407 |

---

---

| | |
|:---|:---|
| 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 | 98.1% |
| Asset-Backed Securities | 20.9% |
| Sovereign Issues | 12.0% |
| Non-Agency Mortgage-Backed Securities | 11.5% |
| Corporate Bonds & Notes | 4.9% |
| U.S. Treasury Obligations | 3.6% |
| Short-Term Instruments | 11.0% |
| Affiliated Investments | 7.4% |
| Financial Derivative Instruments | 2.7% |
| Other Assets and Liabilities, Net | (72.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Institutional Class: PTSIX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS International Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2013TSRSAR_093025

# I-2: PTIPX

# PIMCO RAE PLUS International Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS International Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $68 | 1.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $140627 |
| # of Portfolio Holdings | 903 |
| Portfolio Turnover Rate | 436% |
| Total Net Advisory Fees Paid During the Reporting Period | $407 |

---

---

| | |
|:---|:---|
| 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 | 98.1% |
| Asset-Backed Securities | 20.9% |
| Sovereign Issues | 12.0% |
| Non-Agency Mortgage-Backed Securities | 11.5% |
| Corporate Bonds & Notes | 4.9% |
| U.S. Treasury Obligations | 3.6% |
| Short-Term Instruments | 11.0% |
| Affiliated Investments | 7.4% |
| Financial Derivative Instruments | 2.7% |
| Other Assets and Liabilities, Net | (72.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# I-2: PTIPX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS International Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2015TSRSAR_093025

# Class A: PCFAX

# PIMCO RAE PLUS Small Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS Small Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $69 | 1.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $193766 |
| # of Portfolio Holdings | 911 |
| Portfolio Turnover Rate | 418% |
| Total Net Advisory Fees Paid During the Reporting Period | $541 |

---

---

| | |
|:---|:---|
| 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 | 107.9% |
| Asset-Backed Securities | 19.4% |
| Sovereign Issues | 10.9% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| Corporate Bonds & Notes | 4.3% |
| U.S. Treasury Obligations | 2.8% |
| Short-Term Instruments | 18.1% |
| Affiliated Investments | 9.7% |
| Financial Derivative Instruments | 2.7% |
| Other Assets and Liabilities, Net | (85.2%) |
| 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](g920090g35n09.jpg)

# Class A: PCFAX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS Small Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS8001TSRSAR_093025

# Class C: PCFEX

# PIMCO RAE PLUS Small Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS Small Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $109 | 2.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $193766 |
| # of Portfolio Holdings | 911 |
| Portfolio Turnover Rate | 418% |
| Total Net Advisory Fees Paid During the Reporting Period | $541 |

---

---

| | |
|:---|:---|
| 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 | 107.9% |
| Asset-Backed Securities | 19.4% |
| Sovereign Issues | 10.9% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| Corporate Bonds & Notes | 4.3% |
| U.S. Treasury Obligations | 2.8% |
| Short-Term Instruments | 18.1% |
| Affiliated Investments | 9.7% |
| Financial Derivative Instruments | 2.7% |
| Other Assets and Liabilities, Net | (85.2%) |
| 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](g920090g35n09.jpg)

# Class C: PCFEX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS Small Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS8201TSRSAR_093025

# Institutional Class: PCFIX

# PIMCO RAE PLUS Small Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS Small Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $51 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $193766 |
| # of Portfolio Holdings | 911 |
| Portfolio Turnover Rate | 418% |
| Total Net Advisory Fees Paid During the Reporting Period | $541 |

---

---

| | |
|:---|:---|
| 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 | 107.9% |
| Asset-Backed Securities | 19.4% |
| Sovereign Issues | 10.9% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| Corporate Bonds & Notes | 4.3% |
| U.S. Treasury Obligations | 2.8% |
| Short-Term Instruments | 18.1% |
| Affiliated Investments | 9.7% |
| Financial Derivative Instruments | 2.7% |
| Other Assets and Liabilities, Net | (85.2%) |
| 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](g920090g35n09.jpg)

# Institutional Class: PCFIX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS Small Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2010TSRSAR_093025

# I-2: PCCPX

# PIMCO RAE PLUS Small Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE PLUS Small Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $56 | 1.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $193766 |
| # of Portfolio Holdings | 911 |
| Portfolio Turnover Rate | 418% |
| Total Net Advisory Fees Paid During the Reporting Period | $541 |

---

---

| | |
|:---|:---|
| 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 | 107.9% |
| Asset-Backed Securities | 19.4% |
| Sovereign Issues | 10.9% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| Corporate Bonds & Notes | 4.3% |
| U.S. Treasury Obligations | 2.8% |
| Short-Term Instruments | 18.1% |
| Affiliated Investments | 9.7% |
| Financial Derivative Instruments | 2.7% |
| Other Assets and Liabilities, Net | (85.2%) |
| 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](g920090g35n09.jpg)

# I-2: PCCPX
![Image](g920090g26i55.jpg)

# PIMCO RAE PLUS Small Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2012TSRSAR_093025

# Class A: PWLBX

# PIMCO RAE Worldwide Long/Short PLUS Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE Worldwide Long/Short PLUS Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $85 | 1.72%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $395488 |
| # of Portfolio Holdings | 1035 |
| Portfolio Turnover Rate | 423% |
| Total Net Advisory Fees Paid During the Reporting Period | $2064 |

---

---

| | |
|:---|:---|
| 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 | 113.2% |
| Asset-Backed Securities | 25.2% |
| Non-Agency Mortgage-Backed Securities | 13.6% |
| Sovereign Issues | 12.9% |
| Corporate Bonds & Notes | 7.6% |
| U.S. Treasury Obligations | 4.0% |
| Short-Term Instruments | 7.8% |
| Affiliated Investments | 3.1% |
| Financial Derivative Instruments | 2.7% |
| Other Assets and Liabilities, Net | (90.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Class A: PWLBX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS8085TSRSAR_093025

# Class C: PWLEX

# PIMCO RAE Worldwide Long/Short PLUS Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE Worldwide Long/Short PLUS Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $122 | 2.47%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $395488 |
| # of Portfolio Holdings | 1035 |
| Portfolio Turnover Rate | 423% |
| Total Net Advisory Fees Paid During the Reporting Period | $2064 |

---

---

| | |
|:---|:---|
| 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 | 113.2% |
| Asset-Backed Securities | 25.2% |
| Non-Agency Mortgage-Backed Securities | 13.6% |
| Sovereign Issues | 12.9% |
| Corporate Bonds & Notes | 7.6% |
| U.S. Treasury Obligations | 4.0% |
| Short-Term Instruments | 7.8% |
| Affiliated Investments | 3.1% |
| Financial Derivative Instruments | 2.7% |
| Other Assets and Liabilities, Net | (90.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Class C: PWLEX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS8285TSRSAR_093025

# I-2: PWLMX

# PIMCO RAE Worldwide Long/Short PLUS Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE Worldwide Long/Short PLUS Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $70 | 1.42%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $395488 |
| # of Portfolio Holdings | 1035 |
| Portfolio Turnover Rate | 423% |
| Total Net Advisory Fees Paid During the Reporting Period | $2064 |

---

---

| | |
|:---|:---|
| 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 | 113.2% |
| Asset-Backed Securities | 25.2% |
| Non-Agency Mortgage-Backed Securities | 13.6% |
| Sovereign Issues | 12.9% |
| Corporate Bonds & Notes | 7.6% |
| U.S. Treasury Obligations | 4.0% |
| Short-Term Instruments | 7.8% |
| Affiliated Investments | 3.1% |
| Financial Derivative Instruments | 2.7% |
| Other Assets and Liabilities, Net | (90.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# I-2: PWLMX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS2212TSRSAR_093025

# Institutional Class: PWLIX

# PIMCO RAE Worldwide Long/Short PLUS Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO RAE Worldwide Long/Short PLUS Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $65 | 1.32%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $395488 |
| # of Portfolio Holdings | 1035 |
| Portfolio Turnover Rate | 423% |
| Total Net Advisory Fees Paid During the Reporting Period | $2064 |

---

---

| | |
|:---|:---|
| 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 | 113.2% |
| Asset-Backed Securities | 25.2% |
| Non-Agency Mortgage-Backed Securities | 13.6% |
| Sovereign Issues | 12.9% |
| Corporate Bonds & Notes | 7.6% |
| U.S. Treasury Obligations | 4.0% |
| Short-Term Instruments | 7.8% |
| Affiliated Investments | 3.1% |
| Financial Derivative Instruments | 2.7% |
| Other Assets and Liabilities, Net | (90.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Institutional Class: PWLIX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS2118TSRSAR_093025

# Class A: PTOAX

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

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $65 | 1.18%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1721325 |
| # of Portfolio Holdings | 1191 |
| Portfolio Turnover Rate | 437% |
| Total Net Advisory Fees Paid During the Reporting Period | $3157 |

---

---

| | |
|:---|:---|
| 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 | 93.4% |
| Asset-Backed Securities | 24.7% |
| Sovereign Issues | 9.0% |
| Non-Agency Mortgage-Backed Securities | 6.4% |
| Corporate Bonds & Notes | 5.7% |
| U.S. Treasury Obligations | 5.1% |
| Exchange-Traded Funds | 4.5% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 12.1% |
| Affiliated Investments | 9.8% |
| Financial Derivative Instruments | 3.8% |
| Other Assets and Liabilities, Net | (74.7%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Class A: PTOAX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS4062TSRSAR_093025

# Class C: PSOCX

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

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $106 | 1.93%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1721325 |
| # of Portfolio Holdings | 1191 |
| Portfolio Turnover Rate | 437% |
| Total Net Advisory Fees Paid During the Reporting Period | $3157 |

---

---

| | |
|:---|:---|
| 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 | 93.4% |
| Asset-Backed Securities | 24.7% |
| Sovereign Issues | 9.0% |
| Non-Agency Mortgage-Backed Securities | 6.4% |
| Corporate Bonds & Notes | 5.7% |
| U.S. Treasury Obligations | 5.1% |
| Exchange-Traded Funds | 4.5% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 12.1% |
| Affiliated Investments | 9.8% |
| Financial Derivative Instruments | 3.8% |
| Other Assets and Liabilities, Net | (74.7%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Class C: PSOCX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS4262TSRSAR_093025

# I-3: PSPNX

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

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $69 | 1.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1721325 |
| # of Portfolio Holdings | 1191 |
| Portfolio Turnover Rate | 437% |
| Total Net Advisory Fees Paid During the Reporting Period | $3157 |

---

---

| | |
|:---|:---|
| 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 | 93.4% |
| Asset-Backed Securities | 24.7% |
| Sovereign Issues | 9.0% |
| Non-Agency Mortgage-Backed Securities | 6.4% |
| Corporate Bonds & Notes | 5.7% |
| U.S. Treasury Obligations | 5.1% |
| Exchange-Traded Funds | 4.5% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 12.1% |
| Affiliated Investments | 9.8% |
| Financial Derivative Instruments | 3.8% |
| Other Assets and Liabilities, Net | (74.7%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# I-3: PSPNX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS2198TSRSAR_093025

# Institutional Class: PSPTX

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

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $43 | 0.78%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1721325 |
| # of Portfolio Holdings | 1191 |
| Portfolio Turnover Rate | 437% |
| Total Net Advisory Fees Paid During the Reporting Period | $3157 |

---

---

| | |
|:---|:---|
| 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 | 93.4% |
| Asset-Backed Securities | 24.7% |
| Sovereign Issues | 9.0% |
| Non-Agency Mortgage-Backed Securities | 6.4% |
| Corporate Bonds & Notes | 5.7% |
| U.S. Treasury Obligations | 5.1% |
| Exchange-Traded Funds | 4.5% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 12.1% |
| Affiliated Investments | 9.8% |
| Financial Derivative Instruments | 3.8% |
| Other Assets and Liabilities, Net | (74.7%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Institutional Class: PSPTX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS0050TSRSAR_093025

# I-2: PTOPX

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

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $49 | 0.88%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1721325 |
| # of Portfolio Holdings | 1191 |
| Portfolio Turnover Rate | 437% |
| Total Net Advisory Fees Paid During the Reporting Period | $3157 |

---

---

| | |
|:---|:---|
| 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 | 93.4% |
| Asset-Backed Securities | 24.7% |
| Sovereign Issues | 9.0% |
| Non-Agency Mortgage-Backed Securities | 6.4% |
| Corporate Bonds & Notes | 5.7% |
| U.S. Treasury Obligations | 5.1% |
| Exchange-Traded Funds | 4.5% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 12.1% |
| Affiliated Investments | 9.8% |
| Financial Derivative Instruments | 3.8% |
| Other Assets and Liabilities, Net | (74.7%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# I-2: PTOPX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS1925TSRSAR_093025

# Class A: PSPAX

# PIMCO StocksPLUS<sup>®</sup> Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $60 | 1.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2707176 |
| # of Portfolio Holdings | 901 |
| Portfolio Turnover Rate | 241% |
| Total Net Advisory Fees Paid During the Reporting Period | $3229 |

---

---

| | |
|:---|:---|
| 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 | 45.9% |
| Asset-Backed Securities | 23.6% |
| Corporate Bonds & Notes | 17.9% |
| Non-Agency Mortgage-Backed Securities | 6.8% |
| Exchange-Traded Funds | 4.5% |
| Sovereign Issues | 4.0% |
| U.S. Treasury Obligations | 2.0% |
| Loan Participations and Assignments | 0.1% |
| Short-Term Instruments | 18.2% |
| Affiliated Investments | 5.0% |
| Financial Derivative Instruments | 3.2% |
| Other Assets and Liabilities, Net | (31.2%) |
| 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](g920090g35n09.jpg)

# Class A: PSPAX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS4008TSRSAR_093025

# Class C: PSPCX

# PIMCO StocksPLUS<sup>®</sup> Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $87 | 1.59%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2707176 |
| # of Portfolio Holdings | 901 |
| Portfolio Turnover Rate | 241% |
| Total Net Advisory Fees Paid During the Reporting Period | $3229 |

---

---

| | |
|:---|:---|
| 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 | 45.9% |
| Asset-Backed Securities | 23.6% |
| Corporate Bonds & Notes | 17.9% |
| Non-Agency Mortgage-Backed Securities | 6.8% |
| Exchange-Traded Funds | 4.5% |
| Sovereign Issues | 4.0% |
| U.S. Treasury Obligations | 2.0% |
| Loan Participations and Assignments | 0.1% |
| Short-Term Instruments | 18.2% |
| Affiliated Investments | 5.0% |
| Financial Derivative Instruments | 3.2% |
| Other Assets and Liabilities, Net | (31.2%) |
| 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](g920090g35n09.jpg)

# Class C: PSPCX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS4208TSRSAR_093025

# I-3: PSTNX

# PIMCO StocksPLUS<sup>®</sup> Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $46 | 0.84%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2707176 |
| # of Portfolio Holdings | 901 |
| Portfolio Turnover Rate | 241% |
| Total Net Advisory Fees Paid During the Reporting Period | $3229 |

---

---

| | |
|:---|:---|
| 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 | 45.9% |
| Asset-Backed Securities | 23.6% |
| Corporate Bonds & Notes | 17.9% |
| Non-Agency Mortgage-Backed Securities | 6.8% |
| Exchange-Traded Funds | 4.5% |
| Sovereign Issues | 4.0% |
| U.S. Treasury Obligations | 2.0% |
| Loan Participations and Assignments | 0.1% |
| Short-Term Instruments | 18.2% |
| Affiliated Investments | 5.0% |
| Financial Derivative Instruments | 3.2% |
| Other Assets and Liabilities, Net | (31.2%) |
| 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](g920090g35n09.jpg)

# I-3: PSTNX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS2199TSRSAR_093025

# Institutional Class: PSTKX

# PIMCO StocksPLUS<sup>®</sup> Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $38 | 0.69%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2707176 |
| # of Portfolio Holdings | 901 |
| Portfolio Turnover Rate | 241% |
| Total Net Advisory Fees Paid During the Reporting Period | $3229 |

---

---

| | |
|:---|:---|
| 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 | 45.9% |
| Asset-Backed Securities | 23.6% |
| Corporate Bonds & Notes | 17.9% |
| Non-Agency Mortgage-Backed Securities | 6.8% |
| Exchange-Traded Funds | 4.5% |
| Sovereign Issues | 4.0% |
| U.S. Treasury Obligations | 2.0% |
| Loan Participations and Assignments | 0.1% |
| Short-Term Instruments | 18.2% |
| Affiliated Investments | 5.0% |
| Financial Derivative Instruments | 3.2% |
| Other Assets and Liabilities, Net | (31.2%) |
| 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](g920090g35n09.jpg)

# Institutional Class: PSTKX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS0104TSRSAR_093025

# I-2: PSKPX

# PIMCO StocksPLUS<sup>®</sup> Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $44 | 0.79%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2707176 |
| # of Portfolio Holdings | 901 |
| Portfolio Turnover Rate | 241% |
| Total Net Advisory Fees Paid During the Reporting Period | $3229 |

---

---

| | |
|:---|:---|
| 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 | 45.9% |
| Asset-Backed Securities | 23.6% |
| Corporate Bonds & Notes | 17.9% |
| Non-Agency Mortgage-Backed Securities | 6.8% |
| Exchange-Traded Funds | 4.5% |
| Sovereign Issues | 4.0% |
| U.S. Treasury Obligations | 2.0% |
| Loan Participations and Assignments | 0.1% |
| Short-Term Instruments | 18.2% |
| Affiliated Investments | 5.0% |
| Financial Derivative Instruments | 3.2% |
| Other Assets and Liabilities, Net | (31.2%) |
| 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](g920090g35n09.jpg)

# I-2: PSKPX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS1924TSRSAR_093025

# Class R: PSPRX

# PIMCO StocksPLUS<sup>®</sup> Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $74 | 1.34%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2707176 |
| # of Portfolio Holdings | 901 |
| Portfolio Turnover Rate | 241% |
| Total Net Advisory Fees Paid During the Reporting Period | $3229 |

---

---

| | |
|:---|:---|
| 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 | 45.9% |
| Asset-Backed Securities | 23.6% |
| Corporate Bonds & Notes | 17.9% |
| Non-Agency Mortgage-Backed Securities | 6.8% |
| Exchange-Traded Funds | 4.5% |
| Sovereign Issues | 4.0% |
| U.S. Treasury Obligations | 2.0% |
| Loan Participations and Assignments | 0.1% |
| Short-Term Instruments | 18.2% |
| Affiliated Investments | 5.0% |
| Financial Derivative Instruments | 3.2% |
| Other Assets and Liabilities, Net | (31.2%) |
| 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](g920090g35n09.jpg)

# Class R: PSPRX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS4508TSRSAR_093025

# Class A: PIPAX

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

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-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, 2025 to September 30, 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 | $71 | 1.34%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $3267714 |
| # of Portfolio Holdings | 1335 |
| Portfolio Turnover Rate | 454% |
| Total Net Advisory Fees Paid During the Reporting Period | $7114 |

---

---

| | |
|:---|:---|
| 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 | 95.5% |
| Asset-Backed Securities | 20.2% |
| Sovereign Issues | 9.7% |
| Non-Agency Mortgage-Backed Securities | 8.4% |
| U.S. Treasury Obligations | 6.6% |
| Corporate Bonds & Notes | 5.2% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 10.9% |
| Affiliated Investments | 19.9% |
| Financial Derivative Instruments | 4.3% |
| Other Assets and Liabilities, Net | (81.2%) |
| 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](g920090g35n09.jpg)

# Class A: PIPAX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS4044TSRSAR_093025

# Class C: PIPCX

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

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-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, 2025 to September 30, 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 | $111 | 2.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $3267714 |
| # of Portfolio Holdings | 1335 |
| Portfolio Turnover Rate | 454% |
| Total Net Advisory Fees Paid During the Reporting Period | $7114 |

---

---

| | |
|:---|:---|
| 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 | 95.5% |
| Asset-Backed Securities | 20.2% |
| Sovereign Issues | 9.7% |
| Non-Agency Mortgage-Backed Securities | 8.4% |
| U.S. Treasury Obligations | 6.6% |
| Corporate Bonds & Notes | 5.2% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 10.9% |
| Affiliated Investments | 19.9% |
| Financial Derivative Instruments | 4.3% |
| Other Assets and Liabilities, Net | (81.2%) |
| 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](g920090g35n09.jpg)

# Class C: PIPCX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS4244TSRSAR_093025

# I-3: PISNX

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

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-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, 2025 to September 30, 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 | $58 | 1.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $3267714 |
| # of Portfolio Holdings | 1335 |
| Portfolio Turnover Rate | 454% |
| Total Net Advisory Fees Paid During the Reporting Period | $7114 |

---

---

| | |
|:---|:---|
| 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 | 95.5% |
| Asset-Backed Securities | 20.2% |
| Sovereign Issues | 9.7% |
| Non-Agency Mortgage-Backed Securities | 8.4% |
| U.S. Treasury Obligations | 6.6% |
| Corporate Bonds & Notes | 5.2% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 10.9% |
| Affiliated Investments | 19.9% |
| Financial Derivative Instruments | 4.3% |
| Other Assets and Liabilities, Net | (81.2%) |
| 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](g920090g35n09.jpg)

# I-3: PISNX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS2200TSRSAR_093025

# Institutional Class: PISIX

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

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-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, 2025 to September 30, 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 | $50 | 0.94%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $3267714 |
| # of Portfolio Holdings | 1335 |
| Portfolio Turnover Rate | 454% |
| Total Net Advisory Fees Paid During the Reporting Period | $7114 |

---

---

| | |
|:---|:---|
| 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 | 95.5% |
| Asset-Backed Securities | 20.2% |
| Sovereign Issues | 9.7% |
| Non-Agency Mortgage-Backed Securities | 8.4% |
| U.S. Treasury Obligations | 6.6% |
| Corporate Bonds & Notes | 5.2% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 10.9% |
| Affiliated Investments | 19.9% |
| Financial Derivative Instruments | 4.3% |
| Other Assets and Liabilities, Net | (81.2%) |
| 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](g920090g35n09.jpg)

# Institutional Class: PISIX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS0327TSRSAR_093025

# I-2: PIUHX

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

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-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, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $55 | 1.04%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $3267714 |
| # of Portfolio Holdings | 1335 |
| Portfolio Turnover Rate | 454% |
| Total Net Advisory Fees Paid During the Reporting Period | $7114 |

---

---

| | |
|:---|:---|
| 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 | 95.5% |
| Asset-Backed Securities | 20.2% |
| Sovereign Issues | 9.7% |
| Non-Agency Mortgage-Backed Securities | 8.4% |
| U.S. Treasury Obligations | 6.6% |
| Corporate Bonds & Notes | 5.2% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 10.9% |
| Affiliated Investments | 19.9% |
| Financial Derivative Instruments | 4.3% |
| Other Assets and Liabilities, Net | (81.2%) |
| 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](g920090g35n09.jpg)

# I-2: PIUHX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS2057TSRSAR_093025

# Class A: PPUAX

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $71 | 1.31%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $181549 |
| # of Portfolio Holdings | 942 |
| Portfolio Turnover Rate | 383% |
| Total Net Advisory Fees Paid During the Reporting Period | $338 |

---

---

| | |
|:---|:---|
| 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 | 87.5% |
| Asset-Backed Securities | 26.4% |
| Sovereign Issues | 9.9% |
| U.S. Treasury Obligations | 7.7% |
| Non-Agency Mortgage-Backed Securities | 7.2% |
| Corporate Bonds & Notes | 5.0% |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 12.2% |
| Financial Derivative Instruments | 10.1% |
| Other Assets and Liabilities, Net | (71.8%) |
| 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](g920090g35n09.jpg)

# Class A: PPUAX
![Image](g920090g26i55.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4056TSRSAR_093025

# Class C: PPUCX

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $112 | 2.06%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $181549 |
| # of Portfolio Holdings | 942 |
| Portfolio Turnover Rate | 383% |
| Total Net Advisory Fees Paid During the Reporting Period | $338 |

---

---

| | |
|:---|:---|
| 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 | 87.5% |
| Asset-Backed Securities | 26.4% |
| Sovereign Issues | 9.9% |
| U.S. Treasury Obligations | 7.7% |
| Non-Agency Mortgage-Backed Securities | 7.2% |
| Corporate Bonds & Notes | 5.0% |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 12.2% |
| Financial Derivative Instruments | 10.1% |
| Other Assets and Liabilities, Net | (71.8%) |
| 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](g920090g35n09.jpg)

# Class C: PPUCX
![Image](g920090g26i55.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4256TSRSAR_093025

# I-3: PSKNX

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $58 | 1.06%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $181549 |
| # of Portfolio Holdings | 942 |
| Portfolio Turnover Rate | 383% |
| Total Net Advisory Fees Paid During the Reporting Period | $338 |

---

---

| | |
|:---|:---|
| 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 | 87.5% |
| Asset-Backed Securities | 26.4% |
| Sovereign Issues | 9.9% |
| U.S. Treasury Obligations | 7.7% |
| Non-Agency Mortgage-Backed Securities | 7.2% |
| Corporate Bonds & Notes | 5.0% |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 12.2% |
| Financial Derivative Instruments | 10.1% |
| Other Assets and Liabilities, Net | (71.8%) |
| 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](g920090g35n09.jpg)

# I-3: PSKNX
![Image](g920090g26i55.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2201TSRSAR_093025

# Institutional Class: PSKIX

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) (the "Fund") for the period of April 1, 2025 to September 30, 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 | $50 | 0.91%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $181549 |
| # of Portfolio Holdings | 942 |
| Portfolio Turnover Rate | 383% |
| Total Net Advisory Fees Paid During the Reporting Period | $338 |

---

---

| | |
|:---|:---|
| 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 | 87.5% |
| Asset-Backed Securities | 26.4% |
| Sovereign Issues | 9.9% |
| U.S. Treasury Obligations | 7.7% |
| Non-Agency Mortgage-Backed Securities | 7.2% |
| Corporate Bonds & Notes | 5.0% |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 12.2% |
| Financial Derivative Instruments | 10.1% |
| Other Assets and Liabilities, Net | (71.8%) |
| 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](g920090g35n09.jpg)

# Institutional Class: PSKIX
![Image](g920090g26i55.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0321TSRSAR_093025

# I-2: PPLPX

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $55 | 1.01%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $181549 |
| # of Portfolio Holdings | 942 |
| Portfolio Turnover Rate | 383% |
| Total Net Advisory Fees Paid During the Reporting Period | $338 |

---

---

| | |
|:---|:---|
| 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 | 87.5% |
| Asset-Backed Securities | 26.4% |
| Sovereign Issues | 9.9% |
| U.S. Treasury Obligations | 7.7% |
| Non-Agency Mortgage-Backed Securities | 7.2% |
| Corporate Bonds & Notes | 5.0% |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 12.2% |
| Financial Derivative Instruments | 10.1% |
| Other Assets and Liabilities, Net | (71.8%) |
| 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](g920090g35n09.jpg)

# I-2: PPLPX
![Image](g920090g26i55.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1927TSRSAR_093025

# Institutional Class: PSLDX

# PIMCO StocksPLUS<sup>®</sup> Long Duration Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Long Duration Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $159 | 2.89%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $572912 |
| # of Portfolio Holdings | 897 |
| Portfolio Turnover Rate | 165% |
| Total Net Advisory Fees Paid During the Reporting Period | $957 |

---

---

| | |
|:---|:---|
| 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 | 80.1% |
| Corporate Bonds & Notes | 52.8% |
| U.S. Government Agencies | 23.6% |
| Sovereign Issues | 5.0% |
| Municipal Bonds & Notes | 2.2% |
| Asset-Backed Securities | 1.7% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 2.7% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (69.8%) |
| 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](g920090g35n09.jpg)

# Institutional Class: PSLDX
![Image](g920090g26i55.jpg)

# PIMCO StocksPLUS<sup>®</sup> Long Duration Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1824TSRSAR_093025

# Class A: PSSAX

# PIMCO StocksPLUS<sup>®</sup> Short Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Short Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $51 | 1.09%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $100224 |
| # of Portfolio Holdings | 930 |
| Portfolio Turnover Rate | 353% |
| Total Net Advisory Fees Paid During the Reporting Period | $190 |

---

---

| | |
|:---|:---|
| 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 | 88.4% |
| Non-Agency Mortgage-Backed Securities | 14.3% |
| Asset-Backed Securities | 14.1% |
| Sovereign Issues | 7.9% |
| U.S. Treasury Obligations | 5.4% |
| Corporate Bonds & Notes | 4.1% |
| Short-Term Instruments | 20.4% |
| Affiliated Investments | 19.7% |
| Financial Derivative Instruments | (9.9%) |
| Other Assets and Liabilities, Net | (64.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Class A: PSSAX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS4052TSRSAR_093025

# Class C: PSSCX

# PIMCO StocksPLUS<sup>®</sup> Short Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Short Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $85 | 1.84%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $100224 |
| # of Portfolio Holdings | 930 |
| Portfolio Turnover Rate | 353% |
| Total Net Advisory Fees Paid During the Reporting Period | $190 |

---

---

| | |
|:---|:---|
| 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 | 88.4% |
| Non-Agency Mortgage-Backed Securities | 14.3% |
| Asset-Backed Securities | 14.1% |
| Sovereign Issues | 7.9% |
| U.S. Treasury Obligations | 5.4% |
| Corporate Bonds & Notes | 4.1% |
| Short-Term Instruments | 20.4% |
| Affiliated Investments | 19.7% |
| Financial Derivative Instruments | (9.9%) |
| Other Assets and Liabilities, Net | (64.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Class C: PSSCX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS4252TSRSAR_093025

# I-3: PSNNX

# PIMCO StocksPLUS<sup>®</sup> Short Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Short Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $39 | 0.84%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $100224 |
| # of Portfolio Holdings | 930 |
| Portfolio Turnover Rate | 353% |
| Total Net Advisory Fees Paid During the Reporting Period | $190 |

---

---

| | |
|:---|:---|
| 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 | 88.4% |
| Non-Agency Mortgage-Backed Securities | 14.3% |
| Asset-Backed Securities | 14.1% |
| Sovereign Issues | 7.9% |
| U.S. Treasury Obligations | 5.4% |
| Corporate Bonds & Notes | 4.1% |
| Short-Term Instruments | 20.4% |
| Affiliated Investments | 19.7% |
| Financial Derivative Instruments | (9.9%) |
| Other Assets and Liabilities, Net | (64.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# I-3: PSNNX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS2202TSRSAR_093025

# Institutional Class: PSTIX

# PIMCO StocksPLUS<sup>®</sup> Short Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Short Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $32 | 0.69%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $100224 |
| # of Portfolio Holdings | 930 |
| Portfolio Turnover Rate | 353% |
| Total Net Advisory Fees Paid During the Reporting Period | $190 |

---

---

| | |
|:---|:---|
| 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 | 88.4% |
| Non-Agency Mortgage-Backed Securities | 14.3% |
| Asset-Backed Securities | 14.1% |
| Sovereign Issues | 7.9% |
| U.S. Treasury Obligations | 5.4% |
| Corporate Bonds & Notes | 4.1% |
| Short-Term Instruments | 20.4% |
| Affiliated Investments | 19.7% |
| Financial Derivative Instruments | (9.9%) |
| Other Assets and Liabilities, Net | (64.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Institutional Class: PSTIX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS1800TSRSAR_093025

# I-2: PSPLX

# PIMCO StocksPLUS<sup>®</sup> Short Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Short Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $37 | 0.79%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $100224 |
| # of Portfolio Holdings | 930 |
| Portfolio Turnover Rate | 353% |
| Total Net Advisory Fees Paid During the Reporting Period | $190 |

---

---

| | |
|:---|:---|
| 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 | 88.4% |
| Non-Agency Mortgage-Backed Securities | 14.3% |
| Asset-Backed Securities | 14.1% |
| Sovereign Issues | 7.9% |
| U.S. Treasury Obligations | 5.4% |
| Corporate Bonds & Notes | 4.1% |
| Short-Term Instruments | 20.4% |
| Affiliated Investments | 19.7% |
| Financial Derivative Instruments | (9.9%) |
| Other Assets and Liabilities, Net | (64.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# I-2: PSPLX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS1963TSRSAR_093025

# Class A: PCKAX

# PIMCO StocksPLUS<sup>®</sup> Small Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Small Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $68 | 1.22%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $655642 |
| # of Portfolio Holdings | 969 |
| Portfolio Turnover Rate | 433% |
| Total Net Advisory Fees Paid During the Reporting Period | $1322 |

---

---

| | |
|:---|:---|
| 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 | 97.3% |
| Asset-Backed Securities | 23.9% |
| Sovereign Issues | 10.2% |
| Non-Agency Mortgage-Backed Securities | 9.8% |
| Corporate Bonds & Notes | 7.1% |
| U.S. Treasury Obligations | 2.2% |
| Short-Term Instruments | 4.9% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | 5.0% |
| Other Assets and Liabilities, Net | (74.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Class A: PCKAX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS4053TSRSAR_093025

# Class C: PCKCX

# PIMCO StocksPLUS<sup>®</sup> Small Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Small Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $109 | 1.97%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $655642 |
| # of Portfolio Holdings | 969 |
| Portfolio Turnover Rate | 433% |
| Total Net Advisory Fees Paid During the Reporting Period | $1322 |

---

---

| | |
|:---|:---|
| 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 | 97.3% |
| Asset-Backed Securities | 23.9% |
| Sovereign Issues | 10.2% |
| Non-Agency Mortgage-Backed Securities | 9.8% |
| Corporate Bonds & Notes | 7.1% |
| U.S. Treasury Obligations | 2.2% |
| Short-Term Instruments | 4.9% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | 5.0% |
| Other Assets and Liabilities, Net | (74.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Class C: PCKCX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS4253TSRSAR_093025

# I-3: PSNSX

# PIMCO StocksPLUS<sup>®</sup> Small Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Small Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $54 | 0.97%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $655642 |
| # of Portfolio Holdings | 969 |
| Portfolio Turnover Rate | 433% |
| Total Net Advisory Fees Paid During the Reporting Period | $1322 |

---

---

| | |
|:---|:---|
| 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 | 97.3% |
| Asset-Backed Securities | 23.9% |
| Sovereign Issues | 10.2% |
| Non-Agency Mortgage-Backed Securities | 9.8% |
| Corporate Bonds & Notes | 7.1% |
| U.S. Treasury Obligations | 2.2% |
| Short-Term Instruments | 4.9% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | 5.0% |
| Other Assets and Liabilities, Net | (74.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# I-3: PSNSX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS2203TSRSAR_093025

# Institutional Class: PSCSX

# PIMCO StocksPLUS<sup>®</sup> Small Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Small Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $46 | 0.82%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $655642 |
| # of Portfolio Holdings | 969 |
| Portfolio Turnover Rate | 433% |
| Total Net Advisory Fees Paid During the Reporting Period | $1322 |

---

---

| | |
|:---|:---|
| 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 | 97.3% |
| Asset-Backed Securities | 23.9% |
| Sovereign Issues | 10.2% |
| Non-Agency Mortgage-Backed Securities | 9.8% |
| Corporate Bonds & Notes | 7.1% |
| U.S. Treasury Obligations | 2.2% |
| Short-Term Instruments | 4.9% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | 5.0% |
| Other Assets and Liabilities, Net | (74.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# Institutional Class: PSCSX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS1885TSRSAR_093025

# I-2: PCKPX

# PIMCO StocksPLUS<sup>®</sup> Small Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Small Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $51 | 0.92%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $655642 |
| # of Portfolio Holdings | 969 |
| Portfolio Turnover Rate | 433% |
| Total Net Advisory Fees Paid During the Reporting Period | $1322 |

---

---

| | |
|:---|:---|
| 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 | 97.3% |
| Asset-Backed Securities | 23.9% |
| Sovereign Issues | 10.2% |
| Non-Agency Mortgage-Backed Securities | 9.8% |
| Corporate Bonds & Notes | 7.1% |
| U.S. Treasury Obligations | 2.2% |
| Short-Term Instruments | 4.9% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | 5.0% |
| Other Assets and Liabilities, Net | (74.4%) |
| 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. |

---

## 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](g920090g35n09.jpg)

# I-2: PCKPX
![Image](g920090g26i55.jpg)

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

September 30, 2025

PIMS1928TSRSAR_093025

# Class A: PTTAX

# PIMCO Total Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $44 | 0.87%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $45493932 |
| # of Portfolio Holdings | 7376 |
| Portfolio Turnover Rate | 255% |
| Total Net Advisory Fees Paid During the Reporting Period | $55715 |

---

---

| | |
|:---|:---|
| 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 | 44.1% |
| Corporate Bonds & Notes | 23.1% |
| Non-Agency Mortgage-Backed Securities | 20.2% |
| U.S. Treasury Obligations | 16.7% |
| Sovereign Issues | 9.5% |
| Asset-Backed Securities | 8.4% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (31.7%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Class A: PTTAX
![Image](g920090g26i55.jpg)

# PIMCO Total Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4005TSRSAR_093025

# Administrative Class: PTRAX

# PIMCO Total Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $40 | 0.78%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $45493932 |
| # of Portfolio Holdings | 7376 |
| Portfolio Turnover Rate | 255% |
| Total Net Advisory Fees Paid During the Reporting Period | $55715 |

---

---

| | |
|:---|:---|
| 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 | 44.1% |
| Corporate Bonds & Notes | 23.1% |
| Non-Agency Mortgage-Backed Securities | 20.2% |
| U.S. Treasury Obligations | 16.7% |
| Sovereign Issues | 9.5% |
| Asset-Backed Securities | 8.4% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (31.7%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Administrative Class: PTRAX
![Image](g920090g26i55.jpg)

# PIMCO Total Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0435TSRSAR_093025

# Class C: PTTCX

# PIMCO Total Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $83 | 1.62%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $45493932 |
| # of Portfolio Holdings | 7376 |
| Portfolio Turnover Rate | 255% |
| Total Net Advisory Fees Paid During the Reporting Period | $55715 |

---

---

| | |
|:---|:---|
| 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 | 44.1% |
| Corporate Bonds & Notes | 23.1% |
| Non-Agency Mortgage-Backed Securities | 20.2% |
| U.S. Treasury Obligations | 16.7% |
| Sovereign Issues | 9.5% |
| Asset-Backed Securities | 8.4% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (31.7%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Class C: PTTCX
![Image](g920090g26i55.jpg)

# PIMCO Total Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4205TSRSAR_093025

# I-3: PTTNX

# PIMCO Total Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $35 | 0.68%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $45493932 |
| # of Portfolio Holdings | 7376 |
| Portfolio Turnover Rate | 255% |
| Total Net Advisory Fees Paid During the Reporting Period | $55715 |

---

---

| | |
|:---|:---|
| 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 | 44.1% |
| Corporate Bonds & Notes | 23.1% |
| Non-Agency Mortgage-Backed Securities | 20.2% |
| U.S. Treasury Obligations | 16.7% |
| Sovereign Issues | 9.5% |
| Asset-Backed Securities | 8.4% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (31.7%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# I-3: PTTNX
![Image](g920090g26i55.jpg)

# PIMCO Total Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2204TSRSAR_093025

# Institutional Class: PTTRX

# PIMCO Total Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $27 | 0.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $45493932 |
| # of Portfolio Holdings | 7376 |
| Portfolio Turnover Rate | 255% |
| Total Net Advisory Fees Paid During the Reporting Period | $55715 |

---

---

| | |
|:---|:---|
| 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 | 44.1% |
| Corporate Bonds & Notes | 23.1% |
| Non-Agency Mortgage-Backed Securities | 20.2% |
| U.S. Treasury Obligations | 16.7% |
| Sovereign Issues | 9.5% |
| Asset-Backed Securities | 8.4% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (31.7%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Institutional Class: PTTRX
![Image](g920090g26i55.jpg)

# PIMCO Total Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0035TSRSAR_093025

# I-2: PTTPX

# PIMCO Total Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $32 | 0.63%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $45493932 |
| # of Portfolio Holdings | 7376 |
| Portfolio Turnover Rate | 255% |
| Total Net Advisory Fees Paid During the Reporting Period | $55715 |

---

---

| | |
|:---|:---|
| 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 | 44.1% |
| Corporate Bonds & Notes | 23.1% |
| Non-Agency Mortgage-Backed Securities | 20.2% |
| U.S. Treasury Obligations | 16.7% |
| Sovereign Issues | 9.5% |
| Asset-Backed Securities | 8.4% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (31.7%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# I-2: PTTPX
![Image](g920090g26i55.jpg)

# PIMCO Total Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1902TSRSAR_093025

# Class R: PTRRX

# PIMCO Total Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $57 | 1.12%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $45493932 |
| # of Portfolio Holdings | 7376 |
| Portfolio Turnover Rate | 255% |
| Total Net Advisory Fees Paid During the Reporting Period | $55715 |

---

---

| | |
|:---|:---|
| 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 | 44.1% |
| Corporate Bonds & Notes | 23.1% |
| Non-Agency Mortgage-Backed Securities | 20.2% |
| U.S. Treasury Obligations | 16.7% |
| Sovereign Issues | 9.5% |
| Asset-Backed Securities | 8.4% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (31.7%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g920090g35n09.jpg)

# Class R: PTRRX
![Image](g920090g26i55.jpg)

# PIMCO Total Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4505TSRSAR_093025

# Class A: PQTAX

# PIMCO TRENDS Managed Futures Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $98 | 1.94%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1509943 |
| # of Portfolio Holdings | 720 |
| Portfolio Turnover Rate | 417% |
| Total Net Advisory Fees Paid During the Reporting Period | $9463 |

---

---

| | |
|:---|:---|
| 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 | 34.2% |
| Commodities | 23.3% |
| Asset-Backed Securities | 4.4% |
| Corporate Bonds & Notes | 3.5% |
| Non-Agency Mortgage-Backed Securities | 0.4% |
| Short-Term Instruments | 9.3% |
| Affiliated Investments | 42.0% |
| Financial Derivative Instruments | 1.9% |
| Other Assets and Liabilities, Net | (19.0%) |
| 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](g920090g35n09.jpg)

# Class A: PQTAX
![Image](g920090g26i55.jpg)

# PIMCO TRENDS Managed Futures Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6047TSRSAR_093025

# Class C: PQTCX

# PIMCO TRENDS Managed Futures Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $136 | 2.69%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1509943 |
| # of Portfolio Holdings | 720 |
| Portfolio Turnover Rate | 417% |
| Total Net Advisory Fees Paid During the Reporting Period | $9463 |

---

---

| | |
|:---|:---|
| 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 | 34.2% |
| Commodities | 23.3% |
| Asset-Backed Securities | 4.4% |
| Corporate Bonds & Notes | 3.5% |
| Non-Agency Mortgage-Backed Securities | 0.4% |
| Short-Term Instruments | 9.3% |
| Affiliated Investments | 42.0% |
| Financial Derivative Instruments | 1.9% |
| Other Assets and Liabilities, Net | (19.0%) |
| 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](g920090g35n09.jpg)

# Class C: PQTCX
![Image](g920090g26i55.jpg)

# PIMCO TRENDS Managed Futures Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6247TSRSAR_093025

# I-3: PQTNX

# PIMCO TRENDS Managed Futures Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $85 | 1.69%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1509943 |
| # of Portfolio Holdings | 720 |
| Portfolio Turnover Rate | 417% |
| Total Net Advisory Fees Paid During the Reporting Period | $9463 |

---

---

| | |
|:---|:---|
| 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 | 34.2% |
| Commodities | 23.3% |
| Asset-Backed Securities | 4.4% |
| Corporate Bonds & Notes | 3.5% |
| Non-Agency Mortgage-Backed Securities | 0.4% |
| Short-Term Instruments | 9.3% |
| Affiliated Investments | 42.0% |
| Financial Derivative Instruments | 1.9% |
| Other Assets and Liabilities, Net | (19.0%) |
| 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](g920090g35n09.jpg)

# I-3: PQTNX
![Image](g920090g26i55.jpg)

# PIMCO TRENDS Managed Futures Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2205TSRSAR_093025

# Institutional Class: PQTIX

# PIMCO TRENDS Managed Futures Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $78 | 1.54%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1509943 |
| # of Portfolio Holdings | 720 |
| Portfolio Turnover Rate | 417% |
| Total Net Advisory Fees Paid During the Reporting Period | $9463 |

---

---

| | |
|:---|:---|
| 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 | 34.2% |
| Commodities | 23.3% |
| Asset-Backed Securities | 4.4% |
| Corporate Bonds & Notes | 3.5% |
| Non-Agency Mortgage-Backed Securities | 0.4% |
| Short-Term Instruments | 9.3% |
| Affiliated Investments | 42.0% |
| Financial Derivative Instruments | 1.9% |
| Other Assets and Liabilities, Net | (19.0%) |
| 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](g920090g35n09.jpg)

# Institutional Class: PQTIX
![Image](g920090g26i55.jpg)

# PIMCO TRENDS Managed Futures Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2087TSRSAR_093025

# I-2: PQTPX

# PIMCO TRENDS Managed Futures Strategy Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g920090g05y97.jpg)

## Fund Performance
This semi-annual shareholder report contains important information about the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 | $83 | 1.64%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1509943 |
| # of Portfolio Holdings | 720 |
| Portfolio Turnover Rate | 417% |
| Total Net Advisory Fees Paid During the Reporting Period | $9463 |

---

---

| | |
|:---|:---|
| 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 | 34.2% |
| Commodities | 23.3% |
| Asset-Backed Securities | 4.4% |
| Corporate Bonds & Notes | 3.5% |
| Non-Agency Mortgage-Backed Securities | 0.4% |
| Short-Term Instruments | 9.3% |
| Affiliated Investments | 42.0% |
| Financial Derivative Instruments | 1.9% |
| Other Assets and Liabilities, Net | (19.0%) |
| 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](g920090g35n09.jpg)

# I-2: PQTPX
![Image](g920090g26i55.jpg)

# PIMCO TRENDS Managed Futures Strategy Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2089TSRSAR_093025

------

**Item 2.** **Code of Ethics.** <br>

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

**Item 3.** **Audit Committee Financial Expert.** <br>

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

**Item 4.** **Principal Accountant Fees and Services.** <br>

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

**Item 6.** **Investments.** <br>

The information required by this Item 6 is included as part of the semiannual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a copy of the report(s) of the Funds' Financial Statements and Financial Highlights.

● Equity-Related Strategy Funds

● International Bond Funds

● Municipal Value Funds

● Income Fund

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

● Total Return Fund

● TRENDS Managed Futures Strategy Fund

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

● Asset Allocation Funds

● Bond Funds

● Credit Bond Funds

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

● PAPS Portfolios

● PAPS All Asset Funds

● Real Return Strategy Funds

● Short Duration Strategy Funds

● Tax-Efficient Strategy Funds

&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](g72864g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 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](#tx72864_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx72864_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx72864_3) | 20 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx72864_4) | 24 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx72864_5) | 26 |
| &nbsp;&nbsp; [Statement of Cash Flows (N-CSR Item 7)](#tx72864_6) | 29 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx72864_7) | 243 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx72864_8) | 265 |
| &nbsp;&nbsp; [Glossary](#tx72864_10) | 276 |
| &nbsp;&nbsp; [Distribution Information](#tx72864_11) | 277 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx72864_13) | 285 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx72864_14) | 286 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx72864_15) | 287 |
| Fund | Schedule of<br>Investments<br> (N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO RAE Fundamental Advantage PLUS Fund](#tx72864_16) | 30 |
| &nbsp;&nbsp; [PIMCO RAE PLUS EMG Fund](#tx72864_17) | 47 |
| &nbsp;&nbsp; [PIMCO RAE PLUS Fund](#tx72864_18) | 64 |
| &nbsp;&nbsp; [PIMCO RAE PLUS International Fund](#tx72864_19) | 82 |
| &nbsp;&nbsp; [PIMCO RAE PLUS Small Fund](#tx72864_20) | 98 |
| &nbsp;&nbsp; [PIMCO RAE Worldwide Long/Short PLUS Fund](#tx72864_21) | 114 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund](#tx72864_22) | 131 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> Fund](#tx72864_23) | 150 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)](#tx72864_24) | 163 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)](#tx72864_25) | 183 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> Long Duration Fund](#tx72864_26) | 198 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> Short Fund](#tx72864_27) | 214 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> Small Fund](#tx72864_28) | 227 |

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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 fluctuate, 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 experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. 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 note 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.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

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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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

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Important Information About the Funds (Cont.)

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net 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 September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | |
|:---|:---|
| **4** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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; 04/01/2025 - 09/30/2025+ | $8.04 | $0.18 | $(0.35) | $(0.17) | $(0.02) | $0.00 | $0.00 | $(0.02) |
| &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; 04/01/2025 - 09/30/2025+ | 7.74 | 0.15 | (0.33) | (0.18) | (0.00) | 0.00 | 0.00 | (0.00) |
| &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; 04/01/2025 - 09/30/2025+ | $6.96 | $0.17 | $1.01 | $1.18 | $(0.31) | $0.00 | $0.00 | $(0.31) |
| &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; 04/01/2025 - 09/30/2025+ | 6.90 | 0.17 | 1.00 | 1.17 | (0.31) | 0.00 | 0.00 | (0.31) |
| &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; 04/01/2025 - 09/30/2025+ | 6.66 | 0.15 | 0.97 | 1.12 | (0.30) | 0.00 | 0.00 | (0.30) |
| &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; 04/01/2025 - 09/30/2025+ | 6.04 | 0.11 | 0.87 | 0.98 | (0.28) | 0.00 | 0.00 | (0.28) |
| &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; 04/01/2025 - 09/30/2025+ | $19.11 | $0.46 | $2.28 | $2.74 | $(0.26) | $0.00 | $0.00 | $(0.26) |
| &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; 04/01/2025 - 09/30/2025+ | 18.76 | 0.44 | 2.23 | 2.67 | (0.25) | 0.00 | 0.00 | (0.25) |
| &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) |

---

---

| | | |
|:---|:---|:---|
| **6** | **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/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **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** |
| $7.85 | (2.12)% | $375680 | 1.05 | %\* | 1.05 | %\* | 0.93 | %\* | 0.93 | %\* | 4.52 | %\* | 414% |
| 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 |
| 7.56 | (2.33) | 4966 | 1.45 | \* | 1.45 | \* | 1.33 | \* | 1.33 | \* | 4.11 | \* | 414 |
| 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 |
| $7.83 | 17.14% | $162351 | 1.33 | %\* | 1.33 | %\* | 1.14 | %\* | 1.14 | %\* | 4.65 | %\* | 457% |
| 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 |
| 7.76 | 17.14 | 23259 | 1.43 | \* | 1.43 | \* | 1.24 | \* | 1.24 | \* | 4.52 | \* | 457 |
| 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 |
| 7.48 | 16.96 | 8907 | 1.73 | \* | 1.73 | \* | 1.54 | \* | 1.54 | \* | 4.26 | \* | 457 |
| 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 |
| 6.74 | 16.43 | 509 | 2.48 | \* | 2.48 | \* | 2.29 | \* | 2.29 | \* | 3.51 | \* | 457 |
| 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 |
| $21.59 | 14.45% | $410109 | 0.93 | %\* | 0.93 | %\* | 0.83 | %\* | 0.83 | %\* | 4.66 | %\* | 424% |
| 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 |
| 21.18 | 14.35 | 202488 | 1.03 | \* | 1.03 | \* | 0.93 | \* | 0.93 | \* | 4.56 | \* | 424 |
| 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 |

---

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<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.)** |  |  |  |  |  |  |  |  |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $18.71 | $0.43 | $2.24 | $2.67 | $(0.24) | $0.00 | $0.00 | $(0.24) |
| &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) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 16.92 | 0.37 | 2.02 | 2.39 | (0.23) | 0.00 | 0.00 | (0.23) |
| &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; 04/01/2025 - 09/30/2025+ | 13.63 | 0.24 | 1.62 | 1.86 | (0.19) | 0.00 | 0.00 | (0.19) |
| &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; 04/01/2025 - 09/30/2025+ | $7.39 | $0.19 | $1.05 | $1.24 | $(0.33) | $0.00 | $0.00 | $(0.33) |
| &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; 04/01/2025 - 09/30/2025+ | 7.08 | 0.18 | 0.99 | 1.17 | (0.32) | 0.00 | 0.00 | (0.32) |
| &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; 04/01/2025 - 09/30/2025+ | 7.05 | 0.17 | 1.00 | 1.17 | (0.32) | 0.00 | 0.00 | (0.32) |
| &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; 04/01/2025 - 09/30/2025+ | $15.94 | $0.41 | $1.63 | $2.04 | $(0.41) | $0.00 | $0.00 | $(0.41) |
| &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; 04/01/2025 - 09/30/2025+ | 15.61 | 0.40 | 1.58 | 1.98 | (0.40) | 0.00 | 0.00 | (0.40) |
| &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) |

---

---

| | | |
|:---|:---|:---|
| **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/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **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** |
| $21.14 | 14.41% | $3248 | 1.08 | %\* | 1.13 | %\* | 0.98 | %\* | 1.03 | %\* | 4.52 | %\* | 424% |
| 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 |
| 19.08 | 14.25 | 454447 | 1.33 | \* | 1.33 | \* | 1.23 | \* | 1.23 | \* | 4.26 | \* | 424 |
| 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 |
| 15.30 | 13.79 | 24099 | 2.08 | \* | 2.08 | \* | 1.98 | \* | 1.98 | \* | 3.51 | \* | 424 |
| 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 |
| $8.30 | 16.85% | $135207 | 1.15 | %\* | 1.15 | %\* | 0.86 | %\* | 0.86 | %\* | 4.78 | %\* | 436% |
| 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 |
| 7.93 | 16.70 | 799 | 1.25 | \* | 1.25 | \* | 0.96 | \* | 0.96 | \* | 4.67 | \* | 436 |
| 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 |
| 7.90 | 16.64 | 4621 | 1.50 | \* | 1.50 | \* | 1.21 | \* | 1.21 | \* | 4.43 | \* | 436 |
| 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 |
| $17.57 | 12.95% | $146321 | 0.95 | %\* | 0.95 | %\* | 0.88 | %\* | 0.88 | %\* | 5.09 | %\* | 418% |
| 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 |
| 17.19 | 12.86 | 24860 | 1.05 | \* | 1.05 | \* | 0.98 | \* | 0.98 | \* | 4.99 | \* | 418 |
| 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 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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 PLUS Small Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $14.98 | $0.36 | $1.51 | $1.87 | $(0.38) | $0.00 | $0.00 | $(0.38) |
| &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; 04/01/2025 - 09/30/2025+ | 12.99 | 0.26 | 1.31 | 1.57 | (0.34) | 0.00 | 0.00 | (0.34) |
| &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) |
|  **PIMCO RAE Worldwide Long/Short PLUS Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $8.09 | $0.16 | $(0.36) | $(0.20) | $(0.49) | $0.00 | $0.00 | $(0.49) |
| &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; 04/01/2025 - 09/30/2025+ | 8.09 | 0.16 | (0.36) | (0.20) | (0.49) | 0.00 | 0.00 | (0.49) |
| &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; 04/01/2025 - 09/30/2025+ | 8.01 | 0.15 | (0.35) | (0.20) | (0.48) | 0.00 | 0.00 | (0.48) |
| &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; 04/01/2025 - 09/30/2025+ | 8.02 | 0.12 | (0.36) | (0.24) | (0.45) | 0.00 | 0.00 | (0.45) |
| &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 Return Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $11.96 | $0.29 | $2.12 | $2.41 | $(0.35) | $0.00 | $0.00 | $(0.35) |
| &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; 04/01/2025 - 09/30/2025+ | 11.64 | 0.28 | 2.06 | 2.34 | (0.34) | 0.00 | 0.00 | (0.34) |
| &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) |

---

---

| | | |
|:---|:---|:---|
| **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/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **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** |
| $16.47 | 12.69% | $18947 | 1.30 | %\* | 1.30 | %\* | 1.23 | %\* | 1.23 | %\* | 4.74 | 418% |
| 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 |
| 14.22 | 12.30 | 3638 | 2.05 | \* | 2.05 | \* | 1.98 | \* | 1.98 | \* | 3.99 | 418 |
| 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 |
| $7.40 | (2.50)% | $368877 | 1.32 | %\* | 1.32 | %\* | 1.23 | %\* | 1.23 | %\* | 4.27 | 423% |
| 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 |
| 7.40 | (2.52) | 5622 | 1.42 | \* | 1.42 | \* | 1.33 | \* | 1.33 | \* | 4.13 | 423 |
| 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 |
| 7.33 | (2.57) | 20153 | 1.72 | \* | 1.72 | \* | 1.63 | \* | 1.63 | \* | 3.86 | 423 |
| 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 |
| 7.33 | (3.02) | 836 | 2.47 | \* | 2.47 | \* | 2.38 | \* | 2.38 | \* | 3.11 | 423 |
| 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 |
| $14.02 | 20.35% | $697127 | 0.78 | %\* | 0.78 | %\* | 0.68 | %\* | 0.68 | %\* | 4.55 | 437% |
| 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 |
| 13.64 | 20.35 | 355058 | 0.88 | \* | 0.88 | \* | 0.78 | \* | 0.78 | \* | 4.44 | 437 |
| 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 |

---

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</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 StocksPLUS<sup>®</sup> Absolute Return Fund (Cont.)** |  |  |  |  |  |  |  |  |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $11.66 | $0.27 | $2.07 | $2.34 | $(0.34) | $0.00 | $0.00 | $(0.34) |
| &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; 04/01/2025 - 09/30/2025+ | 11.49 | 0.26 | 2.04 | 2.30 | (0.33) | 0.00 | 0.00 | (0.33) |
| &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; 04/01/2025 - 09/30/2025+ | 9.30 | 0.17 | 1.64 | 1.81 | (0.30) | 0.00 | 0.00 | (0.30) |
| &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) |
|  **PIMCO StocksPLUS<sup>®</sup> Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $12.17 | $0.28 | $2.12 | $2.40 | $(0.23) | $0.00 | $0.00 | $(0.23) |
| &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; 04/01/2025 - 09/30/2025+ | 12.10 | 0.27 | 2.11 | 2.38 | (0.23) | 0.00 | 0.00 | (0.23) |
| &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; 04/01/2025 - 09/30/2025+ | 12.05 | 0.27 | 2.11 | 2.38 | (0.23) | 0.00 | 0.00 | (0.23) |
| &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; 04/01/2025 - 09/30/2025+ | 10.28 | 0.21 | 1.80 | 2.01 | (0.22) | 0.00 | 0.00 | (0.22) |
| &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; 04/01/2025 - 09/30/2025+ | 9.04 | 0.16 | 1.57 | 1.73 | (0.20) | 0.00 | 0.00 | (0.20) |
| &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) |

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| | | |
|:---|:---|:---|
| **12** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

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---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **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** |
| $13.66 | 20.29% | $24340 | 0.93 | %\* | 0.98 | %\* | 0.83 | %\* | 0.88 | %\* | 4.39 | 437% |
| 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 |
| 13.46 | 20.21 | 582264 | 1.18 | \* | 1.18 | \* | 1.08 | \* | 1.08 | \* | 4.15 | 437 |
| 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 |
| 10.81 | 19.69 | 62536 | 1.93 | \* | 1.93 | \* | 1.83 | \* | 1.83 | \* | 3.40 | 437 |
| 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 |
| $14.34 | 19.92% | $2001176 | 0.69 | %\* | 0.69 | %\* | 0.50 | %\* | 0.50 | %\* | 4.27 | 241% |
| 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 |
| 14.25 | 19.82 | 114260 | 0.79 | \* | 0.79 | \* | 0.60 | \* | 0.60 | \* | 4.17 | 241 |
| 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 |
| 14.20 | 19.87 | 26848 | 0.84 | \* | 0.89 | \* | 0.65 | \* | 0.70 | \* | 4.12 | 241 |
| 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 |
| 12.07 | 19.71 | 445360 | 1.09 | \* | 1.09 | \* | 0.90 | \* | 0.90 | \* | 3.87 | 241 |
| 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 |
| 10.57 | 19.32 | 51831 | 1.59 | \* | 1.59 | \* | 1.40 | \* | 1.40 | \* | 3.37 | 241 |
| 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 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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> Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.93 | $0.21 | $1.91 | $2.12 | $(0.20) | $0.00 | $0.00 | $(0.20) |
| &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; 04/01/2025 - 09/30/2025+ | $8.73 | $0.20 | $0.87 | $1.07 | $(0.48) | $0.00 | $0.00 | $(0.48) |
| &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; 04/01/2025 - 09/30/2025+ | 8.57 | 0.19 | 0.86 | 1.05 | (0.48) | 0.00 | 0.00 | (0.48) |
| &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; 04/01/2025 - 09/30/2025+ | 8.53 | 0.19 | 0.85 | 1.04 | (0.48) | 0.00 | 0.00 | (0.48) |
| &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 |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.89 | 0.17 | 0.77 | 0.94 | (0.47) | 0.00 | 0.00 | (0.47) |
| &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; 04/01/2025 - 09/30/2025+ | 6.60 | 0.11 | 0.65 | 0.76 | (0.45) | 0.00 | 0.00 | (0.45) |
| &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 Fund (Unhedged)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $11.32 | $0.30 | $1.64 | $1.94 | $(0.21) | $0.00 | $0.00 | $(0.21) |
| &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; 04/01/2025 - 09/30/2025+ | 11.33 | 0.30 | 1.64 | 1.94 | (0.21) | 0.00 | 0.00 | (0.21) |
| &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) |

---

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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/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **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** |
| $12.85 | 19.58% | $67701 | 1.34 | %\* | 1.34 | %\* | 1.15 | %\* | 1.15 | %\* | 3.62 | 241% |
| 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 |
| $9.32 | 12.50% | $1677257 | 0.94 | %\* | 0.94 | %\* | 0.79 | %\* | 0.79 | %\* | 4.52 | 454% |
| 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 |
| 9.14 | 12.46 | 1043047 | 1.04 | \* | 1.04 | \* | 0.89 | \* | 0.89 | \* | 4.42 | 454 |
| 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 |
| 9.09 | 12.37 | 91923 | 1.09 | \* | 1.14 | \* | 0.94 | \* | 0.99 | \* | 4.37 | 454 |
| 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 |
| 8.36 | 12.13 | 419838 | 1.34 | \* | 1.34 | \* | 1.19 | \* | 1.19 | \* | 4.12 | 454 |
| 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 |
| 6.91 | 11.77 | 35649 | 2.09 | \* | 2.09 | \* | 1.94 | \* | 1.94 | \* | 3.37 | 454 |
| 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 |
| $13.05 | 17.26% | $89424 | 0.91 | %\* | 0.91 | %\* | 0.68 | %\* | 0.68 | %\* | 4.94 | 383% |
| 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 |
| 13.06 | 17.21 | 51539 | 1.01 | \* | 1.01 | \* | 0.78 | \* | 0.78 | \* | 4.80 | 383 |
| 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 |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **15** |

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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 StocksPLUS<sup>®</sup> International Fund (Unhedged) (Cont.)** |  |  |  |  |  |  |  |  |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $11.24 | $0.29 | $1.64 | $1.93 | $(0.21) | $0.00 | $0.00 | $(0.21) |
| &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; 04/01/2025 - 09/30/2025+ | 10.34 | 0.25 | 1.51 | 1.76 | (0.20) | 0.00 | 0.00 | (0.20) |
| &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; 04/01/2025 - 09/30/2025+ | 8.81 | 0.18 | 1.27 | 1.45 | (0.17) | 0.00 | 0.00 | (0.17) |
| &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; 04/01/2025 - 09/30/2025+ | $15.67 | $0.29 | $2.77 | $3.06 | $(0.53) | $0.00 | $0.00 | $(0.53) |
| &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; 04/01/2025 - 09/30/2025+ | $7.68 | $0.20 | $(1.31) | $(1.11) | $0.00 | $0.00 | $0.00 | $0.00 |
| &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) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.64 | 0.19 | (1.30) | (1.11) | 0.00 | 0.00 | 0.00 | 0.00 |
| &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; 04/01/2025 - 09/30/2025+ | 7.60 | 0.19 | (1.30) | (1.11) | 0.00 | 0.00 | 0.00 | 0.00 |
| &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; 04/01/2025 - 09/30/2025+ | 7.29 | 0.17 | (1.24) | (1.07) | 0.00 | 0.00 | 0.00 | 0.00 |
| &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) |

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| | | |
|:---|:---|:---|
| **16** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

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------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **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** |
| $12.96 | 17.22% | $18611 | 1.06 | %\* | 1.11 | %\* | 0.83 | %\* | 0.88 | %\* | 4.78 | %\* | 383% |
| 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 |
| 11.90 | 17.08 | 21031 | 1.31 | \* | 1.31 | \* | 1.08 | \* | 1.08 | \* | 4.52 | \* | 383 |
| 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 |
| 10.09 | 16.56 | 944 | 2.06 | \* | 2.06 | \* | 1.83 | \* | 1.83 | \* | 3.78 | \* | 383 |
| 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 |
| $18.20 | 19.82% | $572912 | 2.89 | %\* | 2.89 | %\* | 0.59 | %\* | 0.59 | %\* | 3.54 | %\* | 165% |
| 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 |
| $6.57 | (14.45)% | $18627 | 0.69 | %\* | 0.69 | %\* | 0.67 | %\* | 0.67 | %\* | 5.56 | %\* | 353% |
| 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 |
| 6.53 | (14.53) | 62804 | 0.79 | \* | 0.79 | \* | 0.77 | \* | 0.77 | \* | 5.47 | \* | 353 |
| 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 |
| 6.49 | (14.61) | 1705 | 0.84 | \* | 0.89 | \* | 0.82 | \* | 0.87 | \* | 5.43 | \* | 353 |
| 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 |
| 6.22 | (14.68) | 14458 | 1.09 | \* | 1.09 | \* | 1.07 | \* | 1.07 | \* | 5.18 | \* | 353 |
| 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 |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **17** |

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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 StocksPLUS<sup>®</sup> Short Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $6.71 | $0.14 | $(1.14) | $(1.00) | $0.00 | $0.00 | $0.00 | $0.00 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;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; 04/01/2025 - 09/30/2025+ | $7.10 | $0.18 | $&nbsp;&nbsp;&nbsp;&nbsp;1.36 | $&nbsp;&nbsp;&nbsp;&nbsp;1.54 | $(0.35) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $(0.35) |
| &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; 04/01/2025 - 09/30/2025+ | 6.96 | 0.17 | 1.34 | 1.51 | (0.35) | 0.00 | 0.00 | (0.35) |
| &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; 04/01/2025 - 09/30/2025+ | 6.92 | 0.17 | 1.34 | 1.51 | (0.35) | 0.00 | 0.00 | (0.35) |
| &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; 04/01/2025 - 09/30/2025+ | 6.72 | 0.15 | 1.29 | 1.44 | (0.34) | 0.00 | 0.00 | (0.34) |
| &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) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 5.54 | 0.10 | 1.06 | 1.16 | (0.32) | 0.00 | 0.00 | (0.32) |
| &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) |

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

---

+ Unaudited

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

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> Effective October 1, 2020, the Fund's 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/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **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** |
| $5.71 | (14.90)% | $2630 | 1.84 | %\* | 1.84 | %\* | 1.82 | %\* | 1.82 | %\* | 4.42 | %\* | 353% |
| 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 |
| $8.29 | 22.09% | $363283 | 0.82 | %\* | 0.82 | %\* | 0.73 | %\* | 0.73 | %\* | 4.75 | %\* | 433% |
| 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 |
| 8.12 | 22.05 | 80130 | 0.92 | \* | 0.92 | \* | 0.83 | \* | 0.83 | \* | 4.66 | \* | 433 |
| 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 |
| 8.08 | 22.16 | 4890 | 0.97 | \* | 1.02 | \* | 0.88 | \* | 0.93 | \* | 4.61 | \* | 433 |
| 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 |
| 7.82 | 21.80 | 187213 | 1.22 | \* | 1.22 | \* | 1.13 | \* | 1.13 | \* | 4.35 | \* | 433 |
| 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 |
| 6.38 | 21.42 | 20126 | 1.97 | \* | 1.97 | \* | 1.88 | \* | 1.88 | \* | 3.62 | \* | 433 |
| 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 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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\* | $718398 | $349411 | $1646853 | $227814 | $334760 | $728780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 16 | 15691 | 183969 | 10384 | 18777 | 12374 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 393 | 154 | 877 | 110 | 146 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 25238 | 16139 | 90751 | 5103 | 6410 | 17039 |
|  Cash | 0 | 1849 | 1289 | 992 | 230 | 530 |
|  Deposits with counterparty | 7267 | 4474 | 18407 | 4141 | 5291 | 14454 |
|  Foreign currency, at value | 2310 | 1142 | 3616 | 1425 | 856 | 2322 |
|  Receivable for investments sold | 6334 | 2974 | 4485 | 12612 | 102 | 2638 |
|  Receivable for investments sold on a delayed-delivery basis | 0 | 0 | 0 | 0 | 0 | 0 |
|  Receivable for TBA investments sold | 539328 | 214970 | 1152242 | 129151 | 207934 | 540829 |
|  Receivable for Fund shares sold | 3 | 53 | 229 | 1 | 97 | 9 |
|  Interest and/or dividends receivable | 1680 | 854 | 4338 | 608 | 767 | 1902 |
|  Dividends receivable from Affiliates | 0 | 82 | 631 | 50 | 71 | 41 |
|  Reimbursement receivable from PIMCO | 0 | 0 | 0 | 0 | 0 | 0 |
|  **Total Assets** | 1300967 | 607793 | 3107687 | 392391 | 575441 | 1321356 |
|  **Liabilities:** |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $0 | $2428 | $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 | 48314 | 21302 | 121682 | 15023 | 40172 | 73822 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 240 | 111 | 539 | 84 | 100 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 35914 | 2045 | 6456 | 1275 | 1155 | 6657 |
|  Payable for investments purchased | 7634 | 25745 | 57425 | 1436 | 3978 | 15094 |
|  Payable for investments in Affiliates purchased | 0 | 84 | 654 | 51 | 73 | 43 |
|  Payable for investments purchased on a delayed-delivery basis | 9544 | 4788 | 24556 | 3499 | 4372 | 10184 |
|  Payable for TBA investments purchased | 800486 | 341064 | 1733137 | 217357 | 329392 | 811234 |
|  Deposits from counterparty | 17894 | 14639 | 67368 | 12922 | 2070 | 7920 |
|  Payable for Fund shares redeemed | 4 | 375 | 614 | 18 | 220 | 217 |
|  Overdraft due to custodian | 0 | 0 | 0 | 0 | 0 | 0 |
|  Accrued investment advisory fees | 203 | 130 | 467 | 66 | 91 | 312 |
|  Accrued supervisory and administrative fees | 80 | 52 | 290 | 30 | 42 | 86 |
|  Accrued distribution fees | 0 | 0 | 14 | 0 | 2 | 0 |
|  Accrued servicing fees | 1 | 2 | 94 | 1 | 5 | 4 |
|  Accrued taxes payable | 1 | 0 | 0 | 0 | 0 | 1 |
|  Foreign capital gains tax payable | 6 | 2 | 0 | 2 | 3 | 4 |
|  **Total Liabilities** | 920321 | 412767 | 2013296 | 251764 | 381675 | 925868 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |  |  |
|  **Net Assets** | $380646 | $195026 | $1094391 | $140627 | $193766 | $395488 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |
|  Paid in capital | $1335446 | $360554 | $940374 | $126625 | $184975 | $577428 |
|  Distributable earnings (accumulated loss) | (954800) | (165528) | 154017 | 14002 | 8791 | (181940) |
|  **Net Assets** | $380646 | $195026 | $1094391 | $140627 | $193766 | $395488 |
|  Cost of investments in securities | $721603 | $356006 | $1646736 | $230630 | $337543 | $734440 |
|  Cost of investments in Affiliates | $16 | $15659 | $183651 | $10362 | $18646 | $12369 |
|  Cost of foreign currency held | $2309 | $1142 | $3622 | $1425 | $858 | $3169 |
|  Proceeds received on short sales | $48193 | $21239 | $121740 | $14976 | $40098 | $73689 |
|  Cost or premiums of financial derivative instruments, net | $20687 | $7793 | $37212 | $6814 | $6968 | $17895 |
|  \* Includes repurchase agreements of: | $17700 | $49800 | $26500 | $13700 | $29200 | $14700 |

---

---

| | |
|:---|:---|
| <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 |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| $2771866 | $3329718 | $5129463 | $271393 | $969802 | $154937 | $1019169 |
| 169613 | 134878 | 650007 | 22159 | 1404 | 19774 | 91780 |
| 2765 | 4069 | 2472 | 141 | 760 | 72 | 610 |
| 78195 | 94751 | 199604 | 19323 | 2768 | 2784 | 38691 |
| 1657 | 599 | 0 | 857 | 693 | 0 | 3383 |
| 47683 | 71500 | 37079 | 5076 | 4936 | 3503 | 18261 |
| 16891 | 2537 | 18897 | 1202 | 863 | 371 | 2866 |
| 18575 | 22357 | 55058 | 1095 | 205811 | 46 | 11948 |
| 0 | 0 | 0 | 0 | 16 | 0 | 0 |
| 1833274 | 918881 | 3422313 | 149571 | 246377 | 89860 | 690715 |
| 374 | 690 | 3797 | 261 | 43 | 287 | 240 |
| 6159 | 17907 | 12927 | 734 | 7838 | 295 | 2428 |
| 837 | 490 | 1625 | 81 | 8 | 71 | 340 |
| 1 | 1 | 4 | 1 | 0 | 0 | 0 |
| 4947890 | 4598378 | 9533246 | 471894 | 1441319 | 272000 | 1880431 |
| $0 | $0 | $0 | $0 | $489270 | $0 | $0 |
| 0 | 0 | 0 | 0 | 8600 | 0 | 0 |
| 186234 | 107536 | 350160 | 16420 | 0 | 10026 | 75608 |
| 835 | 896 | 1842 | 107 | 145 | 103 | 352 |
| 14509 | 10654 | 58975 | 1053 | 1948 | 12652 | 6320 |
| 150803 | 79547 | 184751 | 1842 | 8686 | 1800 | 51751 |
| 868 | 508 | 221578 | 84 | 8 | 974 | 351 |
| 38652 | 0 | 75369 | 4164 | 0 | 1799 | 14479 |
| 2784227 | 1572494 | 5238941 | 252121 | 345215 | 143864 | 1047712 |
| 46981 | 116136 | 125265 | 14015 | 14117 | 431 | 27434 |
| 2321 | 2157 | 1841 | 431 | 146 | 67 | 341 |
| 0 | 0 | 4628 | 0 | 0 | 0 | 0 |
| 526 | 530 | 1152 | 56 | 161 | 29 | 227 |
| 445 | 609 | 918 | 46 | 111 | 26 | 161 |
| 37 | 24 | 22 | 1 | 0 | 2 | 12 |
| 127 | 111 | 90 | 5 | 0 | 3 | 41 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 3226565 | 1891202 | 6265532 | 290345 | 868407 | 171776 | 1224789 |
| $1721325 | $2707176 | $3267714 | $181549 | $572912 | $100224 | $655642 |
| $1279272 | $2048067 | $2892058 | $226695 | $832267 | $4237076 | $858487 |
| 442053 | 659109 | 375656 | (45146) | (259355) | (4136852) | (202845) |
| $1721325 | $2707176 | $3267714 | $181549 | $572912 | $100224 | $655642 |
| $2767621 | $3326401 | $5109731 | $273329 | $1074451 | $159343 | $1034527 |
| $169583 | $132942 | $649792 | $22154 | $1404 | $19674 | $91752 |
| $16909 | $2534 | $18481 | $1066 | $865 | $371 | $2867 |
| $186314 | $108041 | $350839 | $16360 | $0 | $9997 | $75764 |
| $65717 | $8175 | $131774 | $7819 | $17300 | $1860 | $27796 |
| $130400 | $308702 | $222500 | $2500 | $13757 | $4500 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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 | $375680 | $162351 | $410109 | $135207 | $146321 | $368877 |
|  I-2 | N/A | 23259 | 202488 | 799 | 24860 | 5622 |
|  I-3 | N/A | N/A | 3248 | N/A | N/A | N/A |
|  Class A | 4966 | 8907 | 454447 | 4621 | 18947 | 20153 |
|  Class C | N/A | 509 | 24099 | N/A | 3638 | 836 |
|  Class R | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |  |  |  |
|  Institutional Class | 47857 | 20727 | 18998 | 16286 | 8327 | 49839 |
|  I-2 | N/A | 2998 | 9558 | 101 | 1446 | 759 |
|  I-3 | N/A | N/A | 154 | N/A | N/A | N/A |
|  Class A | 657 | 1191 | 23822 | 585 | 1150 | 2751 |
|  Class C | N/A | 76 | 1575 | N/A | 256 | 114 |
|  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 | $7.85 | $7.83 | $21.59 | $8.30 | $17.57 | $7.40 |
|  I-2 | N/A | 7.76 | 21.18 | 7.93 | 17.19 | 7.40 |
|  I-3 | N/A | N/A | 21.14 | N/A | N/A | N/A |
|  Class A | 7.56 | 7.48 | 19.08 | 7.90 | 16.47 | 7.33 |
|  Class C | N/A | 6.74 | 15.30 | N/A | 14.22 | 7.33 |
|  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 |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| $697127 | $2001176 | $1677257 | $89424 | $572912 | $18627 | $363283 |
| 355058 | 114260 | 1043047 | 51539 | N/A | 62804 | 80130 |
| 24340 | 26848 | 91923 | 18611 | N/A | 1705 | 4890 |
| 582264 | 445360 | 419838 | 21031 | N/A | 14458 | 187213 |
| 62536 | 51831 | 35649 | 944 | N/A | 2630 | 20126 |
| N/A | 67701 | N/A | N/A | N/A | N/A | N/A |
| 49715 | 139556 | 179990 | 6852 | 31483 | 2836 | 43838 |
| 26022 | 8017 | 114155 | 3946 | N/A | 9614 | 9866 |
| 1782 | 1891 | 10117 | 1436 | N/A | 262 | 605 |
| 43255 | 36898 | 50200 | 1767 | N/A | 2324 | 23931 |
| 5786 | 4901 | 5163 | 94 | N/A | 461 | 3156 |
| N/A | 5271 | N/A | N/A | N/A | N/A | N/A |
| $14.02 | $14.34 | $9.32 | $13.05 | $18.20 | $6.57 | $8.29 |
| 13.64 | 14.25 | 9.14 | 13.06 | N/A | 6.53 | 8.12 |
| 13.66 | 14.20 | 9.09 | 12.96 | N/A | 6.49 | 8.08 |
| 13.46 | 12.07 | 8.36 | 11.90 | N/A | 6.22 | 7.82 |
| 10.81 | 10.57 | 6.91 | 10.09 | N/A | 5.71 | 6.38 |
| N/A | 12.85 | N/A | N/A | N/A | N/A | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

---

------

Statements of Operations

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) |
| (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\* | $11381 | $5651 | $25357 | $4023 | $5220 | $11869 |
|  Dividends | 31 | 1 | 6 | 1 | 1 | 2 |
|  Dividends from Investments in Affiliates | 276 | 330 | 3440 | 208 | 312 | 381 |
|  Miscellaneous income | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 11688 | 5982 | 28803 | 4232 | 5533 | 12252 |
|  **Expenses:** |  |  |  |  |  |  |
|  Investment advisory fees | 1345 | 802 | 2783 | 407 | 541 | 2064 |
|  Supervisory and administrative fees | 531 | 315 | 1727 | 181 | 253 | 568 |
|  Distribution and/or servicing fees - Class A | 9 | 11 | 534 | 5 | 22 | 27 |
|  Distribution and/or servicing fees - Class C | N/A | 2 | 122 | N/A | 17 | 4 |
|  Distribution and/or servicing fees - Class R | N/A | N/A | N/A | N/A | N/A | N/A |
|  Trustee fees | 1 | 0 | 3 | 0 | 0 | 1 |
|  Interest expense | 244 | 186 | 531 | 205 | 63 | 202 |
|  Miscellaneous expense | 75 | 35 | 199 | 31 | 33 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 2205 | 1351 | 5899 | 829 | 929 | 2950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | 0 | (1) | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 2205 | 1351 | 5898 | 829 | 929 | 2950 |
|  **Net Investment Income (Loss)** | 9483 | 4631 | 22905 | 3403 | 4604 | 9302 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |
|  Investments in securities | 1152 | 1948 | 9438 | 1128 | 1743 | 2235 |
|  Investments in Affiliates | 149 | 39 | 157 | 136 | 20 | 10 |
|  Exchange-traded or centrally cleared financial derivative instruments | 3748 | 885 | 4435 | 445 | (60) | 1739 |
|  Over the counter financial derivative instruments | (7225) | 15868 | 6248 | 17283 | 10031 | (31594) |
|  Short sales | 0 | 0 | 0 | 0 | 0 | 0 |
|  Foreign currency | 286 | 43 | 183 | (2) | 68 | 370 |
|  **Net Realized Gain (Loss)** | (1890) | 18783 | 20461 | 18990 | 11802 | (27240) |
|  **Net Change in Unrealized<br>Appreciation (Depreciation):** |  |  |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\* | 7476 | 981 | 7254 | 795 | 1012 | 6346 |
|  Investments in Affiliates | (176) | 31 | (227) | (127) | (8) | 5 |
|  Exchange-traded or centrally cleared financial derivative instruments | (2867) | (1298) | (2847) | (887) | (836) | (1524) |
|  Over the counter financial derivative instruments | (22481) | 10190 | 86159 | 100 | 5661 | 1093 |
|  Foreign currency assets and liabilities | 8 | 11 | 34 | 5 | 10 | 11 |
|  **Net Change in Unrealized<br>Appreciation (Depreciation)** | (18040) | 9915 | 90373 | (114) | 5839 | 5931 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(10447) | $33329 | $133739 | $22279 | $22245 | $(12007) |
|  \* Foreign tax withholdings | $17 | $2 | $0 | $6 | $7 | $3 |
|  \*\* Foreign capital gains tax | $(1) | $0 | $0 | $0 | $0 | $(1) |

---

---

| | |
|:---|:---|
| <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 Return<br>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** |
| $38153 | $59381 | $75521 | $4576 | $17520 | $2610 | $14897 |
| 8 | 13 | 17 | 1 | 0 | 30 | 2 |
| 4963 | 4673 | 10737 | 479 | 54 | 425 | 1861 |
| 1 | 0 | 1 | 0 | 0 | 0 | 0 |
| 43125 | 64067 | 86276 | 5056 | 17574 | 3065 | 16760 |
| 3157 | 3229 | 7114 | 338 | 957 | 190 | 1322 |
| 2660 | 3704 | 5669 | 275 | 657 | 168 | 935 |
| 676 | 520 | 503 | 26 | N/A | 20 | 213 |
| 308 | 184 | 178 | 5 | N/A | 14 | 98 |
| N/A | 157 | N/A | N/A | N/A | N/A | N/A |
| 4 | 5 | 6 | 0 | 1 | 0 | 1 |
| 832 | 2485 | 2441 | 197 | 6285 | 11 | 278 |
| 296 | 2 | 564 | 33 | 0 | 16 | 113 |
| 7933 | 10286 | 16475 | 874 | 7900 | 419 | 2960 |
| (6) | (7) | (23) | (5) | 0 | 0 | (1) |
| 7927 | 10279 | 16452 | 869 | 7900 | 419 | 2959 |
| 35198 | 53788 | 69824 | 4187 | 9674 | 2646 | 13801 |
| 16173 | 15613 | 30042 | 1373 | (18456) | 561 | 2835 |
| (308) | 544 | (1681) | (1) | (1) | 2 | (18) |
| <br>54443 | 79578 | 11365 | 806 | 22771 | (4904) | 10571 |
| 112889 | 195990 | 146338 | 6202 | 61219 | (3623) | 14838 |
| 12 | 0 | 0 | 0 | 0 | 0 | 0 |
| 509 | 277 | 10646 | 82 | 108 | 24 | 383 |
| 183718 | 292002 | 196710 | 8462 | 65641 | (7940) | 28609 |
| 14969 | 6295 | 20663 | 1327 | 27580 | 569 | 10631 |
| 188 | (642) | 1739 | 6 | 0 | 17 | 30 |
| <br>5289 | 14666 | (8090) | (737) | (1166) | (875) | (1350) |
| 61893 | 106357 | 88273 | 14935 | 1958 | (10409) | 70753 |
| 63 | 61 | 365 | (20) | 38 | 4 | 3 |
| <br>82402 | 126737 | 102950 | 15511 | 28410 | (10694) | 80067 |
| $301318 | $472527 | $369484 | $28160 | $103725 | $(15988) | $122477 |
| $0 | $0 | $1 | $0 | $0 | $0 | $0 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **25** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO RAE**<br> **Fundamental Advantage**<br> **PLUS Fund** | **PIMCO RAE**<br> **Fundamental Advantage**<br> **PLUS Fund** | **PIMCO RAE**<br> **PLUS EMG Fund** | **PIMCO RAE**<br> **PLUS EMG Fund** | **PIMCO RAE**<br> **PLUS Fund** | **PIMCO RAE**<br> **PLUS Fund** | **PIMCO RAE PLUS**<br> **International Fund** | **PIMCO RAE PLUS**<br> **International Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $9483 | $21806 | $4631 | $9386 | $22905 | $44683 | $3403 | $7157 |
|  Net realized gain (loss) | (1890) | (20584) | 18783 | 23105 | 20461 | 66406 | 18990 | 12045 |
|  Net change in unrealized appreciation (depreciation) | (18040) | (14629) | 9915 | (15807) | 90373 | (105054) | (114) | (7227) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (10447) | (13407) | 33329 | 16684 | 133739 | 6035 | 22279 | 11975 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1000) | (22326) | (7180) | (16821) | (5013) | (30657) | (5547) | (9660) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | (705) | (465) | (2476) | (18327) | (29) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (39) | (301) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (0) | (448) | (347) | (896) | (5633) | (37442) | (175) | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | (19) | (68) | (341) | (3060) | 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 | 0 | (1300) | 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; Class A | 0 | (28) | 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>** | (1000) | (24102) | (8251) | (18250) | (13502) | (89787) | (5751) | (10001) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions<sup>\*</sup> | (71077) | (71272) | (13549) | (42409) | (102547) | 26762 | (7259) | (28898) |
|  **Total Increase (Decrease) in Net Assets** | (82524) | (108781) | 11529 | (43975) | 17690 | (56990) | 9269 | (26924) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 463170 | 571951 | 183497 | 227472 | 1076701 | 1133691 | 131358 | 158282 |
|  End of period | $380646 | $463170 | $195026 | $183497 | $1094391 | $1076701 | $140627 | $131358 |

---

---

| | |
|:---|:---|
| <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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. 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 RAE PLUS**<br> **Small Fund** | **PIMCO RAE PLUS**<br> **Small Fund** | **PIMCO RAE**<br> **Worldwide Long/Short**<br> **PLUS Fund** | **PIMCO RAE**<br> **Worldwide Long/Short**<br> **PLUS Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup>**<br> **Absolute Return Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup>**<br> **Absolute Return Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup> Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup> Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup>**<br> **International Fund**<br> **(U.S. Dollar-Hedged)** | **PIMCO**<br> **StocksPLUS<sup>®</sup>**<br> **International Fund**<br> **(U.S. Dollar-Hedged)** |
| **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |  |
| $4604 | $8904 | $9302 | $19595 | $35198 | $70622 | $53788 | $98564 | $69824 | $119468 |
| 11802 | 14543 | (27240) | 57840 | 183718 | 291252 | 292002 | 332861 | 196710 | 261833 |
| 5839 | (17317) | 5931 | (7140) | 82402 | (186729) | 126737 | (221890) | 102950 | (163583) |
| 22245 | 6130 | (12007) | 70295 | 301318 | 175145 | 472527 | 209535 | 369484 | 217718 |
| (3371) | (10219) | (25324) | (61983) | (17296) | (81534) | (34213) | (216046) | (85734) | (135211) |
| (646) | (2038) | (293) | (418) | (8867) | (34055) | (1839) | (12712) | (53942) | (87653) |
| N/A | N/A | N/A | N/A | (608) | (1627) | (456) | (4622) | (4872) | (5015) |
| (446) | (1445) | (1335) | (2727) | (14164) | (56864) | (8156) | (52128) | (23138) | (37769) |
| (88) | (303) | (49) | (127) | (1815) | (8693) | (1001) | (7257) | (2318) | (4355) |
| N/A | N/A | N/A | N/A | N/A | N/A | (1086) | (7239) | 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 |
| 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 |
| (4551) | (14005) | (27001) | (65255) | (42750) | (182773) | (46751) | (300004) | (170004) | (270003) |
| (9283) | 37528 | (49379) | (112192) | (119932) | (389948) | (160681) | 23383 | (31015) | 446040 |
| 8411 | 29653 | (88387) | (107152) | 138636 | (397576) | 265095 | (67086) | 168465 | 393755 |
| 185355 | 155702 | 483875 | 591027 | 1582689 | 1980265 | 2442081 | 2509167 | 3099249 | 2705494 |
| $193766 | $185355 | $395488 | $483875 | $1721325 | $1582689 | $2707176 | $2442081 | $3267714 | $3099249 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $4187 | $8602 | $9674 | $17764 | $2646 | $5950 | $13801 | $32571 |
|  Net realized gain (loss) | 8462 | 14125 | 65641 | (57947) | (7940) | (3871) | 28609 | 70555 |
|  Net change in unrealized appreciation (depreciation) | 15511 | (13275) | 28410 | 76437 | (10694) | (2128) | 80067 | (100426) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 28160 | 9452 | 103725 | 36254 | (15988) | (49) | 122477 | 2700 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1433) | (7276) | (17750) | (94500) | 0 | 0 | (15249) | (23895) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (860) | (2255) | N/A | N/A | 0 | 0 | (3468) | (4322) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (318) | (1118) | N/A | N/A | 0 | 0 | (213) | (229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (373) | (2270) | N/A | N/A | 0 | 0 | (8033) | (9819) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (16) | (81) | N/A | N/A | 0 | 0 | (1038) | (1238) |
| &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; 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>** | (3000) | (13000) | (17750) | (94500) | 0 | 0 | (28001) | (39503) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions<sup>\*</sup> | 2809 | (58804) | (40803) | (338196) | 30097 | (45887) | (12296) | (429338) |
|  **Total Increase (Decrease) in Net Assets** | 27969 | (62352) | 45172 | (396442) | 14109 | (45936) | 82180 | (466141) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 153580 | 215932 | 527740 | 924182 | 86115 | 132051 | 573462 | 1039603 |
|  End of period | $181549 | $153580 | $572912 | $527740 | $100224 | $86115 | $655642 | $573462 |

---

---

| | |
|:---|:---|
| <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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

Statement of Cash Flows

---

| | |
|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |
| (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 | $103725 |
|  **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 | (1628668) |
|  Proceeds from sales of long-term securities | 1699018 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 3750 |
| (Increase) decrease in deposits with counterparty | (1674) |
| (Increase) decrease in receivable for investments sold | (65233) |
| (Increase) decrease in interest and/or dividends receivable | 60 |
| (Increase) decrease in dividends receivable from Affiliates | 10 |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 21164 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 60958 |
|  Increase (decrease) in payable for investments purchased | (197391) |
|  Increase (decrease) in deposits from counterparty | 12470 |
|  Increase (decrease) in accrued investment advisory fees | 11 |
|  Increase (decrease) in accrued supervisory and administrative fees | 8 |
|  Proceeds from short sales transactions | 143242 |
|  Payments on short sales transactions | (144052) |
|  Proceeds from (Payments on) foreign currency transactions | 146 |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 18456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (22771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (61219) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (108) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (27580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (1958) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (38) |
|  Net amortization (accretion) on investments | (1116) |
|  **Net Cash Provided by (Used for) Operating Activities** | (87623) |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 58003 |
|  Payments on shares redeemed | (116808) |
|  Cash distributions paid\* | (145) |
|  Proceeds from reverse repurchase agreements | 18299867 |
|  Payments on reverse repurchase agreements | (18155208) |
|  Proceeds from sale-buyback transactions | 157211 |
|  Payments on sale-buyback transactions | (155001) |
|  **Net Cash Received from (Used for) Financing Activities** | 87919 |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | 296 |
|  **Cash and Foreign Currency:** |  |
|  Beginning of period | 1260 |
|  End of period | $1556 |
|  \*Reinvestment of distributions | $17605 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the period | $6435 |

---

---

| | |
|:---|:---|
| <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.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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 188.7% | INVESTMENTS IN SECURITIES 188.7% | INVESTMENTS IN SECURITIES 188.7% |
| CORPORATE BONDS & NOTES 7.0% | CORPORATE BONDS & NOTES 7.0% | CORPORATE BONDS & NOTES 7.0% |
| BANKING & FINANCE 4.6% | BANKING & FINANCE 4.6% | BANKING & FINANCE 4.6% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  3.300% due 01/30/2032 | 300 | 276 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.450% due 09/09/2028 | 1100 | 1109 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 1800 | 1830 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 5 | 5 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 | 800 | 820 |
|  Credit Suisse AG AT1 Claim | 1374 | 179 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 500 | 470 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 441 | 517 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 200 | 190 |
|  4.389% due 01/08/2026 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
|  5.800% due 03/05/2027 | 800 | 808 |
|  5.800% due 03/08/2029 | 300 | 305 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.625% due 09/15/2034 | 100 | 101 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ | 250 | 250 |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | 19 | 19 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
|  2.400% due 03/15/2030 | 346 | 313 |
|  Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
|  10.659% (T-BILL + 6.750%) due 03/13/2032 ~ | 250 | 255 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.357% due 08/18/2031 •  | 1569 | 1420 |
|  Integrity RE III Ltd. |  |  |
|  16.154% (T-BILL 1MO + 12.250%) due 06/06/2028 ~ | 250 | 266 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.711% due 07/08/2031 •  | 500 | 506 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.598% (CAONINDX + 2.900%) due 01/10/2033 ~ | 250 | 181 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.679% due 07/16/2030 | 1491 | 1371 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.660% due 07/08/2031 •  | 1000 | 1012 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.751% due 05/12/2028 •  | 2400 | 2421 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.900% due 07/22/2032 •  | 2200 | 2662 |
|  5.150% due 04/23/2031 •  | 200 | 206 |
|  |  | 17692 |
| INDUSTRIALS 1.6% | INDUSTRIALS 1.6% | INDUSTRIALS 1.6% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 | 700 | 678 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 3900 | 3900 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 600 | 581 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 600 | 444 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 300 | 239 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 193 | 199 |
|  |  | 6041 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTILITIES 0.8% | UTILITIES 0.8% | UTILITIES 0.8% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 | 2118 | 1888 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.950% due 02/01/2051 | 400 | 245 |
|  5.150% due 06/01/2029 | 800 | 814 |
|  |  | 2947 |
|  Total Corporate Bonds & Notes (Cost $26,847) | Total Corporate Bonds & Notes (Cost $26,847) | 26680 |
| 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 | 142 | 152 |
|  Total Municipal Bonds & Notes (Cost $213) | Total Municipal Bonds & Notes (Cost $213) | 221 |
| U.S. GOVERNMENT AGENCIES 112.0% | U.S. GOVERNMENT AGENCIES 112.0% | U.S. GOVERNMENT AGENCIES 112.0% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 09/01/2032 | 1136 | 1109 |
|  4.000% due 01/01/2048 - 03/01/2049 | 377 | 362 |
|  4.500% due 09/01/2053 - 12/01/2053 | 5010 | 4867 |
|  5.500% due 11/01/2054 - 09/01/2055 | 25125 | 25437 |
|  6.500% due 05/01/2035 - 04/01/2055 | 777 | 804 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 1286 | 1224 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  3.500% due 07/15/2042 | 825 | 776 |
|  5.296% due 11/25/2054 •  | 1639 | 1642 |
|  5.306% due 09/25/2055 •  | 4949 | 4970 |
|  5.456% due 07/25/2055 - 09/25/2055 •  | 7497 | 7519 |
|  5.506% due 12/25/2054 •  | 2970 | 2981 |
|  5.556% due 08/25/2055 •  | 5633 | 5663 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 01/01/2027 | 130 | 129 |
|  3.500% due 02/01/2043 - 09/01/2048 | 2646 | 2458 |
|  4.202% due 10/01/2029 ~ | 2400 | 2413 |
|  4.300% due 12/01/2029 | 1604 | 1619 |
|  4.500% due 07/01/2052 | 1092 | 1068 |
|  4.540% due 07/01/2030 | 500 | 508 |
|  4.705% due 09/01/2031 ~ | 4700 | 4792 |
|  4.720% due 10/01/2028 | 1200 | 1225 |
|  4.770% due 10/01/2028 | 1000 | 1022 |
|  4.860% due 08/01/2030 | 700 | 724 |
|  4.930% due 06/01/2029 | 1100 | 1130 |
|  5.300% due 11/01/2030 | 2100 | 2202 |
|  5.500% due 08/01/2053 - 11/01/2054 | 4202 | 4278 |
|  6.000% due 08/01/2036 - 04/01/2041 | 185 | 193 |
|  6.203% due 03/01/2034 •  | 6 | 6 |
|  6.426% due 12/01/2034 •  | 22 | 23 |
|  6.500% due 09/01/2036 - 03/01/2055 | 26555 | 27487 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.500% due 09/25/2040 | 649 | 641 |
|  5.306% due 11/25/2054 - 01/25/2055 •  | 3953 | 3960 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.349% due 01/25/2031 ~(a) | 389 | 23 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.750% due 11/20/2044 •  | 107 | 110 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.745% due 08/20/2047 •  | 56 | 55 |
|  4.977% due 04/20/2068 •  | 426 | 431 |
|  5.539% due 07/20/2055 •  | 2528 | 2535 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 | $| 14840 | 13953 |
|  4.500% due 11/01/2055 |  | 6410 | 6214 |
|  5.000% due 11/01/2055 |  | 13880 | 13790 |
|  5.500% due 11/01/2055 |  | 6140 | 6182 |
|  6.000% due 11/01/2055 |  | 6060 | 6164 |
|  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 |  | 20 | 21 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 10/01/2055 |  | 1680 | 1476 |
|  4.000% due 11/01/2055 |  | 19660 | 18527 |
|  4.500% due 10/01/2055 - 11/01/2055 |  | 16510 | 16012 |
|  5.000% due 11/01/2055 |  | 32600 | 32313 |
|  6.000% due 10/01/2055 - 11/01/2055 |  | 99950 | 102097 |
|  6.500% due 11/01/2055 |  | 90020 | 93092 |
|  Total U.S. Government Agencies (Cost $425,879) | Total U.S. Government Agencies (Cost $425,879) | Total U.S. Government Agencies (Cost $425,879) | 426230 |
| U.S. TREASURY OBLIGATIONS 5.0% | U.S. TREASURY OBLIGATIONS 5.0% | U.S. TREASURY OBLIGATIONS 5.0% | U.S. TREASURY OBLIGATIONS 5.0% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.875% due 05/15/2043 (l) |  | 1500 | 1359 |
|  4.125% due 08/15/2053 (l) |  | 1000 | 904 |
|  4.625% due 05/15/2044 (l) |  | 5700 | 5660 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  0.625% due 02/15/2043 (j) |  | 882 | 670 |
|  1.000% due 02/15/2048 (l) |  | 1310 | 983 |
|  1.000% due 02/15/2049 (l) |  | 1284 | 948 |
|  0.625% due 07/15/2032 (l) |  | 778 | 737 |
|  1.125% due 01/15/2033 (l) |  | 976 | 946 |
|  1.375% due 07/15/2033 (l) |  | 638 | 629 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 07/31/2030 |  | 6000 | 6037 |
|  Total U.S. Treasury Obligations (Cost $19,255) | Total U.S. Treasury Obligations (Cost $19,255) | Total U.S. Treasury Obligations (Cost $19,255) | 18873 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 10.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.7% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.131% due 01/25/2036 ~ |  | 467 | 350 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.462% due 10/25/2046 •  |  | 111 | 55 |
|  6.750% due 11/25/2046 þ |  | 103 | 93 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.948% due 12/15/2036 •  |  | 2300 | 2261 |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  | GBP | 1668 | 2249 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.835% due 09/20/2046 ~ |  | $422 | 381 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.592% due 08/25/2036 •  |  | 68 | 61 |
|  5.425% due 05/25/2035 ~ |  | 12 | 12 |
|  BX Trust | BX Trust | BX Trust | BX Trust |
|  4.899% due 04/15/2039 •  |  | 703 | 702 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.469% due 09/25/2036 ~ |  | 106 | 91 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  6.000% due 01/25/2037 |  | 227 | 105 |
|  6.000% due 02/25/2037 |  | 223 | 100 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.487% due 09/25/2037 ~ |  | 9 | 8 |
|  9.170% due 09/25/2062 þ |  | 2364 | 2372 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  4.872% due 04/25/2037 •  |  | 146 | 122 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.512% due 12/25/2046 •  |  | 619 | 559 |
|  5.500% due 05/25/2035 |  | 300 | 239 |
|  5.500% due 06/25/2035 |  | 199 | 159 |
|  5.500% due 11/25/2035 |  | 79 | 43 |
|  6.000% due 12/25/2035 |  | 264 | 188 |
|  6.000% due 05/25/2036 |  | 45 | 21 |
|  6.250% due 08/25/2036 |  | 630 | 330 |
|  7.000% due 10/25/2037 |  | 100 | 33 |

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| | | |
|:---|:---|:---|
| **30** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.184% due 12/25/2036 þ | 1808 | 276 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  2.000% due 01/25/2060 ~ | 1253 | 1116 |
|  4.838% due 06/25/2050 ~ | 544 | 494 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.652% due 02/25/2037 •  | 479 | 417 |
|  4.772% due 02/25/2035 •  | 25 | 24 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.120% due 06/25/2036 ~ | 282 | 224 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.658% due 12/19/2036 •  | 264 | 209 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.912% due 03/25/2035 •  | 87 | 85 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.672% due 11/25/2046 •  | 577 | 552 |
|  4.752% due 07/25/2035 •  | 166 | 154 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.648% due 12/15/2031 •  | 191 | 190 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.063% due 07/27/2037 ~ | 61 | 58 |
|  5.750% due 01/25/2036 | 11 | 5 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.922% due 11/25/2036 •  | 169 | 77 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.722% due 08/25/2046 •  | 281 | 288 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.488% due 04/25/2036 ~ | 3059 | 2016 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.578% due 11/21/2034 ~ | 419 | 403 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  6.000% due 06/25/2036 | 106 | 58 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.672% due 03/25/2037 •  | 2131 | 500 |
|  6.000% due 03/25/2037 | 53 | 17 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.087% due 04/25/2035 ~ | 7 | 6 |
|  5.601% due 02/25/2036 ~ | 1 | 1 |
|  MFA Trust | MFA Trust | MFA Trust |
|  6.775% due 10/25/2058 þ | 879 | 890 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.000% due 08/25/2036 | 83 | 33 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  4.792% due 12/25/2035 •  | 136 | 135 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  3.500% due 12/25/2057 ~ | 805 | 783 |
|  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 | 23 | 11 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  5.172% due 07/25/2036 •  | 2037 | 1976 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  0.398% due 09/25/2046 •  | 620 | 223 |
|  OBX Trust | OBX Trust | OBX Trust |
|  7.159% due 10/25/2063 þ | 1097 | 1116 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.592% due 01/25/2037 •  | 1303 | 1178 |
|  4.772% due 08/25/2037 •  | 11 | 10 |
|  5.139% due 10/25/2037 ~ | 274 | 220 |
|  6.000% due 01/25/2037 | 28 | 22 |
|  6.000% due 03/25/2037 | 64 | 53 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.696% due 04/25/2037 ~ | 134 | 117 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.573% due 09/20/2046 ~ | 71 | 47 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.486% due 04/25/2065 ~ | 156 | 152 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.137% due 06/20/2060 •  | 421 | 567 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.932% due 08/25/2035 ~ | 25 | 12 |
|  5.216% due 03/25/2036 ~ | 29 | 23 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  2.854% due 03/25/2044 ~ | $| 30 | 30 |
|  5.506% due 12/25/2044 ~ |  | 48 | 47 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  | GBP | 937 | 1264 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.000% due 01/25/2058 ~ | $| 133 | 132 |
|  3.292% due 10/25/2057 ~ |  | 1479 | 1253 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ | GBP | 460 | 620 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.260% due 02/25/2067 þ | $| 927 | 893 |
|  5.811% due 05/25/2068 þ |  | 688 | 691 |
|  6.443% due 08/25/2068 þ |  | 1105 | 1115 |
|  6.476% due 06/25/2068 þ |  | 636 | 641 |
|  6.665% due 09/25/2068 þ |  | 918 | 930 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.009% due 06/25/2037 ~ |  | 97 | 85 |
|  4.402% due 06/25/2037 ~ |  | 93 | 84 |
|  4.546% due 10/25/2035 ~ |  | 16 | 14 |
|  4.812% due 12/25/2045 •  |  | 10 | 10 |
|  4.912% due 08/25/2045 •  |  | 2357 | 2348 |
|  5.052% due 01/25/2045 •  |  | 452 | 437 |
|  5.055% due 12/25/2035 ~ |  | 141 | 135 |
|  5.153% due 02/25/2046 •  |  | 48 | 44 |
|  5.223% due 01/25/2046 •  |  | 4084 | 3657 |
|  5.232% due 01/25/2035 ~ |  | 33 | 31 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  3.792% due 09/25/2036 •  |  | 461 | 119 |
|  4.772% due 02/25/2036 •  |  | 433 | 365 |
|  4.903% due 02/25/2047 •  |  | 635 | 589 |
|  5.093% due 04/25/2046 •  |  | 54 | 49 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.175% due 09/25/2036 ~ |  | 3 | 3 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $44,407) | Total Non-Agency Mortgage-Backed Securities (Cost $44,407) | Total Non-Agency Mortgage-Backed Securities (Cost $44,407) | 40858 |
| ASSET-BACKED SECURITIES 28.6% | ASSET-BACKED SECURITIES 28.6% | ASSET-BACKED SECURITIES 28.6% | ASSET-BACKED SECURITIES 28.6% |
| AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% |
|  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 |
|  4.942% due 09/15/2027 •  |  | 1044 | 1044 |
|  |  |  | 2046 |
| AUTOMOBILE SEQUENTIAL 3.4% | AUTOMOBILE SEQUENTIAL 3.4% | AUTOMOBILE SEQUENTIAL 3.4% | AUTOMOBILE SEQUENTIAL 3.4% |
|  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 | 1337 |
|  6.120% due 04/20/2027 |  | 3300 | 3320 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.910% due 06/15/2028 |  | 632 | 633 |
|  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 |  | 309 | 311 |
|  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 |  | 917 | 925 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.440% due 01/25/2029 |  | 2200 | 2247 |
|  5.490% due 06/25/2027 |  | 500 | 503 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  7.500% due 12/15/2028 |  | 1698 | 1730 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 |  | 195 | 195 |
|  Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV |
|  2.650% due 03/25/2030 |  | 150 | 149 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 |  | 182 | 183 |
|  Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII |
|  5.380% due 11/25/2030 |  | 71 | 71 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.700% due 10/16/2028 |  | 1199 | 1209 |
|  |  |  | 12813 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CMBS OTHER 2.7% | CMBS OTHER 2.7% | CMBS OTHER 2.7% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.822% due 01/15/2037 •  | 1583 | 1586 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.884% due 02/19/2037 •  | 2700 | 2701 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  6.172% due 11/15/2038 •  | 4300 | 4292 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.793% due 02/15/2039 •  | 1548 | 1552 |
|  |  | 10131 |
| HOME EQUITY OTHER 12.8% | HOME EQUITY OTHER 12.8% | HOME EQUITY OTHER 12.8% |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  5.007% due 08/25/2035 •  | 4370 | 3806 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.932% due 11/25/2035 •  | 1015 | 993 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.082% due 06/25/2034 •  | 694 | 716 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  5.322% due 08/25/2037 •  | 496 | 451 |
|  5.872% due 08/25/2037 •  | 3000 | 2647 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.917% due 03/25/2034 •  | 63 | 63 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.462% due 05/25/2037 •  | 766 | 517 |
|  4.592% due 09/25/2036 •  | 2566 | 1985 |
|  4.752% due 08/25/2036 •  | 1000 | 938 |
|  4.792% due 03/25/2036 •  | 901 | 827 |
|  5.172% due 09/25/2035 •  | 1370 | 1335 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.672% due 02/25/2037 •  | 230 | 219 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  5.012% due 08/25/2047 •  | 219 | 215 |
|  Countrywide Partnership Trust | Countrywide Partnership Trust | Countrywide Partnership Trust |
|  5.172% due 02/25/2035 •  | 3007 | 2990 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.372% due 05/25/2037 •  | 890 | 876 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.552% due 11/25/2036 •  | 282 | 167 |
|  4.572% due 10/25/2036 •  | 990 | 397 |
|  4.612% due 02/25/2037 •  | 918 | 283 |
|  5.007% due 01/25/2035 •  | 34 | 34 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.412% due 03/25/2036 •  | 186 | 59 |
|  4.912% due 04/25/2047 •  | 349 | 151 |
|  6.795% due 06/25/2036 þ | 337 | 75 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.362% due 01/25/2037 •  | 1364 | 837 |
|  4.472% due 12/25/2046 •  | 131 | 65 |
|  4.532% due 12/25/2046 •  | 1284 | 682 |
|  4.732% due 01/25/2037 •  | 410 | 357 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.492% due 04/25/2037 •  | 254 | 198 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.752% due 11/25/2035 •  | 1449 | 1367 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.482% due 10/25/2036 •  | 52 | 52 |
|  4.872% due 07/25/2036 •  | 6824 | 6625 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.712% due 02/25/2036 •  | 291 | 288 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.792% due 02/25/2037 •  | 2257 | 636 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.487% due 03/25/2037 •  | 760 | 297 |
|  5.202% due 07/25/2035 •  | 400 | 392 |
|  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 | 240 | 42 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.472% due 09/25/2037 •  | 281 | 278 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.812% due 01/25/2036 •  | 1810 | 1715 |
|  5.052% due 02/25/2035 •  | 251 | 241 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **31** |

---

------

Schedule of Investments PIMCO RAE Fundamental Advantage PLUS Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 |
|  5.247% due 07/25/2035 •  | 1400 | 1209 |
|  5.997% due 02/25/2035 •  | 4155 | 3842 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.372% due 09/25/2037 •  | 226 | 91 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.562% due 06/25/2033 •  | 57 | 55 |
|  4.932% due 12/25/2035 •  | 1263 | 1246 |
|  5.232% due 01/25/2036 •  | 5075 | 4859 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.722% due 09/25/2036 •  | 1700 | 1439 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.992% due 10/25/2035 •  | 1509 | 1324 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.737% due 02/25/2036 •  | 674 | 640 |
|  5.572% due 10/25/2037 •  | 388 | 301 |
|  |  | 48822 |
| WHOLE LOAN COLLATERAL 1.6% | WHOLE LOAN COLLATERAL 1.6% | WHOLE LOAN COLLATERAL 1.6% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.722% due 10/25/2036 •  | 27 | 27 |
|  4.752% due 11/25/2036 •  | 3100 | 2926 |
|  7.250% due 05/25/2036 þ | 84 | 42 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.552% due 03/25/2037 •  | 1737 | 909 |
|  4.582% due 09/25/2036 •  | 93 | 87 |
|  4.992% due 11/25/2035 •  | 406 | 384 |
|  PRET LLC | PRET LLC | PRET LLC |
|  6.721% due 07/25/2051 þ | 1379 | 1381 |
|  Specialty Underwriting & Residential Finance Trust  | Specialty Underwriting & Residential Finance Trust  | Specialty Underwriting & Residential Finance Trust  |
|  4.570% due 12/25/2036 •  | 218 | 216 |
|  |  | 5972 |
| OTHER ABS 7.6% | OTHER ABS 7.6% | OTHER ABS 7.6% |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 | 300 | 288 |
|  Arbour CLO VII DAC | Arbour CLO VII DAC | Arbour CLO VII DAC |
|  3.194% due 12/15/2038 •  | 1900 | 2234 |
|  Atlas Senior Loan Fund XIV | Atlas Senior Loan Fund XIV | Atlas Senior Loan Fund XIV |
|  6.537% due 07/20/2032 •  | 2500 | 2507 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.646% due 10/15/2031 •  | 1112 | 1306 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.508% due 10/25/2030 •  | 731 | 732 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  2.676% due 10/15/2031 •  | 350 | 411 |
|  Cairn CLO VII DAC | Cairn CLO VII DAC | Cairn CLO VII DAC |
|  2.696% due 01/31/2030 •  | 685 | 805 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.926% due 08/15/2032 •  | 931 | 1094 |
|  CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC |
|  2.644% due 09/15/2031 •  | 906 | 1063 |
|  CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC |
|  2.676% due 10/15/2031 •  | 1779 | 2089 |
|  CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC |
|  3.144% due 10/23/2034 •  | 1152 | 1354 |
|  Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. |
|  5.408% due 04/22/2035 •  | 1450 | 1456 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  6.229% due 07/15/2031 •  | 1200 | 1205 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.550% due 06/25/2059 | 700 | 718 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.676% due 04/15/2031 •  | 852 | 1001 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.990% due 04/20/2062 •  | 877 | 875 |
|  6.589% due 02/20/2041 •  | 151 | 154 |
|  6.640% due 02/20/2041 | 151 | 156 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.331% due 01/15/2032 | 754 | 757 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.746% due 10/15/2031 •  | 1046 | 1229 |
|  PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP |
|  5.052% due 10/15/2039 | 1879 | 1883 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.015% due 10/15/2041 •  | 1514 | 1589 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.070% due 01/15/2053 | 1190 | 1088 |
|  4.995% due 01/15/2053 •  | 1264 | 1253 |
|  5.474% due 07/15/2053 •  | 857 | 856 |
|  5.924% due 11/15/2052 •  | 330 | 334 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  2.540% due 05/15/2046 | 467 | 452 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 | 36 | 37 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 81 | 81 |
|  |  | 29007 |
|  Total Asset-Backed Securities<br>(Cost $111,234) | Total Asset-Backed Securities<br>(Cost $111,234) | 108791 |
| SOVEREIGN ISSUES 13.1% | SOVEREIGN ISSUES 13.1% | SOVEREIGN ISSUES 13.1% |
|  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 | 1242 |
|  5.000% due 10/01/2028 | 705000 | 732 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 51000 | 8952 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  8.375% due 11/07/2054 | 800 | 849 |
|  Colombia TES | Colombia TES | Colombia TES |
|  6.000% due 04/28/2028 | 5888100 | 1376 |
|  11.000% due 08/22/2029 | 6881600 | 1773 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 900 | 683 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 2100 | 2133 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (d) | 600 | 463 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 | 36400 | 761 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 | 600 | 604 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | 290000 | 1709 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | 30700 | 1701 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | 500 | 517 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  3.000% due 12/03/2026 (f) | 855 | 46 |
|  4.000% due 11/30/2028 (f) | 1154 | 63 |
|  4.000% due 08/24/2034 (f) | 5216 | 273 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | 7300 | 2345 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 8600 | 2399 |
|  6.150% due 08/12/2032 | 34600 | 10564 |
|  6.950% due 08/12/2031 | 1281 | 409 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 63750 | 2930 |
|  7.000% due 02/28/2031 | 37000 | 2032 |
|  8.000% due 01/31/2030 | 14500 | 843 |
|  8.250% due 03/31/2032 | 7300 | 417 |
|  8.500% due 01/31/2037 | 9100 | 485 |
|  8.875% due 02/28/2035 | 35200 | 2002 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 | 800 | 958 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  42.493% (BISTREFI) due 05/20/2026 ~ | 200 | 5 |
|  42.493% (BISTREFI) due 08/19/2026 ~ | 100 | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  42.493% (BISTREFI) due 05/17/2028 ~ | TRY | 18700 | $— | 443 |
|  Total Sovereign Issues (Cost $46,737) | Total Sovereign Issues (Cost $46,737) | Total Sovereign Issues (Cost $46,737) |  | 49711 |
|  |  | **SHARES** |  |  |
| SHORT-TERM INSTRUMENTS 12.2% | SHORT-TERM INSTRUMENTS 12.2% | SHORT-TERM INSTRUMENTS 12.2% | SHORT-TERM INSTRUMENTS 12.2% | SHORT-TERM INSTRUMENTS 12.2% |
| MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class |  |  |  |  |
|  4.200% (g) |  | 1233725 |  | 1234 |
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| REPURCHASE AGREEMENTS (h) 4.6%  | REPURCHASE AGREEMENTS (h) 4.6%  | REPURCHASE AGREEMENTS (h) 4.6%  |  |  |
|  |  |  |  | 17700 |
| SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% |
|  7.505% due 06/17/2026 (d)(e) | ZAR | 2500 |  | 138 |
| U.S. TREASURY BILLS 7.3% | U.S. TREASURY BILLS 7.3% | U.S. TREASURY BILLS 7.3% | U.S. TREASURY BILLS 7.3% | U.S. TREASURY BILLS 7.3% |
|  4.076% due 10/02/2025 - 01/27/2026 (c)(d)(l) |  | $28175 |  | 27962 |
|  Total Short-Term Instruments<br> (Cost $47,031) | Total Short-Term Instruments<br> (Cost $47,031) | Total Short-Term Instruments<br> (Cost $47,031) |  | 47034 |
|  Total Investments in Securities<br> (Cost $721,603) | Total Investments in Securities<br> (Cost $721,603) | Total Investments in Securities<br> (Cost $721,603) |  | 718398 |
|  |  | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term Floating NAV Portfolio III | PIMCO Short-Term Floating NAV Portfolio III | 1644 |  | 16 |
| Total Short-Term Instruments<br> (Cost $16) | Total Short-Term Instruments<br> (Cost $16) | Total Short-Term Instruments<br> (Cost $16) |  | 16 |
| Total Investments in Affiliates<br> (Cost $16) | Total Investments in Affiliates<br> (Cost $16) | Total Investments in Affiliates<br> (Cost $16) |  | 16 |
| Total Investments 188.7%<br> (Cost $721,619) | Total Investments 188.7%<br> (Cost $721,619) | Total Investments 188.7%<br> (Cost $721,619) | $— | 718414 |
|  Financial Derivative<br>Instruments (i)(k) (2.8)%<br> (Cost or Premiums, net $20,687) | Financial Derivative<br>Instruments (i)(k) (2.8)%<br> (Cost or Premiums, net $20,687) | Financial Derivative<br>Instruments (i)(k) (2.8)%<br> (Cost or Premiums, net $20,687) |  | (10523) |
| Other Assets and Liabilities, net (85.9)% | Other Assets and Liabilities, net (85.9)% | Other Assets and Liabilities, net (85.9)% |  | (327245) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 380646 |

---

32 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

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

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) When-issued security.

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

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

(g) Coupon represents a 7-Day Yield.

#### 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 | 4.290% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17700 | U.S. Treasury Notes 4.125% due 03/31/2029 | $(18065) | $17700 | $17702 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18065) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17702 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (12.7)% | U.S. Government Agencies (12.7)% | U.S. Government Agencies (12.7)% | U.S. Government Agencies (12.7)% | U.S. Government Agencies (12.7)% | U.S. Government Agencies (12.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $9060 | $(7302) | $(7305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 12840 | (10600) | (10820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 29060 | (26648) | (26546) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 11/01/2055 | 1750 | (1765) | (1763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 10/01/2055 | 1840 | (1878) | (1880) |
|  Total Short Sales (12.7)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48193) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48314) |

---

#### 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 September 30, 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 | $17702 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18065) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17702 | $&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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **33** |

---

------

Schedule of Investments PIMCO RAE Fundamental Advantage PLUS Fund (Cont.)

**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(312) at a weighted average interest rate of 2.008%. 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:

#### FUTURE STYLED 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 |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.500 | 10/24/2025 | 227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |

---

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | $(28) | $(25) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) |

---

#### 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 |
|  30-Day Federal Fund February Futures  | 02/2026 | 92 | $36971 | $(1) | $0 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 67 | 5896 | 20 | 26 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 291 | 60644 | 12 | 32 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | 40 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 15 | 1726 | 20 | 0 | (1) |
|  |  |  |  | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | $&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 |
|  Euro-Bobl December Futures  | 12/2025 | 39 | $(5394) | $(2) | $0 | $(7) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11475) | 31 | 2 | 0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 4 | (466) | (11) | 1 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 102 | (12246) | (65) | 57 | 0 |
|  |  |  |  | $(47) | $60 | $(7) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### 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>September 30, 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>September 30, 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 | 0.246% | EUR 400 | $2 | $(1) | $1 | $0 | $0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.170 | 100 | 1 | (1) | 0 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

34 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### 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 | $(24) | $27 | $3 | $0 | $(1) |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 200 | (10) | 10 | 0 | 0 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 200 | (6) | 4 | (2) | 0 | 0 |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 300 | (7) | 0 | (7) | 0 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 1200 | 91 | 3 | 94 | 1 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 160 | 4 | 0 | 4 | 0 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | 306 | 7 | 313 | 2 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&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 | 3.750% | Annual | 09/17/2030 | GBP | 33000 | $(171) | $(20) | $(191) | $45 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 |  | 200 | (1) | 6 | 5 | 1 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 |  | 100 | 0 | 4 | 4 | 0 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 |  | 200 | (1) | (4) | (5) | 1 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 |  | 3800 | (111) | 46 | (65) | 12 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 |  | 1950 | 92 | (33) | 59 | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | USD | 19840 | 90 | (237) | (147) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 |  | 38600 | (100) | 81 | (19) | 0 | (6) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 |  | 26600 | 0 | (10) | (10) | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 05/31/2028 |  | 5660 | 0 | (28) | (28) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 |  | 8000 | 0 | (43) | (43) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 |  | 800 | (1) | (12) | (13) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 |  | 18100 | 433 | (65) | 368 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 |  | 4490 | (62) | (11) | (73) | 0 | (2) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 |  | 17210 | (282) | (17) | (299) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 |  | 20360 | 178 | (126) | 52 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 |  | 6300 | 18 | (91) | (73) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 |  | 45500 | 5418 | (355) | 5063 | 0 | (8) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 |  | 17400 | (489) | 190 | (299) | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 |  | 2330 | (24) | (12) | (36) | 0 | (1) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 |  | 10900 | (288) | 113 | (175) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 |  | 9300 | 608 | (233) | 375 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 10590 | (50) | (54) | (104) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 1800 | (11) | 2 | (9) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 |  | 200 | (1) | 7 | 6 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 |  | 300 | (1) | 7 | 6 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 |  | 200 | (1) | 4 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 |  | 200 | (1) | 4 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 |  | 300 | (1) | 6 | 5 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 |  | 300 | (1) | 7 | 6 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 |  | 200 | (1) | 5 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 |  | 400 | (1) | 8 | 7 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 |  | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 |  | 400 | (1) | 12 | 11 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 |  | 200 | (1) | 8 | 7 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 |  | 200 | (1) | 8 | 7 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 |  | 300 | (1) | 12 | 11 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 |  | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 |  | 150 | (1) | (2) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 400 | (1) | (6) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 300 | (1) | (5) | (6) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 400 | (1) | (9) | (10) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 600 | (2) | (11) | (13) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 400 | (1) | (6) | (7) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 |  | 500 | (2) | 5 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 |  | 29130 | (4) | (228) | (232) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 |  | 4800 | 73 | 147 | 220 | 9 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 12850 | 2885 | 1928 | 4813 | 34 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 |  | 3080 | 0 | 48 | 48 | 0 | (8) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 |  | 3200 | 0 | 53 | 53 | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 14650 | 228 | 1008 | 1236 | 44 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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** | **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 | 3.500% | Annual | 09/17/2055 | 15180 | $(1301) | $147 | $(1154) | $0 | $(44) |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 1900 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 20200 | 0 | (18) | (18) | 0 | (4) |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 3600 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 | 33900 | 0 | 7 | 7 | 3 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 13200 | 0 | (4) | (4) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 1000 | 0 | 0 | 0 | 0 | 0 |
| Receive | 3-Month COP-IBR Compounded-OIS | 7.498 | Quarterly | 04/28/2028 | 5208700 | 0 | 34 | 34 | 1 | 0 |
| Receive | 3-Month COP-IBR Compounded-OIS | 8.590 | Quarterly | 08/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6499300 | 0 | 1 | 1 | 1 | 0 |
| Pay | 3-Month PLN-WIBOR | 4.136 | Annual | 07/25/2029 | 5400 | 0 | 4 | 4 | 3 | 0 |
| Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 | 5500 | 0 | (45) | (45) | 0 | (3) |
| Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 02/28/2031 | 21700 | 0 | (6) | (6) | 0 | (1) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 15100 | (64) | 336 | 272 | 39 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 3400 | 63 | (11) | 52 | 12 | 0 |
| Receive | 6-Month CLP-CHILIBOR | 4.580 | Semi-Annual | 10/01/2028 | 667000 | 0 | 1 | 1 | 0 | 0 |
| Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 | 1225000 | 0 | (12) | (12) | 1 | 0 |
| Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 500 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 300 | 0 | (3) | (3) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 200 | 0 | (1) | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 | 200 | 0 | 0 | 0 | 0 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 280 | 1 | 0 | 1 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 | 300 | (1) | (23) | (24) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 200 | (1) | (16) | (17) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 100 | 0 | (9) | (9) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 200 | (1) | (13) | (14) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 200 | (1) | (12) | (13) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 200 | (1) | (8) | (9) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 | 80 | 0 | (2) | (2) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 | 200 | (1) | 0 | (1) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.710 | Annual | 08/06/2034 | 300 | (1) | (2) | (3) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 300 | (1) | 2 | 1 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 300 | (1) | 2 | 1 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 200 | (1) | 3 | 2 | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 200 | (1) | (1) | (2) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 200 | 0 | (5) | (5) | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 200 | (1) | 3 | 2 | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 200 | (1) | 0 | (1) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 200 | (1) | 3 | 2 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 200 | (1) | 1 | 0 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 200 | (1) | (3) | (4) | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 | 200 | (1) | 4 | 3 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 200 | (1) | 4 | 3 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 | 200 | (1) | 3 | 2 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 | 200 | (1) | 3 | 2 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 | 200 | (1) | 5 | 4 | 0 | (1) |
| 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 | 29800 | (61) | (32) | (93) | 0 | (1) |
| Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 10/19/2034 | 10700 | 0 | (55) | (55) | 0 | 0 |
| Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.390 | Lunar | 11/03/2034 | 6100 | 0 | (31) | (31) | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 8.270 | Lunar | 03/07/2035 | 19000 | 17 | 23 | 40 | 1 | 0 |
| Receive | CPURNSA | 2.466 | Maturity | 06/17/2035 | $18300 | 0 | 154 | 154 | 9 | 0 |
|  |  |  |  |  |  | $7039 | $2511 | $9550 | $232 | $(156) |
|  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;7396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) |

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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 September 30, 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<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;158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240) |

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36 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

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September 30, 2025 (Unaudited)

(j) Securities with an aggregate market value of $670 and cash of $7,267 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

<sup>(6)</sup> Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(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 | 10/2025 | 18544 | $21629 | $0 | $(143) |
|  | 10/2025 | $5010 | 6970 | 0 | (2) |
|  | 11/2025 | 6959 | $5010 | 2 | 0 |
|  BOA | 10/2025 | 22901 | 154 | 0 | (1) |
|  | 10/2025 | $2381 | 2034 | 7 | 0 |
|  | 10/2025 | 120 | 404 | 2 | 0 |
|  | 10/2025 | 262 | 23141 | 0 | (1) |
|  | 10/2025 | 7 | 1009 | 0 | 0 |
|  | 10/2025 | 241 | 333430 | 0 | (3) |
|  | 10/2025 | 104 | 181 | 1 | 0 |
|  | 10/2025 | 302 | 1115 | 19 | 0 |
|  | 10/2025 | 68 | 245 | 0 | (1) |
|  | 11/2025 | 781 | $231 | 0 | (4) |
|  | 11/2025 | 181 | 104 | 0 | (1) |
|  | 11/2025 | $70 | 233 | 1 | 0 |
|  | 11/2025 | 15 | 2194 | 0 | 0 |
|  | 11/2025 | 6366 | $365 | 0 | (2) |
|  | 12/2025 | 11954 | 3286 | 0 | (152) |
|  | 12/2025 | $294 | 5531 | 6 | 0 |
|  BPS | 10/2025 | 11336 | $2020 | 1 | (111) |
|  | 10/2025 | 6235 | 875 | 0 | 0 |
|  | 10/2025 | 18364291 | 1110 | 11 | (2) |
|  | 10/2025 | 27625 | 314 | 3 | 0 |
|  | 10/2025 | 2551 | 17 | 0 | 0 |
|  | 10/2025 | 44386 | 1476 | 20 | (2) |
|  | 10/2025 | $1928 | 11336 | 202 | 0 |
|  | 10/2025 | 436 | 3096 | 0 | (1) |
|  | 10/2025 | 837 | 13823181 | 0 | (9) |
|  | 10/2025 | 1162 | 1606479 | 0 | (18) |
|  | 10/2025 | 280 | 1019 | 0 | 0 |
|  | 11/2025 | 3008046 | $180 | 0 | 0 |
|  | 11/2025 | 17802 | 200 | 0 | 0 |
|  | 11/2025 | 154200 | 110 | 0 | 0 |
|  | 11/2025 | $230 | 774 | 3 | 0 |
|  | 11/2025 | 17 | 2542 | 0 | 0 |
|  | 12/2025 | 6095 | $203 | 2 | 0 |
|  | 12/2025 | $284 | 4771105 | 2 | 0 |
|  | 12/2025 | 221 | 4219 | 7 | 0 |
|  | 04/2026 | 1000 | $175 | 0 | (5) |
|  BRC | 10/2025 | 1147 | 1437 | 0 | (4) |
|  | 10/2025 | $1555 | 1247 | 12 | 0 |
|  | 10/2025 | 1474 | 1095 | 0 | (2) |
|  | 10/2025 | 1 | 5 | 0 | 0 |
|  | 10/2025 | 328 | 1198 | 2 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

---

------

Schedule of Investments PIMCO RAE Fundamental Advantage 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** |
|  | 10/2025 | $58 | 2468 | $1 | $0 |
|  | 11/2025 | 5 | $1 | 0 | 0 |
|  | 11/2025 | $1437 | 1143 | 4 | 0 |
|  | 11/2025 | 419 | 18254 | 6 | 0 |
|  | 11/2025 | 18670 | $1060 | 0 | (17) |
|  | 12/2025 | 3724 | 1041 | 0 | (30) |
|  | 12/2025 | $1096 | 48325 | 7 | 0 |
|  BSH | 10/2025 | 2100 | $395 | 0 | 0 |
|  | 10/2025 | $386 | 2100 | 8 | 0 |
|  | 10/2025 | 31 | 53 | 0 | 0 |
|  | 11/2025 | 53 | $31 | 0 | 0 |
|  | 11/2025 | 2101 | 571 | 0 | (34) |
|  | 12/2025 | 15157 | 4260 | 0 | (97) |
|  | 12/2025 | $2285 | 12676 | 63 | 0 |
|  | 02/2026 | 2467 | $705 | 0 | (2) |
|  | 04/2026 | 2200 | 387 | 0 | (8) |
|  CBK | 10/2025 | 294 | 192 | 0 | (3) |
|  | 10/2025 | 20619 | 3877 | 3 | 0 |
|  | 10/2025 | 10 | 7 | 0 | 0 |
|  | 10/2025 | 119 | 17 | 0 | 0 |
|  | 10/2025 | 185 | 217 | 0 | 0 |
|  | 10/2025 | 11486578 | 694 | 7 | (1) |
|  | 10/2025 | 37832 | 426 | 1 | 0 |
|  | 10/2025 | 1162148 | 840 | 11 | 0 |
|  | 10/2025 | 2878 | 2244 | 13 | 0 |
|  | 10/2025 | 6719 | 208 | 1 | 0 |
|  | 10/2025 | 48645 | 1641 | 43 | 0 |
|  | 10/2025 | $3751 | 20619 | 123 | 0 |
|  | 10/2025 | 19 | 123 | 0 | 0 |
|  | 10/2025 | 1624 | 26618314 | 0 | (29) |
|  | 10/2025 | 1114 | 97861 | 0 | (13) |
|  | 10/2025 | 52 | 516 | 0 | 0 |
|  | 10/2025 | 2193 | 7699 | 24 | 0 |
|  | 10/2025 | 252 | 2395 | 2 | 0 |
|  | 10/2025 | 693 | 21083 | 0 | (1) |
|  | 10/2025 | 4631 | $267 | 0 | (1) |
|  | 11/2025 | 6995097 | 1728 | 0 | (49) |
|  | 11/2025 | 516 | 52 | 0 | 0 |
|  | 11/2025 | $252 | 849 | 4 | 0 |
|  | 11/2025 | 426 | 37906 | 0 | 0 |
|  | 11/2025 | 387 | 6754 | 2 | 0 |
|  | 11/2025 | 8212 | $473 | 0 | (1) |
|  | 12/2025 | 2968 | 549 | 0 | 0 |
|  | 12/2025 | 7714 | 2193 | 0 | (24) |
|  | 12/2025 | 71364 | 2388 | 33 | 0 |
|  | 12/2025 | $293 | 4927365 | 2 | 0 |
|  | 01/2026 | 9693 | $321 | 0 | 0 |
|  | 03/2026 | 1562 | 439 | 0 | (9) |
|  | 08/2026 | $256 | 4559 | 1 | 0 |
|  DUB | 10/2025 | 13361 | $1879 | 4 | 0 |
|  | 10/2025 | 6734355 | 411 | 7 | 0 |
|  | 10/2025 | 61444 | 692 | 1 | 0 |
|  | 10/2025 | 288642 | 208 | 2 | 0 |
|  | 10/2025 | $392 | 1338 | 12 | 0 |
|  | 10/2025 | 564 | 49877 | 0 | (3) |
|  | 10/2025 | 1550 | 5644 | 3 | 0 |
|  | 11/2025 | 1337 | $392 | 0 | (12) |
|  | 11/2025 | 27480 | 309 | 0 | 0 |
|  | 11/2025 | $692 | 61566 | 0 | (1) |
|  | 11/2025 | 45084 | $2576 | 0 | (26) |
|  FAR | 10/2025 | 5994 | 3888 | 0 | (78) |
|  | 10/2025 | 206 | 258 | 0 | 0 |
|  | 10/2025 | 5825 | 820 | 3 | 0 |
|  | 10/2025 | 1029 | 802 | 5 | 0 |
|  | 10/2025 | $4297 | 6581 | 58 | 0 |
|  | 10/2025 | 216 | 185 | 1 | 0 |
|  | 10/2025 | 1058 | 93297 | 0 | (8) |
|  | 10/2025 | 2727 | 400924 | 0 | (16) |
|  | 10/2025 | 1584 | 5525 | 7 | 0 |
|  | 10/2025 | 526 | 1923 | 3 | 0 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $6123 | 7886 | $0 | $(10) |
|  | 11/2025 | 6581 | $4299 | 0 | (58) |
|  | 11/2025 | 185 | 217 | 0 | (1) |
|  | 11/2025 | 5973 | 1627 | 0 | (91) |
|  | 11/2025 | 7866 | 6123 | 9 | 0 |
|  | 11/2025 | $258 | 205 | 0 | 0 |
|  | 12/2025 | 28816 | $1520 | 0 | (40) |
|  | 12/2025 | $205 | 724 | 3 | 0 |
|  | 02/2026 | 5545 | $1584 | 0 | (7) |
|  GLM | 10/2025 | 9900 | 1633 | 0 | (227) |
|  | 10/2025 | 46 | 57 | 0 | 0 |
|  | 10/2025 | 459 | 65 | 0 | 0 |
|  | 10/2025 | 4839714 | 290 | 0 | 0 |
|  | 10/2025 | 77 | 60 | 0 | 0 |
|  | 10/2025 | $1844 | 9900 | 17 | (1) |
|  | 10/2025 | 250 | 4134652 | 0 | (2) |
|  | 10/2025 | 303 | 26586 | 0 | (4) |
|  | 11/2025 | 40 | 134 | 0 | 0 |
|  | 12/2025 | 372 | $20 | 0 | (1) |
|  | 12/2025 | $283 | 4731342 | 0 | 0 |
|  | 04/2026 | 4800 | $846 | 0 | (18) |
|  IND | 10/2025 | 293 | 191 | 0 | (2) |
|  | 10/2025 | 134 | 21 | 0 | 0 |
|  | 11/2025 | $21 | 133 | 0 | 0 |
|  JPM | 10/2025 | 6952 | $5031 | 35 | 0 |
|  | 10/2025 | 720562 | 750 | 1 | 0 |
|  | 10/2025 | 93 | 15 | 0 | 0 |
|  | 10/2025 | 13509763 | 809 | 0 | (1) |
|  | 10/2025 | 499581 | 360 | 4 | 0 |
|  | 10/2025 | 393 | 306 | 1 | 0 |
|  | 10/2025 | $463 | 393 | 0 | (1) |
|  | 10/2025 | 1078 | 17931725 | 1 | (3) |
|  | 10/2025 | 130 | 435 | 2 | 0 |
|  | 10/2025 | 216 | 793 | 2 | 0 |
|  | 10/2025 | 58 | 1773 | 0 | 0 |
|  | 11/2025 | 15 | 92 | 0 | 0 |
|  | 11/2025 | 39923 | $2278 | 0 | (26) |
|  | 12/2025 | $144 | 2699 | 2 | 0 |
|  | 04/2026 | 43000 | $7295 | 0 | (440) |
|  | 06/2026 | 2500 | 141 | 0 | (1) |
|  MBC | 10/2025 | 49 | 61 | 0 | 0 |
|  | 10/2025 | 6799 | 957 | 2 | 0 |
|  | 10/2025 | 148 | 175 | 2 | 0 |
|  | 10/2025 | 668536 | 41 | 1 | 0 |
|  | 10/2025 | 1264 | 8 | 0 | 0 |
|  | 10/2025 | 1665612 | 1194 | 7 | 0 |
|  | 10/2025 | 898 | 247 | 1 | 0 |
|  | 10/2025 | 5684 | 593 | 0 | (11) |
|  | 10/2025 | 3511 | 2740 | 18 | 0 |
|  | 10/2025 | 5067 | 157 | 1 | 0 |
|  | 10/2025 | $255 | 201 | 0 | (3) |
|  | 10/2025 | 631 | 4494 | 0 | 0 |
|  | 10/2025 | 909 | 1268416 | 0 | (5) |
|  | 10/2025 | 1 | 5 | 0 | 0 |
|  | 10/2025 | 250 | 2395 | 4 | 0 |
|  | 10/2025 | 170 | 5504 | 0 | 0 |
|  | 11/2025 | 4484 | $631 | 0 | 0 |
|  | 11/2025 | 5 | 1 | 0 | 0 |
|  | 11/2025 | $8 | 1260 | 0 | 0 |
|  | 12/2025 | 589 | 11030 | 9 | 0 |
|  MYI | 10/2025 | 2860 | $535 | 0 | (2) |
|  | 10/2025 | 6864 | 965 | 1 | 0 |
|  | 10/2025 | 2718699 | 165 | 2 | 0 |
|  | 10/2025 | 192220 | 1288 | 0 | (12) |
|  | 10/2025 | $538 | 2860 | 0 | 0 |
|  | 10/2025 | 30 | 4462 | 0 | 0 |
|  | 10/2025 | 153 | 552 | 0 | (1) |
|  | 10/2025 | 301 | 9055 | 0 | (3) |
|  | 11/2025 | 1288 | 191555 | 12 | 0 |
|  | 12/2025 | 8996 | $301 | 4 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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** |
|  | 12/2025 | $18 | 374 | $0 | $0 |
|  | 12/2025 | 224 | 4219 | 5 | 0 |
|  NGF | 10/2025 | 661709 | $476 | 4 | 0 |
|  | 10/2025 | $224 | 3713570 | 0 | (2) |
|  | 11/2025 | 1062 | 46401 | 18 | 0 |
|  SCX | 10/2025 | 4992 | $703 | 2 | 0 |
|  | 10/2025 | 5931576 | 355 | 0 | 0 |
|  | 10/2025 | 44281 | 498 | 0 | 0 |
|  | 10/2025 | 13216 | 3740 | 0 | (66) |
|  | 10/2025 | 28822 | 973 | 26 | 0 |
|  | 10/2025 | $16 | 103 | 0 | 0 |
|  | 10/2025 | 2896 | 2165 | 16 | 0 |
|  | 10/2025 | 251 | 4120040 | 0 | (4) |
|  | 10/2025 | 550 | 48561 | 0 | (4) |
|  | 10/2025 | 155 | 22848 | 0 | (1) |
|  | 10/2025 | 274 | 8328 | 0 | 0 |
|  | 11/2025 | 2165 | $2896 | 0 | (16) |
|  | 11/2025 | $438 | 39056 | 0 | 0 |
|  | 12/2025 | 355 | 5946567 | 0 | 0 |
|  SOG | 10/2025 | 20285 | $3801 | 0 | (10) |
|  | 10/2025 | 418607 | 2813 | 0 | (17) |
|  | 10/2025 | 234 | 136 | 1 | 0 |
|  | 10/2025 | $3814 | 20285 | 0 | (3) |
|  | 10/2025 | 19128 | 16265 | 0 | (32) |
|  | 10/2025 | 1423 | 209216 | 0 | (8) |
|  | 11/2025 | 5731814 | $1406 | 0 | (48) |
|  | 11/2025 | 16265 | 19166 | 32 | 0 |
|  | 11/2025 | $2813 | 417160 | 17 | 0 |
|  | 12/2025 | 3801 | 20573 | 10 | 0 |
|  | 03/2026 | 1173351 | $1211 | 0 | (9) |
|  SSB | 10/2025 | 3260 | 4394 | 10 | 0 |
|  | 12/2025 | 1048 | 283 | 0 | (18) |
|  UAG | 10/2025 | 2311 | 693 | 0 | (5) |
|  | 10/2025 | 545 | 54 | 0 | (1) |
|  | 10/2025 | $39 | 134 | 1 | 0 |
|  | 10/2025 | 2469 | 217970 | 0 | (18) |
|  | 10/2025 | 152 | 552 | 0 | 0 |
|  | 10/2025 | 170 | 5502 | 0 | 0 |
|  | 10/2025 | 268 | 4631 | 0 | 0 |
|  | 10/2025 | 4633 | $268 | 0 | 0 |
|  | 11/2025 | 134 | 39 | 0 | (1) |
|  | 11/2025 | 20308 | 1152 | 0 | (20) |
|  | 12/2025 | 3803 | 81 | 0 | (5) |
|  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;1051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2186) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
|  BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 7400 | $11 | $7 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600 | 15 | 11 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 2090 | 92 | 113 |
|  GLM | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 1240 | 21 | 38 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 1900 | 2 | 2 |
|  MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 3700 | 5 | 4 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 4000 | 6 | 4 |
|  |  |  |  |  |  | $152 | $179 |

---

40 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.230% | 03/30/2026 | 4500 | $34 | $36 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.160 | 12/04/2025 | 1200 | 6 | 3 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.758 | 03/30/2026 | 2300 | 18 | 17 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 500 | 4 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 200 | 3 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 500 | 4 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215 | 08/05/2026 | 200 | 3 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 500 | 4 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 200 | 2 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 500 | 4 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 200 | 2 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 1300 | 114 | 109 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 1300 | 114 | 109 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 1300 | 113 | 118 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 1300 | 113 | 102 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 2000 | 172 | 184 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 2000 | 172 | 154 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 3800 | 307 | 348 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 5000 | 403 | 339 |
| 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 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.850 | 11/24/2025 | 4000 | 2 | 0 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 284300 | 1428 | 1239 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 284300 | 1428 | 1385 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 5600 | 485 | 504 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/21/2035 | 4400 | 380 | 396 |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 10/09/2025 | 5900 | 8 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.008 | 11/06/2025 | 11800 | 10 | 2 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.010 | 11/07/2025 | 12000 | 12 | 3 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 11000 | 888 | 1007 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 14300 | 1154 | 970 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 02/18/2026 | 12200 | 25 | 8 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.989 | 08/06/2026 | 700 | 6 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.239 | 08/06/2026 | 300 | 4 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 500 | 4 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 200 | 3 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 500 | 4 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 200 | 2 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 8900 | 784 | 760 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 8900 | 784 | 731 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 48000 | 36 | 34 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.907 | 11/07/2025 | 12600 | 12 | 6 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.177 | 12/24/2025 | 4400 | 18 | 15 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 6000 | 78 | 64 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 5300 | 105 | 92 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 5300 | 78 | 49 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 500 | 4 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 200 | 3 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 1300 | 115 | 111 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 1300 | 115 | 107 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 08/13/2035 | 2700 | 238 | 234 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 2700 | 238 | 220 |
|  |  |  |  |  |  | $10049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9504 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 41

------

Schedule of Investments PIMCO RAE Fundamental Advantage PLUS Fund (Cont.)

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
|  BOA | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.961 | 10/07/2025 | 4100 | $5 | $0 |
|  GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.945 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20700 | 28 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.977 | 10/07/2025 | 20700 | 27 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.063 | 10/07/2025 | 16300 | 20 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.547 | 11/06/2025 | 12600 | 9 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 8100 | 11 | 8 |
|  |  |  |  |  | $100 | $8 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10301 | $9691 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/<br>SellProtection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GST | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.700% | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | $(23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | $(4) | $(5) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600 | (5) | (7) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 4180 | (89) | (108) |
| GLM | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 1240 | (3) | (5) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 1240 | (10) | (2) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 1900 | (1) | (1) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 3700 | (2) | (3) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 4000 | (2) | (3) |
| UAG | Call - OTC USD versus TRY | TRY | 54.000 | 12/16/2025 | 700 | (23) | (5) |
|  |  |  |  |  |  | $(139) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.086% | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | $(33) | $0 |
| DUB | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 4.028 | 12/04/2025 | 5800 | (11) | (12) |
| GLM | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.131 | 11/06/2025 | 8400 | (8) | (1) |
| JPM | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 4.095 | 10/07/2025 | 9700 | (20) | 0 |
| MYC | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.677 | 12/24/2025 | 4900 | (18) | (23) |
| NGF | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 4.082 | 10/07/2025 | 12400 | (27) | 0 |
|  |  |  |  |  |  |  | $(117) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) |

---

42 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.547 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | $(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216) |

---

#### 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>September 30, 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>September 30, 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 | 0.872% | $&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 |

---

#### 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 | $327 | $(82) | $56 | $0 | $(26) |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | EUR 1,643 | 319 | 21 | 340 | 0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 3092 | 607 | 34 | 641 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 1063 | 212 | 8 | 220 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 11307 | 2329 | 14 | 2343 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |

---

#### 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  | 8613 | 5.050% (FEDL01 plus a specified spread) | Maturity | 01/21/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111607 | $0 | $(10944) | $0 | $(10944) |
|  | Pay | S&P 500 Total Return Index  | 3793 | 4.875% (SOFR plus a specified spread) | Monthly | 02/04/2026 | 56238 | 0 | 215 | 215 | 0 |
|  BPS | Pay | S&P 500 Total Return Index  | 10568 | 4.850% (FEDL01 plus a specified spread) | Maturity | 10/01/2025 | 127510 | 0 | (21832) | 0 | (21832) |
|  JPM | Receive | ERAUSLT Index  | 79896 | 4.790% (FEDL01 plus a specified spread) | Monthly | 10/01/2025 | 52161 | 0 | 1447 | 1447 | 0 |
|  | Receive | ERAUSLT Index  | 178757 | 4.700% (SOFR plus a specified spread) | Monthly | 11/05/2025 | 120388 | 0 | (419) | 0 | (419) |
|  | Receive | ERAUSLT Index  | 196625 | 5.040% (FEDL01 plus a specified spread) | Maturity | 01/21/2026 | 117862 | 0 | 9124 | 9124 | 0 |
|  | Pay | S&P 500 Total Return Index  | 2885 | 4.870% (FEDL01 plus a specified spread) | Monthly | 02/04/2026 | 42775 | 0 | 166 | 166 | 0 |
|  | Receive | ERAUSLT Index  | 112974 | 4.800% (SOFR plus a specified spread) | Monthly | 08/05/2026 | 76085 | 0 | (291) | 0 | (291) |
|  |  |  |  |  |  |  |  | $0 | $(22534) | $10952 | $(33486) |
|  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;3384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22400) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33512) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 43

------

Schedule of Investments PIMCO RAE Fundamental Advantage PLUS Fund (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 September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | **Net Market<br>Value of OTC<br>Derivatives** | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
| **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 | $2 | $0 | $0 | $2 | $(145) | $0 | $0 | $(145) | $(143) | $373 | $230 |
|  BOA | 36 | 987 | 555 | 1578 | (165) | (120) | (10970) | (11255) | (9677) | 12058 | 2381 |
|  BPS | 251 | 0 | 641 | 892 | (148) | 0 | (21832) | (21980) | (21088) | 20662 | (426) |
|  BRC | 32 | 687 | 0 | 719 | (53) | 0 | 0 | (53) | 666 | 0 | 666 |
|  BSH | 71 | 0 | 0 | 71 | (141) | 0 | 0 | (141) | (70) | 0 | (70) |
|  CBK | 270 | 0 | 0 | 270 | (131) | 0 | 0 | (131) | 139 | 0 | 139 |
|  DUB | 29 | 3524 | 0 | 3553 | (42) | (12) | 0 | (54) | 3499 | 291 | 3790 |
|  FAR | 89 | 0 | 0 | 89 | (309) | 0 | 0 | (309) | (220) | 185 | (35) |
|  GLM | 17 | 2022 | 0 | 2039 | (253) | (9) | 0 | (262) | 1777 | 271 | 2048 |
|  GSC | 0 | 8 | 0 | 8 | 0 | (31) | 0 | (31) | (23) | 0 | (23) |
|  GST | 0 | 0 | 220 | 220 | 0 | (10) | 0 | (10) | 210 | (260) | (50) |
|  IND | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  JPM | 48 | 1517 | 13080 | 14645 | (472) | 0 | (710) | (1182) | 13463 | (15901) | (2438) |
|  MBC | 45 | 8 | 0 | 53 | (19) | (6) | 0 | (25) | 28 | 0 | 28 |
|  MYC | 0 | 484 | 0 | 484 | 0 | (23) | 0 | (23) | 461 | (270) | 191 |
|  MYI | 24 | 0 | 0 | 24 | (18) | 0 | 0 | (18) | 6 | (23) | (17) |
|  NGF | 22 | 454 | 0 | 476 | (2) | 0 | 0 | (2) | 474 | 0 | 474 |
|  SCX | 44 | 0 | 0 | 44 | (91) | 0 | 0 | (91) | (47) | 0 | (47) |
|  SOG | 60 | 0 | 0 | 60 | (127) | 0 | 0 | (127) | (67) | 0 | (67) |
|  SSB | 10 | 0 | 0 | 10 | (18) | 0 | 0 | (18) | (8) | 0 | (8) |
|  UAG | 1 | 0 | 0 | 1 | (50) | (5) | 0 | (55) | (54) | 0 | (54) |
|  Total Over the Counter | $1051 | $9691 | $14496 | $25238 | $(2186) | $(216) | $(33512) | $(35914) |  |  |  |

---

(l) Securities with an aggregate market value of $33,840 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(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. 

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 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 | $158 | $158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 232 | 235 |
|  | $0 | $3 | $0 | $0 | $390 | $393 |
|  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 | $1051 | $0 | $1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 179 | 9512 | 9691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3544 | 10952 | 0 | 0 | 14496 |
|  | $0 | $3544 | $10952 | $1230 | $9512 | $25238 |
|  | $0 | $3547 | $10952 | $1230 | $9902 | $25631 |
|  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 | $74 | $74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 156 | 158 |
|  | $0 | $2 | $0 | $0 | $238 | $240 |
|  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 | $2186 | $0 | $2186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 10 | 0 | 139 | 67 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 26 | 33486 | 0 | 0 | 33512 |
|  | $0 | $36 | $33486 | $2325 | $67 | $35914 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36154 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(1) | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 108 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1192 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (200) | 0 | 0 | 2649 | 2449 |
|  | $0 | $(200) | $0 | $0 | $3948 | $3748 |
|  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 | $(6534) | $0 | $(6534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (142) | (142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 12 | 0 | 0 | 310 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 448 | (1319) | 0 | 0 | (871) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1319) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6534) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7225) |
|  | $0 | $260 | $(1319) | $(6534) | $4116 | $(3477) |
|  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 | $32 | $32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (655) | (655) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 184 | 0 | 0 | (2428) | (2244) |
|  | $0 | $184 | $0 | $0 | $(3051) | $(2867) |
|  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 | $(432) | $0 | $(432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 27 | (585) | (558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 12 | 0 | 0 | (29) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 165 | (21639) | 0 | 0 | (21474) |
|  | $0 | $177 | $(21639) | $(405) | $(614) | $(22481) |
|  | $0 | $361 | $(21639) | $(405) | $(3665) | $(25348) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 45

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Schedule of Investments PIMCO RAE Fundamental Advantage PLUS Fund (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $17692 | $0 | $17692 |
| &nbsp;&nbsp; Industrials | 0 | 2141 | 3900 | 6041 |
| &nbsp;&nbsp; Utilities | 0 | 2947 | 0 | 2947 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Illinois | 0 | 221 | 0 | 221 |
|  U.S. Government Agencies | 0 | 426230 | 0 | 426230 |
|  U.S. Treasury Obligations | 0 | 18873 | 0 | 18873 |
|  Non-Agency Mortgage-Backed Securities | 0 | 40858 | 0 | 40858 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 2046 | 0 | 2046 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 12813 | 0 | 12813 |
| &nbsp;&nbsp; CMBS Other | 0 | 10131 | 0 | 10131 |
| &nbsp;&nbsp; Home Equity Other | 0 | 48822 | 0 | 48822 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 5972 | 0 | 5972 |
| &nbsp;&nbsp; Other ABS | 0 | 29007 | 0 | 29007 |
|  Sovereign Issues | 0 | 49711 | 0 | 49711 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | 0 | 1234 | 0 | 1234 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 17700 | 0 | 17700 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 138 | 0 | 138 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 27962 | 0 | 27962 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718398 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  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 | $16 | $0 | $0 | $16 |
|  Total Investments | $16 | $714498 | $3900 | $718414 |
|  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 | $(48314) | $0 | $(48314) |
|  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 | 26 | 367 | 0 | 393 |
|  Over the counter | 0 | 25238 | 0 | 25238 |
|  | $26 | $25605 | $0 | $25631 |
|  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 | (7) | (232) | 0 | (239) |
|  Over the counter | 0 | (35888) | (26) | (35914) |
|  | $(7) | $(36120) | $(26) | $(36153) |
|  Total Financial Derivative Instruments | $19 | $(10515) | $(26) | $(10522) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659578 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes Industrials | $0 | $3900 | $0 | $0 | $0 | $0 | $0 | $0 | $3900 | $0 |
|  | $0 | $3900 | $0 | $0 | $0 | $0 | $0 | $0 | $3900 | $0 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $(27) | $0 | $0 | $0 | $4 | $(3) | $0 | $0 | $(26) | $0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes Industrials | $3900 | Recent Transaction | Purchase Price | 100.000 |  |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $(26) | Indicative Market Quotation | Broker Quote | 92.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO RAE PLUS EMG Fund September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 179.1% | INVESTMENTS IN SECURITIES 179.1% | INVESTMENTS IN SECURITIES 179.1% |
| CORPORATE BONDS & NOTES 5.3% | CORPORATE BONDS & NOTES 5.3% | CORPORATE BONDS & NOTES 5.3% |
| BANKING & FINANCE 3.8% | BANKING & FINANCE 3.8% | BANKING & FINANCE 3.8% |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.450% due 09/09/2028 | 500 | 504 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 600 | 610 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 700 | 731 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.224% due 05/09/2034 •  | 500 | 538 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 200 | 188 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.815% due 11/02/2027 | 200 | 195 |
|  5.800% due 03/05/2027 | 200 | 202 |
|  5.800% due 03/08/2029 | 200 | 203 |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | 423 | 427 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.500% due 04/15/2035 | 100 | 101 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.711% due 07/08/2031 •  | 300 | 304 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.320% due 07/19/2035 •  | 100 | 103 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.969% due 08/02/2030 •  | 600 | 614 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.660% due 07/08/2031 •  | 500 | 506 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.751% due 05/12/2028 •  | 500 | 504 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 200 | 202 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 800 | 778 |
|  5.150% due 04/23/2031 •  | 600 | 619 |
|  |  | 7329 |
| INDUSTRIALS 1.2% | INDUSTRIALS 1.2% | INDUSTRIALS 1.2% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 « | 2000 | 2000 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 300 | 222 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 100 | 79 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 97 | 100 |
|  |  | 2401 |
| UTILITIES 0.3% | UTILITIES 0.3% | UTILITIES 0.3% |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 100 | 85 |
|  5.150% due 06/01/2029 | 400 | 407 |
|  5.350% due 03/01/2026 | 100 | 101 |
|  |  | 593 |
|  Total Corporate Bonds & Notes<br>(Cost $10,122) | Total Corporate Bonds & Notes<br>(Cost $10,122) | 10323 |
| 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 | 71 |
|  Total Municipal Bonds & Notes<br>(Cost $65) | Total Municipal Bonds & Notes<br>(Cost $65) | 71 |
| U.S. GOVERNMENT AGENCIES 99.4% | U.S. GOVERNMENT AGENCIES 99.4% | U.S. GOVERNMENT AGENCIES 99.4% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 09/01/2032 | 442 | 431 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 02/01/2053 - 12/01/2053 | $| 1982 | 1973 |
|  5.500% due 11/01/2054 - 09/01/2055 |  | 11265 | 11393 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ |  | 594 | 565 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  5.037% due 07/15/2041 •  |  | 71 | 70 |
|  5.187% due 08/15/2037 •  |  | 94 | 94 |
|  5.197% due 10/15/2037 •  |  | 13 | 13 |
|  5.207% due 05/15/2037 - 09/15/2037 •  |  | 100 | 100 |
|  5.296% due 11/25/2054 •  |  | 637 | 639 |
|  5.306% due 09/25/2055 •  |  | 10404 | 10480 |
|  5.456% due 11/25/2054 •  |  | 768 | 768 |
|  5.506% due 12/25/2054 •  |  | 867 | 871 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 01/01/2027 |  | 33 | 32 |
|  4.000% due 04/01/2043 - 08/01/2051 |  | 3632 | 3535 |
|  4.202% due 10/01/2029 ~ |  | 1000 | 1005 |
|  4.300% due 12/01/2029 |  | 702 | 708 |
|  4.705% due 09/01/2031 ~ |  | 2000 | 2039 |
|  4.720% due 10/01/2028 |  | 500 | 510 |
|  4.770% due 10/01/2028 |  | 600 | 613 |
|  4.930% due 06/01/2029 |  | 400 | 411 |
|  5.300% due 11/01/2030 |  | 900 | 944 |
|  5.500% due 07/01/2054 - 11/01/2054 |  | 1905 | 1940 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.821% due 07/25/2037 •  |  | 7 | 7 |
|  4.851% due 07/25/2037 •  |  | 15 | 15 |
|  4.871% due 09/25/2035 •  |  | 24 | 24 |
|  5.191% due 06/25/2037 •  |  | 96 | 96 |
|  5.306% due 11/25/2054 •  |  | 622 | 622 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.349% due 01/25/2031 ~(a) |  | 2281 | 133 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.745% due 08/20/2047 •  |  | 352 | 343 |
|  5.539% due 07/20/2055 •  |  | 1458 | 1463 |
|  5.739% due 07/20/2055 •  |  | 4678 | 4698 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 |  | 7220 | 6788 |
|  4.500% due 11/01/2055 |  | 3150 | 3054 |
|  5.000% due 11/01/2055 |  | 5310 | 5276 |
|  5.500% due 11/01/2055 |  | 3010 | 3031 |
|  6.000% due 11/01/2055 |  | 2970 | 3021 |
|  U.S. Small Business Administration | 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, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 10/01/2055 |  | 370 | 325 |
|  4.000% due 11/01/2055 |  | 4070 | 3835 |
|  4.500% due 10/01/2055 - 11/01/2055 |  | 8740 | 8477 |
|  5.000% due 11/01/2055 |  | 18330 | 18169 |
|  5.500% due 11/01/2055 |  | 1370 | 1381 |
|  6.000% due 10/01/2055 - 11/01/2055 |  | 41240 | 42125 |
|  6.500% due 11/01/2055 |  | 50130 | 51841 |
|  Total U.S. Government Agencies<br>(Cost $193,593) | Total U.S. Government Agencies<br>(Cost $193,593) | Total U.S. Government Agencies<br>(Cost $193,593) | 193860 |
| U.S. TREASURY OBLIGATIONS 2.5% | U.S. TREASURY OBLIGATIONS 2.5% | U.S. TREASURY OBLIGATIONS 2.5% | U.S. TREASURY OBLIGATIONS 2.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 05/15/2044 (i) |  | 2400 | 2383 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 07/31/2030 (f) |  | 2400 | 2415 |
|  Total U.S. Treasury Obligations<br>(Cost $4,806) | Total U.S. Treasury Obligations<br>(Cost $4,806) | Total U.S. Treasury Obligations<br>(Cost $4,806) | 4798 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 11.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 11.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 11.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 11.1% |
|  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 |  | 283 | 255 |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  | GBP | 534 | 720 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.985% due 02/20/2035 ~ | 22 | 19 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.333% due 06/25/2035 ~ | 9 | 8 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.592% due 08/25/2036 •  | 893 | 794 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  5.990% due 01/17/2039 •  | 1000 | 999 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  6.000% due 07/25/2036 | 820 | 393 |
|  6.248% due 02/20/2036 •  | 6 | 6 |
|  6.500% due 12/25/2037 | 1263 | 500 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.300% due 03/25/2036 •  | 43 | 44 |
|  9.170% due 09/25/2062 þ | 739 | 741 |
|  CLNY Trust | CLNY Trust | CLNY Trust |
|  5.717% due 11/15/2038 •  | 698 | 690 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.672% due 05/25/2036 •  | 197 | 171 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.421% due 10/25/2037 ~ | 697 | 405 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  5.068% due 09/19/2044 •  | 61 | 55 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  4.747% due 10/25/2035 ~ | 154 | 141 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  6.007% due 01/25/2059 þ | 368 | 371 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  6.363% due 09/25/2035 ~ | 2 | 2 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.748% due 01/19/2036 •  | 1441 | 936 |
|  4.930% due 06/20/2035 •  | 265 | 255 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.892% due 03/25/2035 •  | 313 | 255 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.912% due 03/25/2035 •  | 221 | 215 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.792% due 06/25/2035 •  | 86 | 69 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.106% due 08/25/2035 ~ | 49 | 43 |
|  5.750% due 01/25/2036 | 10 | 4 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.922% due 11/25/2036 •  | 1005 | 459 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.722% due 08/25/2046 •  | 1178 | 1210 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.890% due 09/25/2035 ~ | 72 | 57 |
|  Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC |
|  3.008% due 03/24/2081 •  | 727 | 855 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.582% due 07/25/2035 ~ | 182 | 163 |
|  6.815% due 06/25/2036 þ | 2753 | 698 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.632% due 09/25/2036 •  | 736 | 682 |
|  4.772% due 08/25/2035 •  | 1284 | 880 |
|  5.263% due 12/25/2035 ~ | 1056 | 930 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  6.000% due 03/25/2037 | 2835 | 867 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.810% due 07/20/2034 •  | 181 | 180 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.572% due 12/25/2037 •  | 1175 | 1003 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  | 360 | 486 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ | 383 | 517 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.218% due 06/25/2069 þ | 361 | 366 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.509% due 01/25/2037 ~ | 127 | 109 |
|  4.181% due 02/25/2037 ~ | 336 | 314 |
|  4.206% due 12/25/2036 ~ | 74 | 67 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **47** |

---

------

Schedule of Investments PIMCO RAE PLUS EMG Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.402% due 06/25/2037 ~ | 637 | 574 |
|  5.653% due 10/25/2046 •  | 1489 | 1413 |
|  5.653% due 11/25/2046 •  | 1381 | 1237 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  3.918% due 09/25/2036 þ | 2156 | 568 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $25,375) | Total Non-Agency Mortgage-Backed Securities (Cost $25,375) | 21726 |
| ASSET-BACKED SECURITIES 22.3% | ASSET-BACKED SECURITIES 22.3% | ASSET-BACKED SECURITIES 22.3% |
| AUTOMOBILE ABS OTHER 1.8% | AUTOMOBILE ABS OTHER 1.8% | AUTOMOBILE ABS OTHER 1.8% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.050% due 05/12/2031 | 500 | 503 |
|  SBNA Auto Receivables Trust | SBNA Auto Receivables Trust | SBNA Auto Receivables Trust |
|  5.120% due 03/17/2031 | 612 | 613 |
|  5.140% due 04/15/2031 | 2350 | 2361 |
|  |  | 3477 |
| AUTOMOBILE SEQUENTIAL 2.3% | AUTOMOBILE SEQUENTIAL 2.3% | AUTOMOBILE SEQUENTIAL 2.3% |
|  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 | 400 | 411 |
|  FHF Trust | FHF Trust | FHF Trust |
|  6.570% due 06/15/2028 | 134 | 135 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 | 97 | 97 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.960% due 10/16/2028 | 275 | 278 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.440% due 01/25/2029 | 900 | 919 |
|  5.490% due 06/25/2027 | 700 | 704 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  7.500% due 12/15/2028 | 805 | 820 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 | 195 | 195 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 | 130 | 131 |
|  Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII |
|  5.380% due 11/25/2030 | 19 | 19 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.930% due 07/17/2028 | 306 | 307 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.700% due 10/16/2028 | 461 | 465 |
|  |  | 4481 |
| CMBS OTHER 2.8% | CMBS OTHER 2.8% | CMBS OTHER 2.8% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.822% due 01/15/2037 •  | 247 | 248 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.636% due 01/20/2037 •  | 419 | 419 |
|  BDS LLC | BDS LLC | BDS LLC |
|  5.705% due 10/21/2042 •  | 900 | 896 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.565% due 11/15/2038 •  | 284 | 285 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.750% due 11/22/2038 •  | 53 | 52 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.708% due 02/18/2040 •  | 1000 | 998 |
|  6.284% due 06/19/2037 •  | 1201 | 1202 |
|  6.769% due 09/17/2037 •  | 211 | 211 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 201 | 201 |
|  5.350% due 07/16/2036 •  | 32 | 32 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.793% due 02/15/2039 •  | 947 | 950 |
|  |  | 5494 |
| HOME EQUITY OTHER 4.8% | HOME EQUITY OTHER 4.8% | HOME EQUITY OTHER 4.8% |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.752% due 04/25/2037 •  | 606 | 541 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.412% due 01/25/2037 •  | 1836 | 949 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.672% due 03/25/2037 •  | 4527 | 1227 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  5.995% due 03/25/2046 ~ | 4229 | 1501 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  4.672% due 03/25/2036 •  | 571 | 299 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  5.397% due 11/25/2035 •  | 1448 | 1390 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.352% due 11/25/2036 •  | 1211 | 713 |
|  4.452% due 03/25/2037 •  | 2893 | 1232 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.492% due 05/25/2037 •  | 1270 | 767 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.147% due 06/25/2044 þ | 368 | 373 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.752% due 07/25/2036 •  | 942 | 372 |
|  |  | 9364 |
| WHOLE LOAN COLLATERAL 2.3% | WHOLE LOAN COLLATERAL 2.3% | WHOLE LOAN COLLATERAL 2.3% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  7.250% due 05/25/2036 þ | 867 | 430 |
|  GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust |
|  5.622% due 03/25/2035 •  | 3189 | 3491 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.572% due 09/25/2037 •  | 846 | 588 |
|  |  | 4509 |
| OTHER ABS 8.3% | OTHER ABS 8.3% | OTHER ABS 8.3% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  | 500 | 500 |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  5.608% due 07/15/2034 •  | 1000 | 1001 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 300 | 287 |
|  Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. |
|  3.928% due 04/25/2038 | 300 | 296 |
|  Arbour CLO VI DAC | Arbour CLO VI DAC | Arbour CLO VI DAC |
|  3.186% due 11/15/2037 •  | 800 | 941 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.548% due 07/16/2034 •  | 500 | 501 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.930% due 10/17/2035 | 504 | 506 |
|  BlueMountain CLO XXII Ltd. | BlueMountain CLO XXII Ltd. | BlueMountain CLO XXII Ltd. |
|  5.659% due 07/15/2031 •  | 187 | 187 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% due 01/20/2037 •  | 600 | 603 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  5.548% due 07/16/2031 •  | 801 | 802 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.525% due 01/20/2035 •  | 900 | 903 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 27 | 27 |
|  Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. |
|  5.408% due 04/22/2035 •  | 700 | 703 |
|  Henley CLO VII DAC | Henley CLO VII DAC | Henley CLO VII DAC |
|  2.929% due 04/25/2034 •  | 500 | 588 |
|  Invesco Euro CLO III DAC | Invesco Euro CLO III DAC | Invesco Euro CLO III DAC |
|  3.126% due 10/30/2038 •  | 500 | 588 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  5.588% due 07/25/2035 •  | 500 | 500 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.589% due 02/20/2041 •  | 151 | 154 |
|  6.640% due 02/20/2041 | 151 | 156 |
|  Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. |
|  5.478% due 11/13/2031 •  | 621 | 622 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  | 500 | 501 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.036% due 05/15/2034 •  | 614 | 719 |
|  3.926% due 05/15/2034 •  | 1000 | 1177 |
|  4.053% due 02/15/2035 •  | 500 | 589 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 1000 | 1003 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.598% due 10/15/2034 •  | 600 | 601 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.484% due 08/16/2034 •  | 500 | 501 |
|  Tralee CLO VI Ltd. | Tralee CLO VI Ltd. | Tralee CLO VI Ltd. |
|  5.538% due 10/25/2032 •  | 715 | 716 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 23 | 23 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.505% due 04/20/2034 •  | 500 | 501 |
|  |  | 16196 |
|  Total Asset-Backed Securities<br>(Cost $48,237) | Total Asset-Backed Securities<br>(Cost $48,237) | 43521 |
| SOVEREIGN ISSUES 12.1% | SOVEREIGN ISSUES 12.1% | SOVEREIGN ISSUES 12.1% |
|  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 | 505000 | 512 |
|  5.000% due 10/01/2028 | 470000 | 488 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (b) | 24800 | 4353 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  8.375% due 11/07/2054 | 400 | 424 |
|  Colombia TES | Colombia TES | Colombia TES |
|  6.000% due 04/28/2028 | 2437400 | 569 |
|  11.000% due 08/22/2029 | 3992700 | 1029 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 1000 | 1016 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (b) | 300 | 232 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 | 300 | 302 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | 130000 | 766 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | 14800 | 820 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | 200 | 207 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  3.000% due 12/03/2026 (d) | 855 | 46 |
|  4.000% due 08/24/2034 (d) | 2736 | 143 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 1100 | 335 |
|  7.300% due 08/12/2033 | 3200 | 1028 |
|  7.600% due 08/12/2039 | 100 | 32 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 3300 | 921 |
|  6.150% due 08/12/2032 | 15300 | 4672 |
|  6.950% due 08/12/2031 | 561 | 179 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 31570 | 1451 |
|  7.000% due 02/28/2031 | 17800 | 978 |
|  8.000% due 01/31/2030 | 8600 | 500 |
|  8.250% due 03/31/2032 | 3400 | 194 |
|  8.500% due 01/31/2037 | 4900 | 261 |
|  8.875% due 02/28/2035 | 17700 | 1007 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 | 400 | 479 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.625% due 01/13/2035 | 300 | 320 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  42.493% (BISTREFI) due 08/19/2026 ~ | 100 | 2 |
|  42.493% (BISTREFI) due 05/17/2028 ~ | 9500 | 225 |
|  Total Sovereign Issues (Cost $22,187) | Total Sovereign Issues (Cost $22,187) | 23491 |

---

48 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 26.4% | SHORT-TERM INSTRUMENTS 26.4% | SHORT-TERM INSTRUMENTS 26.4% | SHORT-TERM INSTRUMENTS 26.4% | SHORT-TERM INSTRUMENTS 26.4% |
| COMMERCIAL PAPER 0.9% | COMMERCIAL PAPER 0.9% | COMMERCIAL PAPER 0.9% | COMMERCIAL PAPER 0.9% | COMMERCIAL PAPER 0.9% |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  4.600% due 10/02/2025 | $— | 1750 | $— | 1749 |
| REPURCHASE AGREEMENTS (e) 25.5% | REPURCHASE AGREEMENTS (e) 25.5% | REPURCHASE AGREEMENTS (e) 25.5% | REPURCHASE AGREEMENTS (e) 25.5% | REPURCHASE AGREEMENTS (e) 25.5% |
|  |  |  |  | 49800 |
| SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% |
|  7.505% due 06/17/2026 (b)(c) |  | 1300 |  | 72 |
|  Total Short-Term Instruments<br> (Cost $51,621) | Total Short-Term Instruments<br> (Cost $51,621) | Total Short-Term Instruments<br> (Cost $51,621) |  | 51621 |
| Total Investments in Securities<br>(Cost $356,006) | Total Investments in Securities<br>(Cost $356,006) | Total Investments in Securities<br>(Cost $356,006) |  | 349411 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 8.1% | INVESTMENTS IN AFFILIATES 8.1% | INVESTMENTS IN AFFILIATES 8.1% | INVESTMENTS IN AFFILIATES 8.1% |
| SHORT-TERM INSTRUMENTS 8.1% | SHORT-TERM INSTRUMENTS 8.1% | SHORT-TERM INSTRUMENTS 8.1% | SHORT-TERM INSTRUMENTS 8.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.1% |
|  PIMCO Short Asset Portfolio | 1595941 | $— | 15658 |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 3411 |  | 33 |
| Total Short-Term Instruments<br>(Cost $15,659) | Total Short-Term Instruments<br>(Cost $15,659) |  | 15691 |
| Total Investments in Affiliates<br>(Cost $15,659) | Total Investments in Affiliates<br>(Cost $15,659) |  | 15691 |
| Total Investments 187.2%<br>(Cost $371,665) | Total Investments 187.2%<br>(Cost $371,665) | $— | 365102 |
|  Financial Derivative Instruments (g)(h) 7.2%<br> (Cost or Premiums, net $7,793) |  |  | 14137 |
| Other Assets and Liabilities, net (94.4)% | Other Assets and Liabilities, net (94.4)% |  | (184213) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 195026 |

---

#### 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) Zero coupon security.

(c) Coupon represents a yield to maturity.

(d) Principal amount of security is adjusted for inflation.

#### 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> |
| BOS | 4.220% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | U.S. Treasury Notes 3.500% due 09/30/2029 | $(3672) | $3600 | $3600 |
|  | 4.290 | 09/30/2025 | 10/01/2025 | 22500 | U.S. Treasury Notes 1.500% due 01/31/2027 | (22958) | 22500 | 22503 |
| SAL | 4.180 | 10/01/2025 | 10/02/2025 | 100 | U.S. Treasury Notes 1.750% due 12/31/2026 | (102) | 100 | 100 |
|  | 4.240 | 10/01/2025 | 10/02/2025 | 23600 | U.S. Treasury Notes 3.625% due 08/15/2028 | (24073) | 23600 | 23600 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50805) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49803 |

---

#### 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 |
|  JPS | 4.340% | 09/26/2025 | 10/03/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2427) | $(2428) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2428) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 49

------

Schedule of Investments PIMCO RAE PLUS EMG Fund (Cont.)

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (10.9)% | U.S. Government Agencies (10.9)% | U.S. Government Agencies (10.9)% | U.S. Government Agencies (10.9)% | U.S. Government Agencies (10.9)% | U.S. Government Agencies (10.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490 | $(3619) | $(3620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 6360 | (5250) | (5359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 13490 | (12370) | (12323) |
|  Total Short Sales (10.9)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21239) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21302) |

---

#### 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 September 30, 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 |
|  BOS | $26103 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26630) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(527) |
|  JPS | 0 | (2428) | 0 | (2428) | 2415 | (13) |
|  SAL | 23700 | 0 | 0 | 23700 | (24175) | (475) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2428) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $0 | $(2428) | $0 | $0 | $(2428) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2428) | $&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;(2428) |
|  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  | $(2428) |

---

(f) Securities with an aggregate market value of $2,415 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(103) at a weighted average interest rate of 4.309%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

#### WRITTEN OPTIONS:

#### FUTURE STYLED 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 |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $113.500 | 10/24/2025 | 114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |

---

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 10/24/2025 | 114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | $(14) | $(13) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) |

---

50 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### 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 |
|  30-Day Federal Fund February Futures  | 02/2026 | 47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18887 | $(1) | $0 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 34 | 2992 | 10 | 13 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 143 | 29801 | 17 | 16 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 77 | 8408 | 12 | 3 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 248 | 27900 | 124 | 0 | (4) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 39 | 4488 | 38 | 0 | (2) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | $(3) | $0 | $0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4803) | (17) | 23 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $23 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 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>September 30, 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 | 0.246% | 200 | $1 | $0 | $1 | $0 | $0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.170 | 100 | 1 | (1) | 0 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 4 | 1 | 5 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.240 | 600 | 4 | (1) | 3 | 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 - 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-44 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | $(156) | $(6) | $(162) | $0 | $(1) |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | 10900 | (240) | (10) | (250) | 0 | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(412) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

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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/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 15800 | $(82) | $(9) | $(91) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&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 | 0 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 1900 | (56) | 24 | (32) | 6 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 980 | 46 | (16) | 30 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9870 | 45 | (118) | (73) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 8400 | 103 | (55) | 48 | 0 | (5) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 11260 | 0 | 143 | 143 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 800 | 8 | (18) | (10) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 200 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 5820 | 154 | (36) | 118 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 2210 | (31) | (5) | (36) | 0 | (1) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 8720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) | (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 3100 | 9 | (45) | (36) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 7300 | 934 | (122) | 812 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 1150 | (12) | (6) | (18) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 13600 | 889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341) | 548 | 0 | (2) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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 | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 12/20/2033 | $1800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) | $22 | $0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 100 | (1) | (1) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 100 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 100 | (1) | 1 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 | (17) | (24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 100 | (1) | 0 | (1) | 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 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 100 | (1) | 3 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 120 | (1) | 4 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 100 | (1) | 4 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 100 | (1) | 4 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 200 | (1) | 3 | 2 | 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 | 8250 | (52) | 12 | (40) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 200 | (1) | 5 | 4 | 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 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 100 | 0 | 4 | 4 | 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 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 200 | (1) | (2) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 200 | (1) | (4) | (5) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 200 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | (2) | (78) | (80) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 2000 | 30 | 62 | 92 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 300 | 70 | 42 | 112 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 | 1400 | 0 | 22 | 22 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 | 1460 | 0 | 24 | 24 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 1970 | 106 | 305 | 411 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 200 | (5) | 21 | 16 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 6100 | 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 5210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447) | 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 800 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 8900 | 0 | (8) | (8) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 1700 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 | 16800 | 0 | 3 | 3 | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 5800 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 500 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.498 | Quarterly | 04/28/2028 | 2156200 | 0 | 14 | 14 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.590 | Quarterly | 08/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770900 | 0 | 1 | 1 | 1 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.136 | Annual | 07/25/2029 | 2300 | 0 | 1 | 1 | 1 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 | 2300 | 0 | (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 02/28/2031 | 11100 | 0 | (3) | (3) | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 0 |

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---

| | | |
|:---|:---|:---|
| **52** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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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 | 6-Month AUD-BBR-BBSW | 4.500% | Semi-Annual | 06/18/2035 | 3100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.580 | Semi-Annual | 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444700 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 | 505000 | 0 | (5) | (5) | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 200 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 200 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 | 100 | (1) | (7) | (8) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 | 100 | (1) | (6) | (7) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 90 | 0 | (8) | (8) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 100 | (1) | (6) | (7) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 100 | 0 | (6) | (6) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 | 100 | 0 | (6) | (6) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 100 | 0 | (5) | (5) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 | 100 | 0 | 1 | 1 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 100 | 0 | 1 | 1 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 | 4800 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 | 19100 | (31) | (28) | (59) | 0 | (1) |
|  Receive | CPURNSA | 2.519 | Maturity | 04/04/2029 | $1670 | 6 | 10 | 16 | 0 | 0 |
|  Receive | CPURNSA | 2.502 | Maturity | 03/25/2030 | 2600 | 0 | 15 | 15 | 0 | 0 |
|  Receive | CPURNSA | 2.520 | Maturity | 03/27/2030 | 3500 | 0 | 17 | 17 | 1 | 0 |
|  Receive | CPURNSA | 2.350 | Maturity | 08/12/2034 | 5600 | 99 | 8 | 107 | 3 | 0 |
|  Receive | CPURNSA | 2.487 | Maturity | 12/07/2051 | 1150 | 24 | 26 | 50 | 1 | 0 |
|  |  |  |  |  |  | $1891 | $254 | $2145 | $99 | $(60) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) |

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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 September 30, 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** |  | 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;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | $(37) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) |

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Cash of $4,474 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **53** |

---

------

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> 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 $(6) for closed futures is outstanding at period end. 

&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 | 10/2025 | 110 | $71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(2) |
|  | 10/2025 | 5801 | 6766 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |
|  | 10/2025 | $2123 | 2953 | 0 | (1) |
|  | 11/2025 | 2948 | $2123 | 1 | 0 |
|  BOA | 10/2025 | 4497 | 30 | 0 | 0 |
|  | 10/2025 | 2031 | 111 | 0 | 0 |
|  | 10/2025 | $60 | 202 | 1 | 0 |
|  | 10/2025 | 610 | 53841 | 0 | (5) |
|  | 10/2025 | 4 | 517 | 0 | 0 |
|  | 10/2025 | 120 | 166715 | 0 | (2) |
|  | 10/2025 | 65 | 112 | 1 | 0 |
|  | 10/2025 | 34 | 121 | 0 | 0 |
|  | 11/2025 | 65 | $76 | 0 | 0 |
|  | 11/2025 | 373 | 111 | 0 | (2) |
|  | 11/2025 | 112 | 65 | 0 | (1) |
|  | 11/2025 | $40 | 133 | 0 | 0 |
|  | 11/2025 | 30 | 4481 | 0 | 0 |
|  | 11/2025 | 11309 | $649 | 0 | (4) |
|  BPS | 10/2025 | 18618 | 3458 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |
|  | 10/2025 | 3217 | 452 | 0 | 0 |
|  | 10/2025 | 9133015 | 552 | 6 | (1) |
|  | 10/2025 | 13983 | 159 | 2 | 0 |
|  | 10/2025 | 5210 | 35 | 0 | 0 |
|  | 10/2025 | 1266 | 30 | 0 | (1) |
|  | 10/2025 | 20058 | 666 | 8 | (1) |
|  | 10/2025 | $3124 | 18618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | 0 |
|  | 10/2025 | 402 | 6638534 | 0 | (4) |
|  | 10/2025 | 579 | 800940 | 0 | (9) |
|  | 10/2025 | 193 | 701 | 0 | 0 |
|  | 10/2025 | 63 | 2029 | 0 | 0 |
|  | 10/2025 | 266 | 11359 | 6 | 0 |
|  | 11/2025 | 1504023 | $90 | 0 | 0 |
|  | 11/2025 | 8901 | 100 | 0 | 0 |
|  | 11/2025 | 84109 | 60 | 0 | 0 |
|  | 11/2025 | $19 | 100 | 0 | 0 |
|  | 11/2025 | 120 | 403 | 2 | 0 |
|  | 11/2025 | 35 | 5192 | 0 | 0 |
|  | 12/2025 | 7442 | $236 | 5 | 0 |
|  | 12/2025 | 3047 | 102 | 1 | 0 |
|  | 12/2025 | $130 | 2184696 | 1 | 0 |
|  | 12/2025 | 789 | 14980 | 22 | 0 |
|  | 04/2026 | 1500 | $263 | 0 | (7) |
|  BRC | 10/2025 | 598 | 749 | 0 | (2) |
|  | 10/2025 | $85 | 118 | 0 | 0 |
|  | 10/2025 | 805 | 645 | 6 | 0 |
|  | 10/2025 | 493 | 367 | 0 | 0 |
|  | 10/2025 | 53 | 990 | 1 | 0 |
|  | 10/2025 | 0 | 2 | 0 | 0 |
|  | 10/2025 | 147 | 538 | 1 | 0 |
|  | 10/2025 | 29 | 1225 | 1 | 0 |
|  | 11/2025 | 2 | $0 | 0 | 0 |
|  | 11/2025 | $749 | 595 | 2 | 0 |
|  | 11/2025 | 109 | 4747 | 2 | 0 |
|  | 11/2025 | 9479 | $538 | 0 | (9) |
|  | 12/2025 | 1510 | 422 | 0 | (12) |
|  | 12/2025 | 17848 | 556 | 2 | 0 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 12/2025 | $5 | 21 | $0 | $0 |
|  | 12/2025 | 297 | 9534 | 0 | (1) |
|  | 12/2025 | 297 | 13138 | 3 | 0 |
|  BSH | 10/2025 | 3000 | $564 | 1 | 0 |
|  | 10/2025 | $552 | 3000 | 12 | 0 |
|  | 10/2025 | 19 | 33 | 0 | 0 |
|  | 11/2025 | 33 | $19 | 0 | 0 |
|  | 11/2025 | 813 | 221 | 0 | (13) |
|  | 12/2025 | 6339 | 1781 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) |
|  | 12/2025 | $1133 | 6287 | 31 | 0 |
|  | 01/2026 | 114 | 403 | 2 | 0 |
|  | 03/2026 | 6037 | $1728 | 0 | (3) |
|  | 04/2026 | 3200 | 563 | 0 | (12) |
|  CBK | 10/2025 | 154 | 100 | 0 | (1) |
|  | 10/2025 | 7706 | 1429 | 1 | (20) |
|  | 10/2025 | 58 | 8 | 0 | 0 |
|  | 10/2025 | 65 | 76 | 0 | 0 |
|  | 10/2025 | 565 | 73 | 0 | 0 |
|  | 10/2025 | 5616609 | 340 | 4 | (1) |
|  | 10/2025 | 20019 | 225 | 0 | 0 |
|  | 10/2025 | 567239 | 410 | 6 | 0 |
|  | 10/2025 | 1429 | 1114 | 6 | 0 |
|  | 10/2025 | 3377 | 105 | 0 | 0 |
|  | 10/2025 | 17801 | 601 | 16 | 0 |
|  | 10/2025 | $1398 | 7706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | 0 |
|  | 10/2025 | 72 | 514 | 0 | 0 |
|  | 10/2025 | 792 | 12979376 | 0 | (14) |
|  | 10/2025 | 544 | 47737 | 0 | (7) |
|  | 10/2025 | 24 | 242 | 0 | 0 |
|  | 10/2025 | 1087 | 3814 | 12 | 0 |
|  | 10/2025 | 131 | 1245 | 1 | 0 |
|  | 10/2025 | 815 | 24820 | 0 | 0 |
|  | 10/2025 | 2351 | $136 | 0 | 0 |
|  | 11/2025 | 4061452 | 1003 | 0 | (29) |
|  | 11/2025 | 242 | 24 | 0 | 0 |
|  | 11/2025 | $213 | 322 | 0 | 0 |
|  | 11/2025 | 61 | 204 | 1 | 0 |
|  | 11/2025 | 225 | 20058 | 0 | 0 |
|  | 11/2025 | 392 | 6810 | 1 | 0 |
|  | 11/2025 | 2649 | $153 | 0 | 0 |
|  | 12/2025 | 3822 | 1087 | 0 | (12) |
|  | 12/2025 | 35986 | 1204 | 16 | 0 |
|  | 12/2025 | $134 | 2256256 | 1 | 0 |
|  | 01/2026 | 675 | $123 | 0 | (1) |
|  | 01/2026 | 4846 | 161 | 0 | 0 |
|  | 03/2026 | 613 | 172 | 0 | (4) |
|  | 08/2026 | $124 | 2208 | 1 | 0 |
|  DUB | 10/2025 | 6503 | $915 | 2 | 0 |
|  | 10/2025 | 3449304 | 210 | 4 | 0 |
|  | 10/2025 | 32506 | 366 | 0 | 0 |
|  | 10/2025 | 153098 | 110 | 1 | 0 |
|  | 10/2025 | $158 | 539 | 5 | 0 |
|  | 10/2025 | 267 | 23606 | 0 | (1) |
|  | 10/2025 | 475 | 1731 | 1 | 0 |
|  | 11/2025 | 539 | $158 | 0 | (5) |
|  | 11/2025 | 2654 | 30 | 0 | 0 |
|  | 11/2025 | $366 | 32571 | 0 | 0 |
|  | 11/2025 | 22889 | $1308 | 0 | (13) |
|  | 12/2025 | 63446 | 66 | 0 | 0 |
|  FAR | 10/2025 | 2901 | 1882 | 0 | (38) |
|  | 10/2025 | 1651 | 301 | 0 | (9) |
|  | 10/2025 | 66 | 83 | 0 | 0 |
|  | 10/2025 | 2835 | 399 | 2 | 0 |
|  | 10/2025 | 511 | 398 | 2 | 0 |
|  | 10/2025 | $2157 | 3304 | 29 | 0 |
|  | 10/2025 | 310 | 1651 | 0 | 0 |
|  | 10/2025 | 497 | 43861 | 0 | (4) |
|  | 10/2025 | 1397 | 205443 | 0 | (8) |
|  | 10/2025 | 792 | 2762 | 4 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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** |
|  | 10/2025 | $275 | 1005 | $1 | $0 |
|  | 10/2025 | 3063 | 3944 | 0 | (5) |
|  | 11/2025 | 3304 | $2158 | 0 | (29) |
|  | 11/2025 | 2471 | 673 | 0 | (38) |
|  | 11/2025 | 3934 | 3063 | 5 | 0 |
|  | 11/2025 | $83 | 66 | 0 | 0 |
|  | 12/2025 | 28122 | $1484 | 0 | (39) |
|  | 02/2026 | 2773 | 792 | 0 | (4) |
|  GLM | 10/2025 | 23400 | 3807 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590) |
|  | 10/2025 | 23 | 29 | 0 | 0 |
|  | 10/2025 | 224 | 31 | 0 | 0 |
|  | 10/2025 | 1301964 | 78 | 0 | 0 |
|  | 10/2025 | 39 | 30 | 0 | 0 |
|  | 10/2025 | $4376 | 23400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | (2) |
|  | 10/2025 | 125 | 2060169 | 0 | (1) |
|  | 10/2025 | 162 | 14221 | 0 | (2) |
|  | 10/2025 | 59 | 1105 | 1 | 0 |
|  | 10/2025 | 579 | 17716 | 3 | 0 |
|  | 11/2025 | 789 | 4230 | 0 | (1) |
|  | 11/2025 | 20 | 67 | 0 | 0 |
|  | 12/2025 | 187 | $10 | 0 | 0 |
|  | 12/2025 | 287 | 82 | 0 | (1) |
|  | 12/2025 | $74 | 1245122 | 0 | 0 |
|  | 04/2026 | 6500 | $1146 | 0 | (24) |
|  IND | 10/2025 | 139 | 91 | 0 | (1) |
|  | 10/2025 | 4219 | 140 | 1 | 0 |
|  JPM | 10/2025 | 3841 | 709 | 0 | (13) |
|  | 10/2025 | 2836 | 2052 | 14 | 0 |
|  | 10/2025 | 480375 | 500 | 0 | 0 |
|  | 10/2025 | 6796187 | 407 | 0 | 0 |
|  | 10/2025 | 18962 | 215 | 2 | 0 |
|  | 10/2025 | 883207 | 630 | 2 | (2) |
|  | 10/2025 | 197 | 153 | 1 | 0 |
|  | 10/2025 | 19391 | 638 | 2 | (1) |
|  | 10/2025 | $703 | 3841 | 18 | 0 |
|  | 10/2025 | 117 | 99 | 0 | 0 |
|  | 10/2025 | 215 | 160 | 0 | 0 |
|  | 10/2025 | 530 | 8827091 | 0 | (2) |
|  | 10/2025 | 60 | 201 | 1 | 0 |
|  | 10/2025 | 97 | 357 | 1 | 0 |
|  | 10/2025 | 29 | 887 | 0 | 0 |
|  | 11/2025 | 20269 | $1156 | 0 | (13) |
|  | 12/2025 | $97 | 1809 | 1 | 0 |
|  | 04/2026 | 13600 | $2307 | 0 | (139) |
|  | 06/2026 | 1300 | 73 | 0 | 0 |
|  MBC | 10/2025 | 42 | 31 | 0 | 0 |
|  | 10/2025 | 65 | 81 | 0 | 0 |
|  | 10/2025 | 3673 | 517 | 1 | 0 |
|  | 10/2025 | 95 | 112 | 1 | 0 |
|  | 10/2025 | 6613 | 850 | 0 | 0 |
|  | 10/2025 | 339517 | 21 | 0 | 0 |
|  | 10/2025 | 13182 | 89 | 0 | 0 |
|  | 10/2025 | 842549 | 604 | 4 | 0 |
|  | 10/2025 | 2794 | 291 | 0 | (5) |
|  | 10/2025 | 1729 | 1349 | 9 | 0 |
|  | 10/2025 | 2575 | 80 | 0 | 0 |
|  | 10/2025 | $135 | 106 | 0 | (1) |
|  | 10/2025 | 330 | 2354 | 0 | 0 |
|  | 10/2025 | 453 | 631888 | 0 | (2) |
|  | 10/2025 | 0 | 2 | 0 | 0 |
|  | 10/2025 | 120 | 1150 | 2 | 0 |
|  | 10/2025 | 90 | 2914 | 0 | 0 |
|  | 11/2025 | 2348 | $330 | 0 | 0 |
|  | 11/2025 | 8590 | 58 | 0 | 0 |
|  | 11/2025 | 2 | 0 | 0 | 0 |
|  | 11/2025 | $17 | 2573 | 0 | 0 |
|  | 12/2025 | 162 | 3027 | 2 | 0 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MYI | 10/2025 | 3341 | $470 | $1 | $0 |
|  | 10/2025 | 1359366 | 83 | 1 | 0 |
|  | 10/2025 | 98498 | 660 | 0 | (6) |
|  | 10/2025 | $15 | 2287 | 0 | 0 |
|  | 10/2025 | 105 | 380 | 0 | (1) |
|  | 10/2025 | 121 | 3655 | 0 | (1) |
|  | 11/2025 | 1 | $0 | 0 | 0 |
|  | 11/2025 | $660 | 98157 | 6 | 0 |
|  | 12/2025 | 51367 | $54 | 1 | 0 |
|  | 12/2025 | 1112 | 311 | 0 | (8) |
|  | 12/2025 | 3631 | 121 | 2 | 0 |
|  | 12/2025 | $179 | 3375 | 4 | 0 |
|  NGF | 10/2025 | 350977 | $252 | 2 | 0 |
|  | 10/2025 | $112 | 1850354 | 0 | (1) |
|  | 11/2025 | 528 | 23095 | 9 | 0 |
|  SCX | 10/2025 | 2430 | $342 | 1 | 0 |
|  | 10/2025 | 2812326 | 168 | 0 | 0 |
|  | 10/2025 | 23277 | 262 | 0 | 0 |
|  | 10/2025 | 6573 | 1860 | 0 | (33) |
|  | 10/2025 | 41 | 32 | 0 | 0 |
|  | 10/2025 | 10819 | 365 | 10 | 0 |
|  | 10/2025 | $703 | 525 | 4 | 0 |
|  | 10/2025 | 115 | 1892524 | 0 | (2) |
|  | 10/2025 | 260 | 22988 | 0 | (2) |
|  | 10/2025 | 80 | 11708 | 0 | (1) |
|  | 11/2025 | 525 | $703 | 0 | (4) |
|  | 11/2025 | 99 | 1 | 0 | 0 |
|  | 11/2025 | $232 | 20666 | 0 | 0 |
|  | 12/2025 | 168 | 2819434 | 0 | 0 |
|  SOG | 10/2025 | 8124 | $1523 | 0 | (4) |
|  | 10/2025 | 214504 | 1442 | 0 | (9) |
|  | 10/2025 | 145 | 84 | 1 | 0 |
|  | 10/2025 | $1520 | 8124 | 8 | (1) |
|  | 10/2025 | 6817 | 5797 | 0 | (11) |
|  | 10/2025 | 729 | 107207 | 0 | (4) |
|  | 10/2025 | 77 | 2317 | 0 | (1) |
|  | 11/2025 | 2372706 | $582 | 0 | (20) |
|  | 11/2025 | 5797 | 6831 | 11 | 0 |
|  | 11/2025 | $987 | 7675 | 0 | 0 |
|  | 11/2025 | 1442 | 213762 | 9 | 0 |
|  | 12/2025 | 1365 | 7388 | 4 | 0 |
|  | 03/2026 | 483708 | $499 | 0 | (4) |
|  SSB | 10/2025 | 803 | 147 | 0 | (4) |
|  | 10/2025 | 1052 | 1418 | 3 | 0 |
|  | 10/2025 | 2807880 | 168 | 0 | 0 |
|  | 10/2025 | $474 | 663053 | 0 | (1) |
|  | 10/2025 | 304 | 9263 | 0 | 0 |
|  | 11/2025 | 7740 | $1437 | 0 | (6) |
|  | 11/2025 | 5602 | 63 | 0 | 0 |
|  | 11/2025 | $323 | 28743 | 0 | 0 |
|  UAG | 10/2025 | 72 | $52 | 0 | 0 |
|  | 10/2025 | 996 | 299 | 0 | (2) |
|  | 10/2025 | 255 | 25 | 0 | (1) |
|  | 10/2025 | $16 | 54 | 1 | 0 |
|  | 10/2025 | 1214 | 107131 | 0 | (9) |
|  | 10/2025 | 105 | 380 | 0 | 0 |
|  | 10/2025 | 90 | 2913 | 0 | 0 |
|  | 10/2025 | 136 | 2351 | 0 | 0 |
|  | 10/2025 | 2352 | $136 | 0 | 0 |
|  | 11/2025 | 54 | 16 | 0 | (1) |
|  | 11/2025 | 10311 | 585 | 0 | (10) |
|  | 12/2025 | 1643 | 35 | 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;835 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1451) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 57

------

Schedule of Investments PIMCO RAE PLUS EMG Fund (Cont.)

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $4 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 5400 | 8 | 5 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 1040 | 46 | 56 |
| GLM | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 610 | 10 | 19 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 1000 | 1 | 1 |
| MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 1800 | 2 | 2 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 2000 | 3 | 2 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.230% | 03/30/2026 | 2300 | $18 | $18 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.160 | 12/04/2025 | 600 | 3 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.758 | 03/30/2026 | 1100 | 9 | 8 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215 | 08/05/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 300 | 2 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 200 | 2 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 700 | 62 | 59 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 700 | 62 | 59 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 600 | 52 | 55 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 600 | 52 | 47 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 1000 | 86 | 92 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 1000 | 86 | 77 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 1900 | 153 | 174 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 2500 | 202 | 170 |
| 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 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 141600 | 711 | 617 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 141600 | 711 | 690 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 2700 | 234 | 243 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/21/2035 | 2200 | 190 | 198 |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 10/09/2025 | 3000 | 4 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.008 | 11/06/2025 | 5800 | 5 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.010 | 11/07/2025 | 5900 | 6 | 1 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 5500 | 444 | 504 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 7200 | 581 | 489 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 02/18/2026 | 6100 | 13 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.989 | 08/06/2026 | 300 | 3 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.239 | 08/06/2026 | 200 | 3 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 300 | 2 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 4500 | 396 | 384 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 24600 | 18 | 18 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.907 | 11/07/2025 | 6300 | 6 | 3 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.177 | 12/24/2025 | 2200 | 9 | 7 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 3000 | 39 | 32 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 2600 | 52 | 45 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 2600 | 38 | 24 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 300 | 2 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 700 | 62 | 60 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 700 | 62 | 58 |

---

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520% | 08/13/2035 | 1400 | $123 | $121 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 1400 | 123 | 114 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $97.961 | 10/07/2025 | 2000 | $3 | $0 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.945 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | 13 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.977 | 10/07/2025 | 10200 | 14 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.063 | 10/07/2025 | 8100 | 10 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.547 | 11/06/2025 | 6300 | 5 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 4100 | 5 | 4 |
|  |  |  |  |  | $50 | $4 |
|  Total Purchased Options  | Total Purchased Options  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858 |

---

#### 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-44 5-Year Index | Sell | 0.700% | 12/17/2025 | 12500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 3600 | $(2) | $(2) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 5400 | (2) | (4) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 2070 | (44) | (54) |
| GLM | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 610 | (2) | (3) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 610 | (5) | (1) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 1000 | 0 | (1) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 1800 | (1) | (1) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 2000 | (1) | (1) |
| UAG | Call - OTC USD versus TRY | TRY | 54.000 | 12/16/2025 | 300 | (10) | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |

---

#### 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 Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.086% | 10/07/2025 | 7400 | $(16) | $0 |
| DUB Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028 | 12/04/2025 | 2900 | (5) | (6) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.131 | 11/06/2025 | 4200 | (4) | 0 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 10/07/2025 | 4800 | (10) | 0 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.677 | 12/24/2025 | 2500 | (9) | (12) |
| NGF Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.082 | 10/07/2025 | 6100 | (14) | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $96.547 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | $(5) | $(15) |
|  Total Written Options | Total Written Options |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 59

------

Schedule of Investments PIMCO RAE PLUS EMG 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>September 30, 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>September 30, 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 | 0.872% | $100 | $(1) | $1 | $0 | $0 |
| JPM | Hochtief AG | 5.000 | Quarterly | 12/20/2025 | 0.157 | 700 | 162 | (152) | 10 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 1.016 | $500 | 4 | (5) | 0 | (1) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&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 | 580 | $112 | $8 | $120 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 1063 | 209 | 12 | 221 | 0 |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | $859 | (237) | 170 | 0 | (67) |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 386 | 77 | 3 | 80 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 4832 | 994 | 7 | 1001 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | **Underlying**<br> **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**<br> **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 | ERAEMLT Index | 4079 | 5.510% (SOFR plus a<br>specified spread) | Maturity | 07/01/2026 | $21360 | $0 | $1904 | $1904 | $0 |
| MEI | Receive | ERAUSLT Index | 2512 | 5.140% (FEDL01 plus<br>a specified spread) | Monthly | 10/15/2025 | 14569 | 0 | (58) | 0 | (58) |
|  | Receive | ERAEMLT Index | 10624 | 5330% (FEDL01 plus<br>a specified spread) | Maturity | 01/07/2026 | 52063 | 0 | 7110 | 7110 | 0 |
|  | Receive | ERAEMLT Index | 2047 | 5.405% (SOFR plus a<br>specified spread) | Monthly | 03/04/2026 | 11872 | 0 | (50) | 0 | (50) |
|  | Receive | ERAEMLN Index | 3339 | 4.830% (SOFR plus a<br>specified spread) | Monthly | 07/08/2026 | 8320 | 0 | (31) | 0 | (31) |
|  | Receive | ERAEMLN Index | 30195 | 4.790% (SOFR plus a<br>specified spread) | Monthly | 08/05/2026 | 75237 | 0 | (280) | 0 | (280) |
|  |  |  |  |  |  |  |  | $0 | $8595 | $9014 | $(419) |
|  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;1320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(487) |

---

#### 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 September 30, 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 | $1 | $0 | $0 | $1 | $(48) | $0 | $0 | $(48) | $(47) | $0 | $(47) |
|  BOA | 2 | 491 | 120 | 613 | (14) | (60) | 0 | (74) | 539 | (260) | 279 |
|  BPS | 429 | 0 | 221 | 650 | (65) | 0 | 0 | (65) | 585 | (550) | 35 |
|  BRC | 18 | 344 | 0 | 362 | (24) | 0 | (67) | (91) | 271 | 0 | 271 |
|  BSH | 46 | 0 | 0 | 46 | (69) | 0 | 0 | (69) | (23) | 0 | (23) |
|  CBK | 116 | 0 | 0 | 116 | (89) | 0 | 0 | (89) | 27 | 0 | 27 |
|  DUB | 13 | 1748 | 0 | 1761 | (19) | (6) | 0 | (25) | 1736 | 0 | 1736 |
|  FAR | 43 | 0 | 0 | 43 | (174) | 0 | 0 | (174) | (131) | 0 | (131) |
|  GLM | 27 | 1015 | 0 | 1042 | &nbsp;&nbsp;&nbsp;&nbsp;(621) | (5) | 0 | (626) | 416 | 550 | 966 |
|  GSC | 0 | 4 | 0 | 4 | 0 | (15) | 0 | (15) | (11) | 0 | (11) |
|  GST | 0 | 0 | 80 | 80 | 0 | (5) | 0 | (5) | 75 | 0 | 75 |
|  IND | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  JPM | 42 | 767 | 2915 | 3724 | (170) | 0 | (1) | (171) | 3553 | (3330) | 223 |
|  MBC | 19 | 4 | 0 | 23 | (8) | (2) | 0 | (10) | 13 | 0 | 13 |
|  MEI | 0 | 0 | 7110 | 7110 | 0 | 0 | (419) | (419) | 6691 | (9589) | (2898) |
|  MYC | 0 | 250 | 0 | 250 | 0 | (12) | 0 | (12) | 238 | 0 | 238 |

---

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>** |
|  MYI | $15 | $0 | $0 | $15 | $(16) | $0 | $0 | $(16) | $(1) | $&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;107 |
|  NGF | 11 | 235 | 0 | 246 | (1) | 0 | 0 | (1) | &nbsp;&nbsp;&nbsp;&nbsp;245 | 0 | 245 |
|  SCX | 15 | 0 | 0 | 15 | (42) | 0 | 0 | (42) | (27) | 0 | (27) |
|  SOG | 33 | 0 | 0 | 33 | (54) | 0 | 0 | (54) | (21) | 0 | (21) |
|  SSB | 3 | 0 | 0 | 3 | (11) | 0 | 0 | (11) | (8) | 0 | (8) |
|  UAG | 1 | 0 | 0 | 1 | (25) | (2) | 0 | (27) | (26) | 0 | (26) |
|  Total Over the Counter | $835 | $4858 | $10446 | $16139 | $(1451) | $(107) | $(487) | $(2045) |  |  |  |

---

(i) Securities with an aggregate market value of $658 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(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 September 30, 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 | $55 | $55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 99 | 99 |
|  | $0 | $0 | $0 | $0 | $154 | $154 |
|  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 | $835 | $0 | $835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 89 | 4769 | 4858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1432 | 9014 | 0 | 0 | 10446 |
|  | $0 | $1432 | $9014 | $924 | $4769 | $16139 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4923 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16293 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 61

------

Schedule of Investments PIMCO RAE PLUS EMG 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 | $37 | $37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 6 | 0 | 0 | 0 | 6 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 60 | 62 |
|  | $6 | $2 | $0 | $0 | $103 | $111 |
|  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 | $1451 | $0 | $1451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 5 | 0 | 69 | 33 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 68 | 419 | 0 | 0 | 487 |
|  | $0 | $73 | $419 | $1520 | $33 | $2045 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 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 | $54 | $54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (270) | 0 | 643 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (274) | 0 | 0 | 732 | 458 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274) | $(270) | $0 | $1429 | $885 |
|  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 | $(2244) | $0 | $(2244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (60) | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 5 | 0 | 0 | 131 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 211 | 17825 | 0 | 0 | 18036 |
|  | $0 | $216 | $17825 | $(2244) | $71 | $15868 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(58) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2244) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16753 |
|  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 | $16 | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 6 | 0 | (345) | (339) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (73) | 0 | 0 | (902) | (975) |
|  | $0 | $(73) | $6 | $0 | $(1231) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1298) |
|  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 | $(410) | $0 | $(410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 13 | (297) | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 6 | 0 | (1) | (7) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 40 | 10846 | 0 | 0 | 10886 |
|  | $0 | $46 | $10846 | $(398) | $(304) | $10190 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1535) | $8892 |

---

62 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $7329 | $0 | $7329 |
| &nbsp;&nbsp; Industrials | 0 | 401 | 2000 | 2401 |
| &nbsp;&nbsp; Utilities | 0 | 593 | 0 | 593 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Nebraska | 0 | 71 | 0 | 71 |
|  U.S. Government Agencies | 0 | 193860 | 0 | 193860 |
|  U.S. Treasury Obligations | 0 | 4798 | 0 | 4798 |
|  Non-Agency Mortgage-Backed Securities | 0 | 21726 | 0 | 21726 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 3477 | 0 | 3477 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 4481 | 0 | 4481 |
| &nbsp;&nbsp; CMBS Other | 0 | 5494 | 0 | 5494 |
| &nbsp;&nbsp; Home Equity Other | 0 | 9364 | 0 | 9364 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 4509 | 0 | 4509 |
| &nbsp;&nbsp; Other ABS | 0 | 16196 | 0 | 16196 |
|  Sovereign Issues | 0 | 23491 | 0 | 23491 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 1749 | 0 | 1749 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 49800 | 0 | 49800 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 72 | 0 | 72 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349411 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  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 | $15691 | $0 | $0 | $15691 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15691 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365102 |
|  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 | $(21302) | $0 | $(21302) |
|  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 | 13 | 141 | 0 | 154 |
|  Over the counter | 0 | 16139 | 0 | 16139 |
|  | $13 | $16280 | $0 | $16293 |
|  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 | (105) | 0 | (105) |
|  Over the counter | 0 | (1978) | (67) | (2045) |
|  | $0 | $(2083) | $(67) | $(2150) |
|  Total Financial Derivative Instruments | $13 | $14197 | $(67) | $14143 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357943 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **63** |

---

------

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 150.5% | INVESTMENTS IN SECURITIES 150.5% | INVESTMENTS IN SECURITIES 150.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  4.804% (EUR006M + 2.450%) due 04/01/2027 «~ | 1000 | 1183 |
|  Total Loan Participations and Assignments (Cost $1,082) | Total Loan Participations and Assignments (Cost $1,082) | 1183 |
| CORPORATE BONDS & NOTES 5.7% | CORPORATE BONDS & NOTES 5.7% | CORPORATE BONDS & NOTES 5.7% |
| BANKING & FINANCE 3.8% | BANKING & FINANCE 3.8% | BANKING & FINANCE 3.8% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.904% (T-BILL 3MO + 11.000%) due 09/14/2031 ~ | 250 | 250 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  3.300% due 01/30/2032 | 800 | 737 |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  12.407% (T-BILL 3MO + 8.500%) due 01/07/2032 ~ | 250 | 267 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 4700 | 4778 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 83 | 80 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 3800 | 3968 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  7.437% due 11/02/2033 •  | 1500 | 1722 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  10.832% (T-BILL 1MO + 6.900%) due 03/13/2032 ~ | 550 | 578 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 700 | 214 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 200 | 208 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 800 | 937 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.125% due 08/17/2027 | 400 | 394 |
|  5.800% due 03/05/2027 | 400 | 404 |
|  5.800% due 03/08/2029 | 600 | 609 |
|  7.350% due 11/04/2027 | 300 | 313 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.900% due 01/13/2035 | 350 | 364 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.625% due 09/15/2034 | 200 | 203 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 800 | 814 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 300 | 279 |
|  Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. |
|  13.654% (T-BILL 1MO + 9.750%) due 06/06/2027 ~ | 250 | 263 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.298% (SOFRRATE + 0.970%) due 01/14/2028 ~ | 100 | 100 |
|  5.350% due 01/13/2030 | 200 | 207 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.711% due 07/08/2031 •  | 1100 | 1113 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.656% due 04/18/2030 •  | 500 | 522 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  5.350% due 02/01/2033 | 100 | 99 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  13.654% (T-BILL 3MO + 9.750%) due 04/10/2033 ~ | 250 | 261 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  7.979% (EUR003M + 6.000%) due 01/17/2029 ~ | 250 | 296 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 06/07/2032 ~ | 250 | 265 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (c) | $| 1700 | 1281 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  14.402% (T-BILL 3MO + 10.500%) due 01/07/2028 ~ |  | 250 | 259 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.017% (EUR003M + 8.000%) due 01/06/2031 ~ | EUR | 250 | 298 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.969% due 08/02/2030 •  | $| 500 | 512 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.840% due 04/15/2027 |  | 700 | 669 |
|  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 | 3260 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.660% due 07/08/2031 •  |  | 1600 | 1619 |
|  5.558% due 07/09/2034 |  | 300 | 317 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  4.194% due 04/01/2031 •  |  | 250 | 247 |
|  4.751% due 05/12/2028 •  |  | 5300 | 5346 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  11.404% (T-BILL 3MO + 7.500%) due 02/22/2028 ~ |  | 500 | 504 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  8.904% (GSMMUSTI + 5.000%) due 03/08/2033 ~ |  | 250 | 253 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 |  | 1800 | 1815 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.900% due 07/22/2032 •  | EUR | 1100 | 1331 |
|  5.150% due 04/23/2031 •  | $| 3400 | 3507 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.404% (T-BILL 3MO + 6.500%) due 02/21/2028 ~ |  | 250 | 260 |
|  |  |  | 41723 |
| INDUSTRIALS 1.5% | INDUSTRIALS 1.5% | INDUSTRIALS 1.5% | INDUSTRIALS 1.5% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 |  | 1600 | 1549 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 |  | 200 | 199 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 |  | 200 | 214 |
|  6.500% due 11/21/2033 |  | 200 | 216 |
|  Beignet | Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) |  | 10900 | 10900 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.200% due 03/01/2035 |  | 300 | 307 |
|  Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. |
|  6.067% due 12/31/2033 |  | 77 | 81 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 |  | 1500 | 1110 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 |  | 700 | 556 |
|  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 |  | 386 | 399 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 |  | 800 | 814 |
|  |  |  | 16345 |
| UTILITIES 0.4% | UTILITIES 0.4% | UTILITIES 0.4% | UTILITIES 0.4% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 |  | 800 | 772 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 |  | 800 | 682 |
|  4.700% due 06/01/2027 |  | 100 | 100 |
|  5.150% due 06/01/2029 |  | 1500 | 1527 |
|  5.350% due 03/01/2026 |  | 700 | 703 |
|  |  |  | 3784 |
|  Total Corporate Bonds & Notes (Cost $61,334) | Total Corporate Bonds & Notes (Cost $61,334) | Total Corporate Bonds & Notes (Cost $61,334) | 61852 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
| CALIFORNIA 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 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.000% due 06/01/2046 | 500 | $— | 447 |
|  Total Municipal Bonds & Notes (Cost $500) | Total Municipal Bonds & Notes (Cost $500) |  | 447 |
| U.S. GOVERNMENT AGENCIES 97.1% | U.S. GOVERNMENT AGENCIES 97.1% | U.S. GOVERNMENT AGENCIES 97.1% | U.S. GOVERNMENT AGENCIES 97.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 09/01/2032 | 795 |  | 776 |
|  4.000% due 11/01/2047 - 03/01/2049 | 1071 |  | 1032 |
|  4.500% due 04/01/2041 | 73 |  | 72 |
|  5.000% due 03/01/2038 - 10/01/2053 | 2197 |  | 2207 |
|  5.500% due 06/01/2027 - 09/01/2055 | 75807 |  | 76831 |
|  6.000% due 02/01/2034 - 10/01/2039 | 394 |  | 414 |
|  6.500% due 05/01/2053 - 03/01/2055 | 39135 |  | 40762 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 3067 |  | 2919 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.983% due 07/15/2036 •(a) | 66 |  | 7 |
|  2.213% due 04/15/2036 •(a) | 6 |  | 1 |
|  4.500% due 01/15/2041 | 72 |  | 72 |
|  4.817% due 02/15/2037 •  | 1 |  | 1 |
|  5.037% due 07/15/2041 •  | 140 |  | 140 |
|  5.057% due 06/15/2041 •  | 133 |  | 133 |
|  5.157% due 08/15/2037 •  | 39 |  | 39 |
|  5.187% due 08/15/2037 •  | 54 |  | 54 |
|  5.296% due 11/25/2054 •  | 4189 |  | 4196 |
|  5.306% due 09/25/2055 •  | 5959 |  | 6042 |
|  5.342% due 01/15/2038 •  | 25 |  | 25 |
|  5.456% due 11/25/2054 - 09/25/2055 •  | 15534 |  | 15567 |
|  5.506% due 03/25/2055 •  | 6778 |  | 6823 |
|  5.556% due 02/25/2055 •  | 851 |  | 856 |
|  5.806% due 12/25/2054 •  | 1730 |  | 1745 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.532% due 08/25/2031 •  | 11 |  | 11 |
|  5.353% due 02/25/2045 •  | 7 |  | 7 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 01/01/2027 - 12/01/2032 | 1376 |  | 1338 |
|  3.500% due 06/01/2045 - 02/01/2049 | 9345 |  | 8698 |
|  4.000% due 11/01/2025 - 11/01/2028 | 53 |  | 50 |
|  4.202% due 10/01/2029 ~ | 5500 |  | 5530 |
|  4.300% due 12/01/2029 | 3808 |  | 3843 |
|  4.500% due 03/01/2026 - 07/01/2052 | 3200 |  | 3145 |
|  4.540% due 07/01/2030 | 1300 |  | 1320 |
|  4.560% due 08/01/2030 | 5275 |  | 5374 |
|  4.705% due 09/01/2031 ~ | 10000 |  | 10197 |
|  4.720% due 10/01/2028 - 08/01/2030 | 3585 |  | 3660 |
|  4.770% due 10/01/2028 | 1500 |  | 1533 |
|  4.850% due 05/01/2029 | 900 |  | 919 |
|  4.860% due 08/01/2030 | 1700 |  | 1758 |
|  4.930% due 06/01/2029 | 2400 |  | 2465 |
|  5.300% due 11/01/2030 | 4900 |  | 5138 |
|  5.420% due 06/01/2043 •  | 21 |  | 21 |
|  5.421% due 07/01/2044 •  | 4 |  | 4 |
|  5.500% due 12/01/2028 - 11/01/2054 | 6456 |  | 6627 |
|  5.942% due 07/01/2035 •  | 4 |  | 4 |
|  5.950% due 11/01/2035 •  | 10 |  | 10 |
|  5.963% due 11/01/2034 •  | 1 |  | 1 |
|  6.000% due 05/01/2035 - 05/01/2041 | 196 |  | 204 |
|  6.187% due 01/01/2035 •  | 5 |  | 5 |
|  6.290% due 07/01/2034 •  | 48 |  | 48 |

---

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.305% due 07/01/2035 •  | $— | 8 | $— | 8 |
|  6.405% due 07/01/2036 •  |  | 17 |  | 17 |
|  6.406% due 06/01/2035 •  |  | 18 |  | 19 |
|  6.425% due 03/01/2035 •  |  | 1 |  | 1 |
|  6.434% due 05/01/2036 •  |  | 12 |  | 13 |
|  6.435% due 12/01/2033 •  |  | 28 |  | 29 |
|  6.455% due 08/01/2035 •  |  | 27 |  | 27 |
|  6.460% due 09/01/2036 •  |  | 6 |  | 7 |
|  6.472% due 08/01/2035 •  |  | 36 |  | 37 |
|  6.487% due 09/01/2035 •  |  | 7 |  | 7 |
|  6.500% due 09/01/2034 - 03/01/2055 |  | 51552 |  | 53800 |
|  6.531% due 09/01/2035 •  |  | 11 |  | 11 |
|  6.540% due 10/01/2035 •  |  | 4 |  | 4 |
|  6.569% due 08/01/2036 •  |  | 9 |  | 9 |
|  6.604% due 12/01/2033 •  |  | 7 |  | 8 |
|  6.810% due 06/01/2035 •  |  | 21 |  | 22 |
|  Federal National Mortgage Association - BAML | Federal National Mortgage Association - BAML | Federal National Mortgage Association - BAML | Federal National Mortgage Association - BAML | Federal National Mortgage Association - BAML |
|  4.150% due 11/01/2055 «(b) |  | 22680 |  | 22634 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  1.379% due 03/25/2041 •(a) |  | 118 |  | 12 |
|  2.229% due 03/25/2036 •(a) |  | 31 |  | 2 |
|  4.523% due 12/25/2036 •  |  | 16 |  | 16 |
|  4.821% due 03/25/2037 - 07/25/2037 •  |  | 9 |  | 9 |
|  4.851% due 07/25/2037 •  |  | 13 |  | 13 |
|  4.871% due 09/25/2035 •  |  | 22 |  | 21 |
|  5.191% due 06/25/2037 •  |  | 13 |  | 13 |
|  5.221% due 01/25/2040 •  |  | 4 |  | 4 |
|  5.291% due 12/25/2039 •  |  | 8 |  | 8 |
|  5.306% due 11/25/2054 •  |  | 3422 |  | 3423 |
|  5.371% due 07/25/2039 •  |  | 3 |  | 3 |
|  5.456% due 07/25/2055 •  |  | 475 |  | 476 |
|  5.506% due 08/25/2055 - 09/25/2055 •  |  | 20076 |  | 20147 |
|  5.756% due 09/25/2055 •  |  | 7060 |  | 7118 |
|  6.373% due 05/25/2035 ~ |  | 3 |  | 3 |
|  8.678% due 12/25/2036 •  |  | 2 |  | 2 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 09/25/2042 •  |  | 97 |  | 97 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 01/15/2042 - 07/15/2045 |  | 2561 |  | 2391 |
|  4.750% due 11/20/2044 •  |  | 25 |  | 25 |
|  5.000% due 06/15/2034 - 06/15/2041 |  | 716 |  | 732 |
|  5.170% due 09/20/2055 •  |  | 10109 |  | 10113 |
|  6.000% due 05/15/2037 - 07/15/2037 |  | 37 |  | 38 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.977% due 04/20/2068 •  |  | 79 |  | 80 |
|  5.150% due 07/20/2065 « |  | 5000 |  | 4997 |
|  5.510% due 09/20/2055 •  |  | 8500 |  | 8518 |
|  5.539% due 07/20/2055 •  |  | 1944 |  | 1950 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 10/01/2055 - 11/01/2055 |  | 36570 |  | 34385 |
|  4.500% due 11/01/2055 |  | 16170 |  | 15675 |
|  5.000% due 11/01/2055 |  | 32540 |  | 32329 |
|  5.500% due 11/01/2055 |  | 15470 |  | 15577 |
|  6.000% due 10/01/2055 - 11/01/2055 |  | 15270 |  | 15531 |
|  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 |  | 12 |  | 12 |
|  5.600% due 09/01/2028 |  | 96 |  | 98 |
|  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 11/01/2055 |  | 1950 |  | 1713 |
|  4.000% due 11/01/2055 |  | 46300 |  | 43631 |
|  4.500% due 11/01/2055 |  | 41210 |  | 39957 |
|  5.000% due 11/01/2055 |  | 85200 |  | 84449 |
|  5.500% due 10/01/2055 |  | 8650 |  | 8723 |
|  6.000% due 10/01/2055 - 11/01/2055 |  | 230450 |  | 235399 |
|  6.500% due 10/01/2055 - 11/01/2055 |  | 169800 |  | 175582 |
|  Total U.S. Government Agencies (Cost $1,063,141) | Total U.S. Government Agencies (Cost $1,063,141) | Total U.S. Government Agencies (Cost $1,063,141) |  | 1062549 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 3.7% | U.S. TREASURY OBLIGATIONS 3.7% | U.S. TREASURY OBLIGATIONS 3.7% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 05/15/2044 (h)(j) | 13000 | 12908 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.625% due 02/15/2043 | 1005 | 764 |
|  0.750% due 02/15/2045 (h) | 2058 | 1536 |
|  1.000% due 02/15/2046 (h) | 4350 | 3358 |
|  1.000% due 02/15/2048 | 1148 | 861 |
|  1.000% due 02/15/2049 | 385 | 284 |
|  0.625% due 07/15/2032 (h) | 1445 | 1369 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 07/31/2030 | 18700 | 18815 |
|  Total U.S. Treasury Obligations (Cost $42,552) | Total U.S. Treasury Obligations (Cost $42,552) | 39895 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 7.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.5% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.131% due 01/25/2036 ~ | 96 | 72 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.500% due 03/25/2047 þ | 27 | 17 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  4.800% due 11/26/2068 þ | 1574 | 1567 |
|  APS Resecuritization Trust | APS Resecuritization Trust | APS Resecuritization Trust |
|  4.720% due 08/28/2054 ~ | 793 | 788 |
|  Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  | 2669 | 3598 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.630% due 12/20/2046 •  | 63 | 56 |
|  4.670% due 04/20/2047 •  | 3 | 2 |
|  4.810% due 06/20/2047 •  | 173 | 143 |
|  6.412% due 10/25/2036 þ | 1509 | 1371 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.772% due 01/25/2036 •  | 4 | 4 |
|  5.425% due 05/25/2035 ~ | 1 | 1 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.839% due 07/25/2034 ~ | 5 | 5 |
|  6.242% due 01/25/2033 ~ | 25 | 25 |
|  6.331% due 04/25/2033 ~ | 1 | 1 |
|  6.375% due 08/25/2033 ~ | 2 | 2 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.972% due 01/26/2036 ~ | 57 | 40 |
|  Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust |
|  4.850% due 01/22/2045 •  | 457 | 435 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  3.000% due 02/25/2061 ~ | 816 | 767 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2063 ~ | 1976 | 1793 |
|  3.250% due 08/25/2064 ~ | 2623 | 2354 |
|  3.375% due 12/25/2064 ~ | 5005 | 4539 |
|  5.606% due 05/25/2055 •  | 1694 | 1692 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.868% due 02/25/2037 ~ | 19 | 19 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.872% due 07/25/2037 •  | 342 | 304 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.522% due 01/25/2036 •  | 88 | 84 |
|  4.522% due 06/25/2036 •  | 137 | 133 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.932% due 02/25/2035 •  | 1 | 1 |
|  5.072% due 09/25/2034 •  | 26 | 25 |
|  6.224% due 02/20/2036 •  | 5 | 4 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.480% due 10/25/2035 •  | 6 | 6 |
|  6.490% due 05/25/2035 •  | 6 | 6 |
|  9.170% due 09/25/2062 þ | 4655 | 4670 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.132% due 05/25/2036 ~ | 105 | 91 |
|  4.632% due 05/25/2047 •  | 94 | 88 |
|  4.652% due 09/25/2046 •  | 292 | 286 |
|  4.672% due 08/25/2037 •  | 10 | 6 |
|  4.772% due 05/25/2035 •  | 2461 | 1832 |
|  4.832% due 02/25/2037 •  | 542 | 461 |
|  4.890% due 12/20/2035 •  | 38 | 36 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.912% due 11/25/2035 •  | $— | 199 | $— | 183 |
|  5.153% due 12/25/2035 •  |  | 5 |  | 5 |
|  5.500% due 11/25/2035 |  | 4 |  | 3 |
|  5.713% due 08/25/2035 •  |  | 1054 |  | 979 |
|  6.000% due 06/25/2047 |  | 3260 |  | 1650 |
|  6.250% due 08/25/2036 |  | 125 |  | 66 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.129% due 09/25/2069 ~ |  | 3779 |  | 3783 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  4.209% due 07/27/2061 ~ |  | 2474 |  | 2465 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.932% due 02/25/2036 •  |  | 883 |  | 874 |
|  5.772% due 10/25/2047 •  |  | 179 |  | 138 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.255% due 06/15/2044 •  |  | 3 |  | 4 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.601% due 08/25/2035 ~ | $— | 77 |  | 63 |
|  GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates |
|  7.107% due 10/25/2033 ~ |  | 9 |  | 9 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.290% due 11/25/2035 ~ |  | 15 |  | 13 |
|  6.000% due 05/25/2037 |  | 171 |  | 124 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.468% due 07/19/2047 •  |  | 169 |  | 167 |
|  4.658% due 12/19/2036 •  |  | 51 |  | 40 |
|  4.748% due 01/19/2036 •  |  | 321 |  | 208 |
|  4.788% due 03/19/2035 •  |  | 698 |  | 713 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.558% due 01/25/2036 ~ |  | 75 |  | 68 |
|  4.672% due 11/25/2046 •  |  | 7296 |  | 6972 |
|  4.912% due 07/25/2045 •  |  | 3 |  | 2 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.464% due 04/25/2037 ~ |  | 3 |  | 3 |
|  5.750% due 01/25/2036 |  | 10 |  | 4 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.250% due 07/25/2067 þ |  | 1055 |  | 1055 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.672% due 07/25/2047 •  |  | 3353 |  | 3297 |
|  4.772% due 08/25/2037 •  |  | 41 |  | 40 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.916% due 10/25/2033 ~ |  | 33 |  | 29 |
|  4.953% due 12/25/2046 •  |  | 3956 |  | 3269 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.705% due 12/15/2030 •  |  | 39 |  | 38 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.672% due 03/25/2037 •  |  | 434 |  | 102 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.850% due 05/25/2033 ~ |  | 2 |  | 2 |
|  Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC |
|  3.008% due 03/24/2081 •  |  | 3473 |  | 4086 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | $— | 1337 |  | 1293 |
|  3.500% due 10/25/2059 ~ |  | 32 |  | 30 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  5.172% due 03/25/2037 •  |  | 1649 |  | 1601 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  5.441% due 05/25/2065 þ |  | 2116 |  | 2135 |
|  PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust |
|  4.592% due 02/25/2037 •  |  | 130 |  | 96 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.612% due 01/25/2037 •  |  | 124 |  | 110 |
|  4.642% due 08/25/2036 •  |  | 599 |  | 546 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.158% due 10/25/2044 þ |  | 1689 |  | 1694 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  6.000% due 09/25/2036 |  | 908 |  | 264 |
|  6.000% due 05/25/2037 |  | 330 |  | 165 |
|  6.250% due 07/25/2036 |  | 313 |  | 234 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.650% due 07/20/2036 •  |  | 83 |  | 72 |
|  4.670% due 06/20/2036 •  |  | 88 |  | 82 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.137% due 06/20/2060 •  |  | 701 |  | 945 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **65** |

---

------

Schedule of Investments PIMCO RAE PLUS Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.925% due 01/25/2035 ~ | $| 14 | 14 |
|  3.937% due 11/25/2035 ~ |  | 34 | 32 |
|  4.529% due 08/25/2035 ~ |  | 37 | 32 |
|  4.592% due 10/25/2035 •  |  | 997 | 962 |
|  4.944% due 09/25/2035 ~ |  | 24 | 22 |
|  5.553% due 01/25/2035 •  |  | 71 | 65 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  3.498% due 05/25/2047 ~ |  | 1950 | 1574 |
|  4.832% due 02/25/2036 •  |  | 31 | 26 |
|  4.948% due 02/19/2035 •  |  | 2 | 2 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  | GBP | 2019 | 2722 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ |  | 920 | 1240 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  6.988% due 05/20/2036 ~ | $| 5 | 5 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.714% due 01/25/2037 ~ |  | 373 | 324 |
|  3.943% due 12/25/2046 •  |  | 262 | 239 |
|  4.357% due 12/25/2036 ~ |  | 124 | 114 |
|  4.402% due 06/25/2037 ~ |  | 849 | 765 |
|  4.812% due 12/25/2045 •  |  | 1445 | 1466 |
|  4.852% due 10/25/2045 •  |  | 8 | 8 |
|  4.912% due 01/25/2045 •  |  | 58 | 58 |
|  4.963% due 07/25/2047 •  |  | 30 | 25 |
|  5.033% due 10/25/2046 •  |  | 329 | 288 |
|  5.143% due 06/25/2046 •  |  | 2414 | 2232 |
|  5.153% due 02/25/2046 •  |  | 199 | 183 |
|  5.653% due 10/25/2046 •  |  | 42 | 40 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  4.903% due 02/25/2047 •  |  | 139 | 129 |
|  6.000% due 07/25/2036 |  | 1052 | 823 |
|  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 |  | 81 | 71 |
|  6.443% due 07/25/2037 ~ |  | 1401 | 1303 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $81,016) | Total Non-Agency Mortgage-Backed Securities (Cost $81,016) | Total Non-Agency Mortgage-Backed Securities (Cost $81,016) | 81809 |
| ASSET-BACKED SECURITIES 21.0% | ASSET-BACKED SECURITIES 21.0% | ASSET-BACKED SECURITIES 21.0% | ASSET-BACKED SECURITIES 21.0% |
| AUTOMOBILE SEQUENTIAL 2.0% | AUTOMOBILE SEQUENTIAL 2.0% | AUTOMOBILE SEQUENTIAL 2.0% | AUTOMOBILE SEQUENTIAL 2.0% |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  5.750% due 02/18/2028 |  | 360 | 360 |
|  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 | 2262 |
|  6.120% due 04/20/2027 |  | 4900 | 4930 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.620% due 01/10/2029 |  | 255 | 257 |
|  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 |  | 484 | 486 |
|  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 |  | 1467 | 1481 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.440% due 01/25/2029 |  | 5000 | 5108 |
|  5.490% due 06/25/2027 |  | 800 | 805 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  7.500% due 12/15/2028 |  | 4067 | 4143 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.590% due 02/17/2032 |  | 102 | 102 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 |  | 195 | 195 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 |  | 312 | 314 |
|  Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII |
|  5.380% due 11/25/2030 |  | 139 | 139 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.930% due 07/17/2028 |  | 857 | 860 |
|  |  |  | 21442 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CMBS OTHER 3.4% | CMBS OTHER 3.4% | CMBS OTHER 3.4% |
|  BDS LLC | BDS LLC | BDS LLC |
|  5.705% due 10/21/2042 •  | 5250 | 5227 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  6.500% due 11/22/2038 •  | 2700 | 2655 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.708% due 02/18/2040 •  | 5800 | 5788 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.700% due 10/16/2036 •  | 4600 | 4580 |
|  5.884% due 02/19/2037 •  | 5900 | 5902 |
|  6.000% due 10/16/2036 •  | 4600 | 4580 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.532% due 10/25/2039 •  | 22 | 23 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  6.172% due 11/15/2038 •  | 9100 | 9084 |
|  |  | 37839 |
| HOME EQUITY OTHER 7.1% | HOME EQUITY OTHER 7.1% | HOME EQUITY OTHER 7.1% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.322% due 03/25/2034 •  | 1294 | 1270 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.887% due 12/25/2035 •  | 3158 | 3009 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.382% due 09/25/2036 •  | 76 | 24 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.354% due 01/25/2034 •  | 98 | 95 |
|  3.461% due 02/25/2034 •  | 489 | 519 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  2.927% due 03/25/2036 •  | 9752 | 8738 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.592% due 08/25/2036 •  | 572 | 557 |
|  5.292% due 10/25/2035 •  | 467 | 467 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  4.392% due 11/25/2036 •  | 18 | 8 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.532% due 02/25/2037 •  | 286 | 276 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.572% due 12/25/2036 •  | 328 | 123 |
|  4.592% due 09/25/2036 •  | 2421 | 1873 |
|  5.172% due 09/25/2035 •  | 4687 | 4566 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.772% due 01/25/2046 •  | 6122 | 5822 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.197% due 05/25/2036 •  | 826 | 820 |
|  4.522% due 06/25/2047 •  | 1117 | 1086 |
|  4.552% due 12/25/2046 •  | 919 | 880 |
|  4.672% due 06/25/2037 •  | 1934 | 1953 |
|  4.792% due 12/25/2036 •  | 3447 | 3292 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.332% due 01/25/2037 •  | 10 | 5 |
|  4.932% due 01/25/2036 •  | 29 | 28 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.512% due 06/25/2036 •  | 65 | 12 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.362% due 01/25/2037 •  | 2020 | 1240 |
|  4.532% due 12/25/2046 •  | 1271 | 675 |
|  4.572% due 12/25/2046 •  | 29 | 14 |
|  4.732% due 01/25/2037 •  | 4200 | 3658 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.872% due 12/25/2034 •  | 741 | 741 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.492% due 12/25/2036 •  | 893 | 223 |
|  4.737% due 03/25/2036 •  | 7873 | 7130 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.572% due 07/25/2036 •  | 61 | 28 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.712% due 02/25/2036 •  | 70 | 69 |
|  4.832% due 10/25/2034 •  | 15 | 15 |
|  5.247% due 04/25/2035 •  | 16 | 16 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.592% due 10/25/2036 •  | 278 | 133 |
|  4.752% due 03/25/2036 •  | 40 | 24 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.402% due 01/25/2037 •  | 3221 | 1237 |
|  4.402% due 02/25/2037 •  | 688 | 616 |
|  4.522% due 03/25/2037 •  | 2480 | 1056 |
|  4.552% due 08/25/2036 •  | 392 | 197 |
|  5.202% due 07/25/2035 •  | 87 | 85 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.442% due 04/25/2037 •  | 1506 | 783 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.465% due 09/25/2046 þ | 692 | 227 |
|  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 |
|  4.932% due 10/25/2036 •  | 158 | 29 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.532% due 03/25/2037 •  | 4184 | 2732 |
|  4.592% due 10/25/2036 •  | 214 | 99 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  5.007% due 11/25/2035 •  | 6767 | 5889 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.172% due 10/25/2036 •  | 25 | 24 |
|  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 |
|  5.247% due 07/25/2035 •  | 3200 | 2763 |
|  5.997% due 02/25/2035 •  | 3359 | 3106 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.147% due 06/25/2044 þ | 662 | 671 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.337% due 05/25/2035 •  | 1952 | 1909 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.992% due 10/25/2035 •  | 304 | 267 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.632% due 02/25/2036 •  | 8210 | 4039 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.352% due 06/25/2037 •  | 52 | 35 |
|  4.737% due 02/25/2036 •  | 121 | 115 |
|  4.792% due 02/25/2037 •  | 135 | 36 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.432% due 03/25/2036 •  | 1140 | 1115 |
|  4.692% due 02/25/2037 •  | 990 | 977 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.512% due 05/25/2037 •  | 405 | 361 |
|  |  | 77757 |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.712% due 01/25/2037 •  | 2197 | 1238 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.992% due 04/25/2037 •  | 35 | 9 |
|  |  | 1247 |
| WHOLE LOAN COLLATERAL 1.0% | WHOLE LOAN COLLATERAL 1.0% | WHOLE LOAN COLLATERAL 1.0% |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.732% due 08/25/2055 þ | 3874 | 3887 |
|  5.744% due 07/25/2051 þ | 820 | 820 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.772% due 05/25/2036 •  | 7233 | 3915 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.570% due 12/25/2036 •  | 486 | 481 |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.977% due 01/25/2055 þ | 1965 | 1970 |
|  |  | 11073 |
| OTHER ABS 7.4% | OTHER ABS 7.4% | OTHER ABS 7.4% |
|  AGL CLO 5 Ltd. | AGL CLO 5 Ltd. | AGL CLO 5 Ltd. |
|  5.975% due 07/20/2034 •  | 1200 | 1203 |
|  Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. |
|  3.900% due 07/28/2037 | 735 | 728 |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 | 700 | 680 |

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| | | |
|:---|:---|:---|
| **66** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

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------

September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 | 300 | 288 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 300 | 287 |
|  Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. |
|  3.928% due 04/25/2038 | 400 | 394 |
|  Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. |
|  2.723% due 04/27/2039 | 400 | 385 |
|  Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. |
|  4.620% due 04/25/2037 | 241 | 241 |
|  Arbour CLO VI DAC | Arbour CLO VI DAC | Arbour CLO VI DAC |
|  3.186% due 11/15/2037 •  | 4200 | 4942 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  5.539% due 10/23/2032 •  | 2118 | 2121 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.775% due 10/20/2034 •  | 2200 | 2201 |
|  5.975% due 10/20/2034 •  | 2200 | 2199 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.016% due 05/15/2032 •  | 1675 | 1969 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  5.548% due 07/16/2031 •  | 4247 | 4252 |
|  CBAMR Ltd. | CBAMR Ltd. | CBAMR Ltd. |
|  5.948% due 07/15/2037 •  | 3300 | 3316 |
|  Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. |
|  3.164% due 07/25/2039 | 300 | 290 |
|  Contego CLO III BV | Contego CLO III BV | Contego CLO III BV |
|  3.297% due 04/15/2038 •  | 1700 | 2003 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 77 | 77 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  6.229% due 07/15/2031 •  | 2700 | 2710 |
|  Harvest CLO XXI DAC | Harvest CLO XXI DAC | Harvest CLO XXI DAC |
|  1.040% due 07/15/2031 | 541 | 625 |
|  Invesco Euro CLO III DAC | Invesco Euro CLO III DAC | Invesco Euro CLO III DAC |
|  3.126% due 10/30/2038 •  | 1500 | 1763 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.676% due 04/15/2031 •  | 947 | 1112 |
|  Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC |
|  2.826% due 07/15/2032 •  | 1791 | 2105 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  5.582% due 10/22/2034 •  | 3000 | 3006 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  5.588% due 04/15/2036 •  | 2700 | 2702 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  0.000% due 06/22/2065 •  | 3000 | 3004 |
|  4.670% due 06/22/2065 | 4000 | 3990 |
|  6.589% due 02/20/2041 •  | 251 | 257 |
|  6.640% due 02/20/2041 | 251 | 260 |
|  Ocean Trails CLO X | Ocean Trails CLO X | Ocean Trails CLO X |
|  6.018% due 10/15/2034 •  | 2000 | 2004 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  6.037% due 07/20/2032 •  | 2500 | 2512 |
|  6.287% due 07/20/2032 •  | 1500 | 1503 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.497% due 04/15/2033 | 1100 | 1101 |
|  Regatta XXIII Funding Ltd. | Regatta XXIII Funding Ltd. | Regatta XXIII Funding Ltd. |
|  5.737% due 01/20/2035 •  | 4800 | 4818 |
|  Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. |
|  2.625% due 10/25/2039 | 300 | 284 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  2.904% due 07/20/2032 ~ | 2168 | 2548 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.822% due 03/15/2056 •  | 2870 | 2905 |
|  5.924% due 11/15/2052 •  | 396 | 401 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  2.540% due 05/15/2046 | 1203 | 1164 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  7.580% due 04/15/2029 | 22 | 22 |
|  Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC |
|  2.921% due 01/12/2032 •  | 10592 | 12450 |
|  |  | 80822 |
|  Total Asset-Backed Securities (Cost $232,962) | Total Asset-Backed Securities (Cost $232,962) | 230180 |
| SOVEREIGN ISSUES 9.3% | SOVEREIGN ISSUES 9.3% | SOVEREIGN ISSUES 9.3% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (c) | 114200 | 20045 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  8.375% due 11/07/2054 | 2100 | 2228 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 2100 | 1593 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 5300 | 5384 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (c) | 1400 | 1081 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 | 1600 | 1612 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | 660000 | 3889 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | 77600 | 4300 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (e) | 2052 | 101 |
|  3.000% due 12/03/2026 (e) | 2565 | 139 |
|  4.000% due 11/30/2028 (e) | 2608 | 142 |
|  4.000% due 08/24/2034 (e) | 14365 | 751 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 45400 | 13830 |
|  7.300% due 08/12/2033 | 17800 | 5717 |
|  7.600% due 08/12/2039 | 1000 | 315 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 19500 | 5440 |
|  6.150% due 08/12/2032 | 21400 | 6534 |
|  6.950% due 08/12/2031 | 2160 | 689 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 165230 | 7595 |
|  7.000% due 02/28/2031 | 91000 | 4998 |
|  8.000% due 01/31/2030 | 27600 | 1604 |
|  8.250% due 03/31/2032 | 16600 | 949 |
|  8.500% due 01/31/2037 | 21300 | 1136 |
|  8.875% due 02/28/2035 | 90100 | 5126 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 | 2100 | 2516 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.625% due 01/13/2035 | 1800 | 1920 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  40.854% (BISTREFI) due 09/06/2028 ~ | 43800 | 1027 |
|  42.493% (BISTREFI) due 05/20/2026 ~ | 400 | 10 |
|  42.493% (BISTREFI) due 08/19/2026 ~ | 300 | 7 |
|  42.493% (BISTREFI) due 05/17/2028 ~ | 49900 | 1181 |
|  Total Sovereign Issues (Cost $97,068) | Total Sovereign Issues (Cost $97,068) | 101859 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 6.1% | SHORT-TERM INSTRUMENTS 6.1% | SHORT-TERM INSTRUMENTS 6.1% |
| COMMERCIAL PAPER 3.4% | COMMERCIAL PAPER 3.4% | COMMERCIAL PAPER 3.4% |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.560% due 10/03/2025 | 10750 | 10746 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.620% due 10/23/2025 | 6200 | 6182 |
|  4.800% due 10/09/2025 | 1380 | 1378 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  4.730% due 12/02/2025 | 1500 | 1488 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.650% due 10/20/2025 | 9100 | 9077 |
|  4.650% due 10/21/2025 | 1900 | 1895 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.450% due 10/15/2025 | 6390 | 6379 |
|  |  | 37145 |
| REPURCHASE AGREEMENTS (f) 2.4% | REPURCHASE AGREEMENTS (f) 2.4% | REPURCHASE AGREEMENTS (f) 2.4% |
|  |  | 26500 |
| SHORT-TERM NOTES 0.3% | SHORT-TERM NOTES 0.3% | SHORT-TERM NOTES 0.3% |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.248% due 09/15/2026 | 3300 | 3300 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  3.931% due 01/27/2026 (c)(d) | 135 | 134 |
| Total Short-Term Instruments (Cost $67,081) | Total Short-Term Instruments (Cost $67,081) | 67079 |
| Total Investments in Securities (Cost $1,646,736) | Total Investments in Securities (Cost $1,646,736) | 1646853 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 16.8% | INVESTMENTS IN AFFILIATES 16.8% | INVESTMENTS IN AFFILIATES 16.8% |
| SHORT-TERM INSTRUMENTS 16.8% | SHORT-TERM INSTRUMENTS 16.8% | SHORT-TERM INSTRUMENTS 16.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.8% |
|  PIMCO Short Asset Portfolio | 5150524 | 50532 |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 13701363 | 133437 |
| Total Short-Term Instruments (Cost $183,651) | Total Short-Term Instruments (Cost $183,651) | 183969 |
| Total Investments in Affiliates (Cost $183,651) | Total Investments in Affiliates (Cost $183,651) | 183969 |
| Total Investments 167.3% (Cost $1,830,387) | Total Investments 167.3% (Cost $1,830,387) | 1830822 |
|  Financial Derivative<br>Instruments (g)(i) 7.7%<br> (Cost or Premiums, net $37,212) | Financial Derivative<br>Instruments (g)(i) 7.7%<br> (Cost or Premiums, net $37,212) | 84633 |
| Other Assets and Liabilities, net (75.0)% | Other Assets and Liabilities, net (75.0)% | (821064) |
| Net Assets 100.0% | Net Assets 100.0% | 1094391 |

---

#### 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.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **67** |

---

------

Schedule of Investments PIMCO RAE PLUS Fund (Cont.)

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) When-issued security.

(c) Zero coupon security.

(d) Coupon represents a yield to maturity.

(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> |
|  | 4.220% | 09/30/2025 | 10/01/2025 | $2300 | U.S. Treasury Notes 3.500% due 09/30/2029 | $(2346) | $2300 | $2300 |
| BOS | 4.290 | 09/30/2025 | 10/01/2025 | 24200 | U.S. Treasury Notes 1.500% - 4.500% due 01/31/2027 - 05/15/2027 | (24692) | 24200 | 24203 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27038) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26503 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22910 | $(18464) | $(18472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 7460 | (6158) | (6286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 11/01/2055 | 25000 | (21042) | (21070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 68890 | (63173) | (62930) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 10/01/2055 | 4141 | (4178) | (4172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 11/01/2055 | 8679 | (8725) | (8752) |
|  Total Short Sales (10.7)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121740) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121682) |

---

#### 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 September 30, 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-<br>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 | $26503 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27038) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26503 | $&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 September 30, 2025 was $(110) at a weighted average interest rate of 4.414%. 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:

#### FUTURE STYLED 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 |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.500 | 10/24/2025 | 587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) |

---

68 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | $(73) | $(65) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191) |

---

#### 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 |
|  30-Day Federal Fund February Futures  | 02/2026 | 262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105286 | $(3) | $0 | $(1) |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 176 | 15487 | 52 | 70 | 0 |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 1 | 134 | 3 | 1 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 782 | 162968 | 81 | 85 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 1257 | 137259 | (83) | 49 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 465 | 52313 | 303 | 0 | (7) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 159 | 18538 | 360 | 0 | (40) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |

---

#### 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 Ultra Long-Term Bond December Futures  | 12/2025 | 272 | $(32657) | $(139) | $153 | $0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 155 | (17837) | (169) | 10 | 0 |
|  |  |  |  | $(308) | $163 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |

---

#### 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>September 30, 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>September 30, 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 | 0.222% | $100 | $1 | $(1) | $0 | $0 | $0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.326 | 2100 | 27 | (9) | 18 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 6 | (4) | 2 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.170 | 100 | 1 | (1) | 0 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 | $1900 | 21 | 1 | 22 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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-40 5-Year Index | 5.000% | Quarterly | 06/20/2028 | $294 | $0 | $21 | $21 | $1 | $0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 3500 | 251 | 17 | 268 | 0 | (5) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 3500 | 169 | 115 | 284 | 1 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 2600 | 198 | 6 | 204 | 3 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 330 | 7 | 1 | 8 | 0 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26200 | 586 | 16 | 602 | 3 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&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 | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 |  | 300 | (2) | 9 | 7 | 1 | 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;(1) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 |  | 500 | (1) | (10) | (11) | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **69** |

---

------

Schedule of Investments PIMCO RAE 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** |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000% | Annual | 09/17/2035 | GBP | 9500 | $(279) | $117 | $(162) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 |  | 4840 | 229 | (83) | 146 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | USD | 50580 | 228 | (603) | (375) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | (79) | 56 | (23) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.500 | Semi-Annual | 12/20/2027 |  | 4700 | (54) | 142 | 88 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 |  | 2600 | 0 | (14) | (14) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 |  | 13780 | 0 | (86) | (86) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 |  | 500 | 0 | (5) | (5) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 |  | 1500 | (3) | (21) | (24) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 |  | 12260 | 389 | (139) | 250 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 |  | 39310 | (830) | 190 | (640) | 0 | (18) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 |  | 49210 | (807) | (47) | (854) | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.063 | Semi-Annual | 03/15/2031 |  | 21700 | 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717 | 2859 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 |  | 14500 | 42 | (209) | (167) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 |  | 8400 | 1178 | (243) | 935 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 |  | 5980 | (63) | (30) | (93) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2033 |  | 1500 | (29) | 10 | (19) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 |  | 67600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4419 | (1696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723 | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 |  | 500 | (2) | (22) | (24) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 |  | 600 | (3) | (11) | (14) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 |  | 300 | (1) | (4) | (5) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 |  | 700 | (3) | (9) | (12) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 |  | 500 | (2) | (2) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 |  | 300 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 |  | 400 | (2) | 1 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 12750 | 71 | (197) | (126) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 |  | 170 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 |  | 600 | (2) | 3 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 |  | 500 | (2) | 4 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 |  | 200 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 |  | 500 | (2) | 7 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 |  | 500 | (2) | 10 | 8 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 |  | 240 | (1) | 5 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 |  | 250 | (1) | 8 | 7 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 |  | 400 | (2) | 13 | 11 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 |  | 500 | (2) | 15 | 13 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 |  | 1100 | (4) | 20 | 16 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 |  | 800 | (3) | 15 | 12 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 |  | 1100 | (5) | 15 | 10 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 |  | 500 | (2) | 9 | 7 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 |  | 200 | (1) | 4 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 43600 | (272) | 60 | (212) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 |  | 300 | (1) | 10 | 9 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 |  | 800 | (3) | 20 | 17 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 |  | 600 | (2) | 10 | 8 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 |  | 400 | (1) | 7 | 6 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 |  | 500 | (1) | 10 | 9 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 |  | 700 | (2) | 15 | 13 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 |  | 800 | (2) | 17 | 15 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 |  | 1100 | (3) | 22 | 19 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 |  | 200 | (1) | 6 | 5 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 |  | 1000 | (3) | 31 | 28 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 |  | 500 | (1) | 18 | 17 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 |  | 400 | (1) | 15 | 14 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 |  | 800 | (2) | 30 | 28 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 |  | 300 | (1) | (7) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 |  | 450 | (2) | (6) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 700 | (3) | (11) | (14) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 |  | 300 | (1) | (4) | (5) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 900 | (3) | (12) | (15) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 600 | (2) | (9) | (11) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 800 | (2) | (14) | (16) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 1100 | (3) | (25) | (28) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 1500 | (4) | (29) | (33) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 900 | (3) | (13) | (16) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 |  | 1400 | (7) | 16 | 9 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 |  | 51780 | (8) | (404) | (412) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.982 | Semi-Annual | 02/15/2036 |  | 5500 | (1) | 1442 | 1441 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 |  | 10900 | 166 | 334 | 500 | 21 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 |  | 11300 | 2127 | 3335 | 5462 | 28 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 |  | 7330 | 0 | 113 | 113 | 0 | (20) |

---

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| | | |
|:---|:---|:---|
| **70** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.054% | Annual | 11/15/2052 | USD | 7620 | $0 | $127 | $127 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 |  | 9540 | 514 | 1475 | 1989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 6900 | (155) | 705 | 550 | 21 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 32450 | 502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | 2737 | 98 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 26970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2312) | 262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2050) | 0 | (79) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | BRL | 4200 | 0 | (4) | (4) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 46600 | 1 | (42) | (41) | 0 | (8) |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 |  | 8100 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 |  | 87700 | 0 | 17 | 17 | 10 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 29700 | 0 | (9) | (9) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 2400 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 02/28/2031 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56200 | 0 | (16) | (16) | 0 | (3) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-<br>Annual | 09/20/2033 | AUD | 23800 | (102) | 531 | 429 | 63 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-<br>Annual | 06/18/2035 |  | 15800 | 313 | (70) | 243 | 55 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | CZK | 1200 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | EUR | 800 | (1) | (7) | (8) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 700 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 |  | 400 | (1) | 1 | 0 | 0 | (1) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 3130 | 14 | (5) | 9 | 5 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 |  | 500 | (2) | (39) | (41) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 |  | 370 | (2) | (24) | (26) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 |  | 200 | (1) | (16) | (17) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 |  | 200 | (1) | (16) | (17) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 |  | 300 | (1) | (20) | (21) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 |  | 500 | (2) | (30) | (32) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 |  | 600 | (2) | (32) | (34) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 |  | 400 | (1) | (18) | (19) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 |  | 400 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 |  | 200 | (1) | 0 | (1) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 |  | 600 | (2) | 4 | 2 | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 |  | 500 | (1) | 5 | 4 | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 400 | (1) | (3) | (4) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 500 | (1) | (13) | (14) | 2 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 400 | (1) | 5 | 4 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 200 | (1) | (1) | (2) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 600 | (2) | (1) | (3) | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 500 | (1) | 6 | 5 | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 400 | (1) | 2 | 1 | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 500 | (1) | (9) | (10) | 2 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 500 | (2) | 9 | 7 | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 |  | 400 | (2) | 7 | 5 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 |  | 500 | (2) | 7 | 5 | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 |  | 500 | (2) | 8 | 6 | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 |  | 400 | (1) | 9 | 8 | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 9.390 | Lunar | 12/12/2025 | MXN | 15500 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.430 | Lunar | 12/25/2025 |  | 21400 | 0 | (6) | (6) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 |  | 2800 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 |  | 77900 | (157) | (85) | (242) | 0 | (3) |
|  Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 10/19/2034 |  | 21400 | 0 | (111) | (111) | 0 | (1) |
|  Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.390 | Lunar | 11/03/2034 |  | 15500 | 0 | (79) | (79) | 0 | (1) |
|  Pay | 28-Day MXN-TIIE | 8.270 | Lunar | 03/07/2035 |  | 41600 | 37 | 50 | 87 | 2 | 0 |
|  Receive | CPURNSA | 2.520 | Maturity | 03/27/2030 |  | $19900 | 0 | 97 | 97 | 2 | 0 |
|  Receive | CPURNSA | 2.347 | Maturity | 04/11/2030 |  | 3650 | 0 | 45 | 45 | 0 | 0 |
|  Receive | CPURNSA | 2.390 | Maturity | 04/10/2035 |  | 34000 | 0 | 439 | 439 | 13 | 0 |
|  |  |  |  |  |  |  | $4688 | $10233 | $14921 | $501 | $(293) |
|  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;5955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298) |

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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 September 30, 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 | |  | 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;368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | $(191) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539) |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 71

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Schedule of Investments PIMCO RAE PLUS Fund (Cont.)

(h) Securities with an aggregate market value of $6,784 and cash of $18,407 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 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 $(2) for closed swap agreements 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 | 10/2025 | 39115 | $45622 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301) |
|  | 10/2025 | $12153 | 16907 | 0 | (4) |
|  | 11/2025 | 16880 | $12153 | 4 | 0 |
|  BOA | 10/2025 | 83262 | 556 | 0 | (7) |
|  | 10/2025 | $300 | 1010 | 5 | 0 |
|  | 10/2025 | 658 | 58207 | 0 | (3) |
|  | 10/2025 | 1289 | 191862 | 8 | 0 |
|  | 10/2025 | 632 | 875253 | 0 | (8) |
|  | 10/2025 | 475 | 825 | 3 | 0 |
|  | 10/2025 | 178 | 641 | 0 | (2) |
|  | 11/2025 | 2004 | $594 | 0 | (11) |
|  | 11/2025 | 825 | 476 | 0 | (3) |
|  | 11/2025 | 11107 | 3073 | 0 | (122) |
|  | 11/2025 | $199 | 666 | 2 | 0 |
|  | 11/2025 | 556 | 82974 | 7 | 0 |
|  | 11/2025 | 16290 | $934 | 0 | (6) |
|  | 12/2025 | 16773 | 4610 | 0 | (213) |
|  | 12/2025 | $469 | 8829 | 9 | 0 |
|  BPS | 10/2025 | 12400 | $2071 | 0 | (259) |
|  | 10/2025 | 808 | 582 | 1 | 0 |
|  | 10/2025 | 15862 | 2227 | 1 | 0 |
|  | 10/2025 | 47647597 | 2881 | 28 | (4) |
|  | 10/2025 | 70594 | 801 | 7 | 0 |
|  | 10/2025 | 96463 | 649 | 0 | (3) |
|  | 10/2025 | 7951 | 187 | 0 | (3) |
|  | 10/2025 | 115646 | 3846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | (5) |
|  | 10/2025 | $2275 | 12400 | 55 | 0 |
|  | 10/2025 | 2119 | 34995798 | 0 | (22) |
|  | 10/2025 | 3054 | 4221429 | 0 | (47) |
|  | 10/2025 | 2126 | 7739 | 3 | (1) |
|  | 11/2025 | 8522797 | $510 | 0 | (1) |
|  | 11/2025 | 51625 | 580 | 0 | 0 |
|  | 11/2025 | 448581 | 320 | 0 | 0 |
|  | 11/2025 | $37 | 200 | 0 | 0 |
|  | 11/2025 | 610 | 2051 | 9 | 0 |
|  | 11/2025 | 649 | 96128 | 3 | 0 |
|  | 12/2025 | 15237 | $508 | 5 | 0 |
|  | 12/2025 | $706 | 11877180 | 4 | 0 |
|  | 12/2025 | 782 | 14814 | 21 | 0 |
|  | 04/2026 | 4000 | $700 | 0 | (19) |
|  BRC | 10/2025 | 2965 | 3714 | 0 | (10) |
|  | 10/2025 | 336785 | 21 | 0 | 0 |
|  | 10/2025 | $3962 | 3177 | 29 | 0 |

---

---

| | | |
|:---|:---|:---|
| **72** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $3412 | 2534 | $1 | $(5) |
|  | 10/2025 | 77 | 1450 | 2 | 0 |
|  | 10/2025 | 3 | 31 | 0 | 0 |
|  | 10/2025 | 830 | 3034 | 5 | 0 |
|  | 10/2025 | 180 | 7711 | 4 | 0 |
|  | 11/2025 | 31 | $3 | 0 | 0 |
|  | 11/2025 | $3714 | 2953 | 10 | 0 |
|  | 11/2025 | 165 | 7208 | 2 | 0 |
|  | 11/2025 | 46100 | $2618 | 0 | (42) |
|  | 12/2025 | 7951 | 2222 | 0 | (64) |
|  | 12/2025 | $2771 | 122095 | 18 | 0 |
|  BSH | 10/2025 | 7000 | $1316 | 1 | 0 |
|  | 10/2025 | $1287 | 7000 | 28 | 0 |
|  | 10/2025 | 140 | 242 | 0 | 0 |
|  | 11/2025 | 242 | $140 | 0 | 0 |
|  | 11/2025 | 3386 | 922 | 0 | (52) |
|  | 11/2025 | $104 | 385 | 7 | 0 |
|  | 12/2025 | 24778 | $6964 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) |
|  | 12/2025 | $5866 | 32547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | 0 |
|  | 02/2026 | 13678 | 47828 | 46 | 0 |
|  | 04/2026 | 7500 | $1320 | 0 | (29) |
|  CBK | 10/2025 | 1111 | 725 | 0 | (10) |
|  | 10/2025 | 2387 | 449 | 0 | 0 |
|  | 10/2025 | 9 | 7 | 0 | 0 |
|  | 10/2025 | 302 | 43 | 0 | 0 |
|  | 10/2025 | 114 | 18 | 0 | 0 |
|  | 10/2025 | 1652 | 1928 | 0 | (11) |
|  | 10/2025 | 29546110 | 1787 | 19 | (3) |
|  | 10/2025 | 98840 | 1113 | 1 | 0 |
|  | 10/2025 | 2988382 | 2159 | 29 | 0 |
|  | 10/2025 | 241 | 24 | 0 | 0 |
|  | 10/2025 | 7470 | 5823 | 33 | 0 |
|  | 10/2025 | 14302 | 443 | 1 | 0 |
|  | 10/2025 | 119385 | 4028 | 106 | 0 |
|  | 10/2025 | $434 | 2387 | 15 | 0 |
|  | 10/2025 | 566 | 789 | 1 | 0 |
|  | 10/2025 | 1979 | 1698 | 15 | 0 |
|  | 10/2025 | 1040 | 765 | 0 | (11) |
|  | 10/2025 | 4187 | 68633924 | 0 | (74) |
|  | 10/2025 | 2802 | 246152 | 0 | (34) |
|  | 10/2025 | 306 | 3051 | 0 | 0 |
|  | 10/2025 | 5685 | 19954 | 61 | 0 |
|  | 10/2025 | 647 | 6135 | 5 | 0 |
|  | 10/2025 | 1780 | 54194 | 1 | (2) |
|  | 10/2025 | 11435 | $660 | 0 | (2) |
|  | 11/2025 | 787 | 566 | 0 | (1) |
|  | 11/2025 | 3051 | 306 | 0 | 0 |
|  | 11/2025 | $440 | 1474 | 5 | 0 |
|  | 11/2025 | 1113 | 99033 | 0 | (1) |
|  | 11/2025 | 1001 | 17440 | 6 | 0 |
|  | 11/2025 | 12886 | $742 | 0 | (2) |
|  | 12/2025 | 24714 | 6960 | 0 | (144) |
|  | 12/2025 | 183811 | 6151 | 84 | 0 |
|  | 12/2025 | $7814 | 43884 | 314 | 0 |
|  | 12/2025 | 730 | 12266142 | 4 | 0 |
|  | 01/2026 | 24988 | $828 | 0 | 0 |
|  | 02/2026 | 3201 | 871 | 0 | (48) |
|  | 03/2026 | 42825 | 12171 | 0 | (108) |
|  | 08/2026 | $665 | 11843 | 3 | 0 |
|  DUB | 10/2025 | 33989 | $4780 | 10 | 0 |
|  | 10/2025 | 17575023 | 1072 | 19 | 0 |
|  | 10/2025 | 160464 | 1806 | 2 | 0 |
|  | 10/2025 | 705915 | 509 | 6 | 0 |
|  | 10/2025 | $796 | 2719 | 25 | 0 |
|  | 10/2025 | 1408 | 124493 | 0 | (8) |
|  | 11/2025 | 2718 | $796 | 0 | (25) |
|  | 11/2025 | 12384 | 139 | 0 | 0 |
|  | 11/2025 | $1806 | 160783 | 0 | (2) |
|  | 11/2025 | 111321 | $6360 | 0 | (64) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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** |
|  FAR | 10/2025 | 15137 | $9818 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198) |
|  | 10/2025 | 531 | 667 | 0 | (1) |
|  | 10/2025 | 14819 | 2087 | 7 | 0 |
|  | 10/2025 | 2658 | 2072 | 12 | 0 |
|  | 10/2025 | $11101 | 17003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | 0 |
|  | 10/2025 | 2661 | 234672 | 0 | (21) |
|  | 10/2025 | 7194 | 1057636 | 0 | (43) |
|  | 10/2025 | 4132 | 14414 | 19 | 0 |
|  | 10/2025 | 2152 | 7855 | 9 | 0 |
|  | 10/2025 | 16101 | 20736 | 0 | (26) |
|  | 11/2025 | 17003 | $11106 | 0 | (150) |
|  | 11/2025 | 5453 | 1486 | 0 | (83) |
|  | 11/2025 | 20683 | 16101 | 24 | 0 |
|  | 11/2025 | $667 | 529 | 1 | 0 |
|  | 12/2025 | 76422 | $4032 | 0 | (107) |
|  | 02/2026 | 14468 | 4132 | 0 | (19) |
|  GLM | 10/2025 | 14200 | 2375 | 0 | (293) |
|  | 10/2025 | 116 | 145 | 0 | (1) |
|  | 10/2025 | 1168 | 164 | 0 | 0 |
|  | 10/2025 | 12060909 | 723 | 0 | 0 |
|  | 10/2025 | 218 | 170 | 1 | 0 |
|  | 10/2025 | $2614 | 14200 | 54 | 0 |
|  | 10/2025 | 659 | 10893738 | 0 | (6) |
|  | 10/2025 | 762 | 66874 | 0 | (10) |
|  | 10/2025 | 86 | 1619 | 2 | 0 |
|  | 11/2025 | 110 | 368 | 1 | 0 |
|  | 12/2025 | 245047 | $15 | 0 | 0 |
|  | 12/2025 | $704 | 11778187 | 0 | 0 |
|  | 04/2026 | 33100 | $5716 | 0 | (238) |
|  IND | 10/2025 | 755 | 493 | 0 | (6) |
|  | 10/2025 | $19 | 124 | 0 | 0 |
|  | 11/2025 | 124 | $19 | 0 | 0 |
|  JPM | 10/2025 | 57 | 11 | 0 | 0 |
|  | 10/2025 | 16864 | 12203 | 85 | 0 |
|  | 10/2025 | 35125816 | 2104 | 0 | (1) |
|  | 10/2025 | 1221793 | 881 | 11 | 0 |
|  | 10/2025 | 1525 | 1186 | 4 | 0 |
|  | 10/2025 | 19362 | 636 | 0 | 0 |
|  | 10/2025 | $11 | 57 | 0 | 0 |
|  | 10/2025 | 14 | 86 | 0 | 0 |
|  | 10/2025 | 619 | 526 | 0 | (2) |
|  | 10/2025 | 2784 | 46320329 | 1 | (8) |
|  | 10/2025 | 319 | 1072 | 4 | 0 |
|  | 10/2025 | 439 | 38718 | 0 | (4) |
|  | 10/2025 | 547 | 2010 | 6 | 0 |
|  | 10/2025 | 156 | 4729 | 0 | 0 |
|  | 11/2025 | 86 | $14 | 0 | 0 |
|  | 11/2025 | 98579 | 5624 | 0 | (64) |
|  | 12/2025 | $400 | 7487 | 6 | 0 |
|  | 04/2026 | 69600 | $11781 | 0 | (738) |
|  MBC | 10/2025 | 121 | 152 | 0 | 0 |
|  | 10/2025 | 17296 | 2433 | 6 | 0 |
|  | 10/2025 | 266 | 315 | 3 | 0 |
|  | 10/2025 | 1741629 | 106 | 1 | 0 |
|  | 10/2025 | 47808 | 321 | 0 | (2) |
|  | 10/2025 | 4319171 | 3097 | 19 | 0 |
|  | 10/2025 | 15035 | 1568 | 0 | (29) |
|  | 10/2025 | 8656 | 6755 | 44 | 0 |
|  | 10/2025 | 6782 | 211 | 1 | 0 |
|  | 10/2025 | $705 | 555 | 0 | (8) |
|  | 10/2025 | 1725 | 12285 | 0 | 0 |
|  | 10/2025 | 13 | 1893 | 0 | 0 |
|  | 10/2025 | 2398 | 3347704 | 0 | (12) |
|  | 10/2025 | 3 | 32 | 0 | 0 |
|  | 10/2025 | 640 | 6130 | 11 | 0 |
|  | 10/2025 | 450 | 14569 | 0 | 0 |
|  | 11/2025 | 12256 | $1725 | 0 | 0 |
|  | 11/2025 | 32 | 3 | 0 | 0 |
|  | 11/2025 | $124 | 413 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **74** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | $553 | 81734 | $2 | $0 |
|  | 12/2025 | 1263 | 23706 | 21 | 0 |
|  MYI | 10/2025 | 17462 | $2454 | 3 | 0 |
|  | 10/2025 | 7059795 | 429 | 6 | 0 |
|  | 10/2025 | 507646 | 3400 | 0 | (32) |
|  | 10/2025 | $80 | 11772 | 0 | 0 |
|  | 10/2025 | 0 | 1 | 0 | 0 |
|  | 10/2025 | 1159 | 4197 | 0 | (5) |
|  | 10/2025 | 805 | 24258 | 0 | (8) |
|  | 11/2025 | 1 | $0 | 0 | 0 |
|  | 11/2025 | $3400 | 505891 | 32 | 0 |
|  | 12/2025 | 1480 | $72 | 0 | 0 |
|  | 12/2025 | 6472 | 1812 | 0 | (49) |
|  | 12/2025 | 24100 | 805 | 10 | 0 |
|  | 12/2025 | $537 | 10124 | 12 | 0 |
|  NGF | 10/2025 | 1618303 | $1164 | 10 | 0 |
|  | 10/2025 | $568 | 9401555 | 0 | (5) |
|  | 11/2025 | 2943 | 128618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | 0 |
|  SCX | 10/2025 | 12700 | $1787 | 5 | 0 |
|  | 10/2025 | 96 | 15 | 0 | 0 |
|  | 10/2025 | 15001837 | 898 | 0 | (1) |
|  | 10/2025 | 114210 | 1285 | 0 | 0 |
|  | 10/2025 | 34349 | 9720 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171) |
|  | 10/2025 | 214 | 168 | 2 | 0 |
|  | 10/2025 | 70702 | 2386 | 63 | 0 |
|  | 10/2025 | $2590 | 1936 | 14 | 0 |
|  | 10/2025 | 634 | 10430617 | 0 | (9) |
|  | 10/2025 | 1372 | 121182 | 0 | (9) |
|  | 10/2025 | 410 | 60272 | 0 | (2) |
|  | 11/2025 | 1936 | $2590 | 0 | (14) |
|  | 11/2025 | $1145 | 102037 | 0 | 0 |
|  | 11/2025 | 3 | 394 | 0 | 0 |
|  | 12/2025 | 341 | $17 | 0 | 0 |
|  | 12/2025 | $898 | 15039753 | 1 | 0 |
|  SOG | 10/2025 | 8767 | $1643 | 0 | (5) |
|  | 10/2025 | 1105525 | 7430 | 0 | (46) |
|  | 10/2025 | 1067 | 622 | 3 | 0 |
|  | 10/2025 | $1648 | 8767 | 0 | (1) |
|  | 10/2025 | 45640 | 38809 | 0 | (76) |
|  | 10/2025 | 3753 | 551909 | 0 | (21) |
|  | 10/2025 | 10 | 103 | 0 | 0 |
|  | 11/2025 | 38809 | $45731 | 76 | 0 |
|  | 11/2025 | 103 | 10 | 0 | 0 |
|  | 11/2025 | $7430 | 1101701 | 46 | 0 |
|  | 12/2025 | 1643 | 8892 | 4 | 0 |
|  SSB | 10/2025 | 5235 | $7057 | 16 | 0 |
|  | 11/2025 | 3154 | 855 | 0 | (53) |
|  UAG | 10/2025 | 15 | 11 | 0 | 0 |
|  | 10/2025 | 5074 | 1521 | 0 | (11) |
|  | 10/2025 | 2977 | 293 | 0 | (6) |
|  | 10/2025 | $80 | 273 | 3 | 0 |
|  | 10/2025 | 6358 | 561187 | 0 | (46) |
|  | 10/2025 | 1259 | 4567 | 0 | (3) |
|  | 10/2025 | 450 | 14563 | 0 | 0 |
|  | 10/2025 | 662 | 11434 | 0 | 0 |
|  | 10/2025 | 11440 | $662 | 0 | 0 |
|  | 11/2025 | 273 | 80 | 0 | (3) |
|  | 11/2025 | 50145 | 2845 | 0 | (49) |
|  | 12/2025 | 8733 | 186 | 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;2168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4661) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 75

------

Schedule of Investments PIMCO RAE PLUS Fund (Cont.)

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 19000 | $28 | $19 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 27600 | 38 | 28 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 5420 | 238 | 292 |
| GLM | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 3210 | 54 | 98 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 4900 | 7 | 5 |
| MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 9500 | 13 | 10 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 10400 | 15 | 11 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.230% | 03/30/2026 | 12900 | $99 | $103 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.160 | 12/04/2025 | 3100 | 15 | 7 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.758 | 03/30/2026 | 6500 | 51 | 49 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 1200 | 10 | 7 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 600 | 8 | 6 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 1200 | 10 | 7 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215 | 08/05/2026 | 600 | 8 | 6 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 1300 | 10 | 10 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 600 | 7 | 8 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 1300 | 10 | 10 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 600 | 7 | 8 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 3400 | 299 | 284 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 3400 | 299 | 284 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 3300 | 286 | 300 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 3300 | 286 | 258 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 5100 | 439 | 470 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 5100 | 439 | 394 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 9800 | 791 | 897 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 12900 | 1041 | 875 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 22100 | 6 | 0 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 733800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 733800 | 3686 | 3575 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 14200 | 1230 | 1278 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/21/2035 | 11300 | 977 | 1016 |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 10/09/2025 | 15400 | 22 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.008 | 11/06/2025 | 30500 | 26 | 6 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.010 | 11/07/2025 | 31000 | 30 | 7 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 8600 | 757 | 735 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 8600 | 757 | 706 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 28400 | 2292 | 2600 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 37100 | 2994 | 2517 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 02/18/2026 | 31500 | 65 | 20 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.989 | 08/06/2026 | 1600 | 13 | 10 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.239 | 08/06/2026 | 800 | 10 | 8 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 1200 | 10 | 8 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 600 | 8 | 6 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 1300 | 11 | 9 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 600 | 7 | 7 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 14100 | 1242 | 1204 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 14100 | 1242 | 1158 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 137400 | 102 | 98 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.907 | 11/07/2025 | 33000 | 31 | 15 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.177 | 12/24/2025 | 12300 | 52 | 41 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 15200 | 198 | 163 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 13500 | 268 | 235 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 13500 | 199 | 126 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 1300 | 10 | 9 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 600 | 7 | 7 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 3400 | 300 | 291 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 3400 | 300 | 280 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 08/13/2035 | 6900 | 607 | 598 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 6900 | 607 | 562 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24477 |

---

76 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.961 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | $14 | $0 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.945 | 10/07/2025 | 52300 | 70 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.977 | 10/07/2025 | 52300 | 69 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.063 | 10/07/2025 | 41300 | 50 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.547 | 11/06/2025 | 32500 | 24 | 1 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 21200 | 28 | 20 |
|  |  |  |  |  | $255 | $21 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26515 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24961 |

---

#### 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-44 5-Year Index | Sell | 0.700% | 12/17/2025 | 63800 | $(61) | $(27) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 19000 | $(10) | $(12) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 27600 | (13) | (18) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 10840 | (230) | (281) |
| GLM | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 3210 | (9) | (14) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 3210 | (26) | (6) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 4900 | (2) | (3) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 9500 | (4) | (6) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 10400 | (5) | (7) |
| UAG | Call - OTC USD versus TRY | TRY | 54.000 | 12/16/2025 | 1600 | (53) | (12) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359) |

---

#### 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 Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.086% | 10/07/2025 | 37800 | $(83) | $0 |
| DUB Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028 | 12/04/2025 | 15200 | (28) | (31) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.131 | 11/06/2025 | 21600 | (21) | (2) |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 10/07/2025 | 24700 | (50) | 0 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.677 | 12/24/2025 | 13700 | (51) | (64) |
| NGF Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.082 | 10/07/2025 | 31400 | (69) | 0 |
|  |  |  |  |  |  | $(302) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.547 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100 | $(24) | $(77) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(739) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(560) |

---

#### 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>September 30,<br>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>September 30,<br>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 | — ¨% | $765 | $0 | $10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $0 |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872 | 100 | (1) | 1 | 0 | 0 |
| JPM | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 1.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | 22 | (25) | 0 | (3) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 77

------

Schedule of Investments PIMCO RAE PLUS Fund (Cont.)

#### 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/<br>(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/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | ABX.HE.AAA.6-2 Index « | 0.110% | Monthly | 05/25/2046 | $8955 | $(2425) | $1722 | $0 | $(703) |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 4639 | 900 | 61 | 961 | 0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 7828 | 1537 | 85 | 1622 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 2996 | 598 | 23 | 621 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 24836 | 5124 | 22 | 5146 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(703) |

---

#### 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 |
| JPM | Receive | ERAUSLT Index | 87769 | 4.790% (FEDL01 plus a specified spread) | Monthly | 10/01/2025 | $57301 | $0 | $1589 | $1589 | $0 |
|  | Receive | ERAUSLT Index  | 23810 | 4.470% (SOFR plus a specified spread) | Monthly | 11/05/2025 | 16035 | 0 | (57) | 0 | (57) |
|  | Receive | ERAUSLT Index  | 106531 | 4.700% (SOFR plus a specified spread) | Monthly | 11/05/2025 | 71746 | 0 | (250) | 0 | (250) |
|  | Receive | ERAUSLT Index  | 436600 | 4.890% (FEDL01 plus a specified spread) | Maturity | 02/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268893 | 0 | 15426 | 15426 | 0 |
|  | Receive | ERAUSLT Index  | 589880 | 4.920% (SOFR plus a specified spread) | Maturity | 04/08/2026 | 353904 | 0 | 32884 | 32884 | 0 |
|  | Receive | ERAUSLT Index  | 79711 | 4.800% (SOFR plus a specified spread) | Monthly | 08/05/2026 | 53683 | 0 | (206) | 0 | (206) |
| MYI | Receive | ERAUSLT Index  | 296833 | 4.770% (SOFR plus a specified spread) | Monthly | 10/01/2025 | 193790 | 0 | 5363 | 5363 | 0 |
|  | Receive | ERAUSLT Index  | 6377 | 4.880% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 4295 | 0 | (16) | 0 | (16) |
|  |  |  |  |  |  |  |  | $0 | $54733 | $55262 | $(529) |
|  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;5755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63622 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1235) |

---

#### 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 September 30, 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 | $4 | $0 | $0 | $4 | $(305) | $0 | $0 | $(305) | $(301) | $458 | $157 |
|  BOA | 34 | 2550 | 961 | 3545 | (375) | (311) | (703) | (1389) | 2156 | (151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 |
|  BPS | 189 | 0 | 1622 | 1811 | (364) | 0 | 0 | (364) | 1447 | (1368) | 79 |
|  BRC | 71 | 1772 | 0 | 1843 | (121) | 0 | 0 | (121) | 1722 | 0 | 1722 |
|  BSH | 244 | 0 | 0 | 244 | (240) | 0 | 0 | (240) | 4 | 0 | 4 |
|  CBK | 703 | 0 | 0 | 703 | (451) | 0 | 0 | (451) | 252 | (300) | (48) |
|  DUB | 62 | 9067 | 10 | 9139 | (99) | (31) | 0 | (130) | 9009 | 632 | 9641 |
|  FAR | 222 | 0 | 0 | 222 | (648) | 0 | 0 | (648) | (426) | 426 | (0) |
|  GLM | 58 | 6675 | 0 | 6733 | (548) | (25) | 0 | (573) | 6160 | 620 | 6780 |
|  GSC | 0 | 21 | 0 | 21 | 0 | (77) | 0 | (77) | (56) | 0 | (56) |
|  GST | 0 | 0 | 621 | 621 | 0 | (27) | 0 | (27) | 594 | (580) | 14 |
|  IND | 0 | 0 | 0 | 0 | (6) | 0 | 0 | (6) | (6) | 0 | (6) |
|  JPM | 117 | 2430 | 55045 | 57592 | (817) | 0 | (516) | (1333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56643) | (384) |
|  MBC | 109 | 21 | 0 | 130 | (51) | (13) | 0 | (64) | 66 | 0 | 66 |
|  MYC | 0 | 1265 | 0 | 1265 | 0 | (64) | 0 | (64) | 1201 | (680) | 521 |
|  MYI | 63 | 0 | 5363 | 5426 | (94) | 0 | (16) | (110) | 5316 | (4860) | 456 |
|  NGF | 59 | 1160 | 0 | 1219 | (5) | 0 | 0 | (5) | 1214 | 0 | 1214 |
|  SCX | 85 | 0 | 0 | 85 | (206) | 0 | 0 | (206) | (121) | 0 | (121) |
|  SOG | 129 | 0 | 0 | 129 | (149) | 0 | 0 | (149) | (20) | 0 | (20) |
|  SSB | 16 | 0 | 0 | 16 | (53) | 0 | 0 | (53) | (37) | 0 | (37) |
|  UAG | 3 | 0 | 0 | 3 | (129) | (12) | 0 | (141) | (138) | 0 | (138) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63622 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4661) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(560) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1235) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6456) |  |  |  |

---

78 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

(j) Securities with an aggregate market value of $2,136 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

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

<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 September 30, 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 | $368 | $368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8 | 0 | 0 | 501 | 509 |
|  | $0 | $8 | $0 | $0 | $869 | $877 |
|  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 | $2168 | $0 | $2168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 463 | 24498 | 24961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8360 | 55262 | 0 | 0 | 63622 |
|  | $0 | $8360 | $55262 | $2631 | $24498 | $90751 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91628 |
|  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 | $191 | $191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 293 | 300 |
|  | $0 | $7 | $0 | $0 | $532 | $539 |
|  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 | $4661 | $0 | $4661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 27 | 0 | 359 | 174 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 706 | 529 | 0 | 0 | 1235 |
|  | $0 | $733 | $529 | $5020 | $174 | $6456 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $740 | $529 | $5020 | $706 | $6995 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 79

------

Schedule of Investments PIMCO RAE PLUS Fund (Cont.)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(2) | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 276 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (122) | 0 | 539 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (581) | 0 | 0 | 4325 | 3744 |
|  | $0 | $(581) | $(122) | $0 | $5138 | $4435 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(12246) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (334) | (334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 28 | 0 | 0 | 730 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1175 | 16895 | 0 | 0 | 18070 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12246) | $396 | $6248 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $622 | $16773 | $(12246) | $5534 | $10683 |
|  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 | $84 | $84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (46) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 770 | 0 | 0 | (3655) | (2885) |
|  | $0 | $770 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3617) | $(2847) |
|  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 | $(1585) | $0 | $(1585) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 70 | (1515) | (1445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 32 | 0 | (7) | (55) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 316 | 88903 | 0 | 0 | 89219 |
|  | $0 | $348 | $88903 | $(1522) | $(1570) | $86159 |
|  | $0 | $1118 | $88903 | $(1522) | $(5187) | $83312 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $1183 | $1183 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 41723 | 0 | 41723 |
| &nbsp;&nbsp; Industrials | 0 | 5445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 | 16345 |
| &nbsp;&nbsp; Utilities | 0 | 3784 | 0 | 3784 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 447 | 0 | 447 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034918 | 27631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062549 |
|  U.S. Treasury Obligations | 0 | 39895 | 0 | 39895 |
|  Non-Agency Mortgage-Backed Securities | 0 | 81809 | 0 | 81809 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 21442 | 0 | 21442 |
| &nbsp;&nbsp; CMBS Other | 0 | 37839 | 0 | 37839 |
| &nbsp;&nbsp; Home Equity Other | 0 | 77757 | 0 | 77757 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 1247 | 0 | 1247 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 11073 | 0 | 11073 |
| &nbsp;&nbsp; Other ABS | 0 | 80822 | 0 | 80822 |
|  Sovereign Issues | 0 | 101859 | 0 | 101859 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 37145 | 0 | 37145 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 26500 | 0 | 26500 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 3300 | 0 | 3300 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 134 | 0 | 134 |
|  | $0 | $1607139 | $39714 | $1646853 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  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 | $183969 | $0 | $0 | $183969 |
|  Total Investments | $183969 | $1607139 | $39714 | $1830822 |
|  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 | $(121682) | $0 | $(121682) |
|  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 | 71 | 806 | 0 | 877 |
|  Over the counter | 0 | 90741 | 10 | 90751 |
|  | $71 | $91547 | $10 | $91628 |
|  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 | (537) | 0 | (537) |
|  Over the counter | 0 | (5753) | (703) | (6456) |
|  | $0 | $(6290) | $(703) | $(6993) |
|  Total Financial Derivative Instruments | $71 | $85257 | $(693) | $84635 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570714 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793775 |

---

80 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciatin)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $1081 | $0 | $0 | $0 | $0 | $102 | $0 | $0 | $1183 | $102 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | 0 | 10900 | 0 | 0 | 0 | 0 | 0 | 0 | 10900 | 0 |
|  U.S. Government Agencies | 0 | 27780 | 0 | 0 | 0 | (149) | 0 | 0 | 27631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38680 | $0 | $0 | $0 | $(47) | $0 | $0 | $39714 | $(47) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $8 | $0 | $(1) | $0 | $0 | $3 | $0 | $0 | $10 | $3 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $(742) | $0 | $(13) | $0 | $110 | $(58) | $0 | $0 | $(703) | $0 |
|  Totals | $347 | $38680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | $&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;39021 | $(44) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $1183 | Discounted Cash Flow | Discount Rate | 4.157 |  |
|  Corporate Bonds & Notes Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 | Recent Transaction | Purchase Price | 100.000 |  |
|  U.S. Government Agencies | 22634 | Proxy Pricing | Base Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.453 |  |
|  | 4997 | Recent Transaction | Purchase Price | 99.938 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 10 | Indicative Market Quotation | Broker Quote | 0.939 |  |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | (703) | Indicative Market Quotation | Broker Quote | 92.000 |  |
|  Total | $39021 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **81** |

---

------

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 162.0% | INVESTMENTS IN SECURITIES 162.0% | INVESTMENTS IN SECURITIES 162.0% |
| CORPORATE BONDS & NOTES 4.9% | CORPORATE BONDS & NOTES 4.9% | CORPORATE BONDS & NOTES 4.9% |
| BANKING & FINANCE 2.8% | BANKING & FINANCE 2.8% | BANKING & FINANCE 2.8% |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.450% due 09/09/2028 | 400 | 403 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 500 | 508 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 500 | 522 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.224% due 05/09/2034 •  | 400 | 430 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 100 | 94 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 200 | 202 |
|  5.800% due 03/08/2029 | 200 | 203 |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | 27 | 28 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.660% due 07/08/2031 •  | 400 | 405 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.751% due 05/12/2028 •  | 500 | 504 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 100 | 101 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.150% due 04/23/2031 •  | 500 | 516 |
|  |  | 3916 |
| INDUSTRIALS 1.5% | INDUSTRIALS 1.5% | INDUSTRIALS 1.5% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(c) | 1400 | 1400 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 200 | 148 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 100 | 79 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 97 | 100 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 | 100 | 102 |
|  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 | 304 |
|  |  | 2133 |
| UTILITIES 0.6% | UTILITIES 0.6% | UTILITIES 0.6% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.500% due 07/01/2040 | 100 | 87 |
|  6.150% due 03/01/2055 | 100 | 101 |
|  6.700% due 04/01/2053 | 300 | 321 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  5.150% due 06/01/2029 | 300 | 305 |
|  |  | 814 |
|  Total Corporate Bonds & Notes (Cost $6,739) | Total Corporate Bonds & Notes (Cost $6,739) | 6863 |
| U.S. GOVERNMENT AGENCIES 98.1% | U.S. GOVERNMENT AGENCIES 98.1% | U.S. GOVERNMENT AGENCIES 98.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 09/01/2032 | 315 | 308 |
|  4.500% due 08/01/2052 - 12/01/2054 | 1134 | 1109 |
|  5.500% due 11/01/2054 | 7148 | 7215 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 495 | 471 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  0.000% due 02/15/2041 •  | 3 | 2 |
|  1.140% due 09/15/2041 •  | 468 | 457 |
|  1.887% due 02/15/2040 •  | 86 | 81 |
|  2.083% due 09/15/2036 •(a) | 116 | 12 |
|  4.787% due 05/15/2037 •  | 4 | 4 |
|  5.000% due 04/15/2041 | 185 | 189 |
|  5.296% due 11/25/2054 •  | 455 | 456 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.306% due 09/25/2055 •  | $— | 5147 | 5169 |
|  5.500% due 03/15/2034 |  | 82 | 85 |
|  5.506% due 12/25/2054 - 03/25/2055 •  |  | 1914 | 1924 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 01/01/2027 |  | 33 | 32 |
|  4.000% due 04/01/2043 - 08/01/2051 |  | 5836 | 5680 |
|  4.202% due 10/01/2029 ~ |  | 700 | 704 |
|  4.300% due 12/01/2029 |  | 501 | 506 |
|  4.705% due 09/01/2031 ~ |  | 1300 | 1326 |
|  4.720% due 10/01/2028 |  | 800 | 817 |
|  4.930% due 06/01/2029 |  | 300 | 308 |
|  5.300% due 11/01/2030 |  | 600 | 629 |
|  5.500% due 07/01/2054 |  | 692 | 698 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.000% due 08/25/2039 (b)(e) |  | 236 | 206 |
|  0.000% due 11/25/2040 •  |  | 3 | 2 |
|  1.579% due 03/25/2037 •(a) |  | 103 | 10 |
|  1.629% due 04/25/2037 •(a) |  | 364 | 34 |
|  1.679% due 11/25/2039 •(a) |  | 57 | 6 |
|  1.909% due 03/25/2037 •(a) |  | 131 | 13 |
|  1.929% due 05/25/2037 •(a) |  | 334 | 29 |
|  2.319% due 04/25/2037 •(a) |  | 622 | 84 |
|  2.729% due 02/25/2037 •(a) |  | 56 | 7 |
|  3.179% due 07/25/2033 •(a) |  | 34 | 3 |
|  4.801% due 04/25/2037 •  |  | 3 | 3 |
|  4.821% due 07/25/2037 •  |  | 4 | 4 |
|  4.991% due 10/25/2040 •  |  | 13 | 13 |
|  5.506% due 09/25/2055 •  |  | 1492 | 1497 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.349% due 01/25/2031 ~(a) |  | 452 | 26 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.745% due 08/20/2047 •  |  | 83 | 81 |
|  5.539% due 07/20/2055 •  |  | 972 | 975 |
|  5.739% due 07/20/2055 •  |  | 3484 | 3498 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 |  | 5150 | 4842 |
|  4.500% due 11/01/2055 |  | 3280 | 3180 |
|  5.000% due 11/01/2055 |  | 4380 | 4352 |
|  5.500% due 11/01/2055 |  | 2190 | 2205 |
|  6.000% due 11/01/2055 |  | 2160 | 2197 |
|  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 |  | 4 | 4 |
|  6.020% due 08/01/2028 |  | 30 | 31 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 10/01/2055 - 11/01/2055 |  | 4690 | 4549 |
|  5.000% due 11/01/2055 |  | 12510 | 12400 |
|  5.500% due 11/01/2055 |  | 3150 | 3174 |
|  6.000% due 10/01/2055 - 11/01/2055 |  | 31330 | 32003 |
|  6.500% due 10/01/2055 - 11/01/2055 |  | 33170 | 34292 |
|  Total U.S. Government Agencies (Cost $138,088) | Total U.S. Government Agencies (Cost $138,088) | Total U.S. Government Agencies (Cost $138,088) | 137902 |
| U.S. TREASURY OBLIGATIONS 3.6% | U.S. TREASURY OBLIGATIONS 3.6% | U.S. TREASURY OBLIGATIONS 3.6% | U.S. TREASURY OBLIGATIONS 3.6% |
|  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 (g) |  | 3809 | 3866 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 07/31/2030 |  | 1200 | 1207 |
|  Total U.S. Treasury Obligations (Cost $5,045) | Total U.S. Treasury Obligations (Cost $5,045) | Total U.S. Treasury Obligations (Cost $5,045) | 5073 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 11.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 11.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 11.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 11.5% |
|  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 |  | 153 | 138 |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  |  | 400 | 540 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.358% due 06/20/2037 ~ | $— | 27 | 23 |
|  4.835% due 09/20/2046 ~ |  | 625 | 564 |
|  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 |
|  5.697% due 06/25/2034 ~ |  | 11 | 10 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.864% due 02/25/2034 ~ | $— | 9 | $— | 8 |
|  6.012% due 01/25/2035 ~ |  | 8 |  | 8 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.475% due 02/25/2036 ~ |  | 128 |  | 118 |
|  6.530% due 02/25/2036 •  |  | 5 |  | 5 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.469% due 09/25/2036 ~ |  | 158 |  | 134 |
|  4.848% due 01/25/2036 ~ |  | 13 |  | 12 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.872% due 07/25/2037 •  |  | 1385 |  | 1230 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.502% due 05/25/2036 •  |  | 182 |  | 174 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.872% due 05/25/2035 •  |  | 102 |  | 91 |
|  4.932% due 02/25/2035 •  |  | 7 |  | 7 |
|  5.750% due 05/25/2037 |  | 12 |  | 6 |
|  6.000% due 01/25/2037 |  | 336 |  | 156 |
|  6.000% due 02/25/2037 |  | 331 |  | 147 |
|  6.589% due 10/20/2034 ~ |  | 12 |  | 12 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.612% due 06/25/2035 •  |  | 46 |  | 45 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.487% due 09/25/2037 ~ |  | 17 |  | 16 |
|  6.480% due 10/25/2035 •  |  | 20 |  | 21 |
|  6.560% due 10/25/2035 •  |  | 24 |  | 23 |
|  9.170% due 09/25/2062 þ |  | 591 |  | 593 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  4.872% due 04/25/2037 •  |  | 217 |  | 180 |
|  6.000% due 06/25/2037 |  | 150 |  | 132 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.460% due 09/20/2046 •  |  | 37 |  | 36 |
|  4.792% due 12/25/2035 •  |  | 16 |  | 15 |
|  4.850% due 11/20/2035 •  |  | 77 |  | 72 |
|  5.500% due 06/25/2035 |  | 294 |  | 236 |
|  5.500% due 11/25/2035 |  | 117 |  | 65 |
|  5.553% due 08/25/2035 •  |  | 47 |  | 46 |
|  5.633% due 01/25/2036 •  |  | 176 |  | 168 |
|  5.750% due 03/25/2037 |  | 262 |  | 134 |
|  6.000% due 12/25/2035 |  | 391 |  | 279 |
|  6.000% due 05/25/2036 |  | 68 |  | 31 |
|  6.000% due 08/25/2036 •  |  | 134 |  | 75 |
|  6.250% due 08/25/2036 |  | 933 |  | 489 |
|  7.000% due 10/25/2037 |  | 148 |  | 49 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.184% due 12/25/2036 þ |  | 2678 |  | 409 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  5.750% due 08/25/2036 |  | 25 |  | 21 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  4.838% due 06/25/2050 ~ |  | 806 |  | 732 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.652% due 02/25/2037 •  |  | 709 |  | 618 |
|  4.772% due 02/25/2035 •  |  | 37 |  | 36 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.120% due 06/25/2036 ~ |  | 418 |  | 332 |
|  5.361% due 12/25/2035 ~ |  | 52 |  | 39 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.290% due 11/25/2035 ~ |  | 31 |  | 27 |
|  4.977% due 11/25/2035 ~ |  | 7 |  | 6 |
|  5.010% due 07/25/2035 ~ |  | 4 |  | 3 |
|  5.381% due 09/25/2035 ~ |  | 33 |  | 30 |
|  5.500% due 01/25/2037 |  | 9 |  | 20 |
|  5.880% due 04/25/2032 •  |  | 16 |  | 16 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  6.153% due 10/19/2035 •  |  | 930 |  | 436 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.912% due 03/25/2035 •  |  | 129 |  | 126 |
|  Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust |
|  6.314% due 07/25/2035 ~ |  | 56 |  | 53 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.200% due 05/25/2035 ~ |  | 480 |  | 320 |
|  4.652% due 09/25/2046 •  |  | 161 |  | 148 |
|  4.752% due 07/25/2035 •  |  | 246 |  | 228 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.063% due 07/27/2037 ~ |  | 91 |  | 85 |

---

---

| | | |
|:---|:---|:---|
| **82** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.204% due 07/25/2035 ~ | $— | 5 | $— | 4 |
|  5.743% due 07/25/2035 ~ |  | 116 |  | 113 |
|  5.750% due 01/25/2036 |  | 20 |  | 9 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.922% due 11/25/2036 •  |  | 251 |  | 114 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.722% due 08/25/2046 •  |  | 416 |  | 427 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.578% due 11/21/2034 ~ |  | 13 |  | 13 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  6.000% due 06/25/2036 |  | 158 |  | 85 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  5.125% due 08/15/2032 •  |  | 29 |  | 29 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.492% due 03/25/2037 •  |  | 419 |  | 98 |
|  4.672% due 03/25/2037 •  |  | 3156 |  | 741 |
|  6.000% due 03/25/2037 |  | 77 |  | 25 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.087% due 04/25/2035 ~ |  | 10 |  | 9 |
|  5.207% due 05/25/2036 ~ |  | 95 |  | 89 |
|  5.601% due 02/25/2036 ~ |  | 1 |  | 1 |
|  5.945% due 02/25/2033 •  |  | 19 |  | 18 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.000% due 08/25/2036 |  | 122 |  | 49 |
|  6.035% due 06/25/2036 ~ |  | 5 |  | 5 |
|  Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust |
|  5.250% due 05/26/2037 ~ |  | 108 |  | 48 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  5.476% due 05/25/2035 þ |  | 34 |  | 16 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  0.398% due 09/25/2046 •  |  | 919 |  | 330 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.772% due 08/25/2037 •  |  | 23 |  | 23 |
|  6.000% due 01/25/2037 |  | 41 |  | 33 |
|  6.000% due 03/25/2037 |  | 94 |  | 79 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.696% due 04/25/2037 ~ |  | 199 |  | 174 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.573% due 09/20/2046 ~ |  | 105 |  | 69 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  6.711% due 01/25/2037 ~ |  | 100 |  | 59 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.925% due 01/25/2035 ~ |  | 25 |  | 25 |
|  4.932% due 08/25/2035 ~ |  | 37 |  | 18 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.692% due 04/25/2036 •  |  | 38 |  | 34 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  2.854% due 03/25/2044 ~ |  | 45 |  | 44 |
|  5.506% due 12/25/2044 ~ |  | 71 |  | 70 |
|  5.583% due 06/25/2047 •  |  | 229 |  | 224 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  |  | 360 |  | 486 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ |  | 383 |  | 517 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.949% due 12/25/2046 •  | $— | 35 |  | 31 |
|  4.009% due 06/25/2037 ~ |  | 143 |  | 126 |
|  4.402% due 06/25/2037 ~ |  | 44 |  | 40 |
|  4.546% due 10/25/2035 ~ |  | 23 |  | 21 |
|  4.812% due 12/25/2045 •  |  | 15 |  | 16 |
|  5.055% due 12/25/2035 ~ |  | 210 |  | 199 |
|  5.153% due 02/25/2046 •  |  | 71 |  | 66 |
|  5.232% due 01/25/2035 ~ |  | 49 |  | 46 |
|  5.527% due 08/25/2035 ~ |  | 40 |  | 42 |
|  6.381% due 06/25/2033 ~ |  | 33 |  | 32 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  3.792% due 09/25/2036 •  |  | 683 |  | 177 |
|  4.772% due 02/25/2036 •  |  | 641 |  | 541 |
|  4.903% due 02/25/2047 •  |  | 940 |  | 873 |
|  5.093% due 04/25/2046 •  |  | 79 |  | 72 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.175% due 09/25/2036 ~ | 5 | 4 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $18,745) | Total Non-Agency Mortgage-Backed Securities (Cost $18,745) | 16155 |
| ASSET-BACKED SECURITIES 20.9% | ASSET-BACKED SECURITIES 20.9% | ASSET-BACKED SECURITIES 20.9% |
| AUTOMOBILE ABS OTHER 1.4% | AUTOMOBILE ABS OTHER 1.4% | AUTOMOBILE ABS OTHER 1.4% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.050% due 05/12/2031 | 500 | 504 |
|  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 | 501 |
|  4.640% due 01/15/2030 | 500 | 501 |
|  |  | 2007 |
| AUTOMOBILE SEQUENTIAL 1.6% | AUTOMOBILE SEQUENTIAL 1.6% | AUTOMOBILE SEQUENTIAL 1.6% |
|  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 |
|  5.620% due 01/10/2029 | 255 | 257 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 | 97 | 97 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.960% due 10/16/2028 | 275 | 278 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.490% due 06/25/2027 | 300 | 302 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  7.500% due 12/15/2028 | 581 | 592 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  5.870% due 05/21/2029 | 50 | 50 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 | 195 | 195 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 | 130 | 131 |
|  Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII |
|  5.380% due 11/25/2030 | 16 | 16 |
|  |  | 2226 |
| CMBS OTHER 0.5% | CMBS OTHER 0.5% | CMBS OTHER 0.5% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.636% due 01/20/2037 •  | 314 | 314 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.565% due 11/15/2038 •  | 233 | 233 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 134 | 134 |
|  |  | 681 |
| HOME EQUITY OTHER 5.9% | HOME EQUITY OTHER 5.9% | HOME EQUITY OTHER 5.9% |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.082% due 06/25/2034 •  | 1028 | 1060 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  5.322% due 08/25/2037 •  | 734 | 668 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.912% due 08/25/2032 •  | 32 | 31 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.462% due 05/25/2037 •  | 995 | 672 |
|  4.872% due 10/25/2036 •  | 294 | 173 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.672% due 02/25/2037 •  | 282 | 268 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.712% due 09/25/2037 •  | 282 | 300 |
|  5.012% due 08/25/2047 •  | 325 | 319 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.572% due 02/25/2041 •  | 11 | 11 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.552% due 11/25/2036 •  | 418 | 247 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.572% due 10/25/2036 •  | $— | 1466 | 587 |
|  5.007% due 01/25/2035 •  |  | 50 | 50 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  3.936% due 03/25/2036 ~ |  | 535 | 65 |
|  4.372% due 05/25/2037 •  |  | 598 | 209 |
|  4.412% due 03/25/2036 •  |  | 275 | 88 |
|  4.912% due 04/25/2047 •  |  | 516 | 223 |
|  6.795% due 06/25/2036 þ |  | 499 | 111 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.472% due 12/25/2046 •  |  | 194 | 96 |
|  4.732% due 01/25/2037 •  |  | 605 | 527 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.482% due 10/25/2036 •  |  | 77 | 77 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.382% due 03/25/2037 •  |  | 1805 | 768 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.252% due 02/25/2033 •  |  | 48 | 48 |
|  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 |
|  6.532% due 10/25/2036 þ |  | 356 | 62 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  5.052% due 02/25/2035 •  |  | 373 | 358 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.372% due 09/25/2037 •  |  | 335 | 135 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.562% due 06/25/2033 •  |  | 85 | 81 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.752% due 07/25/2036 •  |  | 707 | 279 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  5.572% due 10/25/2037 •  |  | 574 | 446 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  7.422% due 08/25/2033 •  |  | 420 | 382 |
|  |  |  | 8341 |
| WHOLE LOAN COLLATERAL 1.1% | WHOLE LOAN COLLATERAL 1.1% | WHOLE LOAN COLLATERAL 1.1% | WHOLE LOAN COLLATERAL 1.1% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  7.250% due 05/25/2036 þ |  | 124 | 61 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.432% due 11/25/2036 •  |  | 22 | 23 |
|  4.582% due 09/25/2036 •  |  | 138 | 129 |
|  4.992% due 11/25/2035 •  |  | 602 | 568 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.232% due 01/25/2036 •  |  | 327 | 315 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.570% due 12/25/2036 •  |  | 323 | 321 |
|  4.572% due 06/25/2037 •  |  | 122 | 73 |
|  |  |  | 1490 |
| OTHER ABS 10.4% | OTHER ABS 10.4% | OTHER ABS 10.4% | OTHER ABS 10.4% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  |  | 500 | 500 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  5.430% due 10/27/2031 |  | 192 | 194 |
|  AlbaCore Euro CLO I DAC | AlbaCore Euro CLO I DAC | AlbaCore Euro CLO I DAC | AlbaCore Euro CLO I DAC |
|  3.101% due 10/18/2034 •  |  | 500 | 588 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.525% due 01/20/2035 •  | $— | 600 | 601 |
|  Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. |
|  3.793% due 10/25/2037 |  | 455 | 451 |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  0.000% due 07/25/2039 •  |  | 500 | 589 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.548% due 07/16/2034 •  | $— | 500 | 501 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.930% due 10/17/2035 |  | 413 | 414 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% due 01/20/2037 •  |  | 500 | 502 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  3.221% due 08/15/2038 •  |  | 500 | 589 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.415% due 07/20/2034 •  | $— | 600 | 600 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **83** |

---

------

Schedule of Investments PIMCO RAE PLUS International Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.525% due 01/20/2035 •  | $| 600 | 602 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 |  | 27 | 27 |
|  CVC Cordatus Loan Fund XIV DAC | CVC Cordatus Loan Fund XIV DAC | CVC Cordatus Loan Fund XIV DAC | CVC Cordatus Loan Fund XIV DAC |
|  2.884% due 05/22/2032 •  | EUR | 495 | 580 |
|  CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC |
|  3.144% due 10/23/2034 •  |  | 411 | 484 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.928% due 04/15/2037 •  | $| 1000 | 1005 |
|  Dryden 60 CLO Ltd. | Dryden 60 CLO Ltd. | Dryden 60 CLO Ltd. | Dryden 60 CLO Ltd. |
|  5.629% due 07/15/2031 •  |  | 240 | 240 |
|  Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust |
|  4.670% due 04/15/2052 |  | 557 | 560 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  5.438% due 07/25/2034 •  |  | 700 | 700 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  5.588% due 07/25/2035 •  |  | 500 | 500 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.264% due 07/20/2036 •  | EUR | 500 | 589 |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.475% due 10/20/2030 •  | $| 290 | 290 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.860% due 02/09/2032 |  | 88 | 88 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 |  | 500 | 504 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  4.053% due 02/15/2035 •  | EUR | 500 | 589 |
|  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 | $| 526 | 527 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.598% due 10/15/2034 •  |  | 500 | 501 |
|  Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. |
|  5.525% due 07/20/2034 •  |  | 700 | 701 |
|  Trinitas Euro CLO I DAC | Trinitas Euro CLO I DAC | Trinitas Euro CLO I DAC | Trinitas Euro CLO I DAC |
|  3.232% due 07/15/2039 •  | EUR | 500 | 589 |
|  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 | $| 12 | 11 |
|  |  |  | 14616 |
|  Total Asset-Backed Securities (Cost $30,439) | Total Asset-Backed Securities (Cost $30,439) | Total Asset-Backed Securities (Cost $30,439) | 29361 |
| SOVEREIGN ISSUES 12.0% | SOVEREIGN ISSUES 12.0% | SOVEREIGN ISSUES 12.0% | SOVEREIGN ISSUES 12.0% |
|  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 | 340000 | 345 |
|  5.000% due 10/01/2028 |  | 365000 | 379 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  0.000% due 04/01/2026 (e) | 17400 | 3054 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  8.375% due 11/07/2054 | 300 | 318 |
|  Colombia TES | Colombia TES | Colombia TES |
|  6.000% due 04/28/2028 | 1590700 | 372 |
|  11.000% due 08/22/2029 | 3088900 | 796 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 700 | 711 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (e) | 200 | 154 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 | 11200 | 234 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 | 200 | 202 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | 90000 | 530 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | 10600 | 587 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (g) | 2052 | 107 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 1000 | 305 |
|  7.300% due 08/12/2033 | 2400 | 771 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 2500 | 697 |
|  6.150% due 08/12/2032 | 10500 | 3206 |
|  6.950% due 08/12/2031 | 401 | 128 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 23070 | 1060 |
|  7.000% due 02/28/2031 | 12200 | 670 |
|  8.000% due 01/31/2030 | 4400 | 256 |
|  8.250% due 03/31/2032 | 1800 | 103 |
|  8.500% due 01/31/2037 | 2600 | 139 |
|  8.875% due 02/28/2035 | 13000 | 740 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 | 300 | 359 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.625% due 01/13/2035 | 300 | 320 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  40.854% (BISTREFI) due 09/06/2028 ~ | 5500 | 129 |
|  42.493% (BISTREFI) due 05/20/2026 ~ | 100 | 2 |
|  42.493% (BISTREFI) due 05/17/2028 ~ | 6200 | 147 |
|  Total Sovereign Issues (Cost $15,936) | Total Sovereign Issues (Cost $15,936) | 16821 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 11.0% | SHORT-TERM INSTRUMENTS 11.0% | SHORT-TERM INSTRUMENTS 11.0% | SHORT-TERM INSTRUMENTS 11.0% |
| REPURCHASE AGREEMENTS (h) 9.7% | REPURCHASE AGREEMENTS (h) 9.7% | REPURCHASE AGREEMENTS (h) 9.7% | REPURCHASE AGREEMENTS (h) 9.7% |
|  |  | $— | 13700 |
| SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% |
|  7.505% due 06/17/2026 (e)(f) | 900 |  | 50 |
| U.S. TREASURY BILLS 1.3% | U.S. TREASURY BILLS 1.3% | U.S. TREASURY BILLS 1.3% | U.S. TREASURY BILLS 1.3% |
|  4.081% due 10/14/2025 - 12/11/2025 (d)(e)(k) | 1900 |  | 1889 |
| Total Short-Term Instruments (Cost $15,638) | Total Short-Term Instruments (Cost $15,638) |  | 15639 |
| Total Investments in Securities (Cost $230,630) | Total Investments in Securities (Cost $230,630) |  | 227814 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 7.4% | INVESTMENTS IN AFFILIATES 7.4% | INVESTMENTS IN AFFILIATES 7.4% | INVESTMENTS IN AFFILIATES 7.4% |
| SHORT-TERM INSTRUMENTS 7.4% | SHORT-TERM INSTRUMENTS 7.4% | SHORT-TERM INSTRUMENTS 7.4% | SHORT-TERM INSTRUMENTS 7.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.4% |
|  PIMCO Short Asset Portfolio | 1045543 |  | 10258 |
|  PIMCO Short-Term Floating NAV Portfolio III | 12905 |  | 126 |
| Total Short-Term Instruments (Cost $10,362) | Total Short-Term Instruments (Cost $10,362) |  | 10384 |
| Total Investments in Affiliates (Cost $10,362) | Total Investments in Affiliates (Cost $10,362) |  | 10384 |
| Total Investments 169.4% (Cost $240,992) | Total Investments 169.4% (Cost $240,992) | $— | 238198 |
|  Financial Derivative<br>Instruments (i)(j) 2.7%<br> (Cost or Premiums, net $6,814) | Financial Derivative<br>Instruments (i)(j) 2.7%<br> (Cost or Premiums, net $6,814) |  | 3854 |
| Other Assets and Liabilities, net (72.1)% | Other Assets and Liabilities, net (72.1)% |  | (101425) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 140627 |

---

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

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Principal only security.

(c) When-issued security.

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

(e) Zero coupon security.

(f) Coupon represents a yield to maturity.

(g) Principal amount of security is adjusted for inflation.

---

| | | |
|:---|:---|:---|
| **84** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### 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 | 4.290% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | U.S. Treasury Notes 4.125% due 03/31/2029 | $(13983) | $13700 | $13702 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13983) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13702 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $3220 | $(2595) | $(2596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4560 | (3765) | (3843) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 11/01/2055 | 220 | (194) | (193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 8670 | (7950) | (7920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 11/01/2055 | 500 | (472) | (471) |
|  Total Short Sales (10.7)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14976) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15023) |

---

#### 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 September 30, 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 | $13702 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13983) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13702 | $&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:

#### FUTURE STYLED 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 |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.500 | 10/24/2025 | 84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | $(10) | $(9) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 85

------

Schedule of Investments PIMCO RAE PLUS International 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 |
|  30-Day Federal Fund February Futures  | 02/2026 | 34 | $13663 | $0 | $0 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 24 | 2112 | 7 | 9 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15838 | 28 | 8 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 141 | 15397 | (4) | 6 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 50 | 5625 | 16 | 0 | (1) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 14 | 1632 | 32 | 0 | (4) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### 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 December Futures  | 12/2025 | 19 | $(2646) | $7 | $0 | $(10) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | 16 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 6 | (690) | (8) | 0 | 0 |
|  |  |  |  | $(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $66 | $39 | $(15) |

---

#### 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>September 30, 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>September 30, 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 |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2026 | 0.326% | $600 | $8 | $(3) | $5 | $0 | $0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 | 700 | 8 | 0 | 8 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&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 | $740 | $(17) | $0 | $(17) | $0 | $0 |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | (61) | (20) | (81) | 0 | 0 |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | (5) | (124) | 0 | (1) |
|  |  |  |  |  | $(197) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&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/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 11100 | $(54) | $(10) | $(64) | $15 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 100 | (1) | 3 | 2 | 0 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 1300 | (38) | 16 | (22) | 4 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 660 | 31 | (11) | 20 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | $7140 | 32 | (85) | (53) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 4800 | (2) | 0 | (2) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 7700 | 0 | (3) | (3) | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 940 | 0 | 12 | 12 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 300 | (1) | (4) | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 3700 | 93 | (18) | 75 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 1650 | (23) | (4) | (27) | 0 | (1) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 6300 | (103) | (6) | (109) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 4900 | 49 | (37) | 12 | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.809 | Annual | 06/30/2031 | 2700 | 0 | 50 | 50 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 1700 | 5 | (25) | (20) | 0 | (1) |
| 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 | (95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

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| | | |
|:---|:---|:---|
| **86** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

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September 30, 2025 (Unaudited)

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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 | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 09/17/2032 | $— | 850 | $(9) | $(4) | $(13) | $0 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 |  | 7900 | 516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198) | 318 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 2410 | (4) | (20) | (24) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 |  | 100 | 0 | (3) | (3) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 |  | 100 | 0 | (3) | (3) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.395 | Annual | 10/17/2034 |  | 200 | (1) | (4) | (5) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.485 | Annual | 10/30/2034 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.495 | Annual | 10/30/2034 |  | 200 | (1) | (2) | (3) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.455 | Annual | 11/01/2034 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 11/01/2034 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.435 | Annual | 11/05/2034 |  | 300 | (1) | (6) | (7) | 0 | 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) | (2) | (3) | 0 | 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) | 3 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 |  | 100 | (1) | 2 | 1 | 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) | 4 | (14) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 |  | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 |  | 100 | 0 | 2 | 2 | 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 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 |  | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 |  | 200 | (1) | 4 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 |  | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 |  | 100 | 0 | 4 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 |  | 100 | 0 | 4 | 4 | 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 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 |  | 100 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 |  | 7310 | (1) | (57) | (58) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 |  | 1080 | 0 | 17 | 17 | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 |  | 1130 | 0 | 19 | 19 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 |  | 1980 | 106 | 307 | 413 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 3360 | 49 | 234 | 283 | 10 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 3810 | (327) | 38 | (289) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | BRL | 600 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 6300 | 0 | (6) | (6) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 |  | 1100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 |  | 12200 | 0 | 2 | 2 | 2 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 4200 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 300 | 0 | 0 | 0 | 0 | 0 |
| Receive | 3-Month COP-IBR Compounded-OIS | 7.498 | Quarterly | 04/28/2028 | COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407200 | 0 | 9 | 9 | 0 | 0 |
| Receive | 3-Month COP-IBR Compounded-OIS | 8.590 | Quarterly | 08/22/2029 |  | 2917300 | 0 | 1 | 1 | 1 | 0 |
| Pay | 3-Month PLN-WIBOR | 4.136 | Annual | 07/25/2029 | PLN | 1500 | 0 | 1 | 1 | 1 | 0 |
| Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 |  | 1500 | 0 | (12) | (12) | 0 | (1) |
| Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 02/28/2031 | ZAR | 7900 | 0 | (2) | (2) | 0 | (1) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | AUD | 3900 | (17) | 87 | 70 | 10 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 1800 | 35 | (7) | 28 | 6 | 0 |
| Receive | 6-Month CLP-CHILIBOR | 4.580 | Semi-Annual | 10/01/2028 | CLP | 345300 | 0 | 1 | 1 | 0 | 0 |
| Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 |  | 340000 | 0 | (3) | (3) | 0 | 0 |
| Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | CZK | 200 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | EUR | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 200 | (1) | 0 | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 |  | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 |  | 100 | (1) | (6) | (7) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 |  | 100 | (1) | (5) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 |  | 100 | (1) | (5) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.970 | Annual | 12/15/2033 |  | 100 | (1) | (4) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.890 | Annual | 12/22/2033 |  | 100 | 0 | (5) | (5) | 0 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **87** |

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Schedule of Investments PIMCO RAE PLUS International 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 | 6-Month EUR-EURIBOR | 2.910% | Annual | 12/29/2033 | 100 | $0 | $(5) | $(5) | $0 | $0 |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 100 | 0 | 1 | 1 | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 100 | 0 | (3) | (3) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 100 | 0 | 0 | 0 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 100 | 0 | (2) | (2) | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 | 100 | (1) | 2 | 1 | 0 | (1) |
| Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 | 3200 | 0 | 3 | 3 | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400 | (22) | (20) | (42) | 0 | (1) |
| Receive | CPURNSA | 2.477 | Maturity | 11/07/2029 | $170 | 0 | 2 | 2 | 0 | 0 |
| Receive | CPURNSA | 2.502 | Maturity | 03/25/2030 | 1700 | 0 | 10 | 10 | 0 | 0 |
| Receive | CPURNSA | 2.520 | Maturity | 03/27/2030 | 2600 | 0 | 13 | 13 | 0 | 0 |
| Receive | CPURNSA | 2.487 | Maturity | 12/07/2051 | 1000 | 43 | 1 | 44 | 1 | 0 |
|  |  |  |  |  |  | $2620 | $637 | $3257 | $71 | $(41) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |

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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 September 30, 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;39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) |

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Cash of $4,104 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 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;(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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability |
|  AZD | 10/2025 | 5174 | $6034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |
|  | 10/2025 | $1694 | 2357 | 0 | (1) |
|  | 11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694 | 1 | 0 |
|  BOA | 10/2025 | 66 | 82 | 0 | 0 |
|  | 10/2025 | 84 | 98 | 0 | 0 |
|  | 10/2025 | 3205 | 21 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **88** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 126 | $35 | $0 | $0 |
|  | 10/2025 | $41 | 291 | 0 | 0 |
|  | 10/2025 | 40 | 135 | 1 | 0 |
|  | 10/2025 | 93 | 8184 | 0 | (1) |
|  | 10/2025 | 3 | 400 | 0 | 0 |
|  | 10/2025 | 90 | 125036 | 0 | (1) |
|  | 10/2025 | 43 | 75 | 0 | 0 |
|  | 10/2025 | 48 | 1437 | 0 | (1) |
|  | 11/2025 | 306 | $91 | 0 | (2) |
|  | 11/2025 | 75 | 43 | 0 | 0 |
|  | 11/2025 | $30 | 100 | 0 | 0 |
|  | 11/2025 | 21 | 3194 | 0 | 0 |
|  | 11/2025 | 1366 | $78 | 0 | (1) |
|  | 12/2025 | 975 | 52 | 0 | (1) |
|  | 12/2025 | $233 | 4364 | 4 | 0 |
|  BPS | 10/2025 | 11185 | $2071 | 1 | (31) |
|  | 10/2025 | 2250 | 316 | 0 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6706893 | 406 | 4 | (1) |
|  | 10/2025 | 9436 | 107 | 1 | 0 |
|  | 10/2025 | 3713 | 25 | 0 | 0 |
|  | 10/2025 | 17439 | 580 | 8 | (1) |
|  | 10/2025 | $1873 | 11185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | 0 |
|  | 10/2025 | 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789879 | 0 | (3) |
|  | 10/2025 | 431 | 595499 | 0 | (7) |
|  | 10/2025 | 182 | 663 | 0 | 0 |
|  | 11/2025 | 1169796 | $70 | 0 | 0 |
|  | 11/2025 | 6231 | 70 | 0 | 0 |
|  | 11/2025 | 56073 | 40 | 0 | 0 |
|  | 11/2025 | $90 | 303 | 1 | 0 |
|  | 11/2025 | 25 | 3700 | 0 | 0 |
|  | 12/2025 | 2438 | $81 | 1 | 0 |
|  | 12/2025 | $97 | 1636007 | 1 | 0 |
|  | 04/2026 | 1200 | $210 | 0 | (6) |
|  BRC | 10/2025 | 487 | 610 | 0 | (2) |
|  | 10/2025 | $758 | 607 | 5 | 0 |
|  | 10/2025 | 550 | 408 | 0 | (1) |
|  | 10/2025 | 179 | 26200 | 0 | (2) |
|  | 10/2025 | 1 | 8 | 0 | 0 |
|  | 10/2025 | 81 | 296 | 1 | 0 |
|  | 10/2025 | 19 | 804 | 0 | 0 |
|  | 11/2025 | 8 | $1 | 0 | 0 |
|  | 11/2025 | $610 | 485 | 2 | 0 |
|  | 11/2025 | 17 | 725 | 0 | 0 |
|  | 11/2025 | 6370 | $362 | 0 | (6) |
|  | 12/2025 | 1006 | 281 | 0 | (8) |
|  | 12/2025 | $352 | 15514 | 2 | 0 |
|  BSH | 10/2025 | 2100 | $395 | 0 | 0 |
|  | 10/2025 | 155 | 180 | 0 | (2) |
|  | 10/2025 | $386 | 2100 | 8 | 0 |
|  | 10/2025 | 13 | 22 | 0 | 0 |
|  | 11/2025 | 22 | $13 | 0 | 0 |
|  | 11/2025 | 328 | 89 | 0 | (5) |
|  | 12/2025 | 4567 | 1283 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |
|  | 12/2025 | $846 | 4692 | 23 | 0 |
|  | 02/2026 | 235 | $67 | 0 | 0 |
|  | 04/2026 | 2200 | 387 | 0 | (8) |
|  CBK | 10/2025 | 160 | 104 | 0 | (2) |
|  | 10/2025 | 6228 | 1171 | 1 | 0 |
|  | 10/2025 | 167 | 120 | 0 | 0 |
|  | 10/2025 | 100 | 16 | 0 | 0 |
|  | 10/2025 | 353 | 412 | 0 | (2) |
|  | 10/2025 | 483 | 62 | 0 | 0 |
|  | 10/2025 | 4089616 | 247 | 3 | 0 |
|  | 10/2025 | 13333 | 150 | 0 | 0 |
|  | 10/2025 | 67500 | 456 | 0 | 0 |
|  | 10/2025 | 428888 | 310 | 4 | 0 |
|  | 10/2025 | 1015 | 792 | 4 | 0 |
|  | 10/2025 | 2073 | 64 | 0 | 0 |
|  | 10/2025 | 16393 | 553 | 15 | 0 |
|  | 10/2025 | $149 | 224 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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** |
|  | 10/2025 | $1127 | 6228 | $43 | $0 |
|  | 10/2025 | 97 | 691 | 0 | 0 |
|  | 10/2025 | 356 | 305 | 2 | 0 |
|  | 10/2025 | 594 | 9742732 | 0 | (11) |
|  | 10/2025 | 394 | 34611 | 0 | (5) |
|  | 10/2025 | 191 | 27900 | 0 | (2) |
|  | 10/2025 | 78 | 777 | 0 | 0 |
|  | 10/2025 | 815 | 2861 | 9 | 0 |
|  | 10/2025 | 91 | 860 | 1 | 0 |
|  | 10/2025 | 253 | 7706 | 0 | 0 |
|  | 10/2025 | 1580 | $91 | 0 | 0 |
|  | 11/2025 | 3142963 | 776 | 0 | (22) |
|  | 11/2025 | 777 | 78 | 0 | 0 |
|  | 11/2025 | $51 | 171 | 1 | 0 |
|  | 11/2025 | 150 | 13359 | 0 | 0 |
|  | 12/2025 | 2866 | $815 | 0 | (9) |
|  | 12/2025 | 26373 | 883 | 12 | 0 |
|  | 12/2025 | $101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689592 | 1 | 0 |
|  | 01/2026 | 3635 | $121 | 0 | 0 |
|  | 03/2026 | 4408 | 1251 | 0 | (13) |
|  | 08/2026 | $93 | 1656 | 1 | 0 |
|  DUB | 10/2025 | 4821 | $678 | 1 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463788 | 150 | 3 | 0 |
|  | 10/2025 | 21650 | 244 | 0 | 0 |
|  | 10/2025 | 91507 | 66 | 1 | 0 |
|  | 10/2025 | $112 | 383 | 4 | 0 |
|  | 10/2025 | 198 | 17532 | 0 | (1) |
|  | 10/2025 | 418 | 1523 | 1 | 0 |
|  | 11/2025 | 383 | $112 | 0 | (4) |
|  | 11/2025 | 6043 | 68 | 0 | 0 |
|  | 11/2025 | $244 | 21693 | 0 | 0 |
|  | 11/2025 | 15381 | $879 | 0 | (9) |
|  FAR | 10/2025 | 2062 | 1338 | 0 | (27) |
|  | 10/2025 | 87 | 110 | 0 | 0 |
|  | 10/2025 | 2102 | 296 | 1 | 0 |
|  | 10/2025 | 385 | 300 | 2 | 0 |
|  | 10/2025 | $1375 | 2105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | 0 |
|  | 10/2025 | 374 | 32996 | 0 | (3) |
|  | 10/2025 | 1081 | 158931 | 0 | (6) |
|  | 10/2025 | 579 | 2019 | 3 | 0 |
|  | 10/2025 | 195 | 714 | 1 | 0 |
|  | 10/2025 | 2161 | 2784 | 0 | (3) |
|  | 11/2025 | 2105 | $1375 | 0 | (19) |
|  | 11/2025 | 1678 | 457 | 0 | (26) |
|  | 11/2025 | 2777 | 2161 | 3 | 0 |
|  | 11/2025 | $110 | 87 | 0 | 0 |
|  | 12/2025 | 6212 | $328 | 0 | (9) |
|  | 12/2025 | $45 | 158 | 1 | 0 |
|  | 02/2026 | 2026 | $579 | 0 | (3) |
|  GLM | 10/2025 | 15300 | 2486 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389) |
|  | 10/2025 | 15 | 19 | 0 | 0 |
|  | 10/2025 | 166 | 23 | 0 | 0 |
|  | 10/2025 | 1662927 | 100 | 0 | 0 |
|  | 10/2025 | 25 | 20 | 0 | 0 |
|  | 10/2025 | $2859 | 15300 | 17 | (2) |
|  | 10/2025 | 87 | 1432686 | 0 | (1) |
|  | 10/2025 | 40 | 134 | 1 | 0 |
|  | 10/2025 | 107 | 9403 | 0 | (1) |
|  | 11/2025 | 20 | 67 | 0 | 0 |
|  | 12/2025 | 187 | $10 | 0 | 0 |
|  | 12/2025 | 199 | 57 | 0 | 0 |
|  | 12/2025 | $97 | 1622375 | 0 | 0 |
|  | 04/2026 | 4800 | $846 | 0 | (18) |
|  IND | 10/2025 | 107 | 70 | 0 | (1) |
|  | 10/2025 | $23 | 147 | 0 | 0 |
|  | 11/2025 | 147 | $23 | 0 | 0 |
|  JPM | 10/2025 | 348 | 64 | 0 | (1) |
|  | 10/2025 | 2187 | 1583 | 11 | 0 |
|  | 10/2025 | 374693 | 390 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **90** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994354 | $299 | $0 | $0 |
|  | 10/2025 | 158380 | 114 | 1 | 0 |
|  | 10/2025 | 146 | 114 | 0 | 0 |
|  | 10/2025 | $65 | 348 | 0 | 0 |
|  | 10/2025 | 16 | 102 | 0 | 0 |
|  | 10/2025 | 77 | 65 | 0 | 0 |
|  | 10/2025 | 392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6526450 | 0 | (1) |
|  | 10/2025 | 40 | 134 | 1 | 0 |
|  | 10/2025 | 53 | 196 | 1 | 0 |
|  | 10/2025 | 19 | 591 | 0 | 0 |
|  | 11/2025 | 102 | $16 | 0 | 0 |
|  | 11/2025 | 13621 | 777 | 0 | (9) |
|  | 04/2026 | 9200 | 1561 | 0 | (94) |
|  | 06/2026 | 900 | 51 | 0 | 0 |
|  MBC | 10/2025 | 16 | 20 | 0 | 0 |
|  | 10/2025 | 2454 | 345 | 1 | 0 |
|  | 10/2025 | 91 | 108 | 1 | 0 |
|  | 10/2025 | 188 | 252 | 0 | (1) |
|  | 10/2025 | 245805 | 15 | 0 | 0 |
|  | 10/2025 | 1840 | 12 | 0 | 0 |
|  | 10/2025 | 594673 | 426 | 3 | 0 |
|  | 10/2025 | 2309 | 241 | 0 | (4) |
|  | 10/2025 | 1213 | 947 | 6 | 0 |
|  | 10/2025 | 1039 | 32 | 0 | 0 |
|  | 10/2025 | $81 | 64 | 0 | (1) |
|  | 10/2025 | 229 | 1632 | 0 | 0 |
|  | 10/2025 | 413 | 350 | 0 | (2) |
|  | 10/2025 | 336 | 468731 | 0 | (2) |
|  | 10/2025 | 1 | 8 | 0 | 0 |
|  | 10/2025 | 90 | 865 | 2 | 0 |
|  | 10/2025 | 60 | 1943 | 0 | 0 |
|  | 11/2025 | 1628 | $229 | 0 | 0 |
|  | 11/2025 | 8 | 1 | 0 | 0 |
|  | 11/2025 | $12 | 1834 | 0 | 0 |
|  | 12/2025 | 120 | 2229 | 1 | 0 |
|  MYI | 10/2025 | 2477 | $348 | 1 | 0 |
|  | 10/2025 | 1008528 | 61 | 1 | 0 |
|  | 10/2025 | 70207 | 470 | 0 | (5) |
|  | 10/2025 | 620 | 63 | 0 | 0 |
|  | 10/2025 | $12 | 1769 | 0 | 0 |
|  | 10/2025 | 99 | 360 | 0 | 0 |
|  | 10/2025 | 107 | 3235 | 0 | (1) |
|  | 11/2025 | 470 | 69964 | 5 | 0 |
|  | 12/2025 | 1011 | $283 | 0 | (8) |
|  | 12/2025 | 3214 | 107 | 1 | 0 |
|  NGF | 10/2025 | 209777 | 151 | 1 | 0 |
|  | 10/2025 | $78 | 1286775 | 0 | (1) |
|  | 11/2025 | 378 | 16532 | 6 | 0 |
|  | 12/2025 | 21 | 920 | 0 | 0 |
|  SCX | 10/2025 | 1801 | $254 | 1 | 0 |
|  | 10/2025 | 84 | 13 | 0 | 0 |
|  | 10/2025 | 2091015 | 125 | 0 | 0 |
|  | 10/2025 | 15505 | 174 | 0 | 0 |
|  | 10/2025 | 6500 | 44 | 0 | 0 |
|  | 10/2025 | 4877 | 1380 | 0 | (24) |
|  | 10/2025 | 9950 | 336 | 9 | 0 |
|  | 10/2025 | $1003 | 750 | 6 | 0 |
|  | 10/2025 | 87 | 1427631 | 0 | (1) |
|  | 10/2025 | 193 | 17067 | 0 | (1) |
|  | 10/2025 | 62 | 9057 | 0 | 0 |
|  | 10/2025 | 41 | 1246 | 0 | 0 |
|  | 11/2025 | 750 | $1003 | 0 | (6) |
|  | 11/2025 | $155 | 13764 | 0 | 0 |
|  | 12/2025 | 125 | 2096300 | 0 | 0 |
|  SOG | 10/2025 | 6421 | $1203 | 0 | (3) |
|  | 10/2025 | 152893 | 1028 | 0 | (6) |
|  | 10/2025 | 97 | 56 | 0 | 0 |
|  | 10/2025 | $1207 | 6421 | 0 | (1) |
|  | 10/2025 | 6041 | 5137 | 0 | (10) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **91** |

---

------

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** |
|  | 10/2025 | $564 | $82935 | $0 | $(3) |
|  | 10/2025 | 41 | 1234 | 0 | 0 |
|  | 11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548478 | 380 | 0 | (13) |
|  | 11/2025 | 5137 | 6053 | 10 | 0 |
|  | 11/2025 | $1028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152364 | 6 | 0 |
|  | 12/2025 | 1136 | 6151 | 3 | 0 |
|  | 03/2026 | 325664 | 336 | 0 | (3) |
|  SSB | 10/2025 | 970 | 1307 | 3 | 0 |
|  | 10/2025 | 3605 | 41 | 1 | 0 |
|  UAG | 10/2025 | 65 | 10 | 0 | 0 |
|  | 10/2025 | 825 | 247 | 0 | (2) |
|  | 10/2025 | 200 | 20 | 0 | 0 |
|  | 10/2025 | $11 | 39 | 0 | 0 |
|  | 10/2025 | 905 | 79909 | 0 | (7) |
|  | 10/2025 | 99 | 359 | 0 | 0 |
|  | 10/2025 | 60 | 1942 | 0 | 0 |
|  | 10/2025 | 91 | 1580 | 0 | 0 |
|  | 10/2025 | 1581 | 91 | 0 | 0 |
|  | 11/2025 | 38 | 11 | 0 | 0 |
|  | 11/2025 | 6929 | 393 | 0 | (7) |
|  | 12/2025 | 1080 | 23 | 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;529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(968) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 2700 | $4 | $3 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 3800 | 5 | 4 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 760 | 33 | 41 |
| GLM | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 450 | 8 | 14 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 800 | 1 | 1 |
| MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 1300 | 2 | 1 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 1500 | 2 | 1 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.230% | 03/30/2026 | 1700 | $13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.160 | 12/04/2025 | 400 | 2 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.758 | 03/30/2026 | 800 | 6 | 6 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215 | 08/05/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 200 | 2 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 200 | 2 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 500 | 44 | 42 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 500 | 44 | 42 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 500 | 43 | 45 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 500 | 43 | 39 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 700 | 60 | 65 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 700 | 60 | 54 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 1800 | 145 | 122 |
| 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 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 104300 | 524 | 455 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 104300 | 524 | 508 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 2000 | 173 | 180 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/21/2035 | 1600 | 138 | 144 |

---

---

| | | |
|:---|:---|:---|
| **92** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103% | 10/09/2025 | 2100 | $3 | $0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.008 | 11/06/2025 | 4300 | 4 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.010 | 11/07/2025 | 4300 | 4 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 1300 | 115 | 107 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 4100 | 331 | 375 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 5300 | 428 | 360 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 02/18/2026 | 4500 | 9 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.989 | 08/06/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.239 | 08/06/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 1900 | 167 | 162 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 1900 | 167 | 156 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 17600 | 13 | 13 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.907 | 11/07/2025 | 4600 | 4 | 2 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.177 | 12/24/2025 | 1600 | 7 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 2100 | 27 | 23 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 1900 | 38 | 33 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 1900 | 28 | 18 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 500 | 44 | 43 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 500 | 44 | 41 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 08/13/2035 | 1000 | 88 | 87 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 1000 | 88 | 81 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.961 | 10/07/2025 | 1500 | $2 | $0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.656 | 10/07/2025 | 4400 | 3 | 0 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.945 | 10/07/2025 | 7400 | 10 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.977 | 10/07/2025 | 7400 | 10 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.063 | 10/07/2025 | 5900 | 7 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.652 | 10/07/2025 | 14700 | 11 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.547 | 11/06/2025 | 4600 | 3 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 2900 | 4 | 3 |
| SAL | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.648 | 10/07/2025 | 2200 | 2 | 0 |
|  |  |  |  |  | $52 | $3 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553 |

---

#### 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-44 5-Year Index | Sell | 0.700% | 12/17/2025 | 9000 | $(8) | $(4) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | **Strike<br>Price** | **Strike<br>Price** | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 2700 | $(1) | $(2) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 3800 | (2) | (2) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 1520 | (32) | (39) |
| GLM | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 450 | (1) | (2) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 450 | (4) | (1) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 800 | 0 | (1) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 1300 | (1) | (1) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 1500 | (1) | (1) |
| UAG | Call - OTC USD versus TRY | TRY | 54.000 | 12/16/2025 | 200 | (7) | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 93

------

Schedule of Investments PIMCO RAE PLUS International 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 Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.086% | 10/07/2025 | 5400 | $(12) | $0 |
| DUB Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028 | 12/04/2025 | 2100 | (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.131 | 11/06/2025 | 3100 | (3) | 0 |
| JPM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.993 | 10/07/2025 | 13100 | (16) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 10/07/2025 | 3500 | (7) | 0 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.677 | 12/24/2025 | 1800 | (7) | (9) |
| NGF Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.082 | 10/07/2025 | 4400 | (9) | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.547 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | $(3) | $(10) |
|  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;(77) |

---

#### 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>September 30, 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>September 30, 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 | 0.872% | $100 | $(1) | $1 | $0 | $0 |
| JPM | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 1.016 | 400 | 3 | (3) | 0 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 | $— | 920 | $(252) | $180 | $0 | $(72) |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | EUR | 483 | 94 | 6 | 100 | 0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 773 | 152 | 8 | 160 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 290 | 58 | 2 | 60 | 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;3383 | 695 | 6 | 701 | 0 |
| SAL | CMBX.NA.AAA.16 Index | 0.500 | Monthly | 04/17/2065 | $— | 400 | (6) | 2 | 0 | (4) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/<br>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/<br>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 | 8279 | 5.195% (SOFR plus a<br>specified spread) | Monthly | 03/04/2026 | $26618 | $0 | $(109) | $0 | $(109) |
| JPM | Receive | ERADXULN Index | 45516 | 4.590% (SOFR plus a<br>specified spread) | Monthly | 09/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105992 | 0 | 0 | 0 | 0 |
| MEI | Receive | ERADXULN Index | 207 | 4.465% (SOFR plus a<br>specified spread) | Monthly | 08/19/2026 | 482 | 0 | (3) | 0 | (3) |
| MYI | Receive | ERADXULT Index | 3205 | 5.170% (SOFR plus a<br>specified spread) | Monthly | 04/15/2026 | 10304 | 0 | (42) | 0 | (42) |
|  |  |  |  |  |  |  |  | $0 | $(154) | $0 | $(154) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $743 | $48 | $1021 | $(230) |

---

94 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### 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 September 30, 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 | $1 | $0 | $0 | $1 | $(41) | $0 | $0 | $(41) | $(40) | $0 | $(40) |
|  BOA | 5 | 366 | 100 | 471 | (7) | (43) | (72) | (122) | 349 | 0 | 349 |
|  BPS | 245 | 0 | 160 | 405 | (49) | 0 | 0 | (49) | 356 | (270) | 86 |
|  BRC | 10 | 250 | 0 | 260 | (19) | 0 | 0 | (19) | 241 | 0 | 241 |
|  BSH | 31 | 0 | 0 | 31 | (45) | 0 | 0 | (45) | (14) | 0 | (14) |
|  CBK | 97 | 0 | 0 | 97 | (67) | 0 | (109) | (176) | (79) | 280 | 201 |
|  DUB | 10 | 1287 | 0 | 1297 | (14) | (4) | 0 | (18) | 1279 | 0 | 1279 |
|  FAR | 30 | 0 | 0 | 30 | (96) | 0 | 0 | (96) | (66) | 0 | (66) |
|  GLM | 18 | 970 | 0 | 988 | (411) | (4) | 0 | (415) | 573 | 284 | 857 |
|  GSC | 0 | 3 | 0 | 3 | 0 | (10) | 0 | (10) | (7) | 0 | (7) |
|  GST | 0 | 0 | 60 | 60 | 0 | (4) | 0 | (4) | 56 | 0 | 56 |
|  IND | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  JPM | 14 | 327 | 701 | 1042 | (105) | 0 | 0 | (105) | 937 | (12610) | (11673) |
|  MBC | 14 | 2 | 0 | 16 | (10) | (2) | 0 | (12) | 4 | 0 | 4 |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (3) | (3) | (3) | 0 | (3) |
|  MYC | 0 | 180 | 0 | 180 | 0 | (9) | 0 | (9) | 171 | 0 | 171 |
|  MYI | 8 | 0 | 0 | 8 | (14) | 0 | (42) | (56) | (48) | 0 | (48) |
|  NGF | 7 | 168 | 0 | 175 | (1) | 0 | 0 | (1) | 174 | 0 | 174 |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (4) | (4) | (4) | 0 | (4) |
|  SCX | 16 | 0 | 0 | 16 | (32) | 0 | 0 | (32) | (16) | 0 | (16) |
|  SOG | 19 | 0 | 0 | 19 | (39) | 0 | 0 | (39) | (20) | 0 | (20) |
|  SSB | 4 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  UAG | 0 | 0 | 0 | 0 | (17) | (1) | 0 | (18) | (18) | 0 | (18) |
|  Total Over the Counter | $529 | $3553 | $1021 | $5103 | $(968) | $(77) | $(230) | $(1275) |  |  |  |

---

(k) Securities with an aggregate market value of $564 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(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 | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **95** |

---

------

Schedule of Investments PIMCO RAE PLUS International 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 September 30, 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 | $39 | $39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 71 | 71 |
|  | $0 | $0 | $0 | $0 | $110 | $110 |
|  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 | $529 | $0 | $529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 65 | 3488 | 3553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1021 | 0 | 0 | 0 | 1021 |
|  | $0 | $1021 | $0 | $594 | $3488 | $5103 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | $0 | $594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5213 |
|  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 | $27 | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 10 | 0 | 5 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 41 | 42 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1 | $10 | $0 | $73 | $84 |
|  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 | $968 | $0 | $968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 4 | 0 | 50 | 23 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 76 | 154 | 0 | 0 | 230 |
|  | $0 | $80 | $154 | $1018 | $23 | $1275 |
|  | $0 | $81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 | $96 | $1359 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 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 | $38 | $38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (310) | 0 | 127 | (183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (168) | 0 | 0 | 758 | 590 |
|  | $0 | $(168) | $(310) | $0 | $923 | $445 |
|  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 | $(1343) | $0 | $(1343) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (41) | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 4 | 0 | 0 | 92 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 140 | 18431 | 0 | 0 | 18571 |
|  | $0 | $144 | $18431 | $(1343) | $51 | $17283 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1343) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17728 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $12 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 28 | 0 | (40) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (30) | 0 | 0 | (857) | (887) |
|  | $0 | $(30) | $28 | $0 | $(885) | $(887) |
|  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 | $(335) | $0 | $(335) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 10 | (232) | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 5 | 0 | (2) | 13 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 42 | 599 | 0 | 0 | 641 |
|  | $0 | $47 | $599 | $(327) | $(219) | $100 |
|  | $0 | $17 | $627 | $(327) | $(1104) | $(787) |

---

96 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br>**Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $3916 | $0 | $3916 |
| &nbsp;&nbsp; Industrials | 0 | 733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | 2133 |
| &nbsp;&nbsp; Utilities | 0 | 814 | 0 | 814 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137902 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137902 |
|  U.S. Treasury Obligations | 0 | 5073 | 0 | 5073 |
|  Non-Agency Mortgage-Backed Securities | 0 | 16155 | 0 | 16155 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 2007 | 0 | 2007 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 2226 | 0 | 2226 |
| &nbsp;&nbsp; CMBS Other | 0 | 681 | 0 | 681 |
| &nbsp;&nbsp; Home Equity Other | 0 | 8341 | 0 | 8341 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 1490 | 0 | 1490 |
| &nbsp;&nbsp; Other ABS | 0 | 14616 | 0 | 14616 |
|  Sovereign Issues | 0 | 16821 | 0 | 16821 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 13700 | 0 | 13700 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 50 | 0 | 50 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1889 | 0 | 1889 |
|  | $0 | $226414 | $1400 | $227814 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10384 | $0 | $0 | $10384 |
|  Total Investments | $10384 | $226414 | $1400 | $238198 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br>**Value at<br>09/30/2025** |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(15023) | $0 | $(15023) |
|  | $0 | $(15023) | $0 | $(15023) |
|  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 | 101 | 0 | 110 |
|  Over the counter | 0 | 5103 | 0 | 5103 |
|  | $9 | $5204 | $0 | $5213 |
|  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 | (10) | (74) | 0 | (84) |
|  Over the counter | 0 | (1203) | (72) | (1275) |
|  | $(10) | $(1277) | $(72) | $(1359) |
|  Total Financial Derivative Instruments | $(1) | $3927 | $(72) | $3854 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227029 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **97** |

---

------

Schedule of Investments PIMCO RAE PLUS 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 172.8% | INVESTMENTS IN SECURITIES 172.8% | INVESTMENTS IN SECURITIES 172.8% |
| CORPORATE BONDS & NOTES 4.3% | CORPORATE BONDS & NOTES 4.3% | CORPORATE BONDS & NOTES 4.3% |
| BANKING & FINANCE 2.7% | BANKING & FINANCE 2.7% | BANKING & FINANCE 2.7% |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.450% due 09/09/2028 | 500 | 504 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 700 | 712 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 600 | 627 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.224% due 05/09/2034 •  | 400 | 431 |
|  Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim |
|  1.000% due 12/31/2060 | 200 | 26 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 200 | 202 |
|  5.800% due 03/08/2029 | 200 | 203 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.016% due 10/23/2035 •  | 300 | 302 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.298% (SOFRRATE + 0.970%) due 01/14/2028 ~ | 100 | 100 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.946% due 10/22/2035 •  | 100 | 101 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.711% due 07/08/2031 •  | 200 | 202 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.320% due 07/19/2035 •  | 200 | 206 |
|  5.656% due 04/18/2030 •  | 200 | 209 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.969% due 08/02/2030 •  | 100 | 102 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.660% due 07/08/2031 •  | 400 | 405 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.125% due 11/15/2031 | 100 | 102 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 100 | 97 |
|  5.150% due 04/23/2031 •  | 600 | 619 |
|  |  | 5150 |
| INDUSTRIALS 1.2% | INDUSTRIALS 1.2% | INDUSTRIALS 1.2% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 « | 1900 | 1900 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  6.943% due 01/10/2030 | 97 | 101 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 300 | 222 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 100 | 79 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 97 | 100 |
|  |  | 2402 |
| UTILITIES 0.4% | UTILITIES 0.4% | UTILITIES 0.4% |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 200 | 171 |
|  4.700% due 06/01/2027 | 300 | 301 |
|  5.150% due 06/01/2029 | 300 | 305 |
|  |  | 777 |
|  Total Corporate Bonds & Notes (Cost $8,149) | Total Corporate Bonds & Notes (Cost $8,149) | 8329 |
| U.S. GOVERNMENT AGENCIES 107.9% | U.S. GOVERNMENT AGENCIES 107.9% | U.S. GOVERNMENT AGENCIES 107.9% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 09/01/2032 | 252 | 246 |
|  4.500% due 12/01/2053 | 272 | 264 |
|  5.500% due 06/01/2054 - 09/01/2055 | 10807 | 10933 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 495 | 471 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.983% due 07/15/2036 •(a) | 257 | 26 |
|  2.213% due 04/15/2036 •(a) | 23 | 2 |
|  4.867% due 03/15/2037 •  | 52 | 52 |
|  5.000% due 04/15/2041 | 294 | 301 |
|  5.187% due 08/15/2037 •  | 130 | 130 |
|  5.197% due 10/15/2037 •  | 19 | 19 |
|  5.207% due 05/15/2037 - 09/15/2037 •  | 138 | 138 |
|  5.296% due 11/25/2054 •  | 729 | 730 |
|  5.306% due 08/25/2055 - 09/25/2055 •  | 6948 | 6968 |
|  5.456% due 11/25/2054 •  | 683 | 683 |
|  5.500% due 03/15/2034 | 60 | 62 |
|  5.506% due 12/25/2054 - 03/25/2055 •  | 1486 | 1496 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 01/01/2027 | 33 | 32 |
|  4.202% due 10/01/2029 ~ | 1000 | 1005 |
|  4.300% due 12/01/2029 | 702 | 708 |
|  4.500% due 11/01/2054 - 12/01/2054 | 1341 | 1318 |
|  4.620% due 08/01/2030 | 5800 | 5909 |
|  4.705% due 09/01/2031 ~ | 1900 | 1937 |
|  4.720% due 10/01/2028 | 500 | 510 |
|  4.770% due 10/01/2028 | 600 | 613 |
|  4.930% due 06/01/2029 | 400 | 411 |
|  5.300% due 11/01/2030 | 800 | 839 |
|  5.500% due 07/01/2054 - 01/01/2055 | 2320 | 2358 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  1.379% due 03/25/2041 •(a) | 458 | 46 |
|  2.229% due 03/25/2036 •(a) | 121 | 9 |
|  4.821% due 07/25/2037 •  | 5 | 5 |
|  4.851% due 07/25/2037 •  | 11 | 11 |
|  4.871% due 09/25/2035 •  | 20 | 19 |
|  4.881% due 09/25/2035 •  | 41 | 41 |
|  5.191% due 06/25/2037 •  | 83 | 83 |
|  5.306% due 11/25/2054 •  | 622 | 622 |
|  5.506% due 09/25/2055 •  | 1293 | 1298 |
|  8.678% due 12/25/2036 •  | 6 | 7 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 09/25/2042 •  | 4 | 4 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.349% due 01/25/2031 ~(a) | 464 | 27 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  5.170% due 09/20/2055 •  | 6708 | 6710 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.977% due 04/20/2068 •  | 307 | 311 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 | 6430 | 6046 |
|  4.500% due 11/01/2055 | 4020 | 3897 |
|  5.000% due 11/01/2055 | 5340 | 5305 |
|  5.500% due 11/01/2055 | 2690 | 2709 |
|  6.000% due 11/01/2055 | 2660 | 2705 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  4.430% due 05/01/2029 | 10 | 10 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 11/01/2055 | 8550 | 8057 |
|  4.500% due 10/01/2055 - 11/01/2055 | 4570 | 4432 |
|  5.000% due 10/01/2055 - 11/01/2055 | 16740 | 16593 |
|  5.500% due 10/01/2055 - 11/01/2055 | 2030 | 2046 |
|  6.000% due 10/01/2055 - 11/01/2055 | 65860 | 67280 |
|  6.500% due 10/01/2055 - 11/01/2055 | 41270 | 42667 |
|  Total U.S. Government Agencies<br>(Cost $209,028) | Total U.S. Government Agencies<br>(Cost $209,028) | 209101 |
| U.S. TREASURY OBLIGATIONS 2.8% | U.S. TREASURY OBLIGATIONS 2.8% | U.S. TREASURY OBLIGATIONS 2.8% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 05/15/2044 | 2100 | 2085 |
|  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 | 420 | 422 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.375% due 09/30/2027 | 100 | 94 |
|  0.625% due 11/30/2027 | 200 | 188 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.750% due 01/31/2028 | $— | 300 | 281 |
|  3.875% due 07/31/2030 |  | 2300 | 2314 |
|  Total U.S. Treasury Obligations<br>(Cost $5,377) | Total U.S. Treasury Obligations<br>(Cost $5,377) | Total U.S. Treasury Obligations<br>(Cost $5,377) | 5384 |
| 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 |
|  5.131% due 01/25/2036 ~ |  | 374 | 280 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.500% due 03/25/2047 þ |  | 104 | 66 |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  |  | 400 | 540 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.670% due 04/20/2047 •  | $— | 11 | 9 |
|  6.619% due 09/20/2034 ~ |  | 1 | 1 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.864% due 02/25/2034 ~ |  | 7 | 7 |
|  6.012% due 01/25/2035 ~ |  | 9 | 8 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.480% due 11/25/2035 ~ |  | 169 | 156 |
|  4.612% due 12/25/2046 •  |  | 13 | 12 |
|  4.772% due 01/25/2036 •  |  | 16 | 15 |
|  5.232% due 10/25/2035 ~ |  | 145 | 120 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.839% due 07/25/2034 ~ |  | 19 | 18 |
|  5.302% due 01/25/2035 ~ |  | 1 | 1 |
|  5.391% due 11/25/2034 ~ |  | 4 | 3 |
|  5.912% due 11/25/2034 ~ |  | 1 | 1 |
|  6.242% due 01/25/2033 ~ |  | 96 | 96 |
|  6.331% due 04/25/2033 ~ |  | 3 | 4 |
|  6.375% due 08/25/2033 ~ |  | 8 | 8 |
|  6.530% due 02/25/2036 •  |  | 5 | 5 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  5.990% due 01/17/2039 •  |  | 1000 | 999 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  5.606% due 05/25/2055 •  |  | 314 | 313 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.469% due 09/25/2036 ~ |  | 31 | 27 |
|  4.739% due 12/25/2035 ~ |  | 6 | 6 |
|  6.000% due 11/25/2036 |  | 113 | 47 |
|  6.000% due 12/25/2036 |  | 59 | 24 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.872% due 07/25/2037 •  |  | 160 | 142 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.932% due 02/25/2035 •  |  | 11 | 11 |
|  5.097% due 11/25/2034 ~ |  | 35 | 34 |
|  6.589% due 10/20/2034 ~ |  | 25 | 25 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.487% due 09/25/2037 ~ |  | 132 | 122 |
|  5.805% due 08/25/2035 ~ |  | 1 | 1 |
|  9.170% due 09/25/2062 þ |  | 813 | 815 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.652% due 09/25/2046 •  |  | 173 | 169 |
|  4.672% due 08/25/2037 •  |  | 39 | 24 |
|  4.710% due 05/20/2046 •  |  | 13 | 11 |
|  4.832% due 02/25/2037 •  |  | 69 | 59 |
|  4.850% due 11/20/2035 •  |  | 12 | 11 |
|  4.890% due 12/20/2035 •  |  | 146 | 139 |
|  4.912% due 11/25/2035 •  |  | 775 | 711 |
|  5.153% due 12/25/2035 •  |  | 21 | 19 |
|  5.500% due 07/25/2035 |  | 1 | 1 |
|  5.500% due 11/25/2035 |  | 16 | 9 |
|  5.553% due 08/25/2035 •  |  | 8 | 8 |
|  5.633% due 01/25/2036 •  |  | 40 | 38 |
|  6.250% due 08/25/2036 |  | 487 | 255 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.250% due 09/25/2035 |  | 728 | 563 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  5.750% due 03/25/2037 |  | 66 | 35 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.932% due 02/25/2036 •  |  | 461 | 456 |
|  5.772% due 10/25/2047 •  |  | 696 | 538 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.255% due 06/15/2044 •  |  | 13 | 17 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.977% due 11/25/2035 ~ | $— | 5 | 5 |
|  5.500% due 01/25/2037 |  | 9 | 20 |
|  6.000% due 02/25/2036 |  | 979 | 354 |
|  6.000% due 07/25/2037 |  | 242 | 153 |

---

---

| | | |
|:---|:---|:---|
| **98** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.306% due 06/19/2036 ~ | 242 | 124 |
|  4.588% due 12/19/2036 •  | 19 | 17 |
|  4.688% due 05/19/2035 •  | 668 | 646 |
|  4.728% due 06/19/2035 •  | 118 | 116 |
|  4.728% due 12/19/2036 •  | 423 | 402 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.037% due 06/25/2036 ~ | 411 | 365 |
|  4.632% due 02/25/2037 •  | 265 | 246 |
|  4.912% due 07/25/2045 •  | 11 | 9 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.244% due 05/25/2036 ~ | 229 | 126 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.648% due 12/15/2031 •  | 110 | 110 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.274% due 10/25/2036 ~ | 103 | 74 |
|  4.341% due 10/25/2036 ~ | 13 | 7 |
|  5.464% due 04/25/2037 ~ | 13 | 10 |
|  5.743% due 07/25/2035 ~ | 61 | 59 |
|  5.750% due 01/25/2036 | 9 | 4 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.892% due 10/25/2066 þ | 613 | 614 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.772% due 08/25/2037 •  | 158 | 155 |
|  5.972% due 09/25/2047 •  | 169 | 155 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.992% due 04/25/2036 •  | 103 | 91 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.188% due 07/25/2035 ~ | 32 | 29 |
|  4.916% due 10/25/2033 ~ | 128 | 112 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.705% due 12/15/2030 •  | 2 | 2 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.672% due 03/25/2037 •  | 1685 | 396 |
|  4.872% due 03/25/2037 •  | 343 | 80 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.890% due 09/25/2035 ~ | 88 | 70 |
|  5.850% due 05/25/2033 ~ | 10 | 10 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.035% due 06/25/2036 ~ | 5 | 4 |
|  Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust |
|  3.008% due 02/26/2037 •  | 78 | 74 |
|  5.250% due 05/26/2037 ~ | 85 | 38 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.110% due 05/25/2042 •  | 136 | 122 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  3.500% due 10/25/2059 ~ | 152 | 143 |
|  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 | 9 | 4 |
|  PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust |
|  4.592% due 02/25/2037 •  | 505 | 373 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  5.228% due 08/25/2069 þ | 600 | 602 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.572% due 02/25/2037 •  | 200 | 178 |
|  4.632% due 07/25/2036 •  | 873 | 281 |
|  4.642% due 08/25/2036 •  | 372 | 339 |
|  6.000% due 08/25/2036 | 43 | 36 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.937% due 11/25/2035 ~ | 132 | 123 |
|  4.572% due 08/25/2036 •  | 126 | 100 |
|  5.553% due 01/25/2035 •  | 4 | 3 |
|  6.336% due 02/25/2034 ~ | 1 | 1 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.732% due 02/25/2036 •  | 134 | 125 |
|  4.832% due 02/25/2036 •  | 2 | 2 |
|  4.948% due 02/19/2035 •  | 6 | 6 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.583% due 06/25/2047 •  | 137 | 123 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  | 360 | 486 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.541% due 10/27/2064 ~ | 852 | 854 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ | GBP | 383 | 517 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.943% due 12/25/2046 •  | $| 51 | 46 |
|  4.108% due 02/25/2037 ~ |  | 58 | 50 |
|  4.402% due 06/25/2037 ~ |  | 26 | 23 |
|  4.832% due 11/25/2045 •  |  | 14 | 13 |
|  4.963% due 07/25/2047 •  |  | 115 | 97 |
|  5.033% due 10/25/2046 •  |  | 1278 | 1120 |
|  5.653% due 10/25/2046 •  |  | 15 | 14 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  4.903% due 02/25/2047 •  |  | 539 | 500 |
|  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 |  | 314 | 275 |
|  6.443% due 07/25/2037 ~ |  | 10 | 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 |
|  6.814% due 12/25/2036 ~ |  | 56 | 55 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $19,428) | Total Non-Agency Mortgage-Backed Securities (Cost $19,428) | Total Non-Agency Mortgage-Backed Securities (Cost $19,428) | 18277 |
| ASSET-BACKED SECURITIES 19.4% | ASSET-BACKED SECURITIES 19.4% | ASSET-BACKED SECURITIES 19.4% | ASSET-BACKED SECURITIES 19.4% |
| AUTOMOBILE ABS OTHER 1.0% | AUTOMOBILE ABS OTHER 1.0% | AUTOMOBILE ABS OTHER 1.0% | AUTOMOBILE ABS OTHER 1.0% |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.480% due 04/16/2029 |  | 800 | 801 |
|  4.640% due 01/15/2030 |  | 600 | 602 |
|  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 | 506 |
|  |  |  | 1909 |
| AUTOMOBILE SEQUENTIAL 2.3% | AUTOMOBILE SEQUENTIAL 2.3% | AUTOMOBILE SEQUENTIAL 2.3% | AUTOMOBILE SEQUENTIAL 2.3% |
|  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 | 309 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.620% due 01/10/2029 |  | 255 | 257 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 |  | 537 | 539 |
|  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 |  | 850 | 861 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.440% due 01/25/2029 |  | 800 | 817 |
|  5.490% due 06/25/2027 |  | 300 | 302 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  5.870% due 05/21/2029 |  | 50 | 50 |
|  OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust |
|  5.410% due 11/14/2029 |  | 600 | 605 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 |  | 195 | 195 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 |  | 130 | 131 |
|  Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII |
|  5.380% due 11/25/2030 |  | 23 | 23 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.930% due 07/17/2028 |  | 306 | 307 |
|  |  |  | 4396 |
| CMBS OTHER 0.4% | CMBS OTHER 0.4% | CMBS OTHER 0.4% | CMBS OTHER 0.4% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.822% due 01/15/2037 •  |  | 297 | 297 |
|  AREIT Trust | AREIT Trust | AREIT Trust | AREIT Trust |
|  5.636% due 01/20/2037 •  |  | 419 | 419 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.750% due 11/22/2038 •  |  | 65 | 64 |
|  |  |  | 780 |
| HOME EQUITY OTHER 6.1% | HOME EQUITY OTHER 6.1% | HOME EQUITY OTHER 6.1% | HOME EQUITY OTHER 6.1% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.392% due 10/25/2036 •  |  | 2 | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.382% due 09/25/2036 •  | 294 | 95 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.472% due 05/25/2037 •  | 827 | 561 |
|  4.572% due 12/25/2036 •  | 1274 | 479 |
|  4.632% due 01/25/2037 •  | 1396 | 1029 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.672% due 02/25/2037 •  | 175 | 166 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.812% due 03/25/2036 •  | 270 | 244 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.932% due 01/25/2036 •  | 138 | 134 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.512% due 06/25/2036 •  | 251 | 46 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.372% due 12/25/2046 •  | 561 | 278 |
|  4.442% due 12/25/2036 •  | 1161 | 575 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.692% due 04/25/2037 •  | 98 | 70 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.492% due 12/25/2036 •  | 3471 | 865 |
|  4.632% due 04/25/2037 •  | 579 | 382 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.572% due 07/25/2036 •  | 237 | 110 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.572% due 05/25/2036 •  | 205 | 108 |
|  4.812% due 05/25/2046 •  | 1396 | 414 |
|  5.247% due 04/25/2035 •  | 61 | 60 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.592% due 10/25/2036 •  | 1079 | 517 |
|  4.752% due 03/25/2036 •  | 154 | 93 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.402% due 01/25/2037 •  | 899 | 415 |
|  4.402% due 02/25/2037 •  | 1147 | 506 |
|  4.407% due 11/25/2036 •  | 1525 | 965 |
|  4.482% due 01/25/2037 •  | 821 | 379 |
|  4.552% due 08/25/2036 •  | 1522 | 765 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.252% due 02/25/2033 •  | 42 | 42 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.612% due 11/25/2036 •  | 123 | 34 |
|  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 |
|  4.932% due 10/25/2036 •  | 613 | 111 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.592% due 10/25/2036 •  | 831 | 384 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.172% due 10/25/2036 •  | 96 | 95 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.586% due 11/25/2036 þ | 1602 | 512 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.752% due 07/25/2036 •  | 433 | 171 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.352% due 06/25/2037 •  | 203 | 135 |
|  4.792% due 02/25/2037 •  | 528 | 142 |
|  5.172% due 10/25/2037 •  | 1124 | 875 |
|  |  | 11758 |
| 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 |
|  4.992% due 04/25/2037 •  | 135 | 36 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.612% due 12/25/2036 •  | 3 | 3 |
|  |  | 39 |
| 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 |
|  4.432% due 08/25/2036 •  | 918 | 300 |
|  5.232% due 01/25/2036 •  | 415 | 401 |
|  |  | 701 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 99

------

Schedule of Investments PIMCO RAE PLUS Small Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| OTHER ABS 9.2% | OTHER ABS 9.2% | OTHER ABS 9.2% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  | 500 | 501 |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  5.608% due 07/15/2034 •  | 1000 | 1001 |
|  AlbaCore Euro CLO I DAC | AlbaCore Euro CLO I DAC | AlbaCore Euro CLO I DAC |
|  3.101% due 10/18/2034 •  | 500 | 588 |
|  AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC |
|  3.269% due 07/15/2035 •  | 1000 | 1175 |
|  Arbour CLO VI DAC | Arbour CLO VI DAC | Arbour CLO VI DAC |
|  3.186% due 11/15/2037 •  | 700 | 824 |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.054% due 10/21/2034 •  | 388 | 456 |
|  3.824% due 10/21/2034 •  | 500 | 588 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  5.539% due 10/23/2032 •  | 378 | 379 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.930% due 10/17/2035 | 550 | 552 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.870% due 07/17/2037 •  | 1000 | 1005 |
|  Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. |
|  5.555% due 10/20/2031 •  | 304 | 304 |
|  CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC |
|  3.144% due 10/23/2034 •  | 411 | 484 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.928% due 04/15/2037 •  | 1000 | 1005 |
|  Henley CLO VII DAC | Henley CLO VII DAC | Henley CLO VII DAC |
|  2.929% due 04/25/2034 •  | 500 | 588 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.475% due 10/20/2034 •  | 1100 | 1101 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  5.588% due 07/25/2035 •  | 500 | 500 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  5.605% due 07/20/2034 •  | 1000 | 1001 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  5.582% due 10/22/2034 •  | 500 | 501 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.552% due 04/25/2038 •  | 18 | 18 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  5.228% due 06/15/2031 •  | 268 | 268 |
|  Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. |
|  5.478% due 11/13/2031 •  | 621 | 622 |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.475% due 10/20/2030 •  | 290 | 290 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.331% due 01/15/2032 | 573 | 575 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  5.549% due 10/11/2034 •  | 500 | 501 |
|  Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 |
|  5.528% due 07/15/2034 •  | 500 | 501 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.598% due 10/15/2034 •  | 500 | 501 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  2.339% due 10/25/2039 •  | 439 | 482 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.474% due 07/15/2053 •  | 429 | 428 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.484% due 08/16/2034 •  | 500 | 501 |
|  Tralee CLO VI Ltd. | Tralee CLO VI Ltd. | Tralee CLO VI Ltd. |
|  5.538% due 10/25/2032 •  | 650 | 651 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 23 | 23 |
|  |  | 17914 |
|  Total Asset-Backed Securities<br>(Cost $40,566) | Total Asset-Backed Securities<br>(Cost $40,566) | 37497 |
| SOVEREIGN ISSUES 10.9% | SOVEREIGN ISSUES 10.9% | SOVEREIGN ISSUES 10.9% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | 500000 | 507 |
|  5.000% due 10/01/2028 | 420000 | 436 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (c) | 19700 | 3458 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  8.375% due 11/07/2054 | 400 | 424 |
|  Colombia TES | Colombia TES | Colombia TES |
|  6.000% due 04/28/2028 | 2540100 | 593 |
|  11.000% due 08/22/2029 | 3446800 | 888 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 900 | 914 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (c) | 300 | 232 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 | 14500 | 303 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 | 300 | 302 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | 120000 | 707 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | 13500 | 748 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | 200 | 207 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  3.000% due 12/03/2026 (e) | 855 | 46 |
|  4.000% due 08/24/2034 (e) | 2480 | 130 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | 3100 | 996 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 3700 | 1032 |
|  6.150% due 08/12/2032 | 14400 | 4397 |
|  6.950% due 08/12/2031 | 720 | 230 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 29650 | 1363 |
|  7.000% due 02/28/2031 | 15500 | 851 |
|  8.000% due 01/31/2030 | 5200 | 302 |
|  8.250% due 03/31/2032 | 2600 | 149 |
|  8.500% due 01/31/2037 | 3200 | 171 |
|  8.875% due 02/28/2035 | 15600 | 888 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 | 400 | 479 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  40.854% (BISTREFI) due 09/06/2028 ~ | 7900 | 185 |
|  42.493% (BISTREFI) due 05/20/2026 ~ | 100 | 2 |
|  42.493% (BISTREFI) due 05/17/2028 ~ | 8100 | 192 |
|  Total Sovereign Issues (Cost $19,954) | Total Sovereign Issues (Cost $19,954) | 21132 |
| SHORT-TERM INSTRUMENTS 18.1% | SHORT-TERM INSTRUMENTS 18.1% | SHORT-TERM INSTRUMENTS 18.1% |
| COMMERCIAL PAPER 3.0% | COMMERCIAL PAPER 3.0% | COMMERCIAL PAPER 3.0% |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  4.550% due 10/08/2025 (b) | 1930 | 1928 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  4.950% due 10/07/2025 | 1930 | 1928 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.750% due 10/09/2025 | 1920 | 1918 |
|  |  | 5774 |
| REPURCHASE AGREEMENTS (f) 15.1% | REPURCHASE AGREEMENTS (f) 15.1% | REPURCHASE AGREEMENTS (f) 15.1% |
|  |  | 29200 |
| SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% |
|  7.505% due 06/17/2026 (c)(d) | 1200 | 66 |
| Total Short-Term Instruments<br>(Cost $35,041) | Total Short-Term Instruments<br>(Cost $35,041) | 35040 |
| Total Investments in Securities<br>(Cost $337,543) | Total Investments in Securities<br>(Cost $337,543) | 334760 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 9.7% | INVESTMENTS IN AFFILIATES 9.7% | INVESTMENTS IN AFFILIATES 9.7% |
| SHORT-TERM INSTRUMENTS 9.7% | SHORT-TERM INSTRUMENTS 9.7% | SHORT-TERM INSTRUMENTS 9.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.7% |
|  PIMCO Short Asset Portfolio | 1911689 | 18756 |
|  PIMCO Short-Term Floating NAV Portfolio III | 2182 | 21 |
| Total Short-Term Instruments<br>(Cost $18,646) | Total Short-Term Instruments<br>(Cost $18,646) | 18777 |
| Total Investments in Affiliates<br>(Cost $18,646) | Total Investments in Affiliates<br>(Cost $18,646) | 18777 |
| Total Investments 182.5%<br>(Cost $356,189) | Total Investments 182.5%<br>(Cost $356,189) | 353537 |
|  Financial Derivative<br>Instruments (g)(h) 2.7%<br> (Cost or Premiums, net $6,968) | Financial Derivative<br>Instruments (g)(h) 2.7%<br> (Cost or Premiums, net $6,968) | 5301 |
| Other Assets and Liabilities, net (85.2)% | Other Assets and Liabilities, net (85.2)% | (165072) |
| Net Assets 100.0% | Net Assets 100.0% | 193766 |

---

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

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) When-issued security.

(c) Zero coupon security.

---

| | | |
|:---|:---|:---|
| **100** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

(d) Coupon represents a yield to maturity.

(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> |
|  | 4.220% | 09/30/2025 | 10/01/2025 | $3600 | U.S. Treasury Notes 3.500% due 09/30/2029 | $(3672) | $3600 | $3600 |
| BOS | 4.290 | 09/30/2025 | 10/01/2025 | 25600 | U.S. Treasury Notes 1.500% - 4.500% due 01/31/2027 - 05/15/2027 | (26121) | 25600 | 25603 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29793) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29203 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (20.7)% | U.S. Government Agencies (20.7)% | U.S. Government Agencies (20.7)% | U.S. Government Agencies (20.7)% | U.S. Government Agencies (20.7)% | U.S. Government Agencies (20.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $3980 | $(3208) | $(3209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 5640 | (4656) | (4752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 11/01/2055 | 50 | (44) | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11210 | (10279) | (10240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 10/01/2055 | 21460 | (21911) | (21927) |
|  Total Short Sales (20.7)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40098) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40172) |

---

#### 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 September 30, 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-<br>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 | $29203 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29203 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29793) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29203 | $&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 September 30, 2025 was $(19) at a weighted average interest rate of 4.440%. 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:

#### FUTURE STYLED 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 |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.500 | 10/24/2025 | 105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |

---

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(49) | $(34) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 101

------

Schedule of Investments PIMCO RAE PLUS Small 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 |
|  30-Day Federal Fund February Futures  | 02/2026 | 47 | $18887 | $(1) | $0 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 32 | 2816 | 10 | 13 | 0 |
|  Euro-Bund December Futures  | 12/2025 | 1 | 151 | 1 | 0 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 66 | 13754 | 24 | 7 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38109 | (35) | 14 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 24 | 2700 | 22 | 0 | (1) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 54 | 6214 | 52 | 0 | (3) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### 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 Russell 2000 Index December Futures  | 12/2025 | 2 | $(246) | $(4) | $0 | $0 |
|  Euro-Bobl December Futures  | 12/2025 | 8 | (1107) | 0 | 0 | (2) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 2 | (233) | (5) | 1 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5883) | (29) | 27 | 0 |
|  |  |  |  | $(38) | $28 | $(2) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 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>September 30, 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 |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2026 | 0.326% | $100 | $1 | $0 | $1 | $0 | $0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.246 | 200 | 1 | 0 | 1 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.581 | 100 | 1 | 0 | 1 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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<br>Margin | Variation<br>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-44 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $3710 | $(64) | $(21) | $(85) | $0 | $0 |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | 5700 | (126) | (5) | (131) | 0 | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(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-45 5-Year Index | 5.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | $&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;31 | $&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 | 3.750% | Annual | 09/17/2030 | 14200 | $(74) | $(8) | $(82) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 1700 | (50) | 21 | (29) | 6 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 830 | 39 | (14) | 25 | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880 | 40 | (106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 9100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | 19 | (4) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 1270 | 27 | (20) | 7 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **102** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 06/20/2029 | $2900 | $26 | $(61) | $(35) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 5210 | 21 | (73) | (52) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 300 | (1) | (4) | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 2520 | 77 | (26) | 51 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 7840 | (157) | 29 | (128) | 0 | (4) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 8750 | (144) | (8) | (152) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 2200 | 6 | (31) | (25) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 1060 | (11) | (6) | (17) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 5100 | 333 | (128) | 205 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 1030 | 9 | (19) | (10) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 50 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 70 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 200 | (1) | 3 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 100 | (1) | 3 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 9050 | (57) | 13 | (44) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 100 | 0 | 2 | 2 | 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 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 200 | (1) | 5 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 200 | (1) | 4 | 3 | 0 | 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 | 3 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 100 | 0 | 4 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 200 | (1) | 8 | 7 | 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 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 200 | (1) | (2) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 200 | (1) | (4) | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 200 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 10150 | (2) | (79) | (81) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 1800 | 27 | 56 | 83 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 | 1310 | 0 | 20 | 20 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 | 1370 | 0 | 23 | 23 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 2080 | 110 | 324 | 434 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 200 | (5) | 21 | 16 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 5400 | 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | 456 | 17 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 5280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(453) | 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401) | 0 | (16) |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 800 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 8600 | 0 | (8) | (8) | 0 | (2) |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 1600 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 | 15800 | 0 | 3 | 3 | 2 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 5500 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 400 | 0 | 0 | 0 | 0 | 0 |
| 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 | 0 |
| Receive | 3-Month COP-IBR Compounded-OIS | 8.590 | Quarterly | 08/22/2029 | 3255300 | 0 | 1 | 1 | 1 | 0 |
| Pay | 3-Month PLN-WIBOR | 4.136 | Annual | 07/25/2029 | 2200 | 0 | 1 | 1 | 1 | 0 |
| Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 | 2200 | 0 | (18) | (18) | 0 | (1) |
| Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 02/28/2031 | 10100 | 0 | (3) | (3) | 0 | (1) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 3400 | (15) | 76 | 61 | 9 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 3700 | 74 | (17) | 57 | 13 | 0 |
| Receive | 6-Month CLP-CHILIBOR | 4.580 | Semi-Annual | 10/01/2028 | 397400 | 0 | 1 | 1 | 0 | 0 |
| Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 | 500000 | 0 | (5) | (5) | 0 | 0 |
| Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 200 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 | 100 | 0 | (7) | (7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **103** |

---

------

Schedule of Investments PIMCO RAE PLUS Small Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 6-Month EUR-EURIBOR | 3.063% | Annual | 12/06/2033 | $100 | $0 | $(6) | $(6) | $0 | $0 |
| Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 | 100 | 0 | (6) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.970 | Annual | 12/15/2033 | 100 | 0 | (5) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.890 | Annual | 12/22/2033 | 100 | 0 | (5) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 100 | 0 | (5) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 | 5800 | 0 | 6 | 6 | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 | 18800 | (28) | (30) | (58) | 0 | (1) |
| Receive | CPURNSA | 2.502 | Maturity | 03/25/2030 | $2000 | 0 | 12 | 12 | 0 | 0 |
| Receive | CPURNSA | 2.520 | Maturity | 03/27/2030 | 4000 | 0 | 20 | 20 | 1 | 0 |
| Receive | CPURNSA | 2.541 | Maturity | 04/04/2030 | 470 | (4) | 6 | 2 | 0 | 0 |
| Receive | CPURNSA | 2.487 | Maturity | 04/03/2035 | 5700 | (79) | 104 | 25 | 2 | 0 |
| Receive | CPURNSA | 2.487 | Maturity | 12/07/2051 | 900 | 24 | 15 | 39 | 1 | 0 |
|  |  |  |  |  |  | $1594 | $325 | $1919 | $84 | $(59) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 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;62 | $84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) |

---

Cash of $5,291 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

---

| | | |
|:---|:---|:---|
| **104** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&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 | 10/2025 | 5781 | $6743 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |
|  | 10/2025 | $1952 | 2715 | 0 | (1) |
|  | 11/2025 | 2711 | $1952 | 1 | 0 |
|  BOA | 10/2025 | 4421 | 29 | 0 | 0 |
|  | 10/2025 | $50 | 168 | 1 | 0 |
|  | 10/2025 | 118 | 10397 | 0 | (1) |
|  | 10/2025 | 3 | 450 | 0 | 0 |
|  | 10/2025 | 110 | 152822 | 0 | (2) |
|  | 10/2025 | 25 | 43 | 0 | 0 |
|  | 10/2025 | 192 | 711 | 12 | 0 |
|  | 10/2025 | 30 | 108 | 0 | 0 |
|  | 11/2025 | 339 | $100 | 0 | (2) |
|  | 11/2025 | 43 | 25 | 0 | 0 |
|  | 11/2025 | $40 | 133 | 0 | 0 |
|  | 11/2025 | 30 | 4405 | 0 | 0 |
|  | 11/2025 | 2938 | $168 | 0 | (1) |
|  BPS | 10/2025 | 2000 | 334 | 0 | (42) |
|  | 10/2025 | 2877 | 404 | 0 | 0 |
|  | 10/2025 | 8590100 | 519 | 5 | (1) |
|  | 10/2025 | 13642 | 155 | 2 | 0 |
|  | 10/2025 | 5121 | 34 | 0 | 0 |
|  | 10/2025 | 20346 | 677 | 9 | (1) |
|  | 10/2025 | $367 | 2000 | 9 | 0 |
|  | 10/2025 | 401 | 6615852 | 0 | (4) |
|  | 10/2025 | 538 | 743213 | 0 | (8) |
|  | 10/2025 | 172 | 626 | 0 | 0 |
|  | 11/2025 | 1504023 | $90 | 0 | 0 |
|  | 11/2025 | 8901 | 100 | 0 | 0 |
|  | 11/2025 | 84109 | 60 | 0 | 0 |
|  | 11/2025 | $110 | 370 | 2 | 0 |
|  | 11/2025 | 34 | 5104 | 0 | 0 |
|  | 12/2025 | 2438 | $81 | 1 | 0 |
|  | 12/2025 | $134 | 2246441 | 1 | 0 |
|  | 12/2025 | 101 | 1869 | 1 | 0 |
|  | 04/2026 | 500 | $88 | 0 | (2) |
|  BRC | 10/2025 | 530 | 664 | 0 | (2) |
|  | 10/2025 | 1067 | 25 | 0 | (1) |
|  | 10/2025 | $721 | 578 | 5 | 0 |
|  | 10/2025 | 496 | 369 | 0 | 0 |
|  | 10/2025 | 251 | 36800 | 0 | (2) |
|  | 10/2025 | 53 | 990 | 1 | 0 |
|  | 10/2025 | 0 | 5 | 0 | 0 |
|  | 10/2025 | 131 | 479 | 1 | 0 |
|  | 10/2025 | 24 | 1046 | 1 | 0 |
|  | 11/2025 | 5 | $0 | 0 | 0 |
|  | 11/2025 | $664 | 528 | 2 | 0 |
|  | 11/2025 | 83 | 3604 | 2 | 0 |
|  | 11/2025 | 7964 | $452 | 0 | (7) |
|  | 12/2025 | 1208 | 338 | 0 | (10) |
|  | 12/2025 | $496 | 21844 | 3 | 0 |
|  BSH | 10/2025 | 1000 | $188 | 0 | 0 |
|  | 10/2025 | $184 | 1000 | 4 | 0 |
|  | 10/2025 | 7 | 13 | 0 | 0 |
|  | 11/2025 | 13 | $7 | 0 | 0 |
|  | 11/2025 | 813 | 221 | 0 | (13) |
|  | 12/2025 | 6594 | 1853 | 0 | (43) |
|  | 12/2025 | $1037 | 5754 | 29 | 0 |
|  | 02/2026 | 412 | $118 | 0 | 0 |
|  | 03/2026 | 5924 | 1696 | 0 | (3) |
|  | 04/2026 | 1000 | 176 | 0 | (4) |
|  CBK | 10/2025 | 367 | 239 | 0 | (3) |
|  | 10/2025 | 7300 | 1372 | 1 | 0 |
|  | 10/2025 | 55 | 8 | 0 | 0 |
|  | 10/2025 | 5359547 | 324 | 3 | (1) |
|  | 10/2025 | 17667 | 199 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **105** |

---

------

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** |
|  | 10/2025 | 525734 | $380 | $5 | $0 |
|  | 10/2025 | 1333 | 1039 | 6 | 0 |
|  | 10/2025 | 2781 | 86 | 0 | 0 |
|  | 10/2025 | 20908 | 705 | 19 | 0 |
|  | 10/2025 | $1321 | 7300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | 0 |
|  | 10/2025 | 751 | 12310477 | 0 | (13) |
|  | 10/2025 | 501 | 43969 | 0 | (6) |
|  | 10/2025 | 45 | 448 | 0 | 0 |
|  | 10/2025 | 996 | 3496 | 11 | 0 |
|  | 10/2025 | 111 | 1055 | 1 | 0 |
|  | 10/2025 | 316 | 9628 | 0 | 0 |
|  | 10/2025 | 1975 | $114 | 0 | 0 |
|  | 11/2025 | 3979699 | 980 | 0 | (31) |
|  | 11/2025 | 448 | 45 | 0 | 0 |
|  | 11/2025 | $56 | 187 | 1 | 0 |
|  | 11/2025 | 199 | 17702 | 0 | 0 |
|  | 11/2025 | 122 | 2125 | 1 | 0 |
|  | 11/2025 | 2459 | $142 | 0 | 0 |
|  | 12/2025 | 3503 | 996 | 0 | (11) |
|  | 12/2025 | 32359 | 1083 | 15 | 0 |
|  | 12/2025 | $138 | 2320012 | 1 | 0 |
|  | 01/2026 | 4392 | $146 | 0 | 0 |
|  | 03/2026 | 612 | 172 | 0 | (4) |
|  | 08/2026 | $122 | 2173 | 1 | 0 |
|  DUB | 10/2025 | 6164 | $867 | 2 | 0 |
|  | 10/2025 | 3120798 | 190 | 3 | 0 |
|  | 10/2025 | 28701 | 323 | 0 | 0 |
|  | 10/2025 | 130362 | 94 | 1 | 0 |
|  | 10/2025 | $150 | 512 | 5 | 0 |
|  | 10/2025 | 256 | 22678 | 0 | (1) |
|  | 10/2025 | 610 | 2222 | 1 | 0 |
|  | 11/2025 | 512 | $150 | 0 | (5) |
|  | 11/2025 | 2654 | 30 | 0 | 0 |
|  | 11/2025 | $323 | 28758 | 0 | 0 |
|  | 11/2025 | 19230 | $1099 | 0 | (11) |
|  FAR | 10/2025 | 2605 | 1690 | 0 | (34) |
|  | 10/2025 | 95 | 119 | 0 | 0 |
|  | 10/2025 | 2687 | 378 | 1 | 0 |
|  | 10/2025 | 467 | 364 | 2 | 0 |
|  | 10/2025 | $2031 | 3111 | 27 | 0 |
|  | 10/2025 | 475 | 41919 | 0 | (4) |
|  | 10/2025 | 1217 | 178856 | 0 | (7) |
|  | 10/2025 | 731 | 2550 | 4 | 0 |
|  | 10/2025 | 245 | 896 | 1 | 0 |
|  | 10/2025 | 2859 | 3682 | 0 | (5) |
|  | 11/2025 | 3111 | $2032 | 0 | (27) |
|  | 11/2025 | 2269 | 618 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
|  | 11/2025 | 3672 | 2859 | 4 | 0 |
|  | 11/2025 | $119 | 95 | 0 | 0 |
|  | 12/2025 | 11252 | $594 | 0 | (16) |
|  | 12/2025 | $87 | 309 | 2 | 0 |
|  | 02/2026 | 2559 | $731 | 0 | (3) |
|  GLM | 10/2025 | 1800 | 308 | 0 | (30) |
|  | 10/2025 | 23 | 29 | 0 | 0 |
|  | 10/2025 | 212 | 30 | 0 | 0 |
|  | 10/2025 | 2278342 | 137 | 0 | 0 |
|  | 10/2025 | 38 | 30 | 0 | 0 |
|  | 10/2025 | $331 | 1800 | 7 | 0 |
|  | 10/2025 | 110 | 1811050 | 0 | (1) |
|  | 10/2025 | 136 | 11945 | 0 | (2) |
|  | 10/2025 | 59 | 1105 | 1 | 0 |
|  | 11/2025 | 20 | 67 | 0 | 0 |
|  | 12/2025 | 186 | $10 | 0 | 0 |
|  | 12/2025 | 352 | 100 | 0 | (1) |
|  | 12/2025 | $133 | 2227706 | 0 | 0 |
|  | 04/2026 | 5300 | $911 | 0 | (42) |
|  IND | 10/2025 | 139 | 91 | 0 | (1) |
|  JPM | 10/2025 | 2712 | 1963 | 14 | 0 |
|  | 10/2025 | 432338 | 450 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **106** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 6304423 | $378 | $0 | $0 |
|  | 10/2025 | 225632 | 163 | 2 | 0 |
|  | 10/2025 | 276 | 215 | 1 | 0 |
|  | 10/2025 | 5449 | 179 | 0 | 0 |
|  | 10/2025 | $109 | 93 | 0 | 0 |
|  | 10/2025 | 202 | 150 | 0 | 0 |
|  | 10/2025 | 511 | 8494539 | 0 | (2) |
|  | 10/2025 | 60 | 201 | 1 | 0 |
|  | 10/2025 | 107 | 9437 | 0 | (1) |
|  | 10/2025 | 86 | 318 | 1 | 0 |
|  | 10/2025 | 29 | 887 | 0 | 0 |
|  | 11/2025 | 17029 | $972 | 0 | (11) |
|  | 12/2025 | $97 | 1810 | 1 | 0 |
|  | 04/2026 | 12900 | $2183 | 0 | (137) |
|  | 06/2026 | 1200 | 68 | 0 | 0 |
|  MBC | 10/2025 | 24 | 30 | 0 | 0 |
|  | 10/2025 | 3137 | 441 | 1 | 0 |
|  | 10/2025 | 51 | 60 | 1 | 0 |
|  | 10/2025 | 310860 | 19 | 0 | 0 |
|  | 10/2025 | 2538 | 17 | 0 | 0 |
|  | 10/2025 | 767611 | 550 | 3 | 0 |
|  | 10/2025 | 2700 | 282 | 0 | (5) |
|  | 10/2025 | 1569 | 1224 | 8 | 0 |
|  | 10/2025 | 1939 | 60 | 0 | 0 |
|  | 10/2025 | $119 | 94 | 0 | (1) |
|  | 10/2025 | 313 | 2228 | 0 | 0 |
|  | 10/2025 | 421 | 588219 | 0 | (2) |
|  | 10/2025 | 0 | 5 | 0 | 0 |
|  | 10/2025 | 110 | 1055 | 2 | 0 |
|  | 10/2025 | 80 | 2590 | 0 | 0 |
|  | 11/2025 | 2223 | $313 | 0 | 0 |
|  | 11/2025 | 5 | 0 | 0 | 0 |
|  | 11/2025 | $29 | 4340 | 0 | 0 |
|  | 12/2025 | 162 | 3029 | 2 | 0 |
|  MYI | 10/2025 | 3167 | $445 | 1 | 0 |
|  | 10/2025 | 1271657 | 77 | 1 | 0 |
|  | 10/2025 | 96831 | 649 | 0 | (6) |
|  | 10/2025 | $14 | 1991 | 0 | 0 |
|  | 10/2025 | 94 | 339 | 0 | (1) |
|  | 10/2025 | 148 | 4457 | 0 | (2) |
|  | 11/2025 | 649 | 96496 | 6 | 0 |
|  | 12/2025 | 4428 | $148 | 2 | 0 |
|  | 12/2025 | $134 | 2532 | 3 | 0 |
|  NGF | 10/2025 | 298855 | $215 | 2 | 0 |
|  | 10/2025 | $98 | 1626598 | 0 | (1) |
|  | 11/2025 | 494 | 21605 | 8 | 0 |
|  SCX | 10/2025 | 2303 | $324 | 1 | 0 |
|  | 10/2025 | 2783924 | 167 | 0 | 0 |
|  | 10/2025 | 20854 | 235 | 0 | 0 |
|  | 10/2025 | 6043 | 1710 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |
|  | 10/2025 | 12338 | 416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 0 |
|  | 10/2025 | $592 | 443 | 3 | 0 |
|  | 10/2025 | 124 | 2040412 | 0 | (2) |
|  | 10/2025 | 250 | 22087 | 0 | (2) |
|  | 10/2025 | 69 | 10193 | 0 | 0 |
|  | 11/2025 | 443 | $593 | 0 | (3) |
|  | 11/2025 | $205 | 18239 | 0 | 0 |
|  | 11/2025 | 0 | 21 | 0 | 0 |
|  | 12/2025 | 167 | 2790960 | 0 | 0 |
|  SOG | 10/2025 | 9188 | $1722 | 0 | (5) |
|  | 10/2025 | 210873 | 1417 | 0 | (9) |
|  | 10/2025 | 56 | 33 | 0 | 0 |
|  | 10/2025 | $1728 | 9188 | 0 | (1) |
|  | 10/2025 | 6750 | 5739 | 0 | (11) |
|  | 10/2025 | 635 | 93333 | 0 | (4) |
|  | 11/2025 | 2058101 | $505 | 0 | (17) |
|  | 11/2025 | 5739 | 6763 | 11 | 0 |
|  | 11/2025 | $1417 | 210144 | 9 | 0 |
|  | 12/2025 | 209 | $11 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **107** |

---

------

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** |
|  | 12/2025 | $1722 | 9319 | $4 | $0 |
|  | 03/2026 | 478919 | $494 | 0 | (4) |
|  SSB | 10/2025 | 962 | 1297 | 3 | 0 |
|  | 10/2025 | $119 | 650 | 3 | 0 |
|  | 12/2025 | 523 | $141 | 0 | (9) |
|  UAG | 10/2025 | 932 | 279 | 0 | (2) |
|  | 10/2025 | 473 | 46 | 0 | (1) |
|  | 10/2025 | $15 | 51 | 1 | 0 |
|  | 10/2025 | 1114 | 98349 | 0 | (8) |
|  | 10/2025 | 93 | 339 | 0 | 0 |
|  | 10/2025 | 80 | 2589 | 0 | 0 |
|  | 10/2025 | 114 | 1975 | 0 | 0 |
|  | 10/2025 | 1976 | $114 | 0 | 0 |
|  | 11/2025 | 51 | 15 | 0 | (1) |
|  | 11/2025 | 8662 | 491 | 0 | (9) |
|  | 12/2025 | 1643 | 35 | 0 | (2) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(778) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description |  | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 3300 | $5 | $3 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 4900 | 7 | 5 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 970 | 43 | 52 |
| GLM | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 580 | 10 | 18 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 900 | 1 | 1 |
| MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 1700 | 2 | 2 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 1900 | 3 | 2 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.230% | 03/30/2026 | 2300 | $18 | $18 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.160 | 12/04/2025 | 600 | 3 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.758 | 03/30/2026 | 1100 | 9 | 8 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215 | 08/05/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 200 | 1 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 200 | 1 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 600 | 53 | 50 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 600 | 53 | 50 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 600 | 52 | 55 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 600 | 52 | 47 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 900 | 77 | 83 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 900 | 77 | 70 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 1800 | 145 | 165 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| 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 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 130700 | 656 | 570 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 130700 | 656 | 637 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 2500 | 217 | 225 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/21/2035 | 2000 | 173 | 180 |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 10/09/2025 | 2800 | 4 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.008 | 11/06/2025 | 5500 | 5 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.010 | 11/07/2025 | 5500 | 5 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 1600 | 141 | 137 |

---

---

| | | |
|:---|:---|:---|
| **108** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485% | 07/31/2035 | 1600 | $141 | $131 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 5100 | 412 | 467 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 6700 | 541 | 455 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 02/18/2026 | 5600 | 12 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.989 | 08/06/2026 | 300 | 2 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.239 | 08/06/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 2400 | 211 | 205 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 2400 | 211 | 197 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 24400 | 18 | 17 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.907 | 11/07/2025 | 5900 | 5 | 3 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.177 | 12/24/2025 | 2100 | 9 | 7 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 2600 | 34 | 28 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 2400 | 48 | 42 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 2400 | 35 | 22 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 200 | 2 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 600 | 53 | 51 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 600 | 53 | 49 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 08/13/2035 | 1200 | 106 | 104 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 1200 | 106 | 98 |
|  |  |  |  |  |  | $4601 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4354 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.961 | 10/07/2025 | 1800 | $2 | $0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.656 | 10/07/2025 | 5400 | 4 | 0 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.945 | 10/07/2025 | 9100 | 12 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.977 | 10/07/2025 | 9100 | 12 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.063 | 10/07/2025 | 7200 | 9 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.652 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | 14 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.547 | 11/06/2025 | 5800 | 4 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 3800 | 5 | 3 |
| SAL | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.648 | 10/07/2025 | 2700 | 2 | 0 |
|  |  |  |  |  | $64 | $3 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440 |

---

#### 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-44 5-Year Index | Sell | 0.700% | 12/17/2025 | 11400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | **Strike<br>Price** | **Strike<br>Price** | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 3300 | $(2) | $(2) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 4900 | (2) | (3) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 1950 | (41) | (50) |
| GLM | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 580 | (2) | (3) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 580 | (5) | (1) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 900 | 0 | (1) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 1700 | (1) | (1) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 1900 | (1) | (1) |
| UAG | Call - OTC USD versus TRY | TRY | 54.000 | 12/16/2025 | 300 | (10) | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 109

------

Schedule of Investments PIMCO RAE PLUS Small 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 Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.086% | 10/07/2025 | 6600 | $(14) | $0 |
| DUB Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028 | 12/04/2025 | 2700 | (5) | (6) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.131 | 11/06/2025 | 3900 | (4) | 0 |
| JPM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.993 | 10/07/2025 | 16200 | (19) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 10/07/2025 | 4300 | (9) | 0 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.677 | 12/24/2025 | 2400 | (9) | (11) |
| NGF Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.082 | 10/07/2025 | 5500 | (12) | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.547 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | $(4) | $(14) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) |

---

#### 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>September 30, 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>September 30, 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 | 0.872% | $&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 |

---

#### 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 | $1554 | $(422) | $300 | $0 | $(122) |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 966 | 188 | 12 | 200 | 0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 1450 | 284 | 17 | 301 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 580 | 116 | 4 | 120 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 4059 | 839 | 2 | 841 | 0 |
| SAL | CMBX.NA.AAA.16 Index | 0.500 | Monthly | 04/17/2065 | $600 | (9) | 4 | 0 | (5) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) |

---

#### 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 |
|  JPM | Receive | ERAUSLT Index  | 9172 | 4.510% (SOFR plus<br>a specified spread) | Monthly | 10/01/2025 | $72505 | $0 | $133 | $133 | $0 |
|  MYI | Receive | ERAUSLT Index  | 6452 | 4.600% (SOFR plus<br>a specified spread) | Monthly | 12/17/2025 | 51284 | 0 | (39) | 0 | (39) |
|  | Receive | ERAUSLT Index  | 2336 | 4.650% (SOFR plus<br>a specified spread) | Monthly | 03/11/2026 | 18568 | 0 | (71) | 0 | (71) |
|  | Receive | ERAUSLT Index  | 6452 | 4.790% (SOFR plus<br>a specified spread) | Monthly | 03/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51285 | 0 | (40) | 0 | (40) |
|  |  |  |  |  |  |  |  | $0 | $(17) | $133 | $(150) |
|  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;995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277) |

---

110 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### 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 September 30, 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 | $1 | $0 | $0 | $1 | $(46) | $0 | $0 | $(46) | $(45) | $0 | $(45) |
|  BOA | 13 | 452 | 200 | 665 | (6) | (55) | (122) | (183) | 482 | 0 | 482 |
|  BPS | 30 | 0 | 301 | 331 | (58) | 0 | 0 | (58) | 273 | (300) | (27) |
|  BRC | 15 | 321 | 0 | 336 | (22) | 0 | 0 | (22) | 314 | 0 | 314 |
|  BSH | 33 | 0 | 0 | 33 | (63) | 0 | 0 | (63) | (30) | 0 | (30) |
|  CBK | 116 | 0 | 0 | 116 | (69) | 0 | 0 | (69) | 47 | 0 | 47 |
|  DUB | 12 | 1612 | 0 | 1624 | (17) | (6) | 0 | (23) | 1601 | 0 | 1601 |
|  FAR | 41 | 0 | 0 | 41 | (131) | 0 | 0 | (131) | (90) | 0 | (90) |
|  GLM | 8 | 1211 | 0 | 1219 | (76) | (5) | 0 | (81) | 1138 | 0 | 1138 |
|  GSC | 0 | 3 | 0 | 3 | 0 | (14) | 0 | (14) | (11) | 0 | (11) |
|  GST | 0 | 0 | 120 | 120 | 0 | (5) | 0 | (5) | 115 | 0 | 115 |
|  IND | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  JPM | 20 | 413 | 974 | 1407 | (151) | 0 | 0 | (151) | 1256 | (988) | 268 |
|  MBC | 17 | 4 | 0 | 21 | (8) | (2) | 0 | (10) | 11 | 0 | 11 |
|  MYC | 0 | 222 | 0 | 222 | 0 | (11) | 0 | (11) | 211 | 0 | 211 |
|  MYI | 13 | 0 | 0 | 13 | (9) | 0 | (150) | (159) | (146) | 0 | (146) |
|  NGF | 10 | 202 | 0 | 212 | (1) | 0 | 0 | (1) | 211 | 0 | 211 |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (5) | (5) | (5) | 0 | (5) |
|  SCX | 15 | 0 | 0 | 15 | (37) | 0 | 0 | (37) | (22) | 0 | (22) |
|  SOG | 24 | 0 | 0 | 24 | (51) | 0 | 0 | (51) | (27) | 0 | (27) |
|  SSB | 6 | 0 | 0 | 6 | (9) | 0 | 0 | (9) | (3) | 0 | (3) |
|  UAG | 1 | 0 | 0 | 1 | (23) | (2) | 0 | (25) | (24) | 0 | (24) |
|  Total Over the Counter | $375 | $4440 | $1595 | $6410 | $(778) | $(100) | $(277) | $(1155) |  |  |  |

---

<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 | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **111** |

---

------

Schedule of Investments PIMCO RAE PLUS 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 September 30, 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 | $62 | $62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 84 | 84 |
|  | $0 | $0 | $0 | $0 | $146 | $146 |
|  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 | $375 | $0 | $375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 83 | 4357 | 4440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1462 | 133 | 0 | 0 | 1595 |
|  | $0 | $1462 | $133 | $458 | $4357 | $6410 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6556 |
|  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 | $34 | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 59 | 60 |
|  | $0 | $1 | $0 | $0 | $99 | $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 | $778 | $0 | $778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 5 | 0 | 64 | 31 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 127 | 150 | 0 | 0 | 277 |
|  | $0 | $132 | $150 | $842 | $31 | $1155 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $133 | $150 | $842 | $130 | $1255 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 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 | $49 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | (1048) | 0 | 387 | (661) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (140) | 0 | 0 | 692 | 552 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) | $(1048) | $0 | $1128 | $(60) |
|  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 | $(2327) | $0 | $(2327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | 0 | (59) | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 5 | 0 | 0 | 128 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 205 | 12079 | 0 | 0 | 12284 |
|  | $0 | $210 | $12079 | $(2327) | $69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10031 |
|  | $0 | $70 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2327) | $1197 | $9971 |
|  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 | $15 | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 85 | 0 | (274) | (189) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (10) | 0 | 0 | (652) | (662) |
|  | $0 | $(10) | $85 | $0 | $(911) | $(836) |
|  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 | $(242) | $0 | $(242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | 13 | (288) | (275) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 6 | 0 | (1) | 10 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 64 | 6099 | 0 | 0 | 6163 |
|  | $0 | $70 | $6099 | $(230) | $(278) | $5661 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $60 | $6184 | $(230) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1189) | $4825 |

---

112 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $5150 | $0 | $5150 |
| &nbsp;&nbsp; Industrials | 0 | 502 | 1900 | 2402 |
| &nbsp;&nbsp; Utilities | 0 | 777 | 0 | 777 |
|  U.S. Government Agencies | 0 | 209101 | 0 | 209101 |
|  U.S. Treasury Obligations | 0 | 5384 | 0 | 5384 |
|  Non-Agency Mortgage-Backed Securities | 0 | 18277 | 0 | 18277 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 1909 | 0 | 1909 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 4396 | 0 | 4396 |
| &nbsp;&nbsp; CMBS Other | 0 | 780 | 0 | 780 |
| &nbsp;&nbsp; Home Equity Other | 0 | 11758 | 0 | 11758 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 39 | 0 | 39 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 701 | 0 | 701 |
| &nbsp;&nbsp; Other ABS | 0 | 17914 | 0 | 17914 |
|  Sovereign Issues | 0 | 21132 | 0 | 21132 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 5774 | 0 | 5774 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 29200 | 0 | 29200 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 66 | 0 | 66 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334760 |
|  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 | $18777 | $0 | $0 | $18777 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18777 | $332860 | $1900 | $353537 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(40172) | $0 | $(40172) |
|  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 | 13 | 133 | 0 | 146 |
|  Over the counter | 0 | 6410 | 0 | 6410 |
|  | $13 | $6543 | $0 | $6556 |
|  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 | (2) | (98) | 0 | (100) |
|  Over the counter | 0 | (1033) | (122) | (1155) |
|  | $(2) | $(1131) | $(122) | $(1255) |
|  Total Financial Derivative Instruments | $11 | $5412 | $(122) | $5301 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318666 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **113** |

---

------

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 184.3% | INVESTMENTS IN SECURITIES 184.3% | INVESTMENTS IN SECURITIES 184.3% |
| CORPORATE BONDS & NOTES 7.6% | CORPORATE BONDS & NOTES 7.6% | CORPORATE BONDS & NOTES 7.6% |
| BANKING & FINANCE 5.6% | BANKING & FINANCE 5.6% | BANKING & FINANCE 5.6% |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.450% due 09/09/2028 | 1200 | 1210 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 2100 | 2135 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 249 | 240 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 1600 | 1671 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  7.437% due 11/02/2033 •  | 600 | 689 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  10.832% (T-BILL 1MO + 6.900%) due 03/13/2032 ~ | 250 | 263 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 | 1100 | 1127 |
|  Credit Suisse AG AT1 Claim | 2612 | 339 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.547% due 09/18/2031 •  | 2000 | 1896 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 700 | 658 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 604 | 708 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.815% due 11/02/2027 | 400 | 390 |
|  4.542% due 08/01/2026 | 200 | 200 |
|  5.800% due 03/05/2027 | 600 | 606 |
|  5.800% due 03/08/2029 | 400 | 406 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.500% due 04/01/2032 | 300 | 308 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.625% due 09/15/2034 | 100 | 101 |
|  Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
|  12.154% (T-BILL 1MO + 8.250%) due 03/13/2032 ~ | 250 | 260 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 300 | 305 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 600 | 558 |
|  Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. |
|  29.404% (T-BILL 1MO + 25.500%) due 06/06/2027 ~ | 250 | 281 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.298% (SOFRRATE + 0.970%) due 01/14/2028 ~ | 100 | 100 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.711% due 07/08/2031 •  | 1100 | 1113 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.598% (CAONINDX + 2.900%) due 01/10/2033 ~ | 250 | 181 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.656% due 04/18/2030 •  | 100 | 104 |
|  Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I |
|  4.650% due 08/27/2031 | 300 | 303 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  3.040% due 07/16/2029 | 1678 | 1605 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.751% due 05/12/2028 •  | 1000 | 1009 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.125% due 11/15/2031 | 100 | 102 |
|  5.625% due 04/01/2035 | 200 | 205 |
|  5.750% due 04/01/2034 | 100 | 104 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.900% due 07/22/2032 •  | 1200 | 1452 |
|  5.150% due 04/23/2031 •  | 1400 | 1444 |
|  |  | 22073 |
| INDUSTRIALS 1.7% | INDUSTRIALS 1.7% | INDUSTRIALS 1.7% |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 | 200 | 199 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  6.500% due 11/21/2033 | 200 | 216 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 4000 | 4000 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 100 | 99 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 500 | 484 |
|  Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. |
|  6.067% due 12/31/2033 | 666 | 709 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 700 | 518 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 300 | 239 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 193 | 199 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 | 100 | 102 |
|  |  | 6765 |
| UTILITIES 0.3% | UTILITIES 0.3% | UTILITIES 0.3% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 | 500 | 482 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 300 | 256 |
|  4.700% due 06/01/2027 | 100 | 101 |
|  5.150% due 06/01/2029 | 200 | 204 |
|  5.350% due 03/01/2026 | 100 | 100 |
|  |  | 1143 |
|  Total Corporate Bonds & Notes (Cost $29,523) | Total Corporate Bonds & Notes (Cost $29,523) | 29981 |
| U.S. GOVERNMENT AGENCIES 113.2% | U.S. GOVERNMENT AGENCIES 113.2% | U.S. GOVERNMENT AGENCIES 113.2% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 09/01/2032 | 1136 | 1109 |
|  4.000% due 01/01/2048 - 03/01/2049 | 913 | 879 |
|  4.500% due 12/01/2054 | 3031 | 2965 |
|  5.500% due 11/01/2054 - 09/01/2055 | 26943 | 27275 |
|  6.500% due 04/01/2055 | 7856 | 8127 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 1286 | 1224 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.983% due 07/15/2036 •(a) | 577 | 59 |
|  2.213% due 04/15/2036 •(a) | 51 | 5 |
|  5.296% due 11/25/2054 •  | 1730 | 1733 |
|  5.306% due 09/25/2055 •  | 8026 | 8085 |
|  5.456% due 07/25/2055 •  | 580 | 582 |
|  5.506% due 03/25/2055 •  | 2917 | 2936 |
|  5.556% due 08/25/2055 •  | 6417 | 6444 |
|  5.806% due 03/25/2054 •  | 1279 | 1290 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 01/01/2027 | 130 | 129 |
|  3.500% due 06/01/2045 - 04/01/2048 | 6335 | 5892 |
|  4.202% due 10/01/2029 ~ | 2500 | 2513 |
|  4.300% due 12/01/2029 | 1704 | 1720 |
|  4.540% due 07/01/2030 | 600 | 609 |
|  4.705% due 09/01/2031 ~ | 4900 | 4996 |
|  4.720% due 10/01/2028 | 1400 | 1429 |
|  4.770% due 10/01/2028 | 900 | 920 |
|  4.860% due 08/01/2030 | 800 | 827 |
|  4.930% due 06/01/2029 | 1100 | 1130 |
|  5.000% due 02/01/2055 | 100 | 99 |
|  5.300% due 11/01/2030 | 2200 | 2307 |
|  5.500% due 08/01/2053 - 11/01/2054 | 3847 | 3924 |
|  6.500% due 01/01/2054 - 02/01/2054 | 1508 | 1579 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  1.379% due 03/25/2041 •(a) | 1025 | 104 |
|  2.229% due 03/25/2036 •(a) | 271 | 21 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.306% due 11/25/2054 •  | $— | 1555 | 1556 |
|  5.506% due 08/25/2055 - 09/25/2055 •  |  | 6103 | 6124 |
|  5.756% due 09/25/2055 •  |  | 3679 | 3709 |
|  8.678% due 12/25/2036 •  |  | 14 | 16 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.750% due 11/20/2044 •  |  | 216 | 222 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.977% due 04/20/2068 •  |  | 687 | 696 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 |  | 15480 | 14555 |
|  4.500% due 11/01/2055 |  | 11040 | 10702 |
|  5.000% due 11/01/2055 |  | 13840 | 13750 |
|  5.500% due 11/01/2055 |  | 6540 | 6585 |
|  6.000% due 11/01/2055 |  | 6450 | 6560 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 11/01/2055 |  | 1870 | 1643 |
|  4.000% due 11/01/2055 |  | 22130 | 20854 |
|  4.500% due 10/01/2055 - 11/01/2055 |  | 18030 | 17484 |
|  5.000% due 11/01/2055 |  | 30970 | 30697 |
|  6.000% due 10/01/2055 - 11/01/2055 |  | 120830 | 123431 |
|  6.500% due 10/01/2055 - 11/01/2055 |  | 94950 | 98171 |
|  Total U.S. Government Agencies<br>(Cost $447,870) | Total U.S. Government Agencies<br>(Cost $447,870) | Total U.S. Government Agencies<br>(Cost $447,870) | 447667 |
| U.S. TREASURY OBLIGATIONS 4.0% | U.S. TREASURY OBLIGATIONS 4.0% | U.S. TREASURY OBLIGATIONS 4.0% | U.S. TREASURY OBLIGATIONS 4.0% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 05/15/2044 (k) |  | 6100 | 6057 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 07/31/2030 |  | 9600 | 9659 |
|  Total U.S. Treasury Obligations<br>(Cost $15,719) | Total U.S. Treasury Obligations<br>(Cost $15,719) | Total U.S. Treasury Obligations<br>(Cost $15,719) | 15716 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 13.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.6% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.131% due 01/25/2036 ~ |  | 838 | 628 |
|  5.450% due 09/25/2035 ~ |  | 7 | 6 |
|  AG Trust | AG Trust | AG Trust | AG Trust |
|  6.166% due 07/15/2041 •  |  | 1283 | 1289 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.500% due 03/25/2047 þ |  | 233 | 148 |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  |  | 1668 | 2249 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.670% due 04/20/2047 •  | $— | 25 | 21 |
|  6.619% due 09/20/2034 ~ |  | 3 | 3 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  5.250% due 04/26/2037 |  | 46 | 25 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.772% due 01/25/2036 •  |  | 36 | 34 |
|  5.425% due 05/25/2035 ~ |  | 10 | 10 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.839% due 07/25/2034 ~ |  | 42 | 40 |
|  5.302% due 01/25/2035 ~ |  | 2 | 2 |
|  5.777% due 02/25/2034 ~ |  | 2 | 2 |
|  6.242% due 01/25/2033 ~ |  | 215 | 214 |
|  6.331% due 04/25/2033 ~ |  | 8 | 8 |
|  6.375% due 08/25/2033 ~ |  | 18 | 18 |
|  BX Trust | BX Trust | BX Trust | BX Trust |
|  4.899% due 04/15/2039 •  |  | 703 | 702 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ |  | 1473 | 1339 |
|  3.500% due 06/25/2062 ~ |  | 2670 | 2477 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.593% due 09/25/2047 ~ |  | 1 | 1 |
|  4.932% due 02/25/2035 •  |  | 9 | 9 |
|  CIM Trust | CIM Trust | CIM Trust | CIM Trust |
|  5.000% due 05/25/2062 ~ |  | 1516 | 1516 |
|  6.639% due 12/25/2067 þ |  | 459 | 462 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  9.170% due 09/25/2062 þ |  | 2290 | 2298 |

---

---

| | | |
|:---|:---|:---|
| **114** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CLNY Trust | CLNY Trust | CLNY Trust |
|  6.066% due 11/15/2038 •  | 3200 | 3125 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.632% due 05/25/2047 •  | 90 | 84 |
|  4.672% due 08/25/2037 •  | 88 | 54 |
|  4.890% due 12/20/2035 •  | 328 | 312 |
|  4.912% due 11/25/2035 •  | 1735 | 1593 |
|  5.153% due 12/25/2035 •  | 49 | 44 |
|  5.500% due 11/25/2035 | 37 | 21 |
|  6.250% due 08/25/2036 | 1092 | 571 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.063% due 03/25/2032 ~ | 3 | 3 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  6.615% due 03/25/2068 þ | 1091 | 1100 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  2.000% due 01/25/2060 ~ | 1831 | 1632 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  5.772% due 10/25/2047 •  | 1560 | 1206 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.900% due 09/25/2067 þ | 2267 | 2283 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.255% due 06/15/2044 •  | 28 | 38 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.290% due 11/25/2035 ~ | 1 | 1 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.468% due 07/19/2047 •  | 1472 | 1449 |
|  4.658% due 12/19/2036 •  | 444 | 352 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.752% due 07/25/2035 •  | 1 | 1 |
|  4.912% due 07/25/2045 •  | 25 | 19 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.248% due 02/15/2035 •  | 658 | 654 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.464% due 04/25/2037 ~ | 30 | 23 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.632% due 12/25/2036 •  | 558 | 551 |
|  4.772% due 08/25/2037 •  | 354 | 347 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.488% due 04/25/2036 ~ | 2452 | 1616 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.482% due 04/25/2046 •  | 2 | 2 |
|  4.916% due 10/25/2033 ~ | 286 | 251 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.672% due 03/25/2037 •  | 3774 | 886 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.772% due 11/25/2035 •  | 60 | 57 |
|  5.850% due 05/25/2033 ~ | 19 | 18 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.360% due 04/25/2037 ~ | 7 | 6 |
|  MFA Trust | MFA Trust | MFA Trust |
|  4.400% due 03/25/2068 þ | 981 | 973 |
|  6.775% due 10/25/2058 þ | 879 | 890 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  3.500% due 10/25/2059 ~ | 279 | 263 |
|  6.864% due 10/25/2063 þ | 1779 | 1805 |
|  OBX Trust | OBX Trust | OBX Trust |
|  5.949% due 02/25/2063 þ | 927 | 929 |
|  6.113% due 03/25/2063 þ | 629 | 632 |
|  6.567% due 06/25/2063 þ | 664 | 669 |
|  7.045% due 09/25/2063 þ | 1734 | 1760 |
|  PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust |
|  4.592% due 02/25/2037 •  | 1132 | 836 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  4.000% due 06/25/2053 þ | 1313 | 1300 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.612% due 01/25/2037 •  | 1080 | 958 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.699% due 01/20/2047 ~ | 3 | 2 |
|  4.978% due 03/20/2035 •  | 2 | 2 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.137% due 06/20/2060 •  | 421 | 567 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.937% due 11/25/2035 ~ | 296 | 276 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.948% due 02/19/2035 •  | $| 14 | 14 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.583% due 06/25/2047 •  |  | 4 | 4 |
|  Towd Point Mortgage Funding-Granite 6 PLC | Towd Point Mortgage Funding-Granite 6 PLC | Towd Point Mortgage Funding-Granite 6 PLC | Towd Point Mortgage Funding-Granite 6 PLC |
|  4.978% due 07/20/2053 •  | GBP | 1009 | 1361 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%)<br>due 07/15/2059 ~ |  | 460 | 620 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.260% due 02/25/2067 þ | $| 1004 | 967 |
|  6.193% due 03/25/2068 þ |  | 870 | 872 |
|  6.476% due 06/25/2068 þ |  | 636 | 641 |
|  7.070% due 10/25/2068 þ |  | 1163 | 1182 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.712% due 04/25/2037 ~ |  | 6 | 5 |
|  3.714% due 01/25/2037 ~ |  | 2 | 2 |
|  3.943% due 12/25/2046 •  |  | 114 | 104 |
|  4.357% due 12/25/2036 ~ |  | 2 | 2 |
|  4.963% due 07/25/2047 •  |  | 257 | 218 |
|  5.033% due 10/25/2046 •  |  | 2862 | 2508 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  4.903% due 02/25/2047 •  |  | 1206 | 1120 |
|  5.123% due 05/25/2046 •  |  | 2 | 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 |  | 704 | 615 |
|  6.443% due 07/25/2037 ~ |  | 24 | 22 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $55,383) | Total Non-Agency Mortgage-Backed Securities (Cost $55,383) | Total Non-Agency Mortgage-Backed Securities (Cost $55,383) | 53921 |
| ASSET-BACKED SECURITIES 25.2% | ASSET-BACKED SECURITIES 25.2% | ASSET-BACKED SECURITIES 25.2% | ASSET-BACKED SECURITIES 25.2% |
| 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 |  | 2000 | 2003 |
|  4.640% due 01/15/2030 |  | 1600 | 1604 |
|  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 | 2466 |
|  |  |  | 6073 |
| AUTOMOBILE SEQUENTIAL 2.5% | AUTOMOBILE SEQUENTIAL 2.5% | AUTOMOBILE SEQUENTIAL 2.5% | AUTOMOBILE SEQUENTIAL 2.5% |
|  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 |  | 1300 | 1337 |
|  6.120% due 04/20/2027 |  | 3300 | 3320 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.910% due 06/15/2028 |  | 744 | 745 |
|  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 |  | 309 | 311 |
|  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 |  | 917 | 925 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.440% due 01/25/2029 |  | 2300 | 2349 |
|  5.490% due 06/25/2027 |  | 300 | 302 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  5.870% due 05/21/2029 |  | 187 | 188 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 |  | 195 | 195 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 |  | 208 | 209 |
|  Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII |
|  5.380% due 11/25/2030 |  | 68 | 68 |
|  |  |  | 9949 |
| CMBS OTHER 2.4% | CMBS OTHER 2.4% | CMBS OTHER 2.4% | CMBS OTHER 2.4% |
|  BDS LLC | BDS LLC | BDS LLC | BDS LLC |
|  5.705% due 10/21/2042 •  |  | 2200 | 2190 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.884% due 02/19/2037 •  |  | 2900 | 2901 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  6.172% due 11/15/2038 •  |  | 4500 | 4492 |
|  |  |  | 9583 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HOME EQUITY OTHER 7.8% | HOME EQUITY OTHER 7.8% | HOME EQUITY OTHER 7.8% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.007% due 03/25/2035 •  | 1140 | 1093 |
|  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 |
|  5.217% due 07/25/2035 •  | 2854 | 2820 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.382% due 09/25/2036 •  | 659 | 213 |
|  4.752% due 06/25/2036 •  | 1991 | 543 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.532% due 02/25/2037 •  | 2483 | 2404 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.572% due 12/25/2036 •  | 2853 | 1073 |
|  4.592% due 09/25/2036 •  | 2957 | 2287 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.672% due 02/25/2037 •  | 357 | 340 |
|  4.772% due 01/25/2046 •  | 3760 | 3577 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.932% due 01/25/2036 •  | 253 | 245 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.512% due 06/25/2036 •  | 562 | 104 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.532% due 12/25/2046 •  | 1551 | 824 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.692% due 04/25/2037 •  | 201 | 143 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.492% due 12/25/2036 •  | 7774 | 1937 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.572% due 07/25/2036 •  | 531 | 246 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  5.247% due 04/25/2035 •  | 136 | 135 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.592% due 10/25/2036 •  | 2417 | 1157 |
|  4.752% due 03/25/2036 •  | 345 | 208 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.402% due 01/25/2037 •  | 2015 | 930 |
|  4.402% due 02/25/2037 •  | 1841 | 1648 |
|  4.552% due 08/25/2036 •  | 3409 | 1713 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.442% due 04/25/2037 •  | 2001 | 1040 |
|  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 |
|  4.932% due 10/25/2036 •  | 1373 | 249 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.592% due 10/25/2036 •  | 1861 | 861 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.172% due 10/25/2036 •  | 214 | 212 |
|  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 |
|  6.147% due 10/25/2034 •  | 1131 | 1016 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.947% due 11/25/2035 •  | 804 | 797 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.992% due 10/25/2035 •  | 2650 | 2326 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.352% due 06/25/2037 •  | 454 | 303 |
|  4.792% due 02/25/2037 •  | 1181 | 317 |
|  |  | 30761 |
| 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 |
|  4.992% due 04/25/2037 •  | 303 | 80 |
| WHOLE LOAN COLLATERAL 0.5% | WHOLE LOAN COLLATERAL 0.5% | WHOLE LOAN COLLATERAL 0.5% |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.744% due 07/25/2051 þ | 444 | 444 |
|  5.843% due 09/25/2051 þ | 1548 | 1550 |
|  |  | 1994 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 115

------

Schedule of Investments PIMCO RAE Worldwide Long/Short PLUS Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| OTHER ABS 10.5% | OTHER ABS 10.5% | OTHER ABS 10.5% |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  5.430% due 10/27/2031 | 614 | 620 |
|  Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. |
|  3.900% due 07/28/2037 | 276 | 273 |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 | 300 | 292 |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 | 300 | 288 |
|  Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. |
|  3.928% due 04/25/2038 | 300 | 296 |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.824% due 10/21/2034 •  | 900 | 1058 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.870% due 07/17/2037 •  | 2800 | 2814 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.016% due 05/15/2032 •  | 951 | 1117 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  3.059% due 10/15/2031 •  | 495 | 582 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.726% due 01/15/2031 •  | 703 | 824 |
|  2.926% due 08/15/2032 •  | 1784 | 2097 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.415% due 07/20/2034 •  | 2500 | 2501 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  6.256% due 05/25/2055 •  | 2447 | 2479 |
|  Contego CLO III BV | Contego CLO III BV | Contego CLO III BV |
|  3.297% due 04/15/2038 •  | 700 | 825 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 56 | 56 |
|  Dryden Euro CLO | Dryden Euro CLO | Dryden Euro CLO |
|  3.342% due 10/18/2039 •  | 600 | 707 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  2.666% due 10/15/2031 •  | 501 | 589 |
|  KKR CLO 9 Ltd. | KKR CLO 9 Ltd. | KKR CLO 9 Ltd. |
|  5.529% due 07/15/2030 •  | 40 | 40 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  3.250% due 04/15/2028 | 58 | 58 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.990% due 04/20/2062 •  | 856 | 855 |
|  6.589% due 02/20/2041 •  | 151 | 154 |
|  6.640% due 02/20/2041 | 151 | 156 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  5.228% due 06/15/2031 •  | 482 | 482 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.300% due 10/20/2039 •  | 500 | 589 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.331% due 01/15/2032 | 1507 | 1514 |
|  Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. |
|  5.342% due 01/20/2034 •  | 900 | 900 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  2.904% due 01/24/2035 •  | 2200 | 2582 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  2.904% due 07/20/2032 ~ | 1528 | 1796 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.070% due 01/15/2053 | 1190 | 1088 |
|  1.340% due 03/17/2053 | 557 | 525 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.850% due 11/16/2054 | $— | 667 | $| 630 |
|  4.995% due 01/15/2053 •  |  | 1264 |  | 1253 |
|  5.924% due 11/15/2052 •  |  | 330 |  | 334 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  2.540% due 05/15/2046 |  | 764 |  | 740 |
|  Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC |
|  2.921% due 01/12/2032 •  |  | 7901 |  | 9286 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  5.310% due 10/20/2034 •  | $— | 800 |  | 800 |
|  Upstart Structured Pass-Through Trust | 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 |  | 81 |  | 81 |
|  |  |  |  | 41281 |
|  Total Asset-Backed Securities (Cost $107,034) | Total Asset-Backed Securities (Cost $107,034) | Total Asset-Backed Securities (Cost $107,034) |  | 99721 |
| SOVEREIGN ISSUES 12.9% | SOVEREIGN ISSUES 12.9% | SOVEREIGN ISSUES 12.9% | SOVEREIGN ISSUES 12.9% | SOVEREIGN ISSUES 12.9% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 |  | 1280000 |  | 1297 |
|  5.000% due 10/01/2028 |  | 745000 |  | 774 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) |  | 49200 |  | 8636 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  8.375% due 11/07/2054 | $— | 900 |  | 955 |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  6.000% due 04/28/2028 |  | 6220500 |  | 1453 |
|  11.000% due 08/22/2029 |  | 7293300 |  | 1879 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 |  | 800 |  | 607 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | $— | 2200 |  | 2235 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (d) |  | 600 |  | 463 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 |  | 700 |  | 705 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 |  | 300000 |  | 1768 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 |  | 33700 |  | 1867 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | $— | 500 |  | 517 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  3.000% due 12/03/2026 (f) |  | 855 |  | 46 |
|  4.000% due 11/30/2028 (f) |  | 1154 |  | 63 |
|  4.000% due 08/24/2034 (f) |  | 5558 |  | 291 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 |  | 7500 |  | 2409 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 9100 |  | 2539 |
|  6.150% due 08/12/2032 |  | 35100 |  | 10717 |
|  6.950% due 08/12/2031 |  | 1121 |  | 358 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 |  | 67190 |  | 3088 |
|  7.000% due 02/28/2031 |  | 39000 |  | 2142 |
|  8.000% due 01/31/2030 |  | 15400 |  | 895 |
|  8.250% due 03/31/2032 |  | 7300 |  | 417 |
|  8.500% due 01/31/2037 |  | 9600 |  | 512 |
|  8.875% due 02/28/2035 |  | 38200 |  | 2173 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 |  | 900 |  | 1078 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  40.854% (BISTREFI) due 09/06/2028 ~ | 21700 | 509 |
|  42.493% (BISTREFI) due 05/20/2026 ~ | 300 | 7 |
|  42.493% (BISTREFI) due 08/19/2026 ~ | 100 | 3 |
|  42.493% (BISTREFI) due 05/17/2028 ~ | 24000 | 568 |
|  Total Sovereign Issues (Cost $48,109) | Total Sovereign Issues (Cost $48,109) | 50971 |
| SHORT-TERM INSTRUMENTS 7.8% | SHORT-TERM INSTRUMENTS 7.8% | SHORT-TERM INSTRUMENTS 7.8% |
| COMMERCIAL PAPER 1.1% | COMMERCIAL PAPER 1.1% | COMMERCIAL PAPER 1.1% |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.450% due 10/22/2025 | 4370 | 4358 |
| REPURCHASE AGREEMENTS (g) 3.7% | REPURCHASE AGREEMENTS (g) 3.7% | REPURCHASE AGREEMENTS (g) 3.7% |
|  |  | 14700 |
| SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% |
|  7.505% due 06/17/2026 (d)(e) | 2600 | 144 |
| U.S. TREASURY BILLS 2.9% | U.S. TREASURY BILLS 2.9% | U.S. TREASURY BILLS 2.9% |
|  4.117% due 10/02/2025 - 01/20/2026 (c)(d)(i)(k) | 11668 | 11601 |
| Total Short-Term Instruments<br>(Cost $30,802) | Total Short-Term Instruments<br>(Cost $30,802) | 30803 |
| Total Investments in Securities<br>(Cost $734,440) | Total Investments in Securities<br>(Cost $734,440) | 728780 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 3.1% | INVESTMENTS IN AFFILIATES 3.1% | INVESTMENTS IN AFFILIATES 3.1% |
| SHORT-TERM INSTRUMENTS 3.1% | SHORT-TERM INSTRUMENTS 3.1% | SHORT-TERM INSTRUMENTS 3.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1270600 | 12374 |
| Total Short-Term Instruments<br>(Cost $12,369) | Total Short-Term Instruments<br>(Cost $12,369) | 12374 |
| Total Investments in Affiliates<br>(Cost $12,369) | Total Investments in Affiliates<br>(Cost $12,369) | 12374 |
| Total Investments 187.4%<br>(Cost $746,809) | Total Investments 187.4%<br>(Cost $746,809) | 741154 |
|  Financial Derivative<br>Instruments (h)(j) 2.7%<br> (Cost or Premiums, net $17,895) | Financial Derivative<br>Instruments (h)(j) 2.7%<br> (Cost or Premiums, net $17,895) | 10530 |
| Other Assets and Liabilities, net (90.1)% | Other Assets and Liabilities, net (90.1)% | (356196) |
| Net Assets 100.0% | Net Assets 100.0% | 395488 |

---

#### 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.

---

| | | |
|:---|:---|:---|
| **116** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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

(b) When-issued security.

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

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

#### 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 | 4.220% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | U.S. Treasury Notes 3.500% due 09/30/2029 | $(9996) | $9800 | $9801 |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 4900 | U.S. Treasury Notes 3.500% due 09/30/2027 | (4996) | 4900 | 4901 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14992) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14702 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (18.7)% | U.S. Government Agencies (18.7)% | U.S. Government Agencies (18.7)% | U.S. Government Agencies (18.7)% | U.S. Government Agencies (18.7)% | U.S. Government Agencies (18.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | $(7737) | $(7740) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 12900 | (10650) | (10870) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 30270 | (27757) | (27651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 11/01/2055 | 1900 | (1918) | (1915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 10/01/2055 | 25100 | (25627) | (25646) |
|  Total Short Sales (18.7)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73689) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73822) |

---

#### 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 September 30, 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 | $14702 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14992) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14702 | $&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;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED 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 |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.500 | 10/24/2025 | 242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) |

---

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | $(30) | $(27) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 117

------

Schedule of Investments PIMCO RAE Worldwide Long/Short 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 |
|  30-Day Federal Fund February Futures  | 02/2026 | 95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38176 | $(1) | $0 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 71 | 6248 | 21 | 28 | 0 |
|  E-Mini S&P 500 Index December Futures  | 12/2025 | 33 | 11119 | 135 | 42 | 0 |
|  Euro STOXX 50 December Futures  | 12/2025 | 40 | 2602 | 52 | 15 | 0 |
|  FTSE 100 Index December Futures  | 12/2025 | 6 | 759 | 6 | 6 | 0 |
|  Nikkei 225 Index December Futures  | 12/2025 | 11 | 1668 | 57 | 1 | (12) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 292 | 60852 | 12 | 32 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 186 | 20310 | 29 | 7 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 645 | 72563 | 429 | 0 | (10) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 5 | $(583) | $(13) | $1 | $0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11886) | (38) | 56 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 79 | (9091) | (77) | 5 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | $62 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |

---

#### 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>September 30, 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>September 30, 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 |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2025 | 0.222% | $100 | $1 | $(1) | $0 | $0 | $0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 2 | (1) | 1 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.170 | 200 | 1 | 0 | 1 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 06/20/2028 | 0.234 | 300 | 0 | 7 | 7 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&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 - 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 | $270 | $(6) | $0 | $(6) | $0 | $0 |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 12170 | (272) | (8) | (280) | 0 | (1) |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18800 | (415) | (17) | (432) | 0 | (2) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(693) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(718) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&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>(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 | $2000 | $145 | $8 | $153 | $0 | $(3) |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  |  |  |  |  | $442 | $17 | $459 | $4 | $(3) |

---

118 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 32800 | $(171) | $(19) | $(190) | $45 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 200 | (1) | 6 | 5 | 1 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 200 | (1) | (4) | (5) | 1 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | 49 | (68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 2010 | 95 | (34) | 61 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21050 | 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 31010 | (62) | 47 | (15) | 0 | (5) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 28300 | 0 | (11) | (11) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 | 36000 | 200 | (508) | (308) | 0 | (22) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 21800 | 278 | (153) | 125 | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 3500 | (3) | (22) | (25) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 33100 | 0 | 419 | 419 | 21 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 5150 | 49 | (112) | (63) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 700 | (1) | (10) | (11) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 16300 | 409 | (77) | 332 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 4790 | (67) | (11) | (78) | 0 | (2) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 17840 | (292) | (18) | (310) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 18750 | 184 | (136) | 48 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 6600 | 19 | (95) | (76) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 2490 | (26) | (13) | (39) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 50000 | 3224 | (1210) | 2014 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 200 | 2 | (4) | (2) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 | 500 | (2) | (9) | (11) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 | 400 | (1) | (10) | (11) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 | 400 | (1) | (10) | (11) | 0 | 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) | (4) | (5) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 300 | (1) | (6) | (7) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 400 | (1) | (7) | (8) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 400 | (1) | (7) | (8) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 600 | (2) | (10) | (12) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.485 | Annual | 10/30/2034 | 500 | (2) | (7) | (9) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.495 | Annual | 10/30/2034 | 500 | (1) | (8) | (9) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.455 | Annual | 11/01/2034 | 500 | (2) | (9) | (11) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 11/01/2034 | 500 | (2) | (8) | (10) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.435 | Annual | 11/05/2034 | 500 | (2) | (9) | (11) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 | 300 | (1) | (4) | (5) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 1000 | (3) | (11) | (14) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 500 | (2) | 9 | 7 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 500 | (2) | 6 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 23500 | (147) | 33 | (114) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 300 | (1) | 7 | 6 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 300 | (1) | 5 | 4 | 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 | 300 | (1) | 6 | 5 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 400 | (1) | 8 | 7 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 200 | (1) | 5 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 500 | (1) | 9 | 8 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 500 | (1) | 15 | 14 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 200 | (1) | 8 | 7 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 200 | (1) | 8 | 7 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 300 | (1) | 12 | 11 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 150 | (1) | (2) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 300 | (1) | (5) | (6) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 400 | (1) | (6) | (7) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 200 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 400 | (1) | (7) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 500 | (1) | (12) | (13) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 500 | (1) | (10) | (11) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **119** |

---

------

Schedule of Investments PIMCO RAE Worldwide Long/Short 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 | 3.884% | Annual | 03/25/2035 |  | $400 | $(1) | $(6) | $(7) | $0 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 |  | 600 | (3) | 7 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 |  | 27260 | (4) | (213) | (217) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 |  | 5100 | 78 | 156 | 234 | 10 | 0 |
|  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;3802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6380 | 32 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 900 | 209 | 128 | 337 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 |  | 3250 | 0 | 50 | 50 | 0 | (9) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 |  | 3390 | 0 | 57 | 57 | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 |  | 3060 | 167 | 471 | 638 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 8130 | 84 | 602 | 686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 14210 | (1218) | 138 | (1080) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 |  | 1900 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 21600 | 0 | (19) | (19) | 0 | (4) |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 |  | 3700 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 |  | 35700 | 0 | 7 | 7 | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 13600 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 1100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.498 | Quarterly | 04/28/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502700 | 0 | 36 | 36 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.590 | Quarterly | 08/22/2029 |  | 6888100 | 0 | 1 | 1 | 2 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.136 | Annual | 07/25/2029 |  | 5600 | 0 | 4 | 4 | 3 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 |  | 5700 | 0 | (46) | (46) | 0 | (4) |
|  Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 02/28/2031 |  | 23200 | 0 | (6) | (6) | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 15400 | (66) | 344 | 278 | 40 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 3000 | 55 | (9) | 46 | 10 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.580 | Semi-Annual | 10/01/2028 |  | 704800 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 |  | 1280000 | 0 | (12) | (12) | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 |  | 600 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 |  | 400 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 300 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 |  | 200 | 0 | 0 | 0 | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 240 | 1 | 0 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 |  | 80 | 0 | (6) | (6) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 |  | 200 | (1) | (13) | (14) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 |  | 200 | (1) | (16) | (17) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 |  | 100 | 0 | (9) | (9) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 |  | 200 | (1) | (13) | (14) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 |  | 200 | (1) | (12) | (13) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 |  | 300 | (1) | (13) | (14) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 |  | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 |  | 300 | (1) | 2 | 1 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 |  | 300 | (1) | 4 | 3 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 200 | (1) | (1) | (2) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 200 | 0 | (6) | (6) | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 200 | (1) | 3 | 2 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 200 | (1) | 0 | (1) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 200 | (1) | 3 | 2 | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 200 | (1) | 1 | 0 | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 200 | (1) | (3) | (4) | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 200 | (1) | 4 | 3 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 |  | 200 | (1) | 4 | 3 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 |  | 200 | (1) | 3 | 2 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 |  | 200 | (1) | 3 | 2 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 |  | 200 | (1) | 5 | 4 | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 9.390 | Lunar | 12/12/2025 |  | 6400 | 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 |  | 32600 | (66) | (35) | (101) | 0 | (1) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 10/19/2034 |  | 10700 | 0 | (55) | (55) | 0 | 0 |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 9.390 | Lunar | 11/03/2034 |  | 6400 | 0 | (32) | (32) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.270 | Lunar | 03/07/2035 |  | 19500 | 18 | 23 | 41 | 1 | 0 |
|  Receive | CPURNSA | 2.597 | Maturity | 09/28/2032 |  | 7900 | 1 | 67 | 68 | 2 | 0 |
|  Receive | CPURNSA | 2.466 | Maturity | 06/17/2035 |  | 16600 | 0 | 140 | 140 | 8 | 0 |
|  |  |  |  |  |  |  | $5433 | $3333 | $8766 | $241 | $(181) |
|  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;5186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187) |

---

120 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) |

---

(i) Securities with an aggregate market value of $842 and cash of $14,454 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

<sup>(7)</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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 10/2025 | 33704 | $39311 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260) |
|  | 10/2025 | 55 | 32 | 0 | 0 |
|  | 10/2025 | $12285 | 17091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (4) |
|  | 11/2025 | 17064 | $12285 | 4 | 0 |
|  | 11/2025 | $32 | 55 | 0 | 0 |
|  BOA | 10/2025 | 4348 | $30 | 0 | 0 |
|  | 10/2025 | 39 | 22 | 0 | 0 |
|  | 10/2025 | 327 | 91 | 1 | 0 |
|  | 10/2025 | $488 | 3462 | 0 | (2) |
|  | 10/2025 | 356 | 304 | 1 | 0 |
|  | 10/2025 | 120 | 404 | 2 | 0 |
|  | 10/2025 | 652 | 57682 | 0 | (3) |
|  | 10/2025 | 644 | 96414 | 8 | 0 |
|  | 10/2025 | 261 | 361216 | 0 | (3) |
|  | 10/2025 | 9 | 31 | 0 | 0 |
|  | 10/2025 | 147 | 4400 | 0 | (2) |
|  | 11/2025 | 849 | $252 | 0 | (5) |
|  | 11/2025 | 96080 | 644 | 0 | (8) |
|  | 11/2025 | $80 | 266 | 1 | 0 |
|  | 11/2025 | 22 | 39 | 0 | 0 |
|  | 11/2025 | 9841 | $562 | 0 | (6) |
|  | 12/2025 | 12523 | 3442 | 0 | (159) |
|  | 12/2025 | $253 | 4758 | 5 | 0 |
|  BPS | 10/2025 | 9669 | $1682 | 0 | (135) |
|  | 10/2025 | 22356 | 3139 | 1 | 0 |
|  | 10/2025 | 19437452 | 1175 | 11 | (2) |
|  | 10/2025 | 27967 | 317 | 3 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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** |
|  | 10/2025 | 38 | $22 | $0 | $0 |
|  | 10/2025 | 7086 | 220 | 1 | 0 |
|  | 10/2025 | 3181 | 75 | 0 | 0 |
|  | 10/2025 | 46179 | 1532 | 17 | (2) |
|  | 10/2025 | $1791 | 9669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | (1) |
|  | 10/2025 | 890 | 14693177 | 0 | (9) |
|  | 10/2025 | 180 | 26783 | 1 | 0 |
|  | 10/2025 | 1224 | 1691987 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
|  | 10/2025 | 327 | 1191 | 1 | 0 |
|  | 10/2025 | 1153 | 35076 | 0 | (1) |
|  | 11/2025 | 3175160 | $190 | 0 | 0 |
|  | 11/2025 | 18692 | 210 | 0 | 0 |
|  | 11/2025 | 26690 | 180 | 0 | (1) |
|  | 11/2025 | 168218 | 120 | 0 | 0 |
|  | 11/2025 | $19 | 100 | 0 | 0 |
|  | 11/2025 | 472 | 1583 | 6 | 0 |
|  | 11/2025 | 22 | 38 | 0 | 0 |
|  | 12/2025 | 478 | $26 | 0 | 0 |
|  | 12/2025 | 6095 | 203 | 2 | 0 |
|  | 12/2025 | $120 | 39943 | 0 | (1) |
|  | 12/2025 | 303 | 5103165 | 2 | 0 |
|  | 12/2025 | 310 | 5907 | 10 | 0 |
|  | 12/2025 | 376 | 11856 | 0 | (8) |
|  | 04/2026 | 2300 | $402 | 0 | (11) |
|  BRC | 10/2025 | 18580 | 23169 | 0 | (171) |
|  | 10/2025 | 211 | 247 | 0 | 0 |
|  | 10/2025 | $20113 | 16054 | 54 | 0 |
|  | 10/2025 | 1295 | 961 | 0 | (3) |
|  | 10/2025 | 1 | 14 | 0 | 0 |
|  | 10/2025 | 439 | 1606 | 3 | 0 |
|  | 10/2025 | 73 | 3114 | 2 | 0 |
|  | 11/2025 | 15345 | $19301 | 0 | (52) |
|  | 11/2025 | 14 | 1 | 0 | 0 |
|  | 11/2025 | $248 | 211 | 0 | 0 |
|  | 11/2025 | 167 | 7282 | 3 | 0 |
|  | 11/2025 | 18917 | $1074 | 0 | (17) |
|  | 12/2025 | 31003 | 7392 | 9 | 0 |
|  | 12/2025 | 3925 | 1097 | 0 | (31) |
|  | 12/2025 | $174 | 734 | 1 | 0 |
|  | 12/2025 | 1137 | 50096 | 8 | 0 |
|  BSH | 10/2025 | 4200 | $790 | 1 | 0 |
|  | 10/2025 | 795 | 126 | 1 | 0 |
|  | 10/2025 | 11 | 7 | 0 | 0 |
|  | 10/2025 | $772 | 4200 | 17 | 0 |
|  | 11/2025 | 2128 | $578 | 0 | (34) |
|  | 11/2025 | $7 | 11 | 0 | 0 |
|  | 12/2025 | 12464 | $3503 | 0 | (80) |
|  | 12/2025 | $2503 | 13890 | 69 | 0 |
|  | 01/2026 | 345 | 1224 | 7 | 0 |
|  | 02/2026 | 3396 | $971 | 0 | (3) |
|  | 04/2026 | 4500 | 793 | 0 | (17) |
|  CBK | 10/2025 | 1146 | 750 | 0 | (8) |
|  | 10/2025 | 30784 | 5570 | 0 | (214) |
|  | 10/2025 | 840 | 603 | 0 | (1) |
|  | 10/2025 | 855 | 998 | 0 | (6) |
|  | 10/2025 | 97211 | 12502 | 6 | 0 |
|  | 10/2025 | 12469830 | 754 | 8 | (1) |
|  | 10/2025 | 71854 | 809 | 1 | 0 |
|  | 10/2025 | 377300 | 2574 | 23 | 0 |
|  | 10/2025 | 1258994 | 910 | 12 | 0 |
|  | 10/2025 | 109 | 11 | 0 | 0 |
|  | 10/2025 | 2957 | 2305 | 13 | 0 |
|  | 10/2025 | 117024 | 3627 | 10 | 0 |
|  | 10/2025 | 31265 | 1054 | 26 | 0 |
|  | 10/2025 | $5788 | 30784 | 0 | (4) |
|  | 10/2025 | 582 | 811 | 1 | 0 |
|  | 10/2025 | 896 | 6375 | 1 | (2) |
|  | 10/2025 | 1239 | 7930 | 9 | 0 |
|  | 10/2025 | 466 | 400 | 3 | 0 |
|  | 10/2025 | 1206 | 889 | 0 | (10) |

---

---

| | | |
|:---|:---|:---|
| **122** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $1759 | 28834533 | $0 | $(31) |
|  | 10/2025 | 2967 | 260624 | 0 | (36) |
|  | 10/2025 | 2151 | 317900 | 1 | (2) |
|  | 10/2025 | 140 | 196306 | 0 | 0 |
|  | 10/2025 | 138 | 1379 | 0 | 0 |
|  | 10/2025 | 2314 | 8123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | 0 |
|  | 10/2025 | 263 | 2495 | 2 | 0 |
|  | 10/2025 | 580 | 17659 | 0 | 0 |
|  | 10/2025 | 4692 | $271 | 0 | (1) |
|  | 11/2025 | 7413646 | 1831 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) |
|  | 11/2025 | 1378 | 138 | 0 | 0 |
|  | 11/2025 | $596 | 829 | 1 | 0 |
|  | 11/2025 | 137 | 460 | 2 | 0 |
|  | 11/2025 | 809 | 71995 | 0 | (1) |
|  | 11/2025 | 406 | 7079 | 2 | 0 |
|  | 11/2025 | 5335 | $307 | 0 | (1) |
|  | 12/2025 | 10908 | 3062 | 0 | (74) |
|  | 12/2025 | 54030 | 1810 | 27 | 0 |
|  | 12/2025 | $314 | 5270295 | 2 | 0 |
|  | 12/2025 | 550 | 1923 | 3 | 0 |
|  | 01/2026 | 10147 | $336 | 0 | 0 |
|  | 03/2026 | 9695 | 10 | 0 | 0 |
|  | 03/2026 | 1624 | 457 | 0 | (9) |
|  | 08/2026 | $268 | 4773 | 1 | 0 |
|  DUB | 10/2025 | 47905 | $6737 | 14 | 0 |
|  | 10/2025 | 7227112 | 441 | 8 | 0 |
|  | 10/2025 | 643 | 188 | 0 | (6) |
|  | 10/2025 | 116491 | 1311 | 1 | 0 |
|  | 10/2025 | $1317 | 116423 | 0 | (7) |
|  | 10/2025 | 305 | 422877 | 0 | (4) |
|  | 10/2025 | 1581 | 5757 | 3 | 0 |
|  | 10/2025 | 424 | 544 | 0 | (3) |
|  | 11/2025 | 27657 | $311 | 0 | 0 |
|  | 11/2025 | $188 | 642 | 6 | 0 |
|  | 11/2025 | 1311 | 116723 | 0 | (1) |
|  | 11/2025 | 45680 | $2610 | 0 | (26) |
|  | 12/2025 | $125 | 119818 | 0 | 0 |
|  FAR | 10/2025 | 19095 | $12386 | 0 | (249) |
|  | 10/2025 | 20887 | 2942 | 10 | 0 |
|  | 10/2025 | 4504983 | 30644 | 181 | 0 |
|  | 10/2025 | 27 | 16 | 0 | 0 |
|  | 10/2025 | 1119 | 873 | 5 | 0 |
|  | 10/2025 | $12405 | 19000 | 167 | 0 |
|  | 10/2025 | 2928 | 2333 | 3 | 0 |
|  | 10/2025 | 2819 | 248640 | 0 | (23) |
|  | 10/2025 | 1706 | 5950 | 8 | 0 |
|  | 10/2025 | 678 | 2477 | 3 | 0 |
|  | 10/2025 | 8522 | 10976 | 0 | (14) |
|  | 11/2025 | 19000 | $12411 | 0 | (167) |
|  | 11/2025 | 2324 | 2928 | 0 | (3) |
|  | 11/2025 | 6372 | 1736 | 0 | (97) |
|  | 11/2025 | 10948 | 8522 | 13 | 0 |
|  | 11/2025 | $16 | 27 | 0 | 0 |
|  | 12/2025 | 16319 | $861 | 0 | (23) |
|  | 12/2025 | $231 | 970 | 0 | 0 |
|  | 02/2026 | 5972 | $1706 | 0 | (8) |
|  GLM | 10/2025 | 9400 | 1531 | 0 | (235) |
|  | 10/2025 | 30 | 38 | 0 | 0 |
|  | 10/2025 | 1647 | 232 | 1 | 0 |
|  | 10/2025 | 5175970 | 310 | 0 | 0 |
|  | 10/2025 | 89 | 69 | 1 | 0 |
|  | 10/2025 | $1734 | 9400 | 32 | 0 |
|  | 10/2025 | 266 | 4394877 | 0 | (3) |
|  | 10/2025 | 820 | 71964 | 0 | (11) |
|  | 10/2025 | 1 | 28 | 0 | 0 |
|  | 11/2025 | 40 | 134 | 0 | 0 |
|  | 12/2025 | 372 | $20 | 0 | (1) |
|  | 12/2025 | 710 | 203 | 0 | (1) |
|  | 12/2025 | $303 | 5060642 | 0 | 0 |
|  | 12/2025 | 189 | 785 | 0 | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **123** |

---

------

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** |
|  | 04/2026 | 15800 | $2742 | $0 | $(101) |
|  IND | 10/2025 | 310 | 203 | 0 | (3) |
|  | 10/2025 | 9130 | 1428 | 0 | (8) |
|  | 11/2025 | $1428 | 9109 | 8 | 0 |
|  JPM | 10/2025 | 17623 | $12752 | 89 | 0 |
|  | 10/2025 | 758992 | 790 | 1 | 0 |
|  | 10/2025 | 6331 | 994 | 0 | (1) |
|  | 10/2025 | 14410696 | 863 | 0 | (1) |
|  | 10/2025 | 27609 | 313 | 3 | 0 |
|  | 10/2025 | 419 | 326 | 1 | 0 |
|  | 10/2025 | $275 | 234 | 0 | (1) |
|  | 10/2025 | 1149 | 19110934 | 1 | (3) |
|  | 10/2025 | 130 | 437 | 2 | 0 |
|  | 10/2025 | 528 | 731912 | 0 | (6) |
|  | 10/2025 | 290 | 1064 | 3 | 0 |
|  | 10/2025 | 58 | 1773 | 0 | 0 |
|  | 11/2025 | 735 | $137 | 0 | 0 |
|  | 11/2025 | $994 | 6317 | 1 | 0 |
|  | 11/2025 | 40451 | $2308 | 0 | (26) |
|  | 12/2025 | $124 | 2315 | 2 | 0 |
|  | 04/2026 | 26600 | $4503 | 0 | (282) |
|  | 06/2026 | 2600 | 147 | 0 | (1) |
|  MBC | 10/2025 | 779 | 978 | 0 | 0 |
|  | 10/2025 | 24378 | 3430 | 8 | 0 |
|  | 10/2025 | 172 | 204 | 2 | 0 |
|  | 10/2025 | 715401 | 43 | 1 | 0 |
|  | 10/2025 | 3092 | 21 | 0 | 0 |
|  | 10/2025 | 1326388 | 950 | 5 | 0 |
|  | 10/2025 | 1025 | 108 | 0 | (1) |
|  | 10/2025 | 6856 | 5350 | 35 | 0 |
|  | 10/2025 | 264531 | 8214 | 39 | 0 |
|  | 10/2025 | $1027 | 1551 | 1 | (2) |
|  | 10/2025 | 419 | 576 | 0 | (5) |
|  | 10/2025 | 1267 | 1004 | 2 | (8) |
|  | 10/2025 | 2275 | 16205 | 0 | 0 |
|  | 10/2025 | 246 | 211 | 1 | 0 |
|  | 10/2025 | 1141 | 170774 | 14 | 0 |
|  | 10/2025 | 1368 | 1907231 | 0 | (9) |
|  | 10/2025 | 1 | 14 | 0 | 0 |
|  | 10/2025 | 1871 | 17931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | 0 |
|  | 10/2025 | 190 | 6151 | 0 | 0 |
|  | 11/2025 | 16166 | $2275 | 0 | 0 |
|  | 11/2025 | 27968 | 314 | 0 | 0 |
|  | 11/2025 | 22694 | 153 | 0 | (1) |
|  | 11/2025 | 14 | 1 | 0 | 0 |
|  | 11/2025 | $4822 | 34242 | 3 | 0 |
|  | 11/2025 | 507 | 377 | 0 | 0 |
|  | 12/2025 | 368 | 6861 | 4 | 0 |
|  MYI | 10/2025 | 24611 | $3459 | 4 | 0 |
|  | 10/2025 | 2894085 | 176 | 2 | 0 |
|  | 10/2025 | 50144 | 340 | 1 | 0 |
|  | 10/2025 | 1068 | 35 | 0 | 0 |
|  | 10/2025 | $258 | 1640 | 0 | 0 |
|  | 10/2025 | 14146 | 2111901 | 134 | 0 |
|  | 10/2025 | 178 | 646 | 0 | (1) |
|  | 11/2025 | 2104591 | $14146 | 0 | (134) |
|  | 12/2025 | 9230 | 286 | 0 | 0 |
|  | 12/2025 | $62 | 1282 | 0 | 0 |
|  | 12/2025 | 224 | 4218 | 5 | 0 |
|  | 12/2025 | 310 | 9772 | 0 | (7) |
|  | 12/2025 | 35 | 1061 | 0 | 0 |
|  NGF | 10/2025 | 238 | 3947291 | 0 | (2) |
|  | 10/2025 | 697 | 969440 | 0 | (6) |
|  RYL | 10/2025 | 570 | 4433 | 0 | 0 |
|  SCX | 10/2025 | 17899 | $2519 | 7 | 0 |
|  | 10/2025 | 6338198 | 380 | 0 | 0 |
|  | 10/2025 | 79337 | 892 | 0 | 0 |
|  | 10/2025 | 187164 | 1272 | 7 | 0 |
|  | 10/2025 | 14065 | 3980 | 0 | (70) |

---

---

| | | |
|:---|:---|:---|
| **124** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 82 | $64 | $1 | $0 |
|  | 10/2025 | $1041 | 6685 | 11 | 0 |
|  | 10/2025 | 23157 | 17313 | 126 | 0 |
|  | 10/2025 | 266 | 4379346 | 0 | (4) |
|  | 10/2025 | 1282 | 113137 | 0 | (9) |
|  | 10/2025 | 987 | 145300 | 0 | (5) |
|  | 11/2025 | 17313 | $23161 | 0 | (126) |
|  | 11/2025 | 109 | 1 | 0 | 0 |
|  | 11/2025 | $833 | 74179 | 0 | 0 |
|  | 12/2025 | 14 | 295 | 0 | 0 |
|  | 12/2025 | 380 | 6354217 | 0 | 0 |
|  SOG | 10/2025 | 32388 | $6089 | 4 | 0 |
|  | 10/2025 | 2350848 | 15985 | 89 | 0 |
|  | 10/2025 | 20523 | 2173 | 0 | (7) |
|  | 10/2025 | $6068 | 32388 | 17 | 0 |
|  | 10/2025 | 39741 | 33793 | 0 | (66) |
|  | 10/2025 | 30909 | 4599189 | 191 | 0 |
|  | 10/2025 | 99 | 170 | 0 | (1) |
|  | 10/2025 | 224 | 6740 | 0 | (3) |
|  | 11/2025 | 6055391 | $1485 | 0 | (51) |
|  | 11/2025 | 33793 | 39821 | 66 | 0 |
|  | 11/2025 | 4583283 | 30909 | 0 | (192) |
|  | 11/2025 | $2173 | 20480 | 7 | 0 |
|  | 12/2025 | 32848 | $6068 | 0 | (15) |
|  | 12/2025 | $1173 | 4279 | 2 | 0 |
|  | 03/2026 | 3955648 | $4081 | 0 | (30) |
|  SSB | 10/2025 | 19163 | 25830 | 58 | 0 |
|  | 10/2025 | 34906 | 397 | 4 | 0 |
|  UAG | 10/2025 | 16 | 12 | 0 | 0 |
|  | 10/2025 | 198 | 59 | 0 | (1) |
|  | 10/2025 | 1345 | 132 | 0 | (3) |
|  | 10/2025 | 841 | 230 | 0 | (1) |
|  | 10/2025 | $2696 | 238015 | 0 | (20) |
|  | 10/2025 | 178 | 645 | 0 | 0 |
|  | 10/2025 | 180 | 5825 | 0 | 0 |
|  | 10/2025 | 272 | 4692 | 0 | 0 |
|  | 10/2025 | 4694 | $272 | 0 | 0 |
|  | 11/2025 | $19 | 65 | 1 | 0 |
|  | 11/2025 | 20577 | $1167 | 0 | (20) |
|  | 12/2025 | 3803 | 81 | 0 | (5) |
|  | 12/2025 | $86 | 28368 | 0 | (1) |
|  | 12/2025 | 65 | 3704 | 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;1910 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3627) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description |  | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
|  BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 7800 | $11 | $8 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 11300 | 16 | 12 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 2210 | 97 | 119 |
|  GLM | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 1310 | 22 | 40 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 2100 | 3 | 2 |
|  MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 3900 | 5 | 4 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 4300 | 6 | 4 |
|  |  |  |  |  |  | $160 | $189 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.230% | 03/30/2026 | 4700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.160 | 12/04/2025 | 1200 | 6 | 3 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.758 | 03/30/2026 | 2300 | 18 | 17 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 500 | 4 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 300 | 4 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 500 | 4 | 3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **125** |

---

------

Schedule of Investments PIMCO RAE Worldwide Long/Short PLUS Fund (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215% | 08/05/2026 | 300 | $4 | $3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 500 | 4 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 300 | 4 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 500 | 4 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 300 | 4 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 1400 | 123 | 117 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 1400 | 121 | 127 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 1400 | 121 | 109 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 2100 | 181 | 194 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 2100 | 181 | 162 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 4000 | 323 | 366 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 5200 | 420 | 353 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 10000 | 2 | 0 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 304200 | 1528 | 1326 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 304200 | 1528 | 1482 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 5900 | 511 | 531 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/21/2035 | 4800 | 415 | 432 |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 10/09/2025 | 6200 | 9 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.008 | 11/06/2025 | 12400 | 10 | 2 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.010 | 11/07/2025 | 12700 | 12 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 3600 | 317 | 307 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 3600 | 317 | 296 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 11700 | 944 | 1071 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 15300 | 1235 | 1038 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 02/18/2026 | 13100 | 27 | 8 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.989 | 08/06/2026 | 700 | 6 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.239 | 08/06/2026 | 400 | 5 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 500 | 4 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 300 | 4 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 600 | 5 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 300 | 4 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 5900 | 520 | 504 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 5900 | 520 | 485 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 49700 | 37 | 35 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.907 | 11/07/2025 | 13400 | 13 | 6 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.177 | 12/24/2025 | 4500 | 19 | 15 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 6400 | 83 | 69 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 5700 | 113 | 99 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 5700 | 84 | 53 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 500 | 4 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 300 | 4 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 1400 | 123 | 120 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 1400 | 123 | 115 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 08/13/2035 | 2900 | 255 | 251 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 2900 | 255 | 236 |
|  |  |  |  |  |  | $10721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10145 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.961 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | $6 | $0 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.945 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22100 | 30 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.977 | 10/07/2025 | 22100 | 29 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.063 | 10/07/2025 | 17500 | 21 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.547 | 11/06/2025 | 13400 | 10 | 1 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 8500 | 11 | 8 |
|  |  |  |  |  | $107 | $9 |
|  Total Purchased Options | Total Purchased Options |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10988 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10343 |

---

#### 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-44 5-Year Index | Sell | 0.700% | 12/17/2025 | 26300 | $(25) | $(11) |

---

126 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description |  | **Strike**<br> **Price** | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 7800 | $(4) | $(5) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 11300 | (5) | (7) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 4410 | (93) | (114) |
| GLM | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 1310 | (4) | (6) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 1310 | (11) | (3) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 2100 | (1) | (1) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 3900 | (2) | (3) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 4300 | (2) | (3) |
| UAG | Call - OTC USD versus TRY | TRY | 54.000 | 12/16/2025 | 700 | (23) | (5) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) |

---

#### 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 Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.086% | 10/07/2025 | 16000 | $(35) | $0 |
| DUB Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028 | 12/04/2025 | 6100 | (11) | (13) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.131 | 11/06/2025 | 9000 | (9) | (1) |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 10/07/2025 | 10500 | (21) | 0 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.677 | 12/24/2025 | 5000 | (19) | (23) |
| NGF Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.082 | 10/07/2025 | 13300 | (29) | 0 |
|  |  |  |  |  |  | $(124) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.547 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | $(10) | $(32) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) |

---

#### 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>September 30, 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>September 30, 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 | 0.872% | $100 | $(1) | $1 | $0 | $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/<br>(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/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | ABX.HE.AAA.6-2 Index « | 0.110% | Monthly | 05/25/2046 | $1942 | $(530) | $377 | $0 | $(153) |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 1836 | 357 | 23 | 380 | 0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 2996 | 587 | 34 | 621 | 0 |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | $3414 | (954) | 686 | 0 | (268) |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 1257 | 251 | 9 | 260 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 11790 | 2428 | 15 | 2443 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421) |

---

#### 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 | 5999 | 4.875% (SOFR plus a specified spread) | Monthly | 02/04/2026 | $88946 | $0 | $344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | $0 |
|  | Pay | S&P 500 Total Return Index | 256 | 4.900% (SOFR plus a specified spread) | Monthly | 03/11/2026 | 3796 | 0 | 15 | 15 | 0 |
|  BRC | Receive | RALVEIET Index  | 561157 | 5.390% (FEDL01 plus a specified spread) | Monthly | 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(429) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(429) |
|  CBK | Receive | RALVEIUT Index  | 299296 | 4.590% (SOFR plus a specified spread) | Monthly | 11/05/2025 | 94874 | 0 | (356) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **127** |

---

------

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, at<br>Value** | **Swap Agreements, at<br>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** |
|  | Pay | NDDUWXUS Index  | 9878 | 4.580% (SOFR plus a specified spread) | Monthly | 03/04/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102013 | $0 | $364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | $0 |
|  | Receive | RALVEIIT Index  | 123711 | 4.810% (SOFR plus a specified spread) | Monthly | 04/01/2026 | 39215 | 0 | (154) | 0 | (154) |
|  | Pay | NDDUWXUS index  | 1037 | 4.400% (SOFR plus a specified spread) | Monthly | 04/15/2026 | 10710 | 0 | 37 | 37 | 0 |
|  CIB | Receive | RALVEIIT Index  | 313806 | 4.700% (SOFR plus a specified spread) | Monthly | 01/07/2026 | 99473 | 0 | (382) | 0 | (382) |
|  FAR | Pay | S&P 500 Total Return Index | 31 | 4.820% (SOFR plus a specified spread) | Monthly | 07/15/2026 | 460 | 0 | 2 | 2 | 0 |
|  JPM | Receive | RALVEIIT Index  | 15661 | 4.590% (SOFR plus a specified spread) | Monthly | 11/05/2025 | 4964 | 0 | (19) | 0 | (19) |
|  | Pay | S&P 500 Total Return Index  | 1627 | 4.870% (FEDL01 plus a specified spread) | Monthly | 02/04/2026 | 24123 | 0 | 94 | 94 | 0 |
|  | Pay | S&P 500 Total Return Index | 127 | 4.810% (SOFR plus<br>a specified spread) | Monthly | 04/01/2026 | 1883 | 0 | 7 | 7 | 0 |
|  | Pay | NDDUWXUS index  | 322 | 4.400% (SOFR plus<br>a specified spread) | Monthly | 04/15/2026 | 3325 | 0 | 11 | 11 | 0 |
|  | Receive | RALVEIET Index  | 105152 | 5.170% (SOFR plus<br>a specified spread) | Monthly | 04/15/2026 | 18850 | 0 | (77) | 0 | (77) |
|  | Pay | NDDUWXUS index  | 398 | 4.490% (SOFR plus<br>a specified spread) | Monthly | 05/20/2026 | 4110 | 0 | 14 | 14 | 0 |
|  MBC | Receive | RALVEIIT Index  | 423684 | 5.040% (FEDL01 plus<br>a specified spread) | Monthly | 10/15/2025 | 97668 | 0 | (389) | 0 | (389) |
|  | Receive | RALVEIIT Index  | 30359 | 5.130% (FEDL01 plus<br>a specified spread) | Monthly | 02/18/2026 | 6998 | 0 | (29) | 0 | (29) |
|  MYI | Receive | RALVEIIT Index  | 21560 | 5.030% (FEDL01 plus<br>a specified spread) | Monthly | 01/07/2026 | 4970 | 0 | (20) | 0 | (20) |
|  | Receive | RALVEIIT Index  | 562117 | 5.200% (FEDL01 plus<br>a specified spread) | Monthly | 02/04/2026 | 129579 | 0 | (527) | 0 | (527) |
|  UAG | Pay | NDUEEGF Index  | 82533 | 4.280% (FEDL01 plus<br>a specified spread) | Monthly | 01/07/2026 | 60406 | 0 | 194 | 194 | 0 |
|  |  |  |  |  |  |  |  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1300) | $1082 | $(2382) |
|  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;2138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2803) |

---

#### 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 September 30, 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 | $4 | $0 | $0 | $4 | $(264) | $0 | $0 | $(264) | $(260) | $386 | $126 |
|  BOA | 18 | 1051 | 739 | 1808 | (188) | (126) | (153) | (467) | 1341 | 2227 | 3568 |
|  BPS | 81 | 0 | 621 | 702 | (190) | 0 | 0 | (190) | 512 | (569) | (57) |
|  BRC | 80 | 719 | 0 | 799 | (274) | 0 | (697) | (971) | (172) | 1 | (171) |
|  BSH | 95 | 0 | 0 | 95 | (134) | 0 | 0 | (134) | (39) | 0 | (39) |
|  CBK | 179 | 0 | 401 | 580 | (453) | 0 | (510) | (963) | (383) | 1974 | 1591 |
|  CIB | 0 | 0 | 0 | 0 | 0 | 0 | (382) | (382) | (382) | (3670) | (4052) |
|  DUB | 32 | 3771 | 0 | 3803 | (47) | (13) | 0 | (60) | 3743 | 271 | 4014 |
|  FAR | 390 | 0 | 2 | 392 | (584) | 0 | 0 | (584) | (192) | (30) | (222) |
|  GLM | 34 | 2759 | 0 | 2793 | (354) | (11) | 0 | (365) | 2428 | 285 | 2713 |
|  GSC | 0 | 9 | 0 | 9 | 0 | (32) | 0 | (32) | (23) | 0 | (23) |
|  GST | 0 | 0 | 260 | 260 | 0 | (11) | 0 | (11) | 249 | (280) | (31) |
|  IND | 8 | 0 | 0 | 8 | (11) | 0 | 0 | (11) | (3) | 0 | (3) |
|  JPM | 103 | 1019 | 2569 | 3691 | (321) | 0 | (96) | (417) | 3274 | (1430) | 1844 |
|  MBC | 149 | 8 | 0 | 157 | (26) | (6) | (418) | (450) | (293) | 901 | 608 |
|  MYC | 0 | 520 | 0 | 520 | 0 | (23) | 0 | (23) | 497 | (290) | 207 |
|  MYI | 146 | 0 | 0 | 146 | (142) | 0 | (547) | (689) | (543) | 1143 | 600 |
|  NGF | 0 | 487 | 0 | 487 | (8) | 0 | 0 | (8) | 479 | 0 | 479 |
|  SCX | 152 | 0 | 0 | 152 | (214) | 0 | 0 | (214) | (62) | 0 | (62) |
|  SOG | 376 | 0 | 0 | 376 | (365) | 0 | 0 | (365) | 11 | 0 | 11 |
|  SSB | 62 | 0 | 0 | 62 | 0 | 0 | 0 | 0 | 62 | (280) | (218) |
|  UAG | 1 | 0 | 194 | 195 | (52) | (5) | 0 | (57) | 138 | 3901 | 4039 |
|  Total Over the Counter | $1910 | $10343 | $4786 | $17039 | $(3627) | $(227) | $(2803) | $(6657) |  |  |  |

---

128 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

(k) Securities with an aggregate market value of $11,089 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(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 September 30, 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 | $64 | $0 | $129 | $193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 241 | 245 |
|  | $0 | $4 | $64 | $0 | $370 | $438 |
|  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 | $1910 | $0 | $1910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 189 | 10154 | 10343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3704 | 1082 | 0 | 0 | 4786 |
|  | $0 | $3704 | $1082 | $2099 | $10154 | $17039 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17477 |
|  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 | $79 | $79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 12 | 0 | 10 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8 | 0 | 0 | 181 | 189 |
|  | $0 | $8 | $12 | $0 | $270 | $290 |
|  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 | $3627 | $0 | $3627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 11 | 0 | 147 | 69 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 421 | 2382 | 0 | 0 | 2803 |
|  | $0 | $432 | $2382 | $3774 | $69 | $6657 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6947 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 129

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Schedule of Investments PIMCO RAE Worldwide Long/Short PLUS Fund (Cont.) September 30, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 114 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (1089) | 0 | 636 | (453) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (386) | 0 | 0 | 2465 | 2079 |
|  | $0 | $(386) | $(1089) | $0 | $3214 | $1739 |
|  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 | $(15497) | $0 | $(15497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (150) | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 13 | 0 | 0 | 326 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 535 | (16821) | 0 | 0 | (16286) |
|  | $0 | $548 | $(16821) | $(15497) | $176 | $(31594) |
|  | $0 | $162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17910) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15497) | $3390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29855) |
|  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 | $34 | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 638 | 0 | 357 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 78 | 0 | 0 | (2631) | (2553) |
|  | $0 | $78 | $638 | $0 | $(2240) | $(1524) |
|  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 | $(473) | $0 | $(473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 28 | (624) | (596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 12 | 0 | (1) | (28) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 139 | 2040 | 0 | 0 | 2179 |
|  | $0 | $151 | $2040 | $(446) | $(652) | $1093 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | $2678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2892) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $22073 | $0 | $22073 |
| &nbsp;&nbsp; Industrials | 0 | 2765 | 4000 | 6765 |
| &nbsp;&nbsp; Utilities | 0 | 1143 | 0 | 1143 |
|  U.S. Government Agencies | 0 | 447667 | 0 | 447667 |
|  U.S. Treasury Obligations | 0 | 15716 | 0 | 15716 |
|  Non-Agency Mortgage-Backed Securities | 0 | 53921 | 0 | 53921 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 6073 | 0 | 6073 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 9949 | 0 | 9949 |
| &nbsp;&nbsp; CMBS Other | 0 | 9583 | 0 | 9583 |
| &nbsp;&nbsp; Home Equity Other | 0 | 30761 | 0 | 30761 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 80 | 0 | 80 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 1994 | 0 | 1994 |
| &nbsp;&nbsp; Other ABS | 0 | 41281 | 0 | 41281 |
|  Sovereign Issues | 0 | 50971 | 0 | 50971 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 4358 | 0 | 4358 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 14700 | 0 | 14700 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 144 | 0 | 144 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 11601 | 0 | 11601 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724780 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728780 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  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 | $12374 | $0 | $0 | $12374 |
|  Total Investments | $12374 | $724780 | $4000 | $741154 |
|  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 | $(73822) | $0 | $(73822) |
|  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 | 92 | 346 | 0 | 438 |
|  Over the counter | 0 | 17039 | 0 | 17039 |
|  | $92 | $17385 | $0 | $17477 |
|  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) | (276) | 0 | (288) |
|  Over the counter | 0 | (6236) | (421) | (6657) |
|  | $(12) | $(6512) | $(421) | $(6945) |
|  Total Financial Derivative Instruments | $80 | $10873 | $(421) | $10532 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661831 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677864 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **130** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 161.1% | INVESTMENTS IN SECURITIES 161.1% | INVESTMENTS IN SECURITIES 161.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  4.804% (EUR006M + 2.450%)<br>due 04/01/2027 «~ | 1400 | 1656 |
|  Project Nova | Project Nova | Project Nova |
|  7.250% (PRIME) due 08/31/2026 «~ | 400 | 400 |
|  Total Loan Participations and Assignments<br>(Cost $1,915) | Total Loan Participations and Assignments<br>(Cost $1,915) | 2056 |
| CORPORATE BONDS & NOTES 5.7% | CORPORATE BONDS & NOTES 5.7% | CORPORATE BONDS & NOTES 5.7% |
| BANKING & FINANCE 3.4% | BANKING & FINANCE 3.4% | BANKING & FINANCE 3.4% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  3.300% due 01/30/2032 | 1300 | 1198 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.450% due 09/09/2028 | 4400 | 4436 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 7600 | 7725 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 380 | 365 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 6600 | 6891 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  7.437% due 11/02/2033 •  | 2300 | 2640 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 1200 | 366 |
|  Credit Suisse AG AT1 Claim | 9300 | 1209 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.547% due 09/18/2031 •  | 500 | 474 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 400 | 416 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 1100 | 1289 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 200 | 197 |
|  2.900% due 02/16/2028 | 200 | 190 |
|  3.375% due 11/13/2025 | 700 | 699 |
|  4.125% due 08/17/2027 | 500 | 492 |
|  5.800% due 03/05/2027 | 600 | 606 |
|  5.800% due 03/08/2029 | 700 | 711 |
|  6.950% due 03/06/2026 | 200 | 202 |
|  6.950% due 06/10/2026 | 200 | 203 |
|  7.350% due 11/04/2027 | 200 | 209 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.500% due 04/01/2032 | 400 | 411 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.625% due 09/15/2034 | 400 | 405 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.016% due 10/23/2035 •  | 1500 | 1511 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 1200 | 1221 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 300 | 279 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.298% (SOFRRATE + 0.970%) due 01/14/2028 ~ | 100 | 100 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.711% due 07/08/2031 •  | 1800 | 1822 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.656% due 04/18/2030 •  | 200 | 209 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  5.350% due 02/01/2033 | 100 | 99 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (c) | 3000 | 2261 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.969% due 08/02/2030 •  | 700 | 717 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.840% due 04/15/2027 | 1000 | 956 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.660% due 07/08/2031 •  | 2900 | 2934 |
|  5.558% due 07/09/2034 | 400 | 422 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1500 | 1388 |
|  4.751% due 05/12/2028 •  | 7900 | 7969 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 2700 | 2723 |
|  Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. |
|  5.657% (MSMMUSTF + 1.750%) due 01/08/2030 ~ | 250 | 250 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 2700 | 2625 |
|  |  | 58820 |
| INDUSTRIALS 1.7% | INDUSTRIALS 1.7% | INDUSTRIALS 1.7% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 | 2600 | 2516 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  5.550% due 02/01/2030 | 2800 | 2896 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 | 375 | 401 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 17200 | 17200 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 900 | 872 |
|  InterContinental Hotels Group PLC | InterContinental Hotels Group PLC | InterContinental Hotels Group PLC |
|  2.125% due 08/24/2026 | 400 | 527 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.876% due 07/16/2030 | 200 | 203 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 2400 | 1777 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 1100 | 874 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 579 | 598 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 | 1200 | 1221 |
|  |  | 29085 |
| UTILITIES 0.6% | UTILITIES 0.6% | UTILITIES 0.6% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 | 1100 | 1061 |
|  3.300% due 12/01/2027 | 200 | 196 |
|  4.500% due 07/01/2040 | 1300 | 1132 |
|  5.700% due 03/01/2035 | 300 | 307 |
|  6.100% due 01/15/2029 | 100 | 105 |
|  6.150% due 03/01/2055 | 900 | 906 |
|  6.700% due 04/01/2053 | 1900 | 2034 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 1200 | 1023 |
|  5.150% due 06/01/2029 | 2800 | 2849 |
|  5.350% due 03/01/2026 | 700 | 703 |
|  |  | 10316 |
|  Total Corporate Bonds & Notes<br>(Cost $95,600) | Total Corporate Bonds & Notes<br>(Cost $95,600) | 98221 |
| 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 | 106 |
|  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 | 690 | 617 |
|  |  | 723 |
| 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 | 75 | 78 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 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 | 112 |
|  Total Municipal Bonds & Notes<br>(Cost $965) | Total Municipal Bonds & Notes<br>(Cost $965) | 913 |
| U.S. GOVERNMENT AGENCIES 93.4% | U.S. GOVERNMENT AGENCIES 93.4% | U.S. GOVERNMENT AGENCIES 93.4% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 11/01/2047 - 01/01/2048 | 1506 | 1452 |
|  4.500% due 03/01/2029 - 08/01/2052 | 3615 | 3526 |
|  5.500% due 07/01/2038 - 09/01/2055 | 116923 | 118495 |
|  6.480% due 03/01/2034 •  | 12 | 13 |
|  6.500% due 11/01/2053 - 03/01/2055 | 28069 | 29563 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 4650 | 4425 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  5.057% due 06/15/2041 •  | 26 | 25 |
|  5.187% due 08/15/2037 •  | 48 | 48 |
|  5.197% due 10/15/2037 •  | 8 | 8 |
|  5.207% due 05/15/2037 - 09/15/2037 •  | 52 | 52 |
|  5.296% due 11/25/2054 •  | 6375 | 6386 |
|  5.306% due 09/25/2055 •  | 9733 | 9869 |
|  5.456% due 07/25/2055 - 09/25/2055 •  | 20533 | 20585 |
|  5.506% due 12/25/2054 - 09/25/2055 •  | 26496 | 26627 |
|  5.556% due 02/25/2055 •  | 1325 | 1332 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.353% due 02/25/2045 •  | 5 | 5 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.500% due 12/01/2047 - 08/01/2048 | 11340 | 10543 |
|  4.000% due 10/01/2044 - 08/01/2045 | 4262 | 4162 |
|  4.202% due 10/01/2029 ~ | 8800 | 8847 |
|  4.300% due 12/01/2029 | 6114 | 6170 |
|  4.540% due 07/01/2030 | 2000 | 2031 |
|  4.705% due 09/01/2031 ~ | 16300 | 16620 |
|  4.720% due 10/01/2028 - 08/01/2030 | 5973 | 6096 |
|  4.770% due 10/01/2028 | 2400 | 2453 |
|  4.777% due 07/01/2032 ~ | 14000 | 14324 |
|  4.850% due 05/01/2029 | 1500 | 1532 |
|  4.930% due 06/01/2029 | 3900 | 4006 |
|  5.300% due 11/01/2030 | 7900 | 8284 |
|  5.421% due 07/01/2044 •  | 2 | 2 |
|  5.500% due 03/01/2034 - 11/01/2054 | 12498 | 12769 |
|  6.000% due 08/01/2036 - 02/01/2038 | 33 | 35 |
|  6.135% due 08/01/2033 •  | 2 | 2 |
|  6.500% due 10/01/2036 - 11/01/2054 | 42540 | 44711 |
|  6.983% due 06/01/2033 •  | 65 | 67 |
|  7.480% due 01/01/2036 •  | 4 | 4 |
|  Federal National Mortgage Association - BAML | Federal National Mortgage Association - BAML | Federal National Mortgage Association - BAML |
|  3.830% due 11/01/2055 «(a) | 21735 | 21367 |
|  4.300% due 11/01/2055 «(a) | 5400 | 5386 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.523% due 12/25/2036 •  | 5 | 5 |
|  4.821% due 07/25/2037 •  | 5 | 5 |
|  4.851% due 07/25/2037 •  | 11 | 11 |
|  4.871% due 09/25/2035 •  | 19 | 19 |
|  4.881% due 09/25/2035 •  | 41 | 41 |
|  5.000% due 04/25/2033 | 1 | 1 |
|  5.191% due 06/25/2037 •  | 68 | 68 |
|  5.221% due 01/25/2040 •  | 175 | 175 |
|  5.256% due 09/25/2055 •  | 5903 | 5919 |
|  5.306% due 11/25/2054 •  | 5475 | 5476 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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)** |
|  5.456% due 07/25/2055 •  | $— | 665 | 667 |
|  5.506% due 08/25/2055 - 09/25/2055 •  |  | 23604 | 23686 |
|  5.756% due 09/25/2055 •  |  | 9745 | 9825 |
|  5.806% due 06/25/2054 •  |  | 1172 | 1178 |
|  6.373% due 05/25/2035 ~ |  | 1 | 1 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 03/25/2044 •  |  | 14 | 14 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.750% due 11/20/2044 •  |  | 383 | 394 |
|  5.000% due 04/15/2036 - 09/15/2039 |  | 419 | 428 |
|  5.170% due 09/20/2055 •  |  | 8597 | 8601 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.920% due 10/01/2055 « |  | 5900 | 5900 |
|  5.150% due 07/20/2065 « |  | 8200 | 8195 |
|  5.510% due 09/20/2055 •  |  | 5500 | 5512 |
|  5.539% due 07/20/2055 •  |  | 2333 | 2340 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 10/01/2055 - 11/01/2055 |  | 57190 | 53773 |
|  4.500% due 11/01/2055 |  | 42750 | 41440 |
|  5.000% due 10/01/2055 - 11/01/2055 |  | 59740 | 59420 |
|  5.500% due 11/01/2055 |  | 24620 | 24790 |
|  6.000% due 10/01/2055 |  | 24290 | 24707 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 11/01/2055 |  | 5585 | 4907 |
|  4.000% due 11/01/2055 |  | 63110 | 59472 |
|  4.500% due 10/01/2055 - 11/01/2055 |  | 62170 | 60297 |
|  5.000% due 11/01/2055 |  | 130120 | 128973 |
|  6.000% due 10/01/2055 - 12/01/2055 |  | 343080 | 350381 |
|  6.500% due 11/01/2055 |  | 317780 | 328625 |
|  Total U.S. Government Agencies<br>(Cost $1,606,343) | Total U.S. Government Agencies<br>(Cost $1,606,343) | Total U.S. Government Agencies<br>(Cost $1,606,343) | 1607068 |
| U.S. TREASURY OBLIGATIONS 5.1% | U.S. TREASURY OBLIGATIONS 5.1% | U.S. TREASURY OBLIGATIONS 5.1% | U.S. TREASURY OBLIGATIONS 5.1% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  2.125% due 02/15/2054 (g)(i) |  | 8884 | 8209 |
|  1.750% due 01/15/2034 (g)(i) |  | 5044 | 5070 |
|  1.875% due 07/15/2034 |  | 37269 | 37826 |
|  2.125% due 04/15/2029 (g)(i) |  | 21723 | 22428 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 07/31/2030 |  | 14800 | 14891 |
|  Total U.S. Treasury Obligations<br>(Cost $87,977) | Total U.S. Treasury Obligations<br>(Cost $87,977) | Total U.S. Treasury Obligations<br>(Cost $87,977) | 88424 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 6.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.4% |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  |  | 4738 | 6387 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  5.715% due 09/15/2038 •  | $— | 1300 | 1246 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.971% due 01/20/2047 ~ |  | 21 | 18 |
|  5.334% due 05/25/2035 ~ |  | 8 | 8 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.612% due 08/25/2036 •  |  | 675 | 606 |
|  4.612% due 04/25/2037 •  |  | 2655 | 2379 |
|  4.838% due 09/25/2035 ~ |  | 21 | 12 |
|  5.425% due 05/25/2035 ~ |  | 48 | 46 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  6.513% due 01/25/2034 ~ |  | 8 | 8 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  5.606% due 05/25/2055 •  |  | 2950 | 2946 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.872% due 07/25/2037 •  |  | 245 | 217 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  5.388% due 02/20/2035 ~ |  | 4 | 4 |
|  6.224% due 02/20/2036 •  |  | 5 | 4 |
|  CIM Trust | CIM Trust | CIM Trust | CIM Trust |
|  5.500% due 08/25/2064 ~ |  | 7560 | 7631 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.487% due 09/25/2037 ~ | 845 | 782 |
|  6.480% due 10/25/2035 •  | 3 | 3 |
|  9.170% due 09/25/2062 þ | 7536 | 7561 |
|  CLNY Trust | CLNY Trust | CLNY Trust |
|  5.717% due 11/15/2038 •  | 4938 | 4882 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.512% due 06/25/2036 •  | 846 | 800 |
|  4.632% due 05/25/2047 •  | 103 | 95 |
|  4.670% due 03/20/2046 •  | 1923 | 1799 |
|  4.710% due 05/20/2046 •  | 49 | 44 |
|  5.713% due 08/25/2035 •  | 3123 | 2902 |
|  6.000% due 10/25/2033 | 5 | 5 |
|  6.000% due 12/25/2034 | 1796 | 1613 |
|  6.000% due 12/25/2035 | 1463 | 1042 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  3.869% due 02/25/2061 ~ | 2651 | 2640 |
|  4.209% due 07/27/2061 ~ | 3430 | 3417 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.772% due 02/25/2035 •  | 80 | 80 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  6.002% due 08/25/2035 ~ | 13 | 9 |
|  Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC |
|  2.344% due 08/28/2039 •  | 51 | 58 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.622% due 01/25/2036 •  | 1121 | 907 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.290% due 11/25/2035 ~ | 8 | 7 |
|  4.480% due 11/25/2035 ~ | 35 | 30 |
|  4.844% 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 |
|  4.658% due 12/19/2036 •  | 882 | 699 |
|  4.688% due 05/19/2035 •  | 445 | 430 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.652% due 09/25/2046 •  | 148 | 136 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.648% due 12/15/2031 •  | 634 | 632 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.983% due 11/25/2035 ~ | 28 | 22 |
|  5.750% due 01/25/2036 | 21 | 9 |
|  6.262% due 07/25/2035 ~ | 98 | 98 |
|  6.457% due 08/25/2034 ~ | 89 | 91 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.250% due 07/25/2067 þ | 1523 | 1524 |
|  5.650% due 11/25/2060 þ | 2700 | 2704 |
|  5.750% due 04/25/2061 þ | 1779 | 1779 |
|  5.750% due 07/25/2061 þ | 3110 | 3112 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.953% due 12/25/2046 •  | 6183 | 5109 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.692% due 02/25/2036 •  | 12 | 12 |
|  4.772% due 11/25/2035 •  | 5 | 5 |
|  5.457% due 02/25/2035 ~ | 182 | 173 |
|  Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC |
|  3.008% due 03/24/2081 •  | 5977 | 7032 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 1568 | 1516 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.672% due 02/25/2034 •  | 1 | 1 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  5.503% due 08/25/2030 þ | 3388 | 3395 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.612% due 01/25/2037 •  | 814 | 722 |
|  4.642% due 08/25/2036 •  | 263 | 239 |
|  5.139% due 10/25/2037 ~ | 1021 | 817 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.137% due 06/20/2060 •  | 1262 | 1700 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.529% due 08/25/2035 ~ | 16 | 14 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.748% due 07/19/2035 •  | 57 | 56 |
|  Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC |
|  4.836% due 05/17/2031 •  | 695 | 934 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.583% due 06/25/2047 •  | 73 | 64 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  | 3461 | 4666 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 12/25/2061 ~ | 2192 | 2136 |
|  3.292% due 10/25/2057 ~ | 4900 | 4150 |
|  5.272% due 05/25/2058 •  | 683 | 699 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ | 1686 | 2273 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.197% due 07/25/2037 ~ | 3874 | 3558 |
|  4.198% due 02/27/2034 •  | 5 | 5 |
|  4.642% due 05/25/2034 •  | 893 | 836 |
|  4.852% due 10/25/2045 •  | 6 | 6 |
|  4.853% due 03/25/2047 •  | 1127 | 999 |
|  4.903% due 06/25/2047 •  | 2039 | 1713 |
|  5.153% due 02/25/2046 •  | 41 | 38 |
|  5.223% due 01/25/2046 •  | 2716 | 2432 |
|  5.353% due 11/25/2042 •  | 4 | 3 |
|  5.553% due 08/25/2042 •  | 2 | 2 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  4.983% due 11/25/2046 •  | 3983 | 3397 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $110,437) | Total Non-Agency Mortgage-Backed Securities (Cost $110,437) | 110146 |
| ASSET-BACKED SECURITIES 24.7% | ASSET-BACKED SECURITIES 24.7% | ASSET-BACKED SECURITIES 24.7% |
| AUTOMOBILE ABS OTHER 0.4% | AUTOMOBILE ABS OTHER 0.4% | AUTOMOBILE ABS OTHER 0.4% |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  5.102% due 09/15/2027 •  | 302 | 302 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  2.900% due 03/10/2028 | 7240 | 7089 |
|  |  | 7391 |
| AUTOMOBILE SEQUENTIAL 2.8% | AUTOMOBILE SEQUENTIAL 2.8% | AUTOMOBILE SEQUENTIAL 2.8% |
|  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 | 4010 |
|  6.120% due 04/20/2027 | 8700 | 8754 |
|  Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust |
|  5.660% due 03/15/2028 | 820 | 823 |
|  BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust |
|  4.844% due 07/20/2027 | 1399 | 1013 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  5.400% due 11/15/2028 | 400 | 405 |
|  5.780% due 09/15/2027 | 134 | 135 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.500% due 08/10/2027 | 13 | 13 |
|  5.620% due 01/10/2029 | 425 | 429 |
|  5.710% due 07/10/2028 | 1500 | 1509 |
|  5.900% due 08/10/2027 | 90 | 90 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.460% due 04/15/2030 | 500 | 512 |
|  5.540% due 04/16/2029 | 700 | 709 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  5.690% due 02/15/2030 | 1791 | 1807 |
|  5.890% due 06/15/2030 | 598 | 604 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 | 632 | 635 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.490% due 01/16/2029 | 571 | 573 |
|  5.990% due 05/15/2028 | 851 | 855 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.240% due 03/15/2030 | 228 | 229 |
|  5.590% due 10/15/2029 | 1314 | 1330 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.440% due 01/25/2029 | 8500 | 8683 |
|  5.490% due 06/25/2027 | 1000 | 1006 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.590% due 02/17/2032 | 175 | 175 |

---

---

| | | |
|:---|:---|:---|
| **132** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV |
|  2.650% due 03/25/2030 | 544 | 538 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 | 545 | 549 |
|  Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII |
|  5.380% due 11/25/2030 | 226 | 226 |
|  Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust |
|  7.090% due 06/25/2032 | 968 | 977 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.630% due 01/16/2029 | 3015 | 3031 |
|  5.930% due 07/17/2028 | 1346 | 1352 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.110% due 06/15/2029 | 3200 | 3227 |
|  5.450% due 12/15/2027 | 1260 | 1262 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.950% due 05/21/2029 | 450 | 453 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.440% due 05/17/2027 | 564 | 565 |
|  5.750% due 08/16/2027 | 1336 | 1340 |
|  |  | 47819 |
| CMBS OTHER 1.5% | CMBS OTHER 1.5% | CMBS OTHER 1.5% |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  6.500% due 11/22/2038 •  | 3800 | 3737 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.871% due 03/19/2039 •  | 800 | 804 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.884% due 02/19/2037 •  | 8700 | 8703 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  6.172% due 11/15/2038 •  | 13200 | 13176 |
|  |  | 26420 |
| HOME EQUITY OTHER 9.5% | HOME EQUITY OTHER 9.5% | HOME EQUITY OTHER 9.5% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.532% due 01/25/2037 •  | 1798 | 1302 |
|  5.322% due 03/25/2034 •  | 346 | 340 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.532% due 12/25/2036 •  | 3925 | 2078 |
|  4.712% due 11/25/2036 •  | 2324 | 956 |
|  5.172% due 09/25/2033 •  | 1140 | 1138 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.752% due 01/25/2037 •  | 278 | 210 |
|  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 |
|  3.351% due 04/25/2034 •  | 794 | 764 |
|  5.247% due 07/25/2035 •  | 800 | 765 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.752% due 06/25/2036 •  | 5651 | 1541 |
|  4.812% due 05/25/2036 •  | 5327 | 1278 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.907% due 06/26/2034 •  | 420 | 431 |
|  5.032% due 02/25/2036 •  | 4910 | 4005 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.082% due 06/25/2034 •  | 2616 | 2699 |
|  Bayview Financial Asset Trust | Bayview Financial Asset Trust | Bayview Financial Asset Trust |
|  4.722% due 03/25/2037 •  | 302 | 304 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.622% due 05/25/2037 •  | 11500 | 9788 |
|  5.222% due 10/25/2037 •  | 1039 | 1024 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.147% due 07/25/2036 •  | 1151 | 1102 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  | 2792 | 2827 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.532% due 03/25/2037 •  | 632 | 578 |
|  4.592% due 09/25/2036 •  | 3404 | 2633 |
|  4.792% due 03/25/2036 •  | 3223 | 2957 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.672% due 02/25/2037 •  | 627 | 597 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.197% due 05/25/2036 •  | 1173 | 1165 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.522% due 02/25/2036 •  | $— | 465 | $— | 451 |
|  4.522% due 06/25/2047 •  |  | 758 |  | 736 |
|  4.532% due 12/25/2036 •  |  | 1091 |  | 1010 |
|  4.552% due 05/25/2037 •  |  | 1580 |  | 1512 |
|  4.552% due 06/25/2047 •  |  | 776 |  | 704 |
|  4.562% due 10/25/2047 •  |  | 4100 |  | 3583 |
|  4.792% due 12/25/2036 •  |  | 2422 |  | 2313 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.168% due 01/25/2032 •  |  | 2 |  | 2 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.372% due 05/25/2037 •  |  | 616 |  | 606 |
|  First NLC Trust | First NLC Trust | First NLC Trust | First NLC Trust | First NLC Trust |
|  5.007% due 02/25/2036 •  |  | 14622 |  | 13227 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.332% 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 | GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates |
|  4.912% due 12/25/2035 •  |  | 4504 |  | 4384 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.572% due 09/25/2036 •  |  | 1989 |  | 688 |
|  4.672% due 01/25/2047 •  |  | 714 |  | 363 |
|  5.172% due 11/25/2035 •  |  | 221 |  | 217 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.612% due 04/25/2037 •  |  | 8044 |  | 5739 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.422% due 12/25/2036 •  |  | 4586 |  | 4085 |
|  4.737% due 03/25/2036 •  |  | 12526 |  | 11345 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.542% due 07/25/2036 •  |  | 2257 |  | 2032 |
|  4.542% due 08/25/2036 •  |  | 1081 |  | 1028 |
|  4.572% due 03/25/2037 •  |  | 4503 |  | 4405 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.832% due 10/25/2034 •  |  | 11 |  | 11 |
|  5.187% due 08/25/2035 •  |  | 2200 |  | 2014 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.472% due 11/25/2036 •  |  | 6739 |  | 3987 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.812% due 01/25/2037 •  |  | 5309 |  | 5255 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.402% due 02/25/2037 •  |  | 1420 |  | 1271 |
|  4.412% due 05/25/2037 •  |  | 341 |  | 310 |
|  4.452% due 02/25/2037 •  |  | 1378 |  | 437 |
|  4.487% due 03/25/2037 •  |  | 8160 |  | 3188 |
|  4.572% due 06/25/2036 •  |  | 1317 |  | 660 |
|  4.632% due 02/25/2037 •  |  | 8701 |  | 2758 |
|  4.732% due 09/25/2036 •  |  | 689 |  | 297 |
|  5.202% due 07/25/2035 •  |  | 1484 |  | 1455 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.452% due 12/25/2036 •  |  | 2018 |  | 689 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.372% due 07/25/2036 •  |  | 2228 |  | 1016 |
|  4.402% due 07/25/2037 •  |  | 2674 |  | 1749 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.767% due 07/25/2036 •  |  | 969 |  | 934 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.337% due 05/25/2035 •  |  | 2944 |  | 2880 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.932% due 12/25/2035 •  |  | 8553 |  | 8437 |
|  4.977% due 11/25/2035 •  |  | 9694 |  | 9487 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.947% due 11/25/2037 •  |  | 1671 |  | 1623 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.452% due 05/25/2037 •  |  | 8539 |  | 5230 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.737% due 02/25/2036 •  |  | 2211 |  | 2101 |
|  5.112% due 08/25/2035 •  |  | 2114 |  | 1962 |
|  5.352% due 07/25/2035 •  |  | 712 |  | 711 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.422% due 09/25/2036 •  |  | 21 |  | 21 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.922% due 04/25/2031 •  |  | 4830 |  | 4887 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.442% due 07/25/2047 •  |  | 1194 |  | 902 |
|  |  |  |  | 163187 |

---

---

| | | |
|:---|:---|:---|
|  | 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% |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  3.681% due 10/25/2036 •  | 7 | 7 |
| WHOLE LOAN COLLATERAL 1.1% | WHOLE LOAN COLLATERAL 1.1% | WHOLE LOAN COLLATERAL 1.1% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.125% due 10/25/2036 ~ | 167 | 72 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.492% due 12/25/2037 •  | 532 | 515 |
|  4.572% due 08/25/2036 •  | 1562 | 1523 |
|  4.752% due 05/25/2036 •  | 1900 | 1666 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.487% due 10/25/2051 ~ | 571 | 571 |
|  5.744% due 07/25/2051 þ | 1230 | 1229 |
|  5.843% due 09/25/2051 þ | 4005 | 4009 |
|  6.721% due 07/25/2051 þ | 4269 | 4275 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.772% due 05/25/2036 •  | 2260 | 1224 |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.977% due 01/25/2055 þ | 3001 | 3008 |
|  |  | 18092 |
| OTHER ABS 9.4% | OTHER ABS 9.4% | OTHER ABS 9.4% |
|  Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. |
|  3.900% due 07/28/2037 | 735 | 728 |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 | 900 | 875 |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 | 400 | 385 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 500 | 479 |
|  Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. |
|  3.928% due 04/25/2038 | 600 | 591 |
|  Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. |
|  2.871% due 01/28/2039 | 400 | 387 |
|  Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. |
|  2.723% due 04/27/2039 | 600 | 577 |
|  Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. |
|  4.620% due 04/25/2037 | 322 | 321 |
|  Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. |
|  4.430% due 07/25/2037 | 266 | 265 |
|  ARES European CLO X DAC | ARES European CLO X DAC | ARES European CLO X DAC |
|  2.806% due 10/15/2031 •  | 3186 | 3739 |
|  ARES European CLO XII DAC | ARES European CLO XII DAC | ARES European CLO XII DAC |
|  2.874% due 04/20/2032 •  | 4903 | 5763 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | 501 | 514 |
|  Aurium CLO IV DAC | Aurium CLO IV DAC | Aurium CLO IV DAC |
|  2.982% due 01/16/2031 •  | 9051 | 10632 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.267% due 01/22/2038 •  | 3600 | 4240 |
|  4.950% due 01/22/2038 | 900 | 1053 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.016% due 05/15/2032 •  | 2399 | 2820 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  2.815% due 07/22/2032 •  | 7489 | 8800 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  3.059% due 10/15/2031 •  | 1398 | 1643 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 2200 | 2587 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.726% due 01/15/2031 •  | 2036 | 2387 |
|  2.926% due 08/15/2032 •  | 3414 | 4012 |
|  3.221% due 08/15/2038 •  | 3000 | 3532 |
|  Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. |
|  3.164% due 07/25/2039 | 300 | 290 |
|  CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC |
|  2.676% due 10/15/2031 •  | 2982 | 3501 |
|  Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC |
|  2.896% due 05/15/2034 •  | 2412 | 2828 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **133** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dryden Euro CLO | Dryden Euro CLO | Dryden Euro CLO |
|  3.342% due 10/18/2039 •  | 2200 | 2591 |
|  Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC |
|  2.564% due 04/24/2034 •  | 2389 | 2806 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  6.229% due 07/15/2031 •  | 3850 | 3865 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.825% due 04/20/2035 •  | 4900 | 4900 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  2.666% due 10/15/2031 •  | 1052 | 1236 |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  5.349% due 07/20/2034 •  | 4300 | 4300 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  5.605% due 07/20/2034 •  | 2000 | 2003 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  1.900% due 11/20/2031 | 5400 | 5231 |
|  Madison Park Euro Funding X DAC | Madison Park Euro Funding X DAC | Madison Park Euro Funding X DAC |
|  2.679% due 10/25/2030 •  | 2308 | 2711 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.589% due 02/20/2041 •  | 427 | 436 |
|  6.640% due 02/20/2041 | 427 | 443 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  6.037% due 07/20/2032 •  | 3700 | 3718 |
|  6.287% due 07/20/2032 •  | 2250 | 2254 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.865% due 10/15/2032 | 3667 | 3679 |
|  5.303% due 10/15/2032 | 5400 | 5414 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  6.258% due 10/15/2031 | 610 | 614 |
|  6.660% due 07/15/2031 | 344 | 347 |
|  Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. |
|  5.815% due 05/21/2034 •  | 4200 | 4209 |
|  Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. |
|  5.342% due 01/20/2034 •  | 3400 | 3402 |
|  Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust |
|  5.830% due 07/15/2036 | 1000 | 1023 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.292% due 08/29/2036 •  | 4100 | 4829 |
|  Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. |
|  2.625% due 10/25/2039 | 400 | 378 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.598% due 10/15/2034 •  | 5200 | 5212 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  2.904% due 07/20/2032 ~ | 2204 | 2590 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  2.339% due 10/25/2039 •  | 439 | 482 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  2.850% due 11/16/2054 | 7096 | 6702 |
|  4.550% due 02/16/2055 | 5341 | 5258 |
|  5.474% due 07/15/2053 •  | 3344 | 3338 |
|  5.500% due 06/17/2052 | 3087 | 3182 |
|  5.924% due 11/15/2052 •  | 693 | 701 |
|  6.172% due 10/16/2056 •  | 1046 | 1068 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  2.540% due 05/15/2046 | 1549 | 1499 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  6.132% due 10/13/2032 •  | 6330 | 6344 |
|  Trestles CLO IV Ltd. | Trestles CLO IV Ltd. | Trestles CLO IV Ltd. |
|  5.757% due 07/21/2034 •  | 2250 | 2254 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 278 | 277 |
|  |  | 162245 |
|  Total Asset-Backed Securities (Cost $432,302) | Total Asset-Backed Securities (Cost $432,302) | 425161 |
| SOVEREIGN ISSUES 9.0% | SOVEREIGN ISSUES 9.0% | SOVEREIGN ISSUES 9.0% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (c) | 180100 | 31611 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  8.375% due 11/07/2054 | 3400 | 3607 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 3300 | 2503 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 8300 | 8431 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (c) | 2300 | 1776 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 | 2600 | 2619 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | 1050000 | 6187 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | 119700 | 6633 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (d) | 4788 | 251 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 65000 | 19800 |
|  7.300% due 08/12/2033 | 28200 | 9058 |
|  7.600% due 08/12/2039 | 1400 | 442 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 30000 | 8369 |
|  6.150% due 08/12/2032 | 33500 | 10228 |
|  6.950% due 08/12/2031 | 2880 | 919 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 257620 | 11841 |
|  7.000% due 02/28/2031 | 147400 | 8097 |
|  8.000% due 01/31/2030 | 48900 | 2842 |
|  8.250% due 03/31/2032 | 28000 | 1600 |
|  8.500% due 01/31/2037 | 36700 | 1958 |
|  8.875% due 02/28/2035 | 143900 | 8186 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 | 3400 | 4073 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.625% due 01/13/2035 | 2800 | 2987 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  42.493% (BISTREFI) due 05/20/2026 ~ | 800 | 20 |
|  42.493% (BISTREFI) due 08/19/2026 ~ | 500 | 12 |
|  42.493% (BISTREFI) due 05/17/2028 ~ | 69700 | 1650 |
|  Total Sovereign Issues (Cost $148,194) | Total Sovereign Issues (Cost $148,194) | 155700 |
|  | **SHARES** |  |
| EXCHANGE-TRADED FUNDS 4.5% | EXCHANGE-TRADED FUNDS 4.5% | EXCHANGE-TRADED FUNDS 4.5% |
|  iShares Core S&P 500 ETF | 115900 | 77572 |
|  Total Exchange-Traded Funds<br>(Cost $77,276) | Total Exchange-Traded Funds<br>(Cost $77,276) | 77572 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 12.1% | SHORT-TERM INSTRUMENTS 12.1% | SHORT-TERM INSTRUMENTS 12.1% |
| COMMERCIAL PAPER 4.1% | COMMERCIAL PAPER 4.1% | COMMERCIAL PAPER 4.1% |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.500% due 10/07/2025 | 17120 | 17105 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.560% due 10/07/2025 | 12730 | 12719 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.800% due 10/09/2025 | 900 | 899 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  4.550% due 10/09/2025 | 1400 | 1398 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.620% due 10/21/2025 | 6400 | 6383 |
|  4.620% due 10/23/2025 | 590 | 588 |
|  4.800% due 10/07/2025 | 10240 | 10231 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  4.620% due 10/01/2025 | 1400 | 1400 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.580% due 10/15/2025 | 2180 | 2176 |
|  4.600% due 10/23/2025 | 8900 | 8874 |
|  4.750% due 10/09/2025 | 8250 | 8240 |
|  |  | 70013 |
| REPURCHASE AGREEMENTS (e) 7.6% | REPURCHASE AGREEMENTS (e) 7.6% | REPURCHASE AGREEMENTS (e) 7.6% |
|  |  | 130400 |
| U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% |
|  4.165% due 10/21/2025 - 01/20/2026 (b)(c)(g)(i) | 6226 | 6192 |
| Total Short-Term Instruments<br>(Cost $206,612) | Total Short-Term Instruments<br>(Cost $206,612) | 206605 |
| Total Investments in Securities<br>(Cost $2,767,621) | Total Investments in Securities<br>(Cost $2,767,621) | 2771866 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 9.8% | INVESTMENTS IN AFFILIATES 9.8% | INVESTMENTS IN AFFILIATES 9.8% |
| SHORT-TERM INSTRUMENTS 9.8% | SHORT-TERM INSTRUMENTS 9.8% | SHORT-TERM INSTRUMENTS 9.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.8% |
|  PIMCO Short Asset Portfolio | 9720029 | 95363 |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 7624002 | 74250 |
| Total Short-Term Instruments<br>(Cost $169,583) | Total Short-Term Instruments<br>(Cost $169,583) | 169613 |
| Total Investments in Affiliates<br>(Cost $169,583) | Total Investments in Affiliates<br>(Cost $169,583) | 169613 |
| Total Investments 170.9%<br>(Cost $2,937,204) | Total Investments 170.9%<br>(Cost $2,937,204) | 2941479 |
|  Financial Derivative<br>Instruments (f)(h) 3.8%<br> (Cost or Premiums, net $65,717) | Financial Derivative<br>Instruments (f)(h) 3.8%<br> (Cost or Premiums, net $65,717) | 65616 |
| Other Assets and Liabilities, net (74.7)% | Other Assets and Liabilities, net (74.7)% | (1285770) |
| Net Assets 100.0% | Net Assets 100.0% | 1721325 |

---

#### 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.

---

| | | |
|:---|:---|:---|
| **134** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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

(c) Zero coupon security.

(d) Principal amount of security is adjusted for inflation.

#### 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> |
| BOS | 4.290% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68200 | U.S. Treasury Notes 1.250% due 11/30/2026 | $(69639) | $68200 | $68208 |
| SAL | 4.180 | 10/01/2025 | 10/02/2025 | 62100 | U.S. Treasury Notes 2.750% due 04/30/2027 | (63392) | 62100 | 62100 |
|  | 4.210 | 10/01/2025 | 10/02/2025 | 100 | U.S. Treasury Notes 4.625% due 06/15/2027 | (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;(133133) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130408 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (10.8)% | U.S. Government Agencies (10.8)% | U.S. Government Agencies (10.8)% | U.S. Government Agencies (10.8)% | U.S. Government Agencies (10.8)% | U.S. Government Agencies (10.8)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $36570 | $(29473) | $(29485) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 26820 | (22305) | (22600) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 11/01/2055 | 25000 | (21042) | (21070) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115350 | (105775) | (105370) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 11/01/2055 | 7650 | (7719) | (7709) |
|  Total Short Sales (10.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186314) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186234) |

---

#### 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 September 30, 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 | $68208 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69639) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1431) |
|  SAL | 62200 | 0 | 0 | 62200 | (63494) | (1294) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130408 | $&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;(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED 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 |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.500 | 10/24/2025 | 919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) |

---

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | $(114) | $(102) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(429) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 135

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return 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 |
|  30-Day Federal Fund February Futures  | 02/2026 | 412 | $165564 | $2 | $3 | $(1) |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 273 | 24022 | 81 | 108 | 0 |
|  E-Mini S&P 500 Index December Futures  | 12/2025 | 1282 | 431954 | 5083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 817 | 170262 | 72 | 89 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 1491 | 162810 | 5 | 58 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 602 | 67725 | 361 | 0 | (9) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 285 | 32797 | 300 | 0 | (18) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5904 | $1877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |

---

#### 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 December Futures  | 12/2025 | 44 | $(6642) | $(39) | $2 | $(17) |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 16 | (2150) | (49) | 4 | (20) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 10 | (1166) | (27) | 2 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 98 | (11766) | (63) | 55 | 0 |
|  |  |  |  | $(178) | $63 | $(37) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5726 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) |

---

#### 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>September 30, 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>September 30, 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 |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2025 | 0.222% | $600 | $4 | $(3) | $1 | $0 | $0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.326 | 5200 | 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | 43 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.246 | 1200 | 7 | (4) | 3 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | $2400 | 18 | (1) | 17 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 | 300 | 4 | (1) | 3 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | $&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.EM-43 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&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>(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.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $4232 | $(155) | $159 | $4 | $0 | $(1) |
|  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) | 250 | 27 | 0 | (3) |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 800 | (68) | 70 | 2 | 0 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 100 | (7) | 7 | 0 | 0 | 0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 1800 | (86) | 83 | (3) | 0 | (1) |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 500 | (19) | 17 | (2) | 0 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 1000 | (29) | 21 | (8) | 0 | 0 |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 500 | (11) | 0 | (11) | 0 | 0 |
|  CDX.HY-40 5-Year Index | 5.000 | Quarterly | 06/20/2028 | 98 | 3 | 4 | 7 | 0 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 7500 | 538 | 36 | 574 | 0 | (11) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 7400 | 351 | 249 | 600 | 3 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 5200 | 395 | 13 | 408 | 5 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 590 | 13 | 1 | 14 | 0 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33700 | 753 | 22 | 775 | 4 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |

---

136 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125100 | $(569) | $(154) | $(723) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 600 | (3) | 18 | 15 | 2 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 300 | (1) | 12 | 11 | 0 | (1) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 800 | (2) | (16) | (18) | 2 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 14900 | (437) | 183 | (254) | 48 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 7550 | 357 | (129) | 228 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | $80050 | 362 | (955) | (593) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 25910 | (9) | (4) | (13) | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 141200 | 0 | (55) | (55) | 27 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 24700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 | (833) | 881 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.500 | Semi-Annual | 01/31/2028 | 44400 | (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 3500 | 0 | (16) | (16) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 1400 | 0 | (9) | (9) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 05/31/2028 | 3580 | 0 | (23) | (23) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 900 | 0 | (9) | (9) | 0 | (1) |
|  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 | (352) | 179 | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 2400 | (5) | (34) | (39) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 26400 | 776 | (239) | 537 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 39790 | (772) | 124 | (648) | 0 | (18) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 77130 | (1265) | (73) | (1338) | 0 | (32) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 25200 | 73 | (364) | (291) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 28790 | (557) | 109 | (448) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 90300 | 5905 | (2268) | 3637 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 11100 | 833 | (700) | 133 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 660 | (3) | (7) | (10) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 240 | (1) | (2) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 600 | (3) | 1 | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 28210 | 1 | (279) | (278) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 200 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 500 | (2) | 7 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 550 | (3) | 19 | 16 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 1800 | (7) | 33 | 26 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 1500 | (6) | 29 | 23 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 1900 | (8) | 24 | 16 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 800 | (4) | 15 | 11 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 70840 | (441) | 97 | (344) | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 400 | (1) | 12 | 11 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 1200 | (4) | 30 | 26 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 1000 | (3) | 16 | 13 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 600 | (2) | 11 | 9 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 800 | (2) | 16 | 14 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 1100 | (3) | 23 | 20 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 1200 | (3) | 25 | 22 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 1600 | (4) | 31 | 27 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 600 | (2) | 17 | 15 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 1500 | (4) | 47 | 43 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 800 | (2) | 29 | 27 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 800 | (2) | 31 | 29 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 1300 | (4) | 50 | 46 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 500 | (2) | (12) | (14) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 600 | (2) | (9) | (11) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 1300 | (5) | (21) | (26) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 500 | (2) | (6) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 1400 | (5) | (19) | (24) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 1200 | (4) | (19) | (23) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 1100 | (3) | (18) | (21) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 1700 | (5) | (39) | (44) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 2100 | (6) | (40) | (46) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 1500 | (4) | (23) | (27) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 2000 | (10) | 24 | 14 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 61520 | (9) | (480) | (489) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/16/2035 | 82800 | (1057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18929 | 20 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 16680 | 246 | 520 | 766 | 33 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 | 28300 | 5485 | 8193 | 13678 | 70 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 11900 | 2765 | 1692 | 4457 | 32 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 | 11990 | 0 | 186 | 186 | 0 | (32) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 | 12470 | 0 | 208 | 208 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **137** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 12/18/2054 | $55750 | $874 | $3829 | $4703 | $169 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 32050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2748) | 312 | (2436) | 0 | (94) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 6700 | 0 | (6) | (6) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 94800 | 2 | (86) | (84) | 0 | (17) |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 12900 | 0 | (7) | (7) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 | 136700 | 0 | 27 | 27 | 15 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 47300 | (1) | (13) | (14) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 3800 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 02/28/2031 | 87700 | 0 | (25) | (25) | 0 | (6) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 42500 | (181) | 947 | 766 | 112 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 21600 | 425 | (92) | 333 | 75 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 1900 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 1100 | (2) | (9) | (11) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 1000 | (2) | (1) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 | 700 | (1) | 1 | 0 | 0 | (1) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 7070 | 30 | (9) | 21 | 12 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 | 900 | (4) | (69) | (73) | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 | 1000 | (4) | (67) | (71) | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 300 | (1) | (24) | (25) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 400 | (2) | (33) | (35) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 500 | (2) | (33) | (35) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 900 | (3) | (54) | (57) | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 | 30 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 800 | (3) | (35) | (38) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 | 600 | (2) | (3) | (5) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 300 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 1000 | (3) | 6 | 3 | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 900 | (3) | 6 | 3 | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 800 | (2) | 9 | 7 | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 700 | (2) | (5) | (7) | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 800 | (2) | (20) | (22) | 3 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 700 | (2) | 9 | 7 | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 400 | (1) | (2) | (3) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 900 | (2) | (2) | (4) | 3 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 700 | (2) | 10 | 8 | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 700 | (2) | 3 | 1 | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 600 | (2) | (10) | (12) | 2 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 | 600 | (2) | 10 | 8 | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 700 | (3) | 12 | 9 | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 | 600 | (2) | 8 | 6 | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 | 800 | (3) | 12 | 9 | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 | 600 | (2) | 14 | 12 | 0 | (2) |
|  Receive | 28-Day MXN-TIIE | 9.390 | Lunar | 12/12/2025 | 24100 | 0 | (5) | (5) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.430 | Lunar | 12/25/2025 | 32200 | 0 | (9) | (9) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 | 6800 | 0 | 7 | 7 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122800 | (246) | (136) | (382) | 0 | (5) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 10/19/2034 | 32200 | 0 | (167) | (167) | 0 | (1) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 9.390 | Lunar | 11/03/2034 | 24100 | 0 | (122) | (122) | 0 | (1) |
|  Pay | 28-Day MXN-TIIE | 8.270 | Lunar | 03/07/2035 | 63300 | 55 | 77 | 132 | 3 | 0 |
|  Receive | CPURNSA | 2.502 | Maturity | 03/25/2030 | $20840 | 0 | 123 | 123 | 2 | 0 |
|  Receive | CPURNSA | 2.522 | Maturity | 03/27/2030 | 34500 | 0 | 164 | 164 | 4 | 0 |
|  |  |  |  |  |  | $11937 | $30466 | $42403 | $813 | $(452) |
|  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;13485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(468) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(835) |

---

(g) Securities with an aggregate market value of $28,236 and cash of $47,683 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **138** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

<sup>(7)</sup> Unsettled variation margin liability of $(3) for closed swap agreements is outstanding at period end. 

&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 | 10/2025 | 87381 | $101916 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(673) |
|  | 10/2025 | $20164 | 28052 | 0 | (6) |
|  | 11/2025 | 28008 | $20164 | 6 | 0 |
|  BOA | 10/2025 | 37218 | 248 | 0 | (3) |
|  | 10/2025 | $4081 | 3486 | 12 | 0 |
|  | 10/2025 | 471 | 1582 | 7 | 0 |
|  | 10/2025 | 1041 | 92121 | 0 | (5) |
|  | 10/2025 | 29 | 4275 | 0 | 0 |
|  | 10/2025 | 983 | 1361505 | 0 | (13) |
|  | 10/2025 | 772 | 1341 | 5 | 0 |
|  | 10/2025 | 275 | 991 | 0 | (3) |
|  | 11/2025 | 3159 | $936 | 0 | (18) |
|  | 11/2025 | 1341 | 773 | 0 | (5) |
|  | 11/2025 | $319 | 1065 | 3 | 0 |
|  | 11/2025 | 248 | 37090 | 3 | 0 |
|  | 11/2025 | 25722 | $1475 | 0 | (9) |
|  BPS | 10/2025 | 24762 | 4270 | 1 | (383) |
|  | 10/2025 | 1045 | 752 | 1 | 0 |
|  | 10/2025 | 24565 | 3449 | 1 | 0 |
|  | 10/2025 | 2186 | 2574 | 8 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75415644 | 4559 | 45 | (6) |
|  | 10/2025 | 110438 | 1254 | 11 | 0 |
|  | 10/2025 | 43119 | 290 | 0 | (1) |
|  | 10/2025 | 183514 | 6103 | 83 | (8) |
|  | 10/2025 | $4527 | 24762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | 0 |
|  | 10/2025 | 3449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56953936 | 0 | (36) |
|  | 10/2025 | 4785 | 6612540 | 0 | (73) |
|  | 10/2025 | 2994 | 10898 | 4 | (1) |
|  | 11/2025 | 13536208 | $810 | 0 | (1) |
|  | 11/2025 | 81888 | 920 | 0 | 0 |
|  | 11/2025 | 700908 | 500 | 0 | 0 |
|  | 11/2025 | $112 | 600 | 0 | 0 |
|  | 11/2025 | 951 | 3195 | 14 | 0 |
|  | 11/2025 | 290 | 42970 | 1 | 0 |
|  | 12/2025 | 23770 | $792 | 7 | 0 |
|  | 12/2025 | $1156 | 19457094 | 7 | 0 |
|  | 12/2025 | 193 | 3568 | 1 | 0 |
|  | 04/2026 | 14500 | $2538 | 0 | (70) |
|  BRC | 10/2025 | 4640 | 5813 | 0 | (16) |
|  | 10/2025 | 523882 | 32 | 1 | 0 |
|  | 10/2025 | $6209 | 4979 | 46 | 0 |
|  | 10/2025 | 2600 | 1934 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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** |
|  | 10/2025 | $4 | 42 | $0 | $0 |
|  | 10/2025 | 1716 | 6273 | 10 | 0 |
|  | 10/2025 | 216 | 9254 | 5 | 0 |
|  | 11/2025 | 328 | $386 | 0 | 0 |
|  | 11/2025 | 42 | 4 | 0 | 0 |
|  | 11/2025 | $5813 | 4621 | 16 | 0 |
|  | 11/2025 | 1612 | 70176 | 24 | 0 |
|  | 11/2025 | 75172 | $4269 | 0 | (69) |
|  | 12/2025 | 13687 | 3826 | 0 | (109) |
|  | 12/2025 | $4739 | 208695 | 28 | 0 |
|  BSH | 10/2025 | 25800 | $4851 | 3 | 0 |
|  | 10/2025 | 1626 | 1889 | 0 | (20) |
|  | 10/2025 | $4745 | 25800 | 103 | 0 |
|  | 10/2025 | 228 | 393 | 0 | 0 |
|  | 11/2025 | 393 | $228 | 0 | 0 |
|  | 11/2025 | 5352 | 1457 | 0 | (83) |
|  | 11/2025 | $157 | 581 | 10 | 0 |
|  | 12/2025 | 23038 | $6482 | 0 | (142) |
|  | 12/2025 | $9164 | 50847 | 254 | 0 |
|  | 04/2026 | 27600 | $4859 | 0 | (105) |
|  CBK | 10/2025 | 1765 | 1152 | 0 | (16) |
|  | 10/2025 | 3025 | 569 | 0 | 0 |
|  | 10/2025 | 7921 | 1110 | 0 | (2) |
|  | 10/2025 | 2100 | 328 | 0 | (2) |
|  | 10/2025 | 4017 | 4688 | 0 | (28) |
|  | 10/2025 | 46971407 | 2839 | 29 | (5) |
|  | 10/2025 | 151506 | 1706 | 2 | 0 |
|  | 10/2025 | 4676264 | 3379 | 46 | 0 |
|  | 10/2025 | 329 | 33 | 0 | 0 |
|  | 10/2025 | 11670 | 9098 | 51 | 0 |
|  | 10/2025 | 24742 | 767 | 2 | 0 |
|  | 10/2025 | 191278 | 6454 | 169 | 0 |
|  | 10/2025 | $550 | 3025 | 18 | 0 |
|  | 10/2025 | 727 | 1013 | 1 | 0 |
|  | 10/2025 | 1633 | 1401 | 12 | 0 |
|  | 10/2025 | 6625 | 108589529 | 0 | (116) |
|  | 10/2025 | 4435 | 389571 | 0 | (53) |
|  | 10/2025 | 418 | 4173 | 0 | 0 |
|  | 10/2025 | 8905 | 31256 | 96 | 0 |
|  | 10/2025 | 1011 | 9595 | 8 | 0 |
|  | 10/2025 | 985 | 1271 | 0 | 0 |
|  | 10/2025 | 2761 | 84057 | 2 | (3) |
|  | 10/2025 | 18646 | $1077 | 0 | (3) |
|  | 11/2025 | 1011 | 727 | 0 | (1) |
|  | 11/2025 | 4172 | 418 | 0 | 0 |
|  | 11/2025 | 1268 | 985 | 0 | 0 |
|  | 11/2025 | $682 | 2287 | 8 | 0 |
|  | 11/2025 | 1706 | 151803 | 0 | (2) |
|  | 11/2025 | 1564 | 27261 | 9 | 0 |
|  | 11/2025 | 17248 | $993 | 0 | (2) |
|  | 12/2025 | 76306 | 21446 | 0 | (485) |
|  | 12/2025 | 287296 | 9615 | 132 | (1) |
|  | 12/2025 | $1196 | 20094317 | 6 | 0 |
|  | 01/2026 | 38770 | $1285 | 1 | 0 |
|  | 02/2026 | 5334 | 1451 | 0 | (80) |
|  | 03/2026 | 63386 | 18014 | 0 | (161) |
|  | 08/2026 | $1036 | 18450 | 5 | 0 |
|  DUB | 10/2025 | 52639 | $7403 | 15 | 0 |
|  | 10/2025 | 27430176 | 1674 | 30 | 0 |
|  | 10/2025 | 245988 | 2769 | 2 | 0 |
|  | 10/2025 | 1104384 | 797 | 9 | 0 |
|  | 10/2025 | $1238 | 4228 | 39 | 0 |
|  | 10/2025 | 2226 | 196889 | 0 | (12) |
|  | 11/2025 | 4226 | $1238 | 0 | (38) |
|  | 11/2025 | 19460 | 219 | 0 | 0 |
|  | 11/2025 | 46661 | 13317 | 0 | (103) |
|  | 11/2025 | $3953 | 351910 | 0 | (3) |
|  | 11/2025 | 181522 | $10370 | 0 | (105) |
|  FAR | 10/2025 | 24141 | 15659 | 0 | (315) |
|  | 10/2025 | 831 | 1044 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **140** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 22951 | $3233 | $11 | $0 |
|  | 10/2025 | 4161 | 3244 | 19 | 0 |
|  | 10/2025 | $17679 | 27078 | 238 | 0 |
|  | 10/2025 | 4211 | 371402 | 0 | (34) |
|  | 10/2025 | 11554 | 1698501 | 0 | (68) |
|  | 10/2025 | 6477 | 22595 | 30 | 0 |
|  | 10/2025 | 3639 | 13287 | 16 | 0 |
|  | 10/2025 | 24698 | 31809 | 0 | (39) |
|  | 11/2025 | 27078 | $17688 | 0 | (238) |
|  | 11/2025 | 8707 | 2378 | 0 | (126) |
|  | 11/2025 | 31729 | 24698 | 37 | 0 |
|  | 11/2025 | $1044 | 828 | 1 | 0 |
|  | 12/2025 | 4524 | $237 | 0 | (8) |
|  | 12/2025 | $36457 | 204468 | 1413 | 0 |
|  | 12/2025 | 798 | 15127 | 21 | 0 |
|  | 02/2026 | 22680 | $6477 | 0 | (30) |
|  GLM | 10/2025 | 196400 | 31970 | 0 | (4932) |
|  | 10/2025 | 176 | 221 | 0 | (1) |
|  | 10/2025 | 1809 | 255 | 1 | 0 |
|  | 10/2025 | 19733481 | 1183 | 1 | 0 |
|  | 10/2025 | 14848 | 11 | 0 | 0 |
|  | 10/2025 | 334 | 261 | 2 | 0 |
|  | 10/2025 | $36720 | 196400 | 202 | (20) |
|  | 10/2025 | 999 | 16515667 | 0 | (9) |
|  | 10/2025 | 1206 | 105837 | 0 | (16) |
|  | 10/2025 | 11 | 14848 | 0 | 0 |
|  | 11/2025 | 170 | 568 | 1 | 0 |
|  | 12/2025 | 382037 | $23 | 0 | 0 |
|  | 12/2025 | 1304 | 69 | 0 | (2) |
|  | 12/2025 | $1154 | 19294947 | 0 | 0 |
|  | 04/2026 | 56600 | $9979 | 1 | (204) |
|  IND | 10/2025 | 1172 | 766 | 0 | (10) |
|  | 10/2025 | $357 | 2285 | 2 | 0 |
|  | 11/2025 | 2280 | $357 | 0 | (2) |
|  JPM | 10/2025 | 90 | 16 | 0 | 0 |
|  | 10/2025 | 27980 | 20247 | 141 | 0 |
|  | 10/2025 | 54859383 | 3286 | 0 | (2) |
|  | 10/2025 | 1911457 | 1379 | 17 | 0 |
|  | 10/2025 | 1593 | 1239 | 4 | 0 |
|  | 10/2025 | 20301 | 661 | 0 | (6) |
|  | 10/2025 | $17 | 90 | 0 | 0 |
|  | 10/2025 | 249 | 1585 | 0 | 0 |
|  | 10/2025 | 916 | 778 | 0 | (2) |
|  | 10/2025 | 1387 | 1032 | 1 | 0 |
|  | 10/2025 | 4424 | 73599405 | 2 | (14) |
|  | 10/2025 | 489 | 1641 | 7 | 0 |
|  | 10/2025 | 1131 | 4154 | 12 | 0 |
|  | 10/2025 | 243 | 7389 | 0 | (1) |
|  | 11/2025 | 1581 | $249 | 0 | 0 |
|  | 11/2025 | 160744 | 9171 | 0 | (105) |
|  | 04/2026 | 81400 | 13809 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(833) |
|  MBC | 10/2025 | 15 | 11 | 0 | 0 |
|  | 10/2025 | 185 | 232 | 0 | (1) |
|  | 10/2025 | 26787 | 3769 | 9 | 0 |
|  | 10/2025 | 720 | 853 | 8 | 0 |
|  | 10/2025 | 2727669 | 166 | 2 | 0 |
|  | 10/2025 | 21370 | 144 | 0 | (1) |
|  | 10/2025 | 6765367 | 4850 | 30 | 0 |
|  | 10/2025 | 21374 | 2229 | 0 | (41) |
|  | 10/2025 | 14990 | 11692 | 72 | 0 |
|  | 10/2025 | 16008 | 497 | 2 | 0 |
|  | 10/2025 | $1083 | 853 | 0 | (12) |
|  | 10/2025 | 2784 | 19831 | 0 | (1) |
|  | 10/2025 | 1061 | 784 | 0 | (7) |
|  | 10/2025 | 21 | 3040 | 0 | 0 |
|  | 10/2025 | 3757 | 5245536 | 0 | (19) |
|  | 10/2025 | 4 | 43 | 0 | 0 |
|  | 10/2025 | 1000 | 9575 | 17 | 0 |
|  | 10/2025 | 700 | 22663 | 0 | 0 |
|  | 11/2025 | 19784 | $2784 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **141** |

---

------

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** |
|  | 11/2025 | 43 | $4 | $0 | $0 |
|  | 11/2025 | $192 | 639 | 1 | 0 |
|  | 11/2025 | 247 | 36535 | 1 | 0 |
|  | 12/2025 | 257 | 4869 | 7 | 0 |
|  MYI | 10/2025 | 8200 | $1348 | 0 | (192) |
|  | 10/2025 | 27044 | 3801 | 5 | 0 |
|  | 10/2025 | 11006263 | 669 | 9 | 0 |
|  | 10/2025 | 815249 | 5461 | 0 | (52) |
|  | 10/2025 | $1542 | 8200 | 0 | (1) |
|  | 10/2025 | 128 | 18906 | 0 | 0 |
|  | 10/2025 | 0 | 1 | 0 | 0 |
|  | 10/2025 | 1632 | 5909 | 0 | (7) |
|  | 10/2025 | 1272 | 38331 | 0 | (13) |
|  | 11/2025 | 1 | $0 | 0 | 0 |
|  | 11/2025 | $5461 | 812428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | 0 |
|  | 12/2025 | 2345 | $114 | 0 | 0 |
|  | 12/2025 | 10517 | 2944 | 0 | (79) |
|  | 12/2025 | 38082 | 1272 | 15 | 0 |
|  NGF | 10/2025 | 2531787 | 1820 | 16 | 0 |
|  | 10/2025 | $860 | 14235878 | 0 | (7) |
|  | 11/2025 | 4216 | 184242 | 70 | 0 |
|  SCX | 10/2025 | 19668 | $2768 | 7 | 0 |
|  | 10/2025 | 1770 | 276 | 0 | (3) |
|  | 10/2025 | 24152561 | 1447 | 0 | (1) |
|  | 10/2025 | 175543 | 1975 | 0 | 0 |
|  | 10/2025 | 53820 | 15230 | 0 | (268) |
|  | 10/2025 | 332 | 260 | 3 | 0 |
|  | 10/2025 | 115994 | 3915 | 104 | 0 |
|  | 10/2025 | $8178 | 6114 | 45 | 0 |
|  | 10/2025 | 1062 | 17459457 | 0 | (15) |
|  | 10/2025 | 2170 | 191650 | 0 | (15) |
|  | 10/2025 | 658 | 96794 | 0 | (4) |
|  | 11/2025 | 6114 | $8179 | 0 | (45) |
|  | 11/2025 | $1756 | 156408 | 0 | 0 |
|  | 11/2025 | 1 | 176 | 0 | 0 |
|  | 12/2025 | 540 | $26 | 0 | 0 |
|  | 12/2025 | $1447 | 24213604 | 2 | 0 |
|  SOG | 10/2025 | 118632 | $22305 | 15 | 0 |
|  | 10/2025 | 1775407 | 11932 | 0 | (74) |
|  | 10/2025 | 1734 | 1010 | 5 | 0 |
|  | 10/2025 | $22228 | 118632 | 62 | 0 |
|  | 10/2025 | 106151 | 90265 | 0 | (176) |
|  | 10/2025 | 6027 | 886333 | 0 | (34) |
|  | 10/2025 | 14 | 141 | 0 | 0 |
|  | 11/2025 | 90265 | $106364 | 177 | 0 |
|  | 11/2025 | 141 | 14 | 0 | 0 |
|  | 11/2025 | $11931 | 1769267 | 74 | 0 |
|  | 12/2025 | 120319 | $22228 | 0 | (56) |
|  SSB | 10/2025 | 9864 | 13296 | 30 | 0 |
|  | 11/2025 | $27262 | 100577 | 1682 | 0 |
|  UAG | 10/2025 | 25 | $18 | 0 | 0 |
|  | 10/2025 | 7876 | 2361 | 0 | (17) |
|  | 10/2025 | 4072 | 400 | 0 | (8) |
|  | 10/2025 | $124 | 425 | 4 | 0 |
|  | 10/2025 | 9957 | 878886 | 0 | (72) |
|  | 10/2025 | 1791 | 6494 | 0 | (4) |
|  | 10/2025 | 700 | 22653 | 0 | 0 |
|  | 10/2025 | 1079 | 18645 | 0 | 0 |
|  | 10/2025 | 18654 | $1079 | 0 | 0 |
|  | 11/2025 | 424 | 124 | 0 | (4) |
|  | 11/2025 | 81768 | 4638 | 0 | (80) |
|  | 12/2025 | 13099 | 279 | 0 | (17) |
|  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;6246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11423) |

---

142 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
|  BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 30000 | $45 | $30 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 44200 | 61 | 44 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 8450 | 371 | 456 |
|  GLM | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 5010 | 84 | 154 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 7600 | 10 | 8 |
|  MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 15000 | 20 | 15 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 16200 | 24 | 16 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.230% | 03/30/2026 | 20200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.160 | 12/04/2025 | 4700 | 23 | 11 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.758 | 03/30/2026 | 10100 | 80 | 76 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 1900 | 17 | 11 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 900 | 12 | 9 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 1900 | 16 | 11 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215 | 08/05/2026 | 1000 | 13 | 10 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 2000 | 15 | 15 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 1000 | 12 | 12 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 2000 | 16 | 15 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 1000 | 12 | 13 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 5400 | 475 | 451 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 5400 | 475 | 451 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 5200 | 450 | 473 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 5200 | 450 | 406 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 8000 | 689 | 737 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 8000 | 689 | 618 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 15300 | 1235 | 1401 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 20000 | 1614 | 1357 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 35300 | 9 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.850 | 11/21/2025 | 39700 | 15 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.850 | 11/24/2025 | 14800 | 6 | 0 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 1148300 | 5767 | 5005 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 1148300 | 5767 | 5594 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 22400 | 1940 | 2016 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/21/2035 | 17700 | 1531 | 1592 |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 10/09/2025 | 24000 | 34 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.008 | 11/06/2025 | 47600 | 40 | 9 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.010 | 11/07/2025 | 48100 | 46 | 10 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 18100 | 1594 | 1546 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 18100 | 1594 | 1487 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 44500 | 3591 | 4074 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 58200 | 4697 | 3948 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 02/18/2026 | 50000 | 104 | 32 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.989 | 08/06/2026 | 2600 | 21 | 16 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.239 | 08/06/2026 | 1300 | 17 | 14 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 2000 | 16 | 13 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 1000 | 13 | 11 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 2100 | 17 | 15 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 1000 | 12 | 12 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 18000 | 1585 | 1538 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 18000 | 1585 | 1479 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 215900 | 161 | 154 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.907 | 11/07/2025 | 51400 | 48 | 23 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.177 | 12/24/2025 | 19200 | 80 | 64 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 24300 | 316 | 261 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 21600 | 429 | 377 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 21600 | 318 | 202 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 2000 | 16 | 14 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 1000 | 13 | 12 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 5500 | 485 | 470 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 5500 | 485 | 452 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 08/13/2035 | 11100 | 977 | 962 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 11100 | 977 | 904 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38545 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 143

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** |
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.961 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.945 | 10/07/2025 | 83200 | 110 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.977 | 10/07/2025 | 83200 | 111 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.063 | 10/07/2025 | 65400 | 79 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.547 | 11/06/2025 | 51500 | 38 | 1 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 32900 | 44 | 31 |
|  |  |  |  |  | $404 | $32 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39300 |

---

#### WRITTEN OPTIONS:
&nbsp;&nbsp; **CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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-44 5-Year Index | Sell | 0.700% | 12/17/2025 | 99500 | $(94) | $(42) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 30000 | $(16) | $(20) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 44200 | (20) | (28) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 16900 | (358) | (438) |
| GLM | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 5010 | (14) | (22) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 5010 | (41) | (9) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 7600 | (3) | (5) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 15000 | (7) | (10) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 16200 | (9) | (10) |
| UAG | Call - OTC USD versus TRY | TRY | 54.000 | 12/16/2025 | 2400 | (79) | (18) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(547) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(560) |

---

#### 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 Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.086% | 10/07/2025 | 60200 | $(132) | $0 |
| DUB Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028 | 12/04/2025 | 23600 | (44) | (49) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.131 | 11/06/2025 | 34300 | (33) | (3) |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 10/07/2025 | 39100 | (79) | 0 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.677 | 12/24/2025 | 21400 | (80) | (100) |
| NGF Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.082 | 10/07/2025 | 49900 | (110) | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.547 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20900 | $(38) | $(123) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1157) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(877) |

---

#### 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>September 30, 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>September 30, 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 | —¨ | $1176 | $0 | $15 | $15 | $0 |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872% | 300 | (3) | 4 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| JPM | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 1.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | 32 | (37) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

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144 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### 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 | $164 | $(45) | $32 | $0 | $(13) |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 6185 | 1201 | 80 | 1281 | 0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 10630 | 2085 | 118 | 2203 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 5122 | 1023 | 38 | 1061 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 37496 | 7752 | 17 | 7769 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### 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 |
|  BOA | Receive<br> S&P 500 Total Return Index  | 9284 | 4.680% (SOFR plus a specified spread) | Monthly | 12/23/2025 | $137652 | $0 | $(337) | $0 | $(337) |
|  BPS | Receive<br> S&P 500 Total Return Index  | 857 | 4.760% (SOFR plus a specified spread) | Monthly | 10/15/2025 | 12707 | 0 | (15) | 0 | (15) |
|  | Receive<br> S&P 500 Total Return Index  | 8558 | 4.765% (SOFR plus a specified spread) | Monthly | 11/12/2025 | 126888 | 0 | (213) | 0 | (213) |
|  | Receive<br> S&P 500 Total Return Index  | 9291 | 4.680% (SOFR plus a specified spread) | Monthly | 11/19/2025 | 137756 | 0 | (337) | 0 | (337) |
|  BRC | Receive<br> S&P 500 Total Return Index  | 1603 | 4.730% (SOFR plus a specified spread) | Monthly | 02/04/2026 | 23767 | 0 | (89) | 0 | (89) |
|  CBK | Receive<br> S&P 500 Total Return Index  | 857 | 4.630% (SOFR plus a specified spread) | Monthly | 11/21/2025 | 12707 | 0 | (47) | 0 | (47) |
|  CIB | Receive<br> S&P 500 Total Return Index  | 2794 | 4.690% (SOFR plus a specified spread) | Monthly | 10/01/2025 | 39967 | 0 | 1306 | 1306 | 0 |
|  | Receive<br> S&P 500 Total Return Index  | 18 | 4.670% (SOFR plus a specified spread) | Monthly | 11/05/2025 | 267 | 0 | (1) | 0 | (1) |
|  | Receive<br> S&P 500 Total Return Index  | 6199 | 4.810% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 91911 | 0 | (353) | 0 | (353) |
|  | Receive<br> S&P 500 Total Return Index  | 922 | 4.850% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 13670 | 0 | (53) | 0 | (53) |
|  | Receive<br> S&P 500 Total Return Index  | 19 | 4.770% (FEDL01 plus a specified spread) | Monthly | 02/18/2026 | 282 | 0 | (1) | 0 | (1) |
|  | Receive<br> S&P 500 Total Return Index  | 22082 | 4.810% (SOFR plus a specified spread) | Maturity | 08/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305817 | 0 | 18390 | 18390 | 0 |
|  GST | Receive<br> S&P 500 Total Return Index  | 9628 | 4.680% (SOFR plus a specified spread) | Monthly | 10/15/2025 | 142752 | 0 | (274) | 0 | (274) |
|  | Receive<br> S&P 500 Total Return Index  | 857 | 4.620% (SOFR plus a specified spread) | Monthly | 10/17/2025 | 12707 | 0 | (47) | 0 | (47) |
|  RBC | Receive<br> S&P 500 Total Return Index  | 159 | 4.900% (FEDL01 plus a specified spread) | Monthly | 10/15/2025 | 2358 | 0 | (9) | 0 | (9) |
|  | Receive<br> S&P 500 Total Return Index  | 2794 | 4.820% (SOFR plus a specified spread) | Monthly | 01/07/2026 | 41426 | 0 | (158) | 0 | (158) |
|  | Receive<br> S&P 500 Total Return Index  | 1090 | 4.730% (SOFR plus a specified spread) | Monthly | 01/16/2026 | 16161 | 0 | (61) | 0 | (61) |
|  | Receive<br> S&P 500 Total Return Index  | 1334 | 4.750% (SOFR plus a specified spread) | Monthly | 04/08/2026 | 19779 | 0 | (74) | 0 | (74) |
|  | Receive<br> S&P 500 Total Return Index  | 843 | 4.825% (SOFR plus a specified spread) | Monthly | 05/06/2026 | 12499 | 0 | (48) | 0 | (48) |
|  | Receive<br> S&P 500 Total Return Index  | 458 | 4.820% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 6791 | 0 | (26) | 0 | (26) |
|  | Receive<br> S&P 500 Total Return Index  | 843 | 4.810% (SOFR plus a specified spread) | Monthly | 08/05/2026 | 12499 | 0 | (48) | 0 | (48) |
|  TOR | Receive<br> S&P 500 Total Return Index  | 1334 | 4.740% (SOFR plus a specified spread) | Monthly | 10/01/2025 | 19082 | 0 | 623 | 623 | 0 |
|  |  |  |  |  |  |  | $0 | $18128 | $20319 | $(2191) |
|  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;12045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2209) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 145

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Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund (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 September 30, 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 | $6 | $0 | $0 | $6 | $(679) | $0 | $0 | $(679) | $(673) | $818 | $145 |
|  BOA | 30 | 4010 | 1281 | 5321 | (56) | (486) | (350) | (892) | 4429 | (2540) | 1889 |
|  BPS | 310 | 0 | 2203 | 2513 | (579) | 0 | (565) | (1144) | 1369 | (4189) | (2820) |
|  BRC | 131 | 2758 | 0 | 2889 | (194) | 0 | (89) | (283) | 2606 | (490) | 2116 |
|  BSH | 370 | 0 | 0 | 370 | (350) | 0 | 0 | (350) | 20 | 0 | 20 |
|  CBK | 597 | 0 | 0 | 597 | (960) | 0 | (47) | (1007) | (410) | 462 | 52 |
|  CIB | 0 | 0 | 19696 | 19696 | 0 | 0 | (408) | (408) | 19288 | (21100) | (1812) |
|  DUB | 95 | 14207 | 15 | 14317 | (261) | (49) | 0 | (310) | 14007 | 880 | 14887 |
|  FAR | 1786 | 0 | 0 | 1786 | (859) | 0 | 0 | (859) | 927 | (890) | 37 |
|  GLM | 208 | 11237 | 0 | 11445 | (5184) | (39) | 0 | (5223) | 6222 | 5096 | 11318 |
|  GSC | 0 | 32 | 0 | 32 | 0 | (123) | 0 | (123) | (91) | 0 | (91) |
|  GST | 0 | 0 | 1062 | 1062 | 0 | (42) | (321) | (363) | 699 | (2110) | (1411) |
|  IND | 2 | 0 | 0 | 2 | (12) | 0 | 0 | (12) | (10) | 0 | (10) |
|  JPM | 184 | 3130 | 7769 | 11083 | (963) | 0 | (5) | (968) | 10115 | (6920) | 3195 |
|  MBC | 150 | 31 | 0 | 181 | (82) | (20) | 0 | (102) | 79 | 0 | 79 |
|  MYC | 0 | 2029 | 0 | 2029 | 0 | (100) | 0 | (100) | 1929 | (810) | 1119 |
|  MYI | 81 | 0 | 0 | 81 | (344) | 0 | 0 | (344) | (263) | 389 | 126 |
|  NGF | 86 | 1866 | 0 | 1952 | (7) | 0 | 0 | (7) | 1945 | 0 | 1945 |
|  RBC | 0 | 0 | 0 | 0 | 0 | 0 | (424) | (424) | (424) | (2804) | (3228) |
|  SCX | 161 | 0 | 0 | 161 | (351) | 0 | 0 | (351) | (190) | 282 | 92 |
|  SOG | 333 | 0 | 0 | 333 | (340) | 0 | 0 | (340) | (7) | 0 | (7) |
|  SSB | 1712 | 0 | 0 | 1712 | 0 | 0 | 0 | 0 | 1712 | (1440) | 272 |
|  TOR | 0 | 0 | 623 | 623 | 0 | 0 | 0 | 0 | 623 | (390) | 233 |
|  UAG | 4 | 0 | 0 | 4 | (202) | (18) | 0 | (220) | (216) | 0 | (216) |
|  Total Over the Counter | $6246 | $39300 | $32649 | $78195 | $(11423) | $(877) | $(2209) | $(14509) |  |  |  |

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(i) Securities with an aggregate market value of $8,230 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

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

<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. 

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| | | |
|:---|:---|:---|
| **146** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

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September 30, 2025 (Unaudited)

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for 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 | $1619 | $0 | $321 | $1940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 12 | 0 | 0 | 813 | 825 |
|  | $0 | $12 | $1619 | $0 | $1134 | $2765 |
|  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 | $6246 | $0 | $6246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 723 | 38577 | 39300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 12330 | 20319 | 0 | 0 | 32649 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12330 | $20319 | $6969 | $38577 | $78195 |
|  | $0 | $12342 | $21938 | $6969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80960 |
|  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 | $299 | $299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 19 | 0 | 0 | 452 | 471 |
|  | $0 | $19 | $0 | $0 | $816 | $835 |
|  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 | $11423 | $0 | $11423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 42 | 0 | 560 | 275 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 18 | 2191 | 0 | 0 | 2209 |
|  | $0 | $60 | $2191 | $11983 | $275 | $14509 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11983 | $1091 | $15344 |

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The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(3) | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 428 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 48407 | 0 | 1298 | 49705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (779) | 0 | 0 | 5092 | 4313 |
|  | $0 | $(779) | $48407 | $0 | $6815 | $54443 |
|  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 | $(22507) | $0 | $(22507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (535) | (535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 41 | 0 | 0 | 1155 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1586 | 133149 | 0 | 0 | 134735 |
|  | $0 | $1627 | $133149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22507) | $620 | $112889 |
|  | $0 | $848 | $181556 | $(22507) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167332 |
|  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 | $130 | $130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 9877 | 0 | (922) | 8955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1427 | 0 | 0 | (5223) | (3796) |
|  | $0 | $1427 | $9877 | $0 | $(6015) | $5289 |
|  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 | $(1616) | $0 | $(1616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 108 | (2387) | (2279) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 49 | 0 | (13) | (84) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 552 | 65284 | 0 | 0 | 65836 |
|  | $0 | $601 | $65284 | $(1521) | $(2471) | $61893 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75161 | $(1521) | $(8486) | $67182 |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 147

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Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund (Cont.)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $0 | $2056 | $2056 |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 58820 | 0 | 58820 |
| &nbsp;&nbsp; Industrials | 0 | 11885 | 17200 | 29085 |
| &nbsp;&nbsp; Utilities | 0 | 10316 | 0 | 10316 |
|  Municipal Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; California | 0 | 723 | 0 | 723 |
| &nbsp;&nbsp; Illinois | 0 | 78 | 0 | 78 |
| &nbsp;&nbsp; Nevada | 0 | 112 | 0 | 112 |
|  U.S. Government Agencies | 0 | 1566220 | 40848 | 1607068 |
|  U.S. Treasury Obligations | 0 | 88424 | 0 | 88424 |
|  Non-Agency Mortgage-Backed Securities | 0 | 110146 | 0 | 110146 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 7391 | 0 | 7391 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 47819 | 0 | 47819 |
| &nbsp;&nbsp; CMBS Other | 0 | 26420 | 0 | 26420 |
| &nbsp;&nbsp; Home Equity Other | 0 | 163187 | 0 | 163187 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 7 | 0 | 7 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 18092 | 0 | 18092 |
| &nbsp;&nbsp; Other ABS | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162245 | 0 | 162245 |
|  Sovereign Issues | 0 | 155700 | 0 | 155700 |
|  Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77572 | 0 | 0 | 77572 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Commercial Paper | 0 | 70013 | 0 | 70013 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 130400 | 0 | 130400 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 6192 | 0 | 6192 |
|  | $77572 | $2634190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771866 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  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 | $169613 | $0 | $0 | $169613 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941479 |
|  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 | $(186234) | $0 | $(186234) |
|  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 | 1733 | 1032 | 0 | 2765 |
|  Over the counter | 0 | 78180 | 15 | 78195 |
|  | $1733 | $79212 | $15 | $80960 |
|  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 | (37) | (795) | 0 | (832) |
|  Over the counter | 0 | (14496) | (13) | (14509) |
|  | $(37) | $(15291) | $(13) | $(15341) |
|  Total Financial Derivative Instruments | $1696 | $63921 | $2 | $65619 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;248881 | $&nbsp;&nbsp;&nbsp;&nbsp;2511877 | $&nbsp;&nbsp;&nbsp;&nbsp;60106 | $&nbsp;&nbsp;&nbsp;&nbsp;2820864 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations<br>and Assignments | $1514 | $400 | $0 | $0 | $0 | $142 | $0 | $0 | $2056 | $142 |
|  Corporate Bonds &<br>Notes Industrials | 0 | 17200 | 0 | 0 | 0 | 0 | 0 | 0 | 17200 | 0 |
|  U.S. Government Agencies | 0 | 41017 | 0 | 0 | 0 | (169) | 0 | 0 | 40848 | (169) |
|  | $1514 | $58617 | $0 | $0 | $0 | $(27) | $0 | $0 | $60104 | $(27) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $13 | $0 | $(3) | $0 | $0 | $5 | $0 | $0 | $15 | $5 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $0 | $0 | $0 | $2 | $(1) | $0 | $0 | $(13) | $0 |
|  Totals | $1513 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |

---

148 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $400 | Cost | Purchase Price | 100.000 |  |
|  | 1656 | Discounted Cash Flow | Discount Rate | 4.157 |  |
|  Corporate Bonds & Notes Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17200 | Recent Transaction | Purchase Price | 100.000 |  |
|  U.S. Government Agencies | 26753 | Proxy Pricing | Base Price | 98.953-100.281 | 99.220 |
|  | 14095 | Recent Transaction | Purchase Price | 99.938-100.000 | 99.964 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 15 | Indicative Market Quotation | Broker Quote | 0.939 |  |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | (13) | Indicative Market Quotation | Broker Quote | 92.000 |  |
|  Total | $60106 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **149** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> 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 123.0% | INVESTMENTS IN SECURITIES 123.0% | INVESTMENTS IN SECURITIES 123.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  3.803% (EUR003M + 1.700%) due 08/23/2027 ~ | 3500 | 4090 |
|  Total Loan Participations and Assignments (Cost $3,667) | Total Loan Participations and Assignments (Cost $3,667) | 4090 |
| CORPORATE BONDS & NOTES 17.9% | CORPORATE BONDS & NOTES 17.9% | CORPORATE BONDS & NOTES 17.9% |
| BANKING & FINANCE 10.6% | BANKING & FINANCE 10.6% | BANKING & FINANCE 10.6% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 2600 | 2555 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  1.875% due 08/15/2026 | 1000 | 980 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.750% due 01/15/2027 | 5786 | 5686 |
|  3.125% due 01/15/2027 | 1122 | 1107 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 1100 | 1118 |
|  5.159% due 09/18/2028 •  | 23300 | 23366 |
|  5.380% due 01/07/2030 | 600 | 619 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 161 | 159 |
|  4.375% due 05/01/2026 | 2300 | 2299 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.308% (SOFRRATE + 0.990%) due 10/16/2028 ~ | 5300 | 5319 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.345% (SOFRRATE + 1.080%) due 11/11/2029 ~ | 14850 | 14909 |
|  BPCE SA | BPCE SA | BPCE SA |
|  1.652% due 10/06/2026 •  | 1500 | 1499 |
|  3.500% due 10/23/2027 | 2000 | 1967 |
|  5.975% due 01/18/2027 •  | 5300 | 5320 |
|  Credit Suisse AG AT1 Claim | 3100 | 403 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.900% due 03/15/2027 | 8318 | 8161 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  | 800 | 797 |
|  7.146% due 07/13/2027 •  | 7600 | 7763 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  2.000% due 09/20/2028 | 600 | 558 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 4390 | 4320 |
|  3.375% due 11/13/2025 | 600 | 599 |
|  3.815% due 11/02/2027 | 300 | 293 |
|  4.125% due 08/17/2027 | 400 | 394 |
|  4.271% due 01/09/2027 | 400 | 397 |
|  4.542% due 08/01/2026 | 1600 | 1599 |
|  5.125% due 11/05/2026 | 6100 | 6122 |
|  5.727% (SOFRRATE + 1.450%) due 11/05/2026 ~ | 1400 | 1399 |
|  5.800% due 03/05/2027 | 4900 | 4951 |
|  6.950% due 06/10/2026 | 200 | 203 |
|  7.350% due 11/04/2027 | 400 | 417 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  4.929% (SOFRRATE + 0.770%) due 03/18/2027 ~ | 15200 | 15236 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.093% due 12/09/2026 •  | 1334 | 1326 |
|  1.431% due 03/09/2027 •  | 3600 | 3554 |
|  4.692% due 10/23/2030 •  | 100 | 101 |
|  5.005% (SOFRRATE + 0.820%) due 09/10/2027 ~ | 2700 | 2708 |
|  5.049% due 07/23/2030 •  | 800 | 820 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.450% due 01/14/2028 | 4400 | 4441 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 800 | 744 |
|  5.510% (SOFRRATE + 1.290%) due 03/03/2031 ~ | 3900 | 3931 |
|  5.838% (SOFRRATE + 1.570%) due 05/13/2031 ~ | 4600 | 4693 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  5.163% (SOFRINDX + 1.010%) due 03/25/2029 ~ | $| 20800 | 20911 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.129% (SOFRRATE + 0.950%) due 09/12/2028 ~ |  | 13300 | 13361 |
|  Lincoln Financial Global Funding | Lincoln Financial Global Funding | Lincoln Financial Global Funding | Lincoln Financial Global Funding |
|  5.300% due 01/13/2030 |  | 400 | 414 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.550% due 08/16/2028 |  | 700 | 707 |
|  5.298% (SOFRINDX + 1.060%) due 11/26/2028 ~ |  | 25000 | 25143 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  5.398% (SOFRRATE + 1.070%) due 07/14/2029 ~ |  | 10500 | 10521 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  1.642% due 06/14/2027 •  |  | 1000 | 981 |
|  5.333% (SOFRRATE + 1.100%) due 05/23/2029 ~ |  | 4900 | 4922 |
|  7.472% due 11/10/2026 •  |  | 1400 | 1404 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.389% (SOFRRATE + 1.140%) due 05/17/2029 ~ |  | 10730 | 10836 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 |  | 1000 | 981 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.250% due 01/09/2030 |  | 1800 | 1863 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  5.021% (SOFRINDX + 0.710%) due 01/21/2027 ~ |  | 4500 | 4518 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.950% due 06/12/2030 |  | 200 | 203 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  5.223% (SOFRINDX + 1.070%) due 09/22/2029 ~ |  | 3700 | 3706 |
|  6.833% due 11/21/2026 •  |  | 8900 | 8927 |
|  Sirius Real Estate Ltd. | Sirius Real Estate Ltd. | Sirius Real Estate Ltd. | Sirius Real Estate Ltd. |
|  1.125% due 06/22/2026 | EUR | 500 | 581 |
|  1.750% due 11/24/2028 |  | 200 | 225 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.125% due 07/15/2030 | $| 800 | 828 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
|  5.271% (SOFRRATE + 1.060%) due 09/03/2030 ~ |  | 4800 | 4812 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  6.187% due 07/06/2027 •  |  | 11100 | 11249 |
|  Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. |
|  4.950% due 09/15/2028 |  | 7100 | 7099 |
|  5.866% (SOFRRATE + 1.690%) due 09/15/2028 ~ |  | 6100 | 6124 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  3.700% due 08/04/2026 |  | 3200 | 3180 |
|  |  |  | 286329 |
| INDUSTRIALS 6.7% | INDUSTRIALS 6.7% | INDUSTRIALS 6.7% | INDUSTRIALS 6.7% |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ |  | 21100 | 21257 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  3.215% due 09/06/2026 |  | 5900 | 5857 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 |  | 2600 | 2591 |
|  Beignet | Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) |  | 6700 | 6700 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.650% due 01/15/2027 |  | 600 | 581 |
|  4.875% due 07/15/2026 |  | 1700 | 1700 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 |  | 8582 | 8518 |
|  2.700% due 02/01/2027 |  | 8825 | 8648 |
|  2.750% due 02/01/2026 |  | 7500 | 7458 |
|  6.259% due 05/01/2027 |  | 600 | 618 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.000% due 08/01/2030 |  | 700 | 707 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 500 | 484 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  4.900% due 10/01/2026 | 775 | 780 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.200% due 04/01/2030 | 300 | 310 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  3.125% due 05/15/2026 | 865 | 857 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  6.750% due 04/15/2029 | 3900 | 3941 |
|  Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
|  4.346% due 12/08/2026 | 2000 | 1992 |
|  Fox Corp. | Fox Corp. | Fox Corp. |
|  4.709% due 01/25/2029 | 4400 | 4457 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  2.150% due 01/15/2027 | 2500 | 2437 |
|  4.800% due 04/01/2026 | 1900 | 1902 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.375% due 09/01/2026 | 1819 | 1827 |
|  Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
|  4.450% due 09/25/2026 | 1100 | 1105 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.229% due 09/18/2028 •  | 500 | 502 |
|  5.250% due 01/08/2027 | 10100 | 10212 |
|  5.502% (SOFRRATE + 1.350%)<br>due 03/27/2030 ~ | 22063 | 22268 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  4.650% due 09/09/2026 | 5100 | 5125 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 4400 | 4366 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.125% due 03/01/2027 | 800 | 799 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 12300 | 12109 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  4.250% due 07/01/2026 | 1400 | 1399 |
|  5.375% due 07/15/2027 | 9600 | 9686 |
|  5.500% due 08/31/2026 | 7800 | 7834 |
|  5.500% due 04/01/2028 | 6100 | 6220 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  4.900% due 08/01/2030 | 6700 | 6755 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  7.750% due 04/15/2032 | 400 | 421 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  1.250% due 11/24/2025 | 1800 | 1792 |
|  4.450% due 09/11/2027 | 3900 | 3911 |
|  4.550% due 09/11/2028 | 4900 | 4917 |
|  |  | 183043 |
| UTILITIES 0.6% | UTILITIES 0.6% | UTILITIES 0.6% |
|  Fortis, Inc. | Fortis, Inc. | Fortis, Inc. |
|  3.055% due 10/04/2026 | 4500 | 4450 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  7.750% due 12/15/2027 | 1500 | 1593 |
|  Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
|  4.700% due 01/15/2031 | 2700 | 2707 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 | 100 | 99 |
|  3.650% due 03/01/2028 | 400 | 393 |
|  4.700% due 06/01/2027 | 300 | 301 |
|  4.875% due 02/01/2027 | 2600 | 2616 |
|  5.350% due 03/01/2026 | 2300 | 2309 |
|  5.650% due 10/01/2028 | 100 | 103 |
|  5.850% due 11/01/2027 | 1703 | 1748 |
|  |  | 16319 |
|  Total Corporate Bonds & Notes (Cost $484,205) | Total Corporate Bonds & Notes (Cost $484,205) | 485691 |
| U.S. GOVERNMENT AGENCIES 45.9% | U.S. GOVERNMENT AGENCIES 45.9% | U.S. GOVERNMENT AGENCIES 45.9% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 11/01/2047 | 306 | 295 |
|  5.000% due 12/01/2026 - 01/01/2029 | 19 | 18 |

---

---

| | | |
|:---|:---|:---|
| **150** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 01/01/2029 - 01/01/2055 | $— | 411 | $— | 428 |
|  6.454% due 09/01/2037 •  |  | 195 |  | 202 |
|  6.508% due 06/01/2035 •  |  | 67 |  | 69 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ |  | 7619 |  | 7250 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.787% due 02/15/2037 •  |  | 1 |  | 1 |
|  4.817% due 02/15/2037 •  |  | 8 |  | 8 |
|  4.827% due 02/15/2037 •  |  | 33 |  | 33 |
|  4.900% due 07/15/2040 •  |  | 174 |  | 172 |
|  4.960% due 03/15/2042 •  |  | 69 |  | 69 |
|  5.037% due 07/15/2041 •  |  | 402 |  | 400 |
|  5.087% due 10/15/2037 •  |  | 34 |  | 34 |
|  5.145% due 03/15/2050 •  |  | 1087 |  | 1071 |
|  5.157% due 08/15/2037 •  |  | 270 |  | 270 |
|  5.187% due 08/15/2037 •  |  | 596 |  | 597 |
|  5.197% due 10/15/2037 •  |  | 90 |  | 90 |
|  5.207% due 05/15/2037 - 09/15/2037 •  |  | 639 |  | 640 |
|  5.237% due 08/15/2036 •  |  | 39 |  | 39 |
|  5.250% due 10/25/2055 •  |  | 3500 |  | 3506 |
|  5.256% due 11/25/2054 - 09/25/2055 •  |  | 12329 |  | 12393 |
|  5.296% due 11/25/2054 •  |  | 17404 |  | 17434 |
|  5.306% due 10/25/2054 - 09/25/2055 •  |  | 47525 |  | 47849 |
|  5.336% due 02/25/2055 •  |  | 711 |  | 715 |
|  5.337% due 11/15/2039 •  |  | 12 |  | 12 |
|  5.342% due 01/15/2038 •  |  | 141 |  | 141 |
|  5.356% due 09/25/2054 - 02/25/2055 •  |  | 2937 |  | 2947 |
|  5.400% due 10/25/2055 •  |  | 11600 |  | 11627 |
|  5.456% due 07/25/2055 •  |  | 1354 |  | 1358 |
|  5.506% due 01/25/2055 - 09/25/2055 •  |  | 28901 |  | 29014 |
|  5.556% due 02/25/2055 - 08/25/2055 •  |  | 54878 |  | 55021 |
|  5.606% due 05/25/2054 •  |  | 6085 |  | 6128 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  6.500% due 10/25/2043 |  | 284 |  | 292 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 12/01/2026 - 12/01/2032 |  | 4905 |  | 4759 |
|  3.500% due 12/01/2047 - 08/01/2048 |  | 8283 |  | 7702 |
|  4.300% due 12/01/2029 |  | 8820 |  | 8901 |
|  4.448% due 11/01/2028 •  |  | 1 |  | 1 |
|  4.473% due 07/01/2028 •  |  | 1 |  | 1 |
|  4.531% due 11/01/2027 •  |  | 1 |  | 1 |
|  4.532% due 09/01/2029 ~ |  | 10221 |  | 10383 |
|  4.585% due 11/01/2028 •  |  | 1 |  | 1 |
|  4.610% due 07/01/2029 |  | 10300 |  | 10480 |
|  4.730% due 05/01/2029 |  | 2700 |  | 2755 |
|  4.760% due 06/01/2029 |  | 25000 |  | 25588 |
|  4.804% due 08/01/2029 ~ |  | 14595 |  | 14936 |
|  4.891% due 12/01/2036 •  |  | 9 |  | 9 |
|  5.421% due 07/01/2044 •  |  | 8 |  | 8 |
|  5.613% due 09/01/2034 •  |  | 7 |  | 7 |
|  5.950% due 11/01/2035 •  |  | 25 |  | 26 |
|  6.000% due 11/01/2054 |  | 9171 |  | 9431 |
|  6.604% due 12/01/2033 •  |  | 31 |  | 32 |
|  6.618% due 05/01/2038 •  |  | 86 |  | 90 |
|  8.000% due 03/01/2030 - 08/01/2030 |  | 3 |  | 3 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.000% due 08/25/2039 (a)(d) |  | 26 |  | 23 |
|  3.000% due 10/25/2040 |  | 369 |  | 355 |
|  4.583% due 03/25/2034 •  |  | 13 |  | 13 |
|  4.721% due 05/25/2037 •  |  | 12 |  | 12 |
|  4.810% due 05/25/2058 •  |  | 321 |  | 315 |
|  4.821% due 03/25/2037 - 07/25/2037 •  |  | 21 |  | 20 |
|  4.831% due 03/25/2037 •  |  | 14 |  | 14 |
|  4.851% due 07/25/2037 •  |  | 35 |  | 35 |
|  4.871% due 09/25/2035 •  |  | 65 |  | 64 |
|  4.916% due 02/25/2037 •  |  | 29 |  | 29 |
|  5.000% due 04/25/2033 |  | 57 |  | 57 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.191% due 06/25/2037 •  | $— | 75 | 75 |
|  5.221% due 03/25/2038 - 01/25/2040 •  |  | 76 | 77 |
|  5.256% due 09/25/2054 - 08/25/2055 •  |  | 11682 | 11687 |
|  5.289% due 08/25/2055 •  |  | 2100 | 2104 |
|  5.291% due 12/25/2039 •  |  | 42 | 42 |
|  5.306% due 11/25/2053 - 03/25/2055 •  |  | 4819 | 4838 |
|  5.371% due 07/25/2039 •  |  | 20 | 21 |
|  5.400% due 10/25/2055 •  |  | 15600 | 15636 |
|  5.406% due 01/25/2055 •  |  | 3518 | 3523 |
|  5.450% due 10/25/2055 •  |  | 28200 | 28260 |
|  5.456% due 07/25/2055 •  |  | 1045 | 1048 |
|  5.506% due 09/25/2055 •  |  | 8252 | 8282 |
|  5.536% due 08/25/2055 •  |  | 5570 | 5597 |
|  5.556% due 12/25/2053 - 08/25/2055 •  |  | 28550 | 28677 |
|  5.606% due 02/25/2055 •  |  | 3759 | 3783 |
|  5.756% due 09/25/2055 •  |  | 9447 | 9524 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.625% due 07/20/2027 •  |  | 11 | 11 |
|  4.750% due 12/20/2027 •  |  | 4 | 4 |
|  5.170% due 09/20/2055 •  |  | 14549 | 14555 |
|  5.589% due 06/20/2055 •  |  | 24937 | 25091 |
|  5.625% (H15T1Y + 1.500%) due 02/20/2026 - 05/20/2026 ~ |  | 2 | 2 |
|  5.625% due 04/20/2027 - 04/20/2041 •  |  | 563 | 575 |
|  7.000% due 06/20/2055 |  | 1297 | 1314 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  5.216% due 12/20/2065 •  |  | 640 | 641 |
|  5.266% due 01/20/2066 •  |  | 81 | 81 |
|  5.466% due 01/20/2066 - 03/20/2066 •  |  | 1592 | 1600 |
|  5.539% due 06/20/2055 •  |  | 19496 | 19573 |
|  5.616% due 03/20/2066 •  |  | 101 | 101 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 10/01/2055 - 11/01/2055 |  | 43000 | 40434 |
|  4.500% due 11/01/2055 |  | 41700 | 40423 |
|  5.000% due 10/01/2055 - 11/01/2055 |  | 49600 | 49313 |
|  5.500% due 10/01/2055 - 11/01/2055 |  | 40000 | 40283 |
|  6.000% due 11/01/2055 |  | 39400 | 40073 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  6.000% due 11/01/2055 |  | 278300 | 284275 |
|  6.500% due 10/01/2055 - 11/01/2055 |  | 256630 | 265368 |
|  Total U.S. Government Agencies (Cost $1,242,355) | Total U.S. Government Agencies (Cost $1,242,355) | Total U.S. Government Agencies (Cost $1,242,355) | 1243065 |
| U.S. TREASURY OBLIGATIONS 2.0% | U.S. TREASURY OBLIGATIONS 2.0% | U.S. TREASURY OBLIGATIONS 2.0% | U.S. TREASURY OBLIGATIONS 2.0% |
|  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) |
|  2.125% due 02/15/2054 (i) |  | 6768 | 6254 |
|  1.625% due 04/15/2030 (i)(k) |  | 46578 | 47307 |
|  1.875% due 07/15/2034 |  | 1338 | 1358 |
|  Total U.S. Treasury Obligations (Cost $55,190) | Total U.S. Treasury Obligations (Cost $55,190) | Total U.S. Treasury Obligations (Cost $55,190) | 54919 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 6.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.8% |
|  ACRA Trust | ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ |  | 2236 | 2250 |
|  AG Trust | AG Trust | AG Trust | AG Trust |
|  6.166% due 07/15/2041 •  |  | 760 | 764 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  5.410% due 07/25/2070 þ |  | 6540 | 6592 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.223% due 04/15/2035 •  |  | 6317 | 6313 |
|  5.573% due 04/15/2035 •  |  | 7105 | 7105 |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  |  | 5873 | 7916 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.467% due 11/25/2036 ~ | $— | 2783 | 1583 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.838% due 09/25/2035 ~ | $— | 59 | $— | 32 |
|  5.847% due 01/25/2035 •  |  | 2248 |  | 2209 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  6.500% due 01/25/2034 ~ |  | 4 |  | 4 |
|  6.513% due 01/25/2034 ~ |  | 114 |  | 114 |
|  6.575% due 04/25/2033 ~ |  | 7 |  | 7 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.965% due 12/26/2046 ~ |  | 117 |  | 94 |
|  4.972% due 01/26/2036 ~ |  | 139 |  | 99 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  3.378% due 02/17/2055 ~ |  | 5737 |  | 5290 |
|  5.092% due 11/15/2057 |  | 2600 |  | 2662 |
|  5.187% due 07/15/2058 |  | 10800 |  | 11110 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  5.606% due 05/25/2055 •  |  | 3891 |  | 3886 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  5.500% due 11/25/2035 |  | 690 |  | 351 |
|  CIM Trust | CIM Trust | CIM Trust | CIM Trust | CIM Trust |
|  2.750% due 12/25/2059 ~ |  | 6300 |  | 5990 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.490% due 05/25/2035 •  |  | 16 |  | 16 |
|  CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust |
|  5.717% due 11/15/2038 •  |  | 3825 |  | 3781 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.632% due 04/25/2046 •  |  | 1238 |  | 1166 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.063% due 03/25/2032 ~ |  | 25 |  | 24 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  6.147% due 07/25/2069 þ |  | 1288 |  | 1305 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  1.115% due 01/25/2060 ~ |  | 1239 |  | 1056 |
|  3.850% due 09/25/2057 ~ |  | 1993 |  | 1966 |
|  4.136% due 12/27/2060 ~ |  | 1577 |  | 1572 |
|  5.665% due 07/15/2038 •  |  | 7900 |  | 7197 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.512% due 05/25/2036 •  |  | 1942 |  | 1845 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  |  | 7252 |  | 7258 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  2.650% due 10/25/2068 ~ |  | 3517 |  | 3431 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.812% due 11/25/2045 •  |  | 72 |  | 69 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  1.750% due 12/25/2060 ~ |  | 1672 |  | 1573 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.622% due 01/25/2034 •  |  | 1 |  | 1 |
|  4.668% due 01/25/2036 ~ |  | 12 |  | 12 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.812% due 05/25/2035 •  |  | 2964 |  | 2871 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.805% due 06/15/2038 •  |  | 7000 |  | 6463 |
|  JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust |
|  4.415% due 01/25/2063 ~ |  | 3701 |  | 3565 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  3.000% due 09/25/2059 ~ |  | 1413 |  | 1358 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.592% due 08/25/2036 •  |  | 517 |  | 333 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.632% due 11/25/2035 •  |  | 1906 |  | 1897 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.953% due 12/25/2046 •  |  | 6202 |  | 5124 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.692% due 02/25/2036 •  |  | 43 |  | 42 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  5.215% due 12/15/2036 •  |  | 1800 |  | 1386 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  5.443% due 07/25/2070 þ |  | 5264 |  | 5306 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.187% due 04/15/2032 •  |  | 1900 |  | 1889 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  0.941% due 10/25/2058 ~ |  | 775 |  | 743 |
|  1.147% due 10/25/2058 ~ |  | 111 |  | 106 |
|  1.353% due 10/25/2058 ~ |  | 79 |  | 76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **151** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.672% due 02/25/2034 •  | 8 | 8 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  4.000% due 05/25/2054 þ | 1762 | 1742 |
|  5.250% due 07/25/2055 þ | 2328 | 2346 |
|  5.729% due 07/25/2030 þ | 3938 | 3945 |
|  5.774% due 08/25/2028 þ | 2762 | 2767 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  6.265% due 12/25/2068 þ | 1209 | 1223 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  2.175% due 05/25/2065 ~ | 2564 | 2308 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.137% due 06/20/2060 •  | 1543 | 2078 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.592% due 10/25/2035 •  | 1153 | 1113 |
|  4.944% due 09/25/2035 ~ | 205 | 184 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.748% due 07/19/2035 •  | 72 | 71 |
|  4.832% due 02/25/2036 •  | 80 | 67 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  3.905% due 06/25/2029 ~ | 39 | 38 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  | 4470 | 6027 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 12/25/2061 ~ | 2119 | 2065 |
|  2.900% due 10/25/2059 ~ | 1305 | 1256 |
|  3.000% due 01/25/2058 ~ | 36 | 36 |
|  3.750% due 05/25/2058 ~ | 3017 | 2972 |
|  4.562% due 10/25/2064 ~ | 8452 | 8516 |
|  5.272% due 05/25/2058 •  | 932 | 953 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ | 2069 | 2790 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  1.020% due 04/25/2064 ~ | 1117 | 1067 |
|  1.277% due 04/25/2064 ~ | 142 | 135 |
|  1.380% due 04/25/2064 ~ | 213 | 202 |
|  5.402% due 05/25/2065 þ | 4527 | 4568 |
|  5.417% due 07/25/2070 þ | 5521 | 5568 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.198% due 02/27/2034 •  | 58 | 57 |
|  4.852% due 10/25/2045 •  | 27 | 27 |
|  5.353% due 11/25/2042 •  | 11 | 11 |
|  5.553% due 06/25/2042 •  | 26 | 24 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.697% due 04/25/2036 ~ | 829 | 838 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $185,765) | Total Non-Agency Mortgage-Backed Securities (Cost $185,765) | 182804 |
| ASSET-BACKED SECURITIES 23.6% | ASSET-BACKED SECURITIES 23.6% | ASSET-BACKED SECURITIES 23.6% |
| AUTOMOBILE ABS OTHER 0.8% | AUTOMOBILE ABS OTHER 0.8% | AUTOMOBILE ABS OTHER 0.8% |
|  Auto ABS Spanish Loans FT | Auto ABS Spanish Loans FT | Auto ABS Spanish Loans FT |
|  2.496% due 02/28/2032 •  | 1788 | 2101 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.710% due 12/17/2029 | 12000 | 12082 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.630% due 01/15/2031 | 8100 | 8147 |
|  5.032% due 08/16/2027 •  | 759 | 760 |
|  |  | 23090 |
| AUTOMOBILE SEQUENTIAL 6.5% | AUTOMOBILE SEQUENTIAL 6.5% | AUTOMOBILE SEQUENTIAL 6.5% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  4.140% due 07/16/2029 | 1000 | 1003 |
|  5.460% due 05/15/2028 | 2206 | 2226 |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  4.920% due 05/15/2029 | 2000 | 2002 |
|  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 | 4627 |
|  6.120% due 04/20/2027 | 10800 | 10867 |
|  BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust |
|  5.470% due 02/25/2028 | 1737 | 1749 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.840% due 09/15/2027 | 1191 | 1192 |
|  5.530% due 01/18/2028 | 79 | 79 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.350% due 07/15/2030 | 10600 | 10695 |
|  4.750% due 10/15/2027 | 1238 | 1241 |
|  4.890% due 07/16/2029 | 8800 | 8907 |
|  5.210% due 09/15/2027 | 4172 | 4183 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.530% due 01/10/2029 | 3800 | 3807 |
|  5.330% due 07/10/2029 | 1500 | 1514 |
|  5.380% due 03/12/2029 | 2700 | 2749 |
|  5.420% due 04/10/2028 | 2210 | 2219 |
|  5.600% due 03/10/2028 | 1854 | 1859 |
|  5.630% due 11/10/2027 | 369 | 370 |
|  5.900% due 08/10/2027 | 665 | 666 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.250% due 09/27/2027 | 1106 | 1108 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 | 1243 | 1250 |
|  5.840% due 01/18/2028 | 5301 | 5338 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.710% due 03/15/2029 | 884 | 886 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  4.870% due 01/16/2029 | 6649 | 6672 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  4.880% due 11/15/2028 | 804 | 807 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.650% due 02/15/2028 | 1518 | 1523 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.490% due 01/16/2029 | 729 | 733 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.750% due 07/17/2028 | 2300 | 2308 |
|  4.760% due 10/15/2027 | 1355 | 1356 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.460% due 10/15/2030 | 2000 | 2014 |
|  5.240% due 03/15/2030 | 273 | 275 |
|  5.580% due 06/17/2030 | 1756 | 1779 |
|  5.960% due 10/16/2028 | 3118 | 3146 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.470% due 02/16/2028 | 558 | 559 |
|  5.450% due 06/16/2028 | 2234 | 2252 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.990% due 02/15/2029 | 4500 | 4546 |
|  5.480% due 04/17/2028 | 2190 | 2207 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  5.100% due 10/15/2030 | 909 | 910 |
|  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 | 10042 |
|  5.590% due 02/17/2032 | 233 | 234 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  4.731% due 07/27/2026 | 2000 | 2002 |
|  5.124% due 04/25/2034 | 3300 | 3317 |
|  7.130% due 01/26/2032 | 311 | 312 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.630% due 10/16/2028 | 6400 | 6421 |
|  4.880% due 09/15/2027 | 1815 | 1816 |
|  5.930% due 07/17/2028 | 1591 | 1598 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  4.570% due 01/15/2031 | 8100 | 8165 |
|  4.680% due 09/15/2031 | 2300 | 2324 |
|  5.450% due 12/15/2027 | 105 | 105 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.440% due 12/20/2030 | 9500 | 9585 |
|  4.520% due 11/20/2028 | 2700 | 2708 |
|  4.950% due 05/21/2029 | 450 | 453 |
|  5.470% due 10/20/2028 | 2192 | 2209 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.400% due 06/15/2029 | 3800 | 3828 |
|  4.550% due 08/16/2027 | 2021 | 2023 |
|  4.630% due 09/15/2027 | 1793 | 1797 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.560% due 02/15/2028 | 1700 | 1712 |
|  5.750% due 08/16/2027 | 1215 | 1218 |
|  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 | 11590 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  5.370% due 02/15/2028 | 1051 | 1052 |
|  |  | 176135 |
| CMBS OTHER 1.1% | CMBS OTHER 1.1% | CMBS OTHER 1.1% |
|  ACRES LLC | ACRES LLC | ACRES LLC |
|  5.755% due 08/18/2040 •  | 7200 | 7224 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.636% due 01/20/2037 •  | 4607 | 4610 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.750% due 07/16/2035 •  | 270 | 270 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.586% due 02/18/2043 •  | 1050 | 1052 |
|  5.871% due 03/19/2039 •  | 900 | 904 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.350% due 07/16/2036 •  | 58 | 58 |
|  6.357% due 12/15/2035 •  | 12000 | 12028 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.450% due 04/18/2038 •  | 2777 | 2785 |
|  |  | 28931 |
| CREDIT CARD BULLET 0.7% | CREDIT CARD BULLET 0.7% | CREDIT CARD BULLET 0.7% |
|  BA Credit Card Trust | BA Credit Card Trust | BA Credit Card Trust |
|  4.790% due 05/15/2028 | 5700 | 5729 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  4.930% due 07/15/2030 | 11800 | 12001 |
|  |  | 17730 |
| CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% |
|  Chase Issuance Trust | Chase Issuance Trust | Chase Issuance Trust |
|  4.720% due 01/15/2031 | 11100 | 11356 |
| HOME EQUITY OTHER 1.6% | HOME EQUITY OTHER 1.6% | HOME EQUITY OTHER 1.6% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.592% due 10/25/2036 •  | 2760 | 1076 |
|  AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust |
|  4.822% due 06/25/2028 •  | 25 | 25 |
|  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 |
|  5.187% due 01/25/2035 •  | 218 | 224 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.572% due 06/25/2036 •  | 3470 | 2314 |
|  Argent Securities, Inc. Asset-Backed<br>Pass-Through Certificates | Argent Securities, Inc. Asset-Backed<br>Pass-Through Certificates | Argent Securities, Inc. Asset-Backed<br>Pass-Through Certificates |
|  3.907% due 06/26/2034 •  | 428 | 439 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.097% due 04/25/2034 •  | 901 | 955 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.732% due 11/25/2036 •  | 815 | 796 |
|  5.174% due 11/25/2034 •  | 4302 | 4321 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  5.012% due 10/25/2032 •  | 33 | 33 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.144% due 10/25/2037 þ | 107 | 104 |
|  4.332% due 07/25/2045 •  | 304 | 214 |
|  4.592% due 12/25/2036 •  | 744 | 419 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.672% due 08/25/2034 •  | 339 | 333 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.412% due 08/25/2037 •  | 224 | 205 |
|  4.472% due 06/25/2047 •  | 291 | 259 |
|  4.552% due 12/25/2046 •  | 5848 | 5601 |
|  4.552% due 06/25/2047 •  | 1088 | 987 |
|  4.812% due 03/25/2036 •  | 370 | 334 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.168% due 01/25/2032 •  | 37 | 36 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.475% due 06/25/2035 •  | 1652 | 1612 |
|  5.847% due 03/25/2046 •  | 1888 | 1852 |
|  GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates |
|  4.912% due 12/25/2035 •  | 4372 | 4256 |

---

---

| | | |
|:---|:---|:---|
| **152** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.772% due 01/25/2036 •  | 700 | 222 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.552% due 06/25/2036 •  | 74 | 72 |
|  5.172% due 11/25/2035 •  | 279 | 274 |
|  5.922% due 10/25/2034 •  | 19 | 20 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.532% due 08/25/2036 •  | 3059 | 2948 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.767% due 02/25/2036 •  | 372 | 361 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.932% due 07/25/2036 •  | 2200 | 2074 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.690% due 04/21/2031 •  | 2099 | 2061 |
|  4.712% due 02/25/2036 •  | 456 | 451 |
|  4.832% due 10/25/2034 •  | 43 | 42 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.572% due 08/25/2037 •  | 325 | 312 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.382% due 12/25/2036 •  | 3731 | 1874 |
|  4.402% due 10/25/2036 •  | 71 | 64 |
|  4.432% due 09/25/2036 •  | 26 | 11 |
|  5.187% due 07/25/2034 •  | 505 | 512 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.344% due 09/25/2044 þ | 2044 | 2053 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.337% due 05/25/2035 •  | 2830 | 2769 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.977% due 11/25/2035 •  | 157 | 157 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  5.097% due 01/25/2035 •  | 1072 | 1129 |
|  |  | 43801 |
| WHOLE LOAN COLLATERAL 0.9% | WHOLE LOAN COLLATERAL 0.9% | WHOLE LOAN COLLATERAL 0.9% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.572% due 08/25/2036 •  | 1624 | 1583 |
|  4.752% due 05/25/2036 •  | 12141 | 10644 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.657% due 08/25/2055 þ | 2739 | 2749 |
|  5.744% due 07/25/2051 þ | 1195 | 1195 |
|  6.721% due 07/25/2051 þ | 4203 | 4209 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.632% due 08/25/2046 •  | 4711 | 4210 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  5.247% due 12/25/2035 •  | 42 | 42 |
|  |  | 24632 |
| OTHER ABS 11.6% | OTHER ABS 11.6% | OTHER ABS 11.6% |
|  AASET Trust | AASET Trust | AASET Trust |
|  2.798% due 01/15/2047 | 3312 | 3125 |
|  Accunia European CLO I DAC | Accunia European CLO I DAC | Accunia European CLO I DAC |
|  2.976% due 07/15/2030 •  | 271 | 318 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  5.010% due 12/26/2031 | 945 | 954 |
|  5.070% due 10/27/2031 | 631 | 635 |
|  5.900% due 04/25/2031 | 339 | 343 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.670% due 07/15/2033 | 8600 | 8655 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  5.375% due 10/20/2034 •  | 7500 | 7507 |
|  Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. |
|  5.327% due 10/22/2040 | 5600 | 5618 |
|  Aqua Finance Issuer Trust | Aqua Finance Issuer Trust | Aqua Finance Issuer Trust |
|  4.790% due 05/17/2051 | 5911 | 5950 |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  0.000% due 07/25/2039 •  | 500 | 589 |
|  ARES European CLO X DAC | ARES European CLO X DAC | ARES European CLO X DAC |
|  2.806% due 10/15/2031 •  | 404 | 474 |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.424% due 04/15/2034 •  | 11900 | 11915 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.482% due 07/17/2035 •  | 6800 | 6825 |
|  5.565% due 07/19/2034 •  | 5500 | 5508 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  2.884% due 01/20/2032 •  | 28 | 33 |
|  Blackbird Capital II Aircraft Lease Ltd. | Blackbird Capital II Aircraft Lease Ltd. | Blackbird Capital II Aircraft Lease Ltd. |
|  2.443% due 07/15/2046 | 2136 | 2021 |
|  BlueMountain Fuji EUR CLO III DAC | BlueMountain Fuji EUR CLO III DAC | BlueMountain Fuji EUR CLO III DAC |
|  1.050% due 01/15/2031 | 199 | 232 |
|  2.746% due 01/15/2031 •  | 1254 | 1472 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  2.626% due 04/15/2031 •  | 1148 | 1348 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  3.059% due 10/15/2031 •  | 350 | 411 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.398% due 07/15/2034 •  | 4000 | 4004 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 1000 | 1176 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  0.000% due 08/16/2029 •  | 6000 | 6006 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.726% due 01/15/2031 •  | 364 | 426 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.786% due 11/15/2031 •  | 491 | 577 |
|  CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. |
|  5.315% due 07/20/2032 •  | 7504 | 7511 |
|  Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust |
|  5.783% due 02/15/2050 | 3531 | 3590 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.694% due 04/22/2030 •  | 213 | 214 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.530% due 10/24/2030 •  | 445 | 446 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 152 | 152 |
|  CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC |
|  3.144% due 10/23/2034 •  | 4853 | 5707 |
|  Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund |
|  5.395% due 04/20/2034 •  | 3500 | 3503 |
|  Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC |
|  2.896% due 05/15/2034 •  | 2476 | 2903 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  5.244% due 08/20/2034 •  | 3800 | 3804 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.618% due 01/25/2035 •  | 7700 | 7727 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.435% due 04/20/2035 •  | 1400 | 1405 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.890% due 06/25/2060 | 1798 | 1810 |
|  4.930% due 06/25/2060 | 1098 | 1102 |
|  5.020% due 06/25/2060 | 1300 | 1319 |
|  5.070% due 06/25/2060 | 4600 | 4646 |
|  5.150% due 10/27/2059 | 2000 | 2029 |
|  5.250% due 10/27/2059 | 416 | 418 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.880% due 06/25/2059 | 651 | 654 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  2.666% due 10/15/2031 •  | 301 | 353 |
|  Henley CLO VII DAC | Henley CLO VII DAC | Henley CLO VII DAC |
|  2.929% due 04/25/2034 •  | 2800 | 3291 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  1.901% due 12/17/2026 | 707 | 687 |
|  Invesco Euro CLO I DAC | Invesco Euro CLO I DAC | Invesco Euro CLO I DAC |
|  2.676% due 07/15/2031 •  | 282 | 331 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  5.321% due 10/15/2034 •  | 1550 | 1550 |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  5.349% due 07/20/2034 •  | 350 | 350 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  3.250% due 04/15/2028 | 126 | 125 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.990% due 08/18/2031 | 1834 | 1841 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 11700 | 11712 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mariner Finance Issuance Trust | Mariner Finance Issuance Trust | Mariner Finance Issuance Trust |
|  1.860% due 03/20/2036 | 7800 | 7640 |
|  Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. |
|  5.778% due 04/15/2034 •  | 2900 | 2905 |
|  Navient Education Loan Trust | Navient Education Loan Trust | Navient Education Loan Trust |
|  5.020% due 07/15/2055 | 3618 | 3658 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.245% due 12/15/2059 •  | 1642 | 1640 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.670% due 06/22/2065 | 12700 | 12669 |
|  4.840% due 05/17/2055 | 2200 | 2219 |
|  6.589% due 02/20/2041 •  | 552 | 565 |
|  6.640% due 02/20/2041 | 552 | 573 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  5.228% due 06/15/2031 •  | 2142 | 2144 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 | 1647 | 1649 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 | 2400 | 2404 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.497% due 04/15/2033 | 3000 | 3002 |
|  4.684% due 08/17/2026 | 7300 | 7310 |
|  5.065% due 03/15/2032 | 968 | 971 |
|  5.108% due 03/15/2033 | 1100 | 1108 |
|  5.156% due 07/15/2032 | 673 | 679 |
|  5.183% due 06/15/2032 | 1797 | 1807 |
|  6.278% due 10/15/2031 | 607 | 613 |
|  Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust |
|  6.093% due 11/15/2031 | 765 | 770 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 | 858 | 866 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  6.660% due 07/15/2031 | 3014 | 3034 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.006% due 01/15/2033 •  | 557 | 654 |
|  3.026% due 05/15/2034 •  | 1217 | 1427 |
|  3.926% due 01/15/2033 •  | 1000 | 1176 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.428% due 07/15/2034 •  | 8000 | 8006 |
|  Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. |
|  5.342% due 01/20/2034 •  | 700 | 700 |
|  Post Road Equipment Finance LLC | Post Road Equipment Finance LLC | Post Road Equipment Finance LLC |
|  4.900% due 05/15/2031 | 4000 | 4034 |
|  RCKT Trust | RCKT Trust | RCKT Trust |
|  4.900% due 07/25/2034 | 1653 | 1657 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.930% due 08/18/2032 | 5285 | 5307 |
|  4.960% due 08/16/2032 | 282 | 283 |
|  5.120% due 08/18/2032 | 3400 | 3430 |
|  6.300% due 02/18/2031 | 207 | 207 |
|  Recette CLO Ltd. | Recette CLO Ltd. | Recette CLO Ltd. |
|  5.667% due 04/20/2034 •  | 4050 | 4056 |
|  Regatta XXIII Funding Ltd. | Regatta XXIII Funding Ltd. | Regatta XXIII Funding Ltd. |
|  5.737% due 01/20/2035 •  | 10868 | 10910 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.475% due 07/20/2035 •  | 850 | 853 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.476% due 01/15/2035 •  | 8900 | 8934 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  2.904% due 07/20/2032 ~ | 320 | 376 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 1441 | 1376 |
|  1.310% due 07/17/2051 | 1636 | 1538 |
|  1.340% due 03/17/2053 | 4321 | 4074 |
|  2.850% due 11/16/2054 | 3191 | 3014 |
|  3.250% due 11/15/2040 | 4677 | 4635 |
|  4.985% due 01/15/2037 •  | 1808 | 1806 |
|  5.060% due 03/16/2054 | 1759 | 1785 |
|  5.090% due 10/16/2056 | 1714 | 1738 |
|  5.924% due 11/15/2052 •  | 858 | 868 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  2.540% due 05/15/2046 | 1084 | 1049 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  5.433% due 10/15/2035 •  | 7800 | 7831 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **153** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  5.419% due 10/23/2035 •  | 9700 | 9740 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.484% due 08/16/2034 •  | 4000 | 4006 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  7.580% due 04/15/2029 | 42 | 42 |
|  TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
|  5.465% due 01/20/2032 •  | 2153 | 2155 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  | 6750 | 7917 |
|  Towd Point Asset Trust | Towd Point Asset Trust | Towd Point Asset Trust |
|  4.950% due 11/20/2061 •  | 2642 | 2637 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.717% due 04/20/2032 •  | 570 | 571 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.637% due 07/20/2030 •  | 153 | 153 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.385% due 04/20/2034 •  | 900 | 901 |
|  |  | 313374 |
|  Total Asset-Backed Securities (Cost $639,401) | Total Asset-Backed Securities (Cost $639,401) | 639049 |
| SOVEREIGN ISSUES 4.0% | SOVEREIGN ISSUES 4.0% | SOVEREIGN ISSUES 4.0% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 307600 | 53990 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 15700 | 15948 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/02/2028 | 252000 | 13969 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.000% due 01/31/2030 | 243600 | 14157 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.125% due 01/13/2028 | 9500 | 9709 |
|  Total Sovereign Issues (Cost $105,006) | Total Sovereign Issues (Cost $105,006) | 107773 |
|  | **SHARES** |  |
| EXCHANGE-TRADED FUNDS 4.5% | EXCHANGE-TRADED FUNDS 4.5% | EXCHANGE-TRADED FUNDS 4.5% |
|  iShares Core S&P 500 ETF | 181900 | 121746 |
|  Total Exchange-Traded Funds (Cost $120,249) | Total Exchange-Traded Funds (Cost $120,249) | 121746 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 18.2% | SHORT-TERM INSTRUMENTS 18.2% | SHORT-TERM INSTRUMENTS 18.2% |
| COMMERCIAL PAPER 6.4% | COMMERCIAL PAPER 6.4% | COMMERCIAL PAPER 6.4% |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.500% due 10/07/2025 | 4000 | 3996 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.550% due 10/02/2025 | 500 | 500 |
|  4.560% due 10/07/2025 | 1600 | 1599 |
|  4.570% due 10/10/2025 | 1200 | 1198 |
|  4.570% due 10/14/2025 | 2000 | 1996 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.560% due 10/02/2025 | 11100 | 11097 |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  4.570% due 11/20/2025 | 16300 | 16201 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  4.550% due 10/08/2025 (b) | 2000 | 1998 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.580% due 10/30/2025 | 300 | 299 |
|  4.780% due 10/16/2025 | 900 | 898 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  4.550% due 10/09/2025 | 1100 | 1099 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.620% due 10/21/2025 | 9800 | 9774 |
|  4.620% due 10/23/2025 | 7500 | 7478 |
|  4.800% due 10/07/2025 | 14600 | 14587 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.360% due 10/16/2025 | 8400 | 8384 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  4.620% due 10/01/2025 | 300 | 300 |
|  4.950% due 10/07/2025 | 1000 | 999 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  4.730% due 12/02/2025 | 300 | 298 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.600% due 10/22/2025 | 11900 | 11866 |
|  4.650% due 10/17/2025 | 17900 | 17861 |
|  4.650% due 10/20/2025 | 2500 | 2493 |
|  4.650% due 10/21/2025 | 4100 | 4089 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.540% due 10/20/2025 | 5100 | 5088 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.330% due 11/19/2025 | 24900 | 24754 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.800% due 11/14/2025 | 8700 | 8651 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.610% due 10/06/2025 | 6000 | 5996 |
|  4.610% due 10/14/2025 | 9100 | 9085 |
|  |  | 172584 |
| REPURCHASE AGREEMENTS (g) 11.4% | REPURCHASE AGREEMENTS (g) 11.4% | REPURCHASE AGREEMENTS (g) 11.4% |
|  |  | 308702 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM NOTES 0.2% | SHORT-TERM NOTES 0.2% | SHORT-TERM NOTES 0.2% | SHORT-TERM NOTES 0.2% |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  4.712% due 07/15/2026 | 1774 | $— | 1774 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.642% due 07/15/2026 | 2369 |  | 2370 |
|  |  |  | 4144 |
| SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% |
|  7.505% due 06/17/2026 (d)(e) | 35100 |  | 1943 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.227% due 10/30/2025 - 12/16/2025 (c)(d)(i)(k) | 3223 |  | 3208 |
| Total Short-Term Instruments<br>(Cost $490,563) | Total Short-Term Instruments<br>(Cost $490,563) |  | 490581 |
| Total Investments in Securities<br>(Cost $3,326,401) | Total Investments in Securities<br>(Cost $3,326,401) |  | 3329718 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 5.0% | INVESTMENTS IN AFFILIATES 5.0% | INVESTMENTS IN AFFILIATES 5.0% | INVESTMENTS IN AFFILIATES 5.0% |
| SHORT-TERM INSTRUMENTS 5.0% | SHORT-TERM INSTRUMENTS 5.0% | SHORT-TERM INSTRUMENTS 5.0% | SHORT-TERM INSTRUMENTS 5.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.0% |
|  PIMCO Short Asset Portfolio | 13747582 |  | 134878 |
| Total Short-Term Instruments (Cost $132,942) | Total Short-Term Instruments (Cost $132,942) |  | 134878 |
| Total Investments in Affiliates (Cost $132,942) | Total Investments in Affiliates (Cost $132,942) |  | 134878 |
| Total Investments 128.0% (Cost $3,459,343) | Total Investments 128.0% (Cost $3,459,343) | $— | 3464596 |
|  Financial Derivative<br>Instruments (h)(j) 3.2%<br> (Cost or Premiums, net $8,175) | Financial Derivative<br>Instruments (h)(j) 3.2%<br> (Cost or Premiums, net $8,175) |  | 87270 |
| Other Assets and Liabilities, net (31.2)% | Other Assets and Liabilities, net (31.2)% |  | (844690) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 2707176 |

---

#### 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) Principal only security.

(b) When-issued security.

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

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

---

| | | |
|:---|:---|:---|
| **154** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### 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 | 4.290% | 09/30/2025 | 10/01/2025 | $72500 | U.S. Treasury Notes 2.000% - 4.125% due 11/15/2026 -03/31/2029 | $(74003) | $72500 | $72509 |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 7100 | U.S. Treasury Notes 3.500% due 09/30/2027 | (7240) | 7100 | 7101 |
| JPS | 4.220 | 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 | (168285) | 169002 | 178218 |
| SAL | 4.240 | 10/01/2025 | 10/02/2025 | 60100 | U.S. Treasury Notes 3.625% due 08/15/2028 | (61305) | 60100 | 60100 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310833) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317928 |

---

#### 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; Uniform Mortgage-Backed Security, TBA | 4.000% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | $(20398) | $(20355) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 11/01/2055 | 41700 | (40829) | (40432) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 11/01/2055 | 17200 | (17074) | (17048) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 11/01/2055 | 29475 | (29740) | (29701) |
|  Total Short Sales (4.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108041) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107536) |

---

#### 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 September 30, 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 |
|  BOS | $79610 | $0 | $0 | $79610 | $(81243) | $(1633) |
|  JPS | 178218 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3123) |
|  SAL | 60100 | 0 | 0 | 60100 | (61305) | (1205) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317928 | $&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 September 30, 2025 was $(796) at a weighted average interest rate of 4.376%. 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 |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 909 | $68179 | $(382) | $468 | $0 |
|  Canada Government 5-Year Bond December Futures  | 12/2025 | 1498 | 124128 | 1574 | 301 | 0 |
|  E-Mini S&P 500 Index December Futures  | 12/2025 | 2102 | 708243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654 | 0 |
|  Long Guilt December Futures  | 12/2025 | 21 | 2566 | 12 | 11 | (1) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 5874 | 641413 | (96) | 230 | 0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 65 | 7579 | 147 | 0 | (16) |
|  |  |  |  | $9649 | $3664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 155

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Fund (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 |
|  Euro-Schatz December Futures  | 12/2025 | 303 | $(38057) | $44 | $0 | $(7) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 4131 | (860894) | (298) | 0 | (452) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 2183 | (245588) | (1102) | 34 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 393 | (47185) | (1215) | 221 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 206 | (23706) | 5 | 13 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2566) | $268 | $(459) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $7083 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(476) |

---

#### 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>September 30, 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>September 30, 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 |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2025 | 0.222% | $— | 100 | $1 | $(1) | $0 | $0 | $0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.326 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | 80 | (29) | 51 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.246 | EUR | 2000 | 12 | (7) | 5 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.170 |  | 400 | 3 | (2) | 1 | 0 | 0 |
|  Citigroup, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.251 | $— | 1000 | 6 | (4) | 2 | 0 | 0 |
|  Deutsche Bank Aktiengesellschaft | 1.000 | Quarterly | 12/20/2029 | 0.681 | EUR | 400 | 1 | 5 | 6 | 0 | 0 |
|  Deutsche Bank Aktiengesellschaft | 1.000 | Quarterly | 12/20/2031 | 1.024 |  | 500 | (10) | 9 | (1) | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | $— | 2000 | 15 | (1) | 14 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 |  | 300 | 3 | 1 | 4 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 |  | 16900 | 43 | (10) | 33 | 0 | (1) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | GBP | 38800 | $(201) | $(23) | $(224) | $53 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 12/18/2025 | $— | 170200 | 377 | 222 | 599 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 |  | 108700 | 6 | 97 | 103 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2026 |  | 72100 | 610 | 1197 | 1807 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 |  | 138260 | (279) | 710 | 431 | 0 | (36) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 |  | 7810 | (67) | 0 | (67) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 01/15/2030 |  | 7700 | (27) | 574 | 547 | 0 | (3) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 |  | 523400 | (4069) | 4163 | 94 | 0 | (265) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 |  | 75390 | 4078 | (2354) | 1724 | 0 | (37) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 |  | 22700 | (381) | 8 | (373) | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.277 | Semi-Annual | 07/21/2031 |  | 1380 | 0 | 185 | 185 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.734 | Annual | 05/31/2032 |  | 65800 | 0 | 999 | 999 | 22 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.791 | Annual | 05/31/2032 |  | 95100 | 0 | 1771 | 1771 | 33 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 |  | 5800 | 725 | (80) | 645 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2033 |  | 7700 | (150) | 54 | (96) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 |  | 27200 | 79 | 1017 | 1096 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 61950 | (458) | 157 | (301) | 0 | (3) |
|  Pay | 3-Month PLN-WIBOR | 4.136 | Annual | 07/25/2029 | PLN | 48700 | 0 | 32 | 32 | 29 | 0 |
|  Receive | 3-Month PLN-WIBOR | 5.010 | Annual | 07/25/2029 |  | 47900 | (450) | 21 | (429) | 0 | (30) |
|  Receive | 3-Month ZAR-JIBAR | 8.820 | Quarterly | 01/31/2030 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226800 | (849) | (126) | (975) | 0 | (11) |
|  Receive | 28-Day MXN-TIIE | 7.550 | Lunar | 03/02/2028 | MXN | 253200 | (35) | (118) | (153) | 0 | (3) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1091) | $8506 | $7415 | $137 | $(419) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $(937) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420) |

---

#### 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 September 30, 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;3932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(476) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(896) |

---

156 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

(i) Securities with an aggregate market value of $28,692 and cash of $71,500 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 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;(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 | 10/2025 | 3 | $2 | $0 | $0 |
|  | 10/2025 | 40714 | 47486 | 0 | (314) |
|  | 10/2025 | $506 | 703 | 0 | 0 |
|  | 11/2025 | 702 | $506 | 0 | 0 |
|  | 11/2025 | $2 | 3 | 0 | 0 |
|  BOA | 10/2025 | 30284 | $202 | 0 | (3) |
|  | 10/2025 | $22 | 3170 | 0 | 0 |
|  | 10/2025 | 295 | 513 | 2 | 0 |
|  | 10/2025 | 72 | 263 | 0 | 0 |
|  | 11/2025 | 513 | $296 | 0 | (2) |
|  | 11/2025 | $202 | 30179 | 3 | 0 |
|  | 11/2025 | 3809 | $218 | 0 | (2) |
|  BPS | 10/2025 | 27900 | 4659 | 0 | (583) |
|  | 10/2025 | 382 | 450 | 1 | 0 |
|  | 10/2025 | 35086 | 236 | 0 | (1) |
|  | 10/2025 | 442 | 121 | 0 | 0 |
|  | 10/2025 | 1946 | 65 | 1 | 0 |
|  | 10/2025 | $5114 | 27900 | 128 | 0 |
|  | 10/2025 | 93 | 659 | 0 | 0 |
|  | 10/2025 | 1321 | 21901945 | 0 | (8) |
|  | 10/2025 | 3964 | 5496717 | 0 | (48) |
|  | 10/2025 | 1321 | 40105 | 0 | (4) |
|  | 11/2025 | 205 | 1099 | 0 | 0 |
|  | 11/2025 | 236 | 34964 | 1 | 0 |
|  | 12/2025 | 29 | 849 | 0 | 0 |
|  | 04/2026 | 27100 | $4744 | 0 | (131) |
|  BRC | 10/2025 | 450 | 564 | 0 | (2) |
|  | 10/2025 | 18192 | 4975 | 0 | (29) |
|  | 10/2025 | $662 | 531 | 5 | 0 |
|  | 11/2025 | 564 | 449 | 2 | 0 |
|  | 11/2025 | 35848 | $2036 | 0 | (33) |
|  BSH | 10/2025 | 47900 | 9006 | 6 | 0 |
|  | 10/2025 | $8808 | 47900 | 192 | 0 |
|  | 10/2025 | 87 | 150 | 0 | 0 |
|  | 11/2025 | 150 | $87 | 0 | 0 |
|  | 04/2026 | 51300 | 9032 | 0 | (196) |
|  CBK | 10/2025 | 559 | 653 | 0 | (3) |
|  | 10/2025 | 33838 | 26454 | 222 | 0 |
|  | 10/2025 | 3618 | 122 | 3 | 0 |
|  | 10/2025 | $3975 | 28244 | 0 | (11) |
|  | 10/2025 | 1337 | 195300 | 0 | (16) |
|  | 10/2025 | 20 | 648 | 0 | 0 |
|  | 10/2025 | 29 | 866 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **157** |

---

------

Schedule of Investments PIMCO StocksPLUS<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** |
|  | 10/2025 | 8892 | $514 | $0 | $(1) |
|  | 11/2025 | 1186900 | 8054 | 0 | 0 |
|  | 12/2025 | 861 | 29 | 0 | 0 |
|  DUB | 10/2025 | $199 | 1412 | 0 | 0 |
|  | 10/2025 | 394 | 1348 | 13 | 0 |
|  | 10/2025 | 11 | 15353 | 0 | 0 |
|  | 10/2025 | 13671 | 49790 | 25 | 0 |
|  | 11/2025 | 1347 | $394 | 0 | (12) |
|  | 11/2025 | 86566 | 4945 | 0 | (50) |
|  FAR | 10/2025 | 81 | 101 | 0 | 0 |
|  | 10/2025 | 20502 | 5609 | 0 | (31) |
|  | 10/2025 | $583 | 892 | 8 | 0 |
|  | 10/2025 | 87 | 616 | 0 | 0 |
|  | 10/2025 | 8568 | 1259553 | 0 | (51) |
|  | 10/2025 | 25897 | 33353 | 0 | (41) |
|  | 11/2025 | 882 | $576 | 0 | (8) |
|  | 11/2025 | 33268 | 25897 | 39 | 0 |
|  | 11/2025 | $101 | 80 | 0 | 0 |
|  | 12/2025 | 260785 | $13762 | 0 | (364) |
|  | 12/2025 | $17 | 326 | 1 | 0 |
|  GLM | 10/2025 | 145300 | $23674 | 0 | (3626) |
|  | 10/2025 | $26935 | 145300 | 375 | (9) |
|  | 10/2025 | 7 | 49 | 0 | 0 |
|  | 04/2026 | 105700 | $18637 | 2 | (379) |
|  JPM | 10/2025 | 3676 | 674 | 0 | (17) |
|  | 10/2025 | 703 | 508 | 4 | 0 |
|  | 10/2025 | 12048 | 3279 | 0 | (36) |
|  | 10/2025 | $691 | 3676 | 0 | (1) |
|  | 10/2025 | 19 | 26574 | 0 | 0 |
|  | 11/2025 | 76657 | $4373 | 0 | (50) |
|  | 04/2026 | 123500 | 20952 | 0 | (1263) |
|  | 06/2026 | 35100 | 1981 | 0 | (11) |
|  MBC | 10/2025 | 889 | 586 | 0 | (3) |
|  | 10/2025 | 3563 | 500 | 0 | 0 |
|  | 10/2025 | 9897 | 11721 | 101 | 0 |
|  | 10/2025 | 17389 | 117 | 0 | (1) |
|  | 10/2025 | 5495535 | 3942 | 27 | 0 |
|  | 10/2025 | $101 | 718 | 0 | 0 |
|  | 10/2025 | 20758 | 17658 | 0 | (27) |
|  | 10/2025 | 15 | 2254 | 0 | 0 |
|  | 10/2025 | 3957 | 5513485 | 0 | (28) |
|  | 10/2025 | 389 | 498 | 0 | (3) |
|  | 10/2025 | 47 | 1528 | 0 | 0 |
|  | 11/2025 | 500 | 3555 | 0 | 0 |
|  | 11/2025 | 201 | 29729 | 1 | 0 |
|  MYI | 10/2025 | 663361 | $4443 | 0 | (42) |
|  | 10/2025 | 240 | 66 | 0 | 0 |
|  | 10/2025 | $102 | 725 | 0 | 0 |
|  | 10/2025 | 95 | 14020 | 0 | 0 |
|  | 11/2025 | 4443 | 661065 | 42 | 0 |
|  | 12/2025 | 2941 | $158 | 0 | (2) |
|  | 12/2025 | $57 | 1169 | 0 | 0 |
|  NGF | 10/2025 | 25 | 35196 | 0 | 0 |
|  RYL | 10/2025 | 21 | $16 | 0 | 0 |
|  SCX | 10/2025 | 8327 | 278 | 5 | 0 |
|  | 10/2025 | $74 | 527 | 0 | 0 |
|  | 10/2025 | 20081 | 15013 | 110 | 0 |
|  | 10/2025 | 488 | 71779 | 0 | (3) |
|  | 10/2025 | 204 | 6128 | 0 | (3) |
|  | 11/2025 | 15013 | $20085 | 0 | (110) |
|  | 11/2025 | $1 | 143 | 0 | 0 |
|  | 12/2025 | 13 | 269 | 0 | 0 |
|  SOG | 10/2025 | 8399 | $1579 | 1 | 0 |
|  | 10/2025 | 1444633 | 9709 | 0 | (60) |
|  | 10/2025 | 663 | 386 | 2 | 0 |
|  | 10/2025 | $1574 | 8399 | 4 | 0 |
|  | 10/2025 | 39859 | 33894 | 0 | (66) |
|  | 10/2025 | 4469 | 657276 | 0 | (25) |

---

---

| | | |
|:---|:---|:---|
| **158** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 33894 | $39939 | $67 | $0 |
|  | 11/2025 | $9709 | 1439637 | 60 | 0 |
|  | 12/2025 | 8519 | $1574 | 0 | (4) |
|  SSB | 10/2025 | 15013 | 20236 | 45 | 0 |
|  UAG | 10/2025 | 1483 | 445 | 0 | (3) |
|  | 10/2025 | 240 | 66 | 0 | 0 |
|  | 10/2025 | $40 | 135 | 1 | 0 |
|  | 10/2025 | 515 | 8892 | 0 | 0 |
|  | 10/2025 | 8896 | $515 | 0 | 0 |
|  | 11/2025 | 135 | 40 | 0 | (1) |
|  | 11/2025 | 38994 | 2212 | 0 | (38) |
|  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;1499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7755) |

---

#### 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 |
| CBK Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500% | 02/13/2026 | 1114500 | $742 | $286 |
| DUB Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 573000 | 598 | 622 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 44400 | 44 | 48 |
| NGF Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 462800 | 492 | 502 |
|  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;1876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2030 | 0.248% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259) | $&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;(240) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/<br>(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 | 37593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(7)</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<br>Agreements,<br>at Value | Swap<br>Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(7)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Receive | S&P 500 Total Return Index | 2460 | 4.680% (SOFR plus a<br>specified spread) | Monthly | 12/23/2025 | $36474 | $0 | $(89) | $0 | $(89) |
| BPS | Receive | S&P 500 Total Return Index | 2643 | 4.760% (SOFR plus a<br>specified spread) | Monthly | 10/15/2025 | 39187 | 0 | (46) | 0 | (46) |
|  | Receive | S&P 500 Total Return Index | 15375 | 4.765% (SOFR plus a<br>specified spread) | Monthly | 11/12/2025 | 227962 | 0 | (383) | 0 | (383) |
|  | Receive | S&P 500 Total Return Index | 2453 | 4.680% (SOFR plus a<br>specified spread) | Monthly | 11/19/2025 | 36370 | 0 | (89) | 0 | (89) |
| BRC | Receive | S&P 500 Total Return Index | 567 | 4.730% (SOFR plus a<br>specified spread) | Monthly | 02/04/2026 | 8407 | 0 | (32) | 0 | (32) |
| CBK | Receive | S&P 500 Total Return Index | 2643 | 4.630% (SOFR plus a<br>specified spread | Monthly | 11/21/2025 | 39187 | 0 | (144) | 0 | (144) |
| CIB | Receive | S&P 500 Total Return Index | 4186 | 4.690% (SOFR plus a<br>specified spread) | Monthly | 10/01/2025 | 59879 | 0 | 1956 | 1956 | 0 |
|  | Receive | S&P 500 Total Return Index | 460 | 4.670% (SOFR plus a<br>specified spread) | Monthly | 11/05/2025 | 6820 | 0 | (25) | 0 | (25) |
|  | Receive | S&P 500 Total Return Index<sup></sup> | 9643 | 4.810% (FEDL01 plus<br>a specified spread) | Monthly | 01/07/2026 | 142975 | 0 | (550) | 0 | (550) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **159** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(7)</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>(7)</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 | S&P 500 Total Return Index<sup></sup> | 568 | 4.850% (FEDL01 plus<br>a specified spread) | Monthly | 01/07/2026 | $8422 | $0 | $(33) | $0 | $(33) |
|  | Receive | S&P 500 Total Return Index<sup></sup> | 473 | 4.770% (FEDL01 plus<br>a specified spread) | Monthly | 02/18/2026 | 7013 | 0 | (27) | 0 | (27) |
|  | Receive | S&P 500 Total Return Index | 25632 | 4.810% (SOFR plus a<br>specified spread) | Maturity | 08/12/2026 | 354982 | 0 | 21347 | 21347 | 0 |
| GST | Receive | S&P 500 Total Return Index | 11401 | 4.680% (SOFR plus a<br>specified spread) | Monthly | 10/15/2025 | 169040 | 0 | (324) | 0 | (324) |
|  | Receive | S&P 500 Total Return Index | 2643 | 4.620% (SOFR plus a<br>specified spread) | Monthly | 10/17/2025 | 39187 | 0 | (144) | 0 | (144) |
| RBC | Receive | S&P 500 Total Return Index<sup></sup> | 2272 | 4.900% (FEDL01 plus<br>a specified spread) | Monthly | 10/15/2025 | 33686 | 0 | (127) | 0 | (127) |
|  | Receive | S&P 500 Total Return Index | 343 | 4.775% (SOFR plus a<br>specified spread) | Monthly | 10/22/2025 | 5086 | 0 | (4) | 0 | (4) |
|  | Receive | S&P 500 Total Return Index | 342 | 4.640% (SOFR plus a<br>specified spread) | Monthly | 11/12/2025 | 5071 | 0 | (19) | 0 | (19) |
|  | Receive | S&P 500 Total Return Index | 342 | 4.800% (SOFR plus a<br>specified spread) | Monthly | 11/26/2025 | 5071 | 0 | (4) | 0 | (4) |
|  | Receive | S&P 500 Total Return Index | 4187 | 4.820% (SOFR plus a<br>specified spread) | Monthly | 01/07/2026 | 62080 | 0 | (237) | 0 | (237) |
|  | Receive | S&P 500 Total Return Index | 3331 | 4.730% (SOFR plus a<br>specified spread) | Monthly | 01/16/2026 | 49388 | 0 | (185) | 0 | (185) |
|  | Receive | S&P 500 Total Return Index | 1784 | 4.750% (SOFR plus a<br>specified spread) | Monthly | 04/08/2026 | 26451 | 0 | (100) | 0 | (100) |
|  | Receive | S&P 500 Total Return Index | 343 | 4.830% (SOFR plus a<br>specified spread) | Monthly | 04/15/2026 | 5086 | 0 | (19) | 0 | (19) |
|  | Receive | S&P 500 Total Return Index | 688 | 4.825% (SOFR plus a<br>specified spread) | Monthly | 05/06/2026 | 10201 | 0 | (39) | 0 | (39) |
|  | Receive | S&P 500 Total Return Index | 688 | 4.810% (SOFR plus a<br>specified spread) | Monthly | 08/05/2026 | 10201 | 0 | (39) | 0 | (39) |
| TOR | Receive | S&P 500 Total Return Index | 1785 | 4.740% (SOFR plus a<br>specified spread) | Monthly | 10/01/2025 | 25534 | 0 | 833 | 833 | 0 |
|  | Receive | S&P 500 Total Return Index<sup></sup> | 29865 | 4.800% (FEDL01 plus<br>a specified spread) | Maturity | 10/01/2025 | 362676 | 0 | 59869 | 59869 | 0 |
|  |  |  |  |  |  |  |  | $0 | $81346 | $84005 | $(2659) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $7236 | $81659 | $91794 | $(2899) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(8)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(314) | $0 | $0 | $(314) | $(314) | $471 | $157 |
|  BOA | 5 | 0 | 0 | 5 | (7) | 0 | (89) | (96) | (91) | (340) | (431) |
|  BPS | 131 | 0 | 7789 | 7920 | (775) | 0 | (518) | (1293) | 6627 | (9150) | (2523) |
|  BRC | 7 | 0 | 0 | 7 | (64) | 0 | (32) | (96) | (89) | 0 | (89) |
|  BSH | 198 | 0 | 0 | 198 | (196) | 0 | 0 | (196) | 2 | 0 | 2 |
|  CBK | 225 | 286 | 0 | 511 | (31) | 0 | (144) | (175) | 336 | (1310) | (974) |
|  CIB | 0 | 0 | 23303 | 23303 | 0 | 0 | (635) | (635) | 22668 | (26030) | (3362) |
|  DUB | 38 | 622 | 0 | 660 | (62) | 0 | 0 | (62) | 598 | (700) | (102) |
|  FAR | 48 | 0 | 0 | 48 | (495) | 0 | 0 | (495) | (447) | 322 | (125) |
|  GLM | 377 | 0 | 0 | 377 | (4014) | 0 | 0 | (4014) | (3637) | 3574 | (63) |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (468) | (468) | (468) | (1968) | (2436) |
|  JPM | 4 | 0 | 0 | 4 | (1378) | 0 | 0 | (1378) | (1374) | 1273 | (101) |
|  MBC | 129 | 0 | 0 | 129 | (62) | 0 | 0 | (62) | 67 | (110) | (43) |
|  MYC | 0 | 48 | 0 | 48 | 0 | 0 | (240) | (240) | (192) | 0 | (192) |
|  MYI | 42 | 0 | 0 | 42 | (44) | 0 | 0 | (44) | (2) | 0 | (2) |
|  NGF | 0 | 502 | 0 | 502 | 0 | 0 | 0 | 0 | 502 | (410) | 92 |
|  RBC | 0 | 0 | 0 | 0 | 0 | 0 | (773) | (773) | (773) | (5090) | (5863) |
|  SCX | 115 | 0 | 0 | 115 | (116) | 0 | 0 | (116) | (1) | 0 | (1) |
|  SOG | 134 | 0 | 0 | 134 | (155) | 0 | 0 | (155) | (21) | 0 | (21) |
|  SSB | 45 | 0 | 0 | 45 | 0 | 0 | 0 | 0 | 45 | 0 | 45 |
|  TOR | 0 | 0 | 60702 | 60702 | 0 | 0 | 0 | 0 | 60702 | (57530) | 3172 |
|  UAG | 1 | 0 | 0 | 1 | (42) | 0 | 0 | (42) | (41) | 0 | (41) |
|  Total Over the Counter | $1499 | $1458 | $91794 | $94751 | $(7755) | $0 | $(2899) | $(10654) |  |  |  |

---

160 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

(k) Securities with an aggregate market value of $5,640 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> 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>(8)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 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 | $2654 | $0 | $1278 | $3932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 137 | 137 |
|  | $0 | $0 | $2654 | $0 | $1415 | $4069 |
|  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 | $1499 | $0 | $1499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 1458 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7789 | 84005 | 0 | 0 | 91794 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94751 |
|  | $0 | $7789 | $86659 | $1499 | $2873 | $98820 |
|  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 | $476 | $476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 419 | 420 |
|  | $0 | $1 | $0 | $0 | $895 | $896 |
|  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 | $7755 | $0 | $7755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 240 | 2659 | 0 | 0 | 2899 |
|  | $0 | $240 | $2659 | $7755 | $0 | $10654 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $241 | $2659 | $7755 | $895 | $11550 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **161** |

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------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Fund (Cont.) September 30, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 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 | $80669 | $0 | $(3922) | $76747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (552) | 0 | 0 | 3383 | 2831 |
|  | $0 | $(552) | $80669 | $0 | $(539) | $79578 |
|  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 | $(11916) | $0 | $(11916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2781 | 205125 | 0 | 0 | 207906 |
|  | $0 | $2781 | $205125 | $(11916) | $0 | $195990 |
|  | $0 | $2229 | $285794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11916) | $(539) | $275568 |
|  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 | $15513 | $0 | $(636) | $14877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 251 | 0 | 0 | (462) | (211) |
|  | $0 | $251 | $15513 | $0 | $(1098) | $14666 |
|  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 | $(3892) | $0 | $(3892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (418) | (418) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 864 | 109803 | 0 | 0 | 110667 |
|  | $0 | $864 | $109803 | $(3892) | $(418) | $106357 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125316 | $(3892) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1516) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121023 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $4090 | $0 | $4090 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 286329 | 0 | 286329 |
| &nbsp;&nbsp; Industrials | 0 | 176343 | 6700 | 183043 |
| &nbsp;&nbsp; Utilities | 0 | 16319 | 0 | 16319 |
|  U.S. Government Agencies | 0 | 1243065 | 0 | 1243065 |
|  U.S. Treasury Obligations | 0 | 54919 | 0 | 54919 |
|  Non-Agency Mortgage-Backed Securities | 0 | 182804 | 0 | 182804 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 23090 | 0 | 23090 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 176135 | 0 | 176135 |
| &nbsp;&nbsp; CMBS Other | 0 | 28931 | 0 | 28931 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 17730 | 0 | 17730 |
| &nbsp;&nbsp; Credit Card Other | 0 | 11356 | 0 | 11356 |
| &nbsp;&nbsp; Home Equity Other | 0 | 43801 | 0 | 43801 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 24632 | 0 | 24632 |
| &nbsp;&nbsp; Other ABS | 0 | 313374 | 0 | 313374 |
|  Sovereign Issues | 0 | 107773 | 0 | 107773 |
|  Exchange-Traded Funds | 121746 | 0 | 0 | 121746 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 172584 | 0 | 172584 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 308702 | 0 | 308702 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 4144 | 0 | 4144 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 1943 | 0 | 1943 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 3208 | 0 | 3208 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3201272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329718 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  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 | $134878 | $0 | $0 | $134878 |
|  Total Investments | $256624 | $3201272 | $6700 | $3464596 |
|  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 | $(107536) | $0 | $(107536) |
|  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 | 3434 | 635 | 0 | 4069 |
|  Over the counter | 0 | 94751 | 0 | 94751 |
|  | $3434 | $95386 | $0 | $98820 |
|  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 | (8) | (888) | 0 | (896) |
|  Over the counter | 0 | (10654) | 0 | (10654) |
|  | $(8) | $(11542) | $0 | $(11550) |
|  Total Financial Derivative Instruments | $3426 | $83844 | $0 | $87270 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3444330 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **162** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

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------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 157.0% | INVESTMENTS IN SECURITIES 157.0% | INVESTMENTS IN SECURITIES 157.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  3.803% (EUR003M + 1.700%) due 08/23/2027 ~ | 4400 | 5142 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  4.804% (EUR006M + 2.450%) due 04/01/2027 «~ | 2900 | 3431 |
|  Project Nova | Project Nova | Project Nova |
|  7.250% (PRIME) due 08/31/2026 «~ | 700 | 700 |
|  Total Loan Participations and Assignments (Cost $8,433) | Total Loan Participations and Assignments (Cost $8,433) | 9273 |
| CORPORATE BONDS & NOTES 5.2% | CORPORATE BONDS & NOTES 5.2% | CORPORATE BONDS & NOTES 5.2% |
| BANKING & FINANCE 3.4% | BANKING & FINANCE 3.4% | BANKING & FINANCE 3.4% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  3.300% due 01/30/2032 | 1000 | 921 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.450% due 09/09/2028 | 8600 | 8669 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 13000 | 13215 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 9300 | 9710 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.501% due 08/09/2028 •  | 200 | 204 |
|  7.437% due 11/02/2033 •  | 4400 | 5050 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 | 3900 | 3996 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 2300 | 702 |
|  Credit Suisse AG AT1 Claim | 11100 | 1443 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 600 | 624 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 2000 | 2343 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 200 | 190 |
|  3.375% due 11/13/2025 | 500 | 499 |
|  3.815% due 11/02/2027 | 200 | 195 |
|  4.125% due 08/17/2027 | 600 | 590 |
|  4.271% due 01/09/2027 | 200 | 198 |
|  4.542% due 08/01/2026 | 400 | 400 |
|  5.800% due 03/05/2027 | 1800 | 1819 |
|  5.800% due 03/08/2029 | 1300 | 1320 |
|  6.950% due 06/10/2026 | 200 | 203 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.625% due 09/15/2034 | 600 | 608 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.016% due 10/23/2035 •  | 2100 | 2115 |
|  5.330% due 07/23/2035 •  | 1700 | 1751 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 2000 | 2034 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 600 | 558 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.298% (SOFRRATE + 0.970%) due 01/14/2028 ~ | 400 | 402 |
|  5.350% due 01/13/2030 | 1500 | 1553 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.946% due 10/22/2035 •  | 1900 | 1917 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1500 | 1761 |
|  Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. |
|  11.154% (T-BILL 3MO + 7.250%) due 07/22/2031 ~ | 400 | 400 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.711% due 07/08/2031 •  | 4000 | 4049 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.320% due 07/19/2035 •  | 400 | 413 |
|  5.656% due 04/18/2030 •  | 1100 | 1149 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  5.350% due 02/01/2033 | 200 | 198 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.679% due 07/16/2030 | 1900 | 1747 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (c) | 3990 | 3007 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.969% due 08/02/2030 •  | 1100 | 1126 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.840% due 04/15/2027 | 2000 | 1911 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  2.691% due 09/15/2031 | 4600 | 3946 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.660% due 07/08/2031 •  | 4300 | 4350 |
|  5.558% due 07/09/2034 | 1100 | 1161 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.751% due 05/12/2028 •  | 6800 | 6860 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.125% due 11/15/2031 | 1000 | 1015 |
|  5.625% due 04/01/2035 | 1000 | 1025 |
|  5.750% due 04/01/2034 | 200 | 208 |
|  Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. |
|  7.654% (MSMMUSTF + 3.750%) due 01/08/2030 ~ | 250 | 251 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 2595 | 2523 |
|  5.150% due 04/23/2031 •  | 10500 | 10832 |
|  |  | 111161 |
| INDUSTRIALS 1.5% | INDUSTRIALS 1.5% | INDUSTRIALS 1.5% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 | 2000 | 1936 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.250% due 01/21/2029 | 200 | 210 |
|  6.375% due 11/21/2030 | 400 | 428 |
|  6.500% due 11/21/2033 | 200 | 216 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 32400 | 32400 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 1100 | 1066 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.750% due 03/30/2032 | 100 | 104 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.200% due 03/01/2035 | 900 | 920 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.876% due 07/16/2030 | 400 | 407 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 4700 | 3479 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 2200 | 1748 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 966 | 997 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 | 2360 | 2401 |
|  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 | 2229 |
|  |  | 48541 |
| UTILITIES 0.3% | UTILITIES 0.3% | UTILITIES 0.3% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 | 1000 | 965 |
|  6.150% due 03/01/2055 | 800 | 805 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 2000 | 1706 |
|  5.150% due 06/01/2029 | 3600 | 3664 |
|  5.350% due 03/01/2026 | 2300 | 2309 |
|  5.850% due 11/01/2027 | 914 | 938 |
|  |  | 10387 |
|  Total Corporate Bonds & Notes (Cost $166,367) | Total Corporate Bonds & Notes (Cost $166,367) | 170089 |

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---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 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 | 1423 |
|  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 | 560 | 501 |
|  |  | 1924 |
| 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 | 2500 | 2727 |
| 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 | 105 |
|  Total Municipal Bonds & Notes (Cost $4,472) | Total Municipal Bonds & Notes (Cost $4,472) | 4756 |
| U.S. GOVERNMENT AGENCIES 95.5% | U.S. GOVERNMENT AGENCIES 95.5% | U.S. GOVERNMENT AGENCIES 95.5% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 01/01/2048 | 34 | 33 |
|  4.500% due 06/01/2052 | 15 | 14 |
|  5.000% due 02/01/2053 - 09/01/2055 | 22584 | 22471 |
|  5.500% due 07/01/2054 - 09/01/2055 | 221797 | 224782 |
|  6.191% due 09/01/2035 •  | 6 | 6 |
|  6.500% due 11/01/2053 - 03/01/2055 | 51563 | 54311 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 9400 | 8944 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.887% due 11/15/2043 •  | 528 | 524 |
|  5.250% due 10/25/2055 •  | 5600 | 5609 |
|  5.296% due 11/25/2054 •  | 11475 | 11494 |
|  5.306% due 09/25/2055 •  | 24710 | 24999 |
|  5.456% due 07/25/2055 - 09/25/2055 •  | 33043 | 33120 |
|  5.506% due 03/25/2055 - 09/25/2055 •  | 14856 | 14933 |
|  5.556% due 02/25/2055 - 08/25/2055 •  | 45946 | 46181 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.353% due 10/25/2044 •  | 13 | 12 |
|  5.553% due 07/25/2044 •  | 57 | 55 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 12/01/2026 - 12/01/2032 | 4855 | 4710 |
|  3.500% due 04/01/2048 | 1395 | 1299 |
|  4.000% due 10/01/2030 | 17 | 17 |
|  4.202% due 10/01/2029 ~ | 13952 | 14027 |
|  4.300% due 12/01/2029 | 9321 | 9406 |
|  4.500% due 02/01/2051 - 09/01/2053 | 6233 | 6076 |
|  4.540% due 07/01/2030 | 2971 | 3017 |
|  4.580% due 06/01/2030 | 9895 | 10075 |
|  4.620% due 08/01/2030 | 7932 | 8081 |
|  4.705% due 09/01/2031 ~ | 25571 | 26074 |
|  4.710% due 08/01/2030 | 6045 | 6199 |
|  4.720% due 10/01/2028 - 08/01/2030 | 9378 | 9572 |
|  4.770% due 10/01/2028 | 3996 | 4084 |
|  4.850% due 05/01/2029 | 2326 | 2375 |
|  4.860% due 08/01/2030 | 4388 | 4537 |
|  4.930% due 06/01/2029 | 6254 | 6425 |
|  5.000% due 05/01/2053 - 06/01/2055 | 21630 | 21477 |
|  5.300% due 11/01/2030 | 12480 | 13086 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **163** |

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------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 09/01/2027 - 11/01/2054 | 28177 | 28741 |
|  5.820% due 08/01/2035 •  | 56 | 57 |
|  6.000% due 11/01/2053 | 3642 | 3775 |
|  6.499% due 02/01/2034 •  | 3 | 3 |
|  6.500% due 12/01/2053 - 11/01/2054 | 80650 | 84789 |
|  6.526% due 11/01/2034 •  | 15 | 16 |
|  6.534% due 10/01/2035 •  | 26 | 27 |
|  6.675% due 02/01/2035 •  | 9 | 9 |
|  6.703% due 07/01/2035 •  | 6 | 6 |
|  7.175% due 10/01/2035 •  | 13 | 13 |
|  Federal National Mortgage Association - BAML | Federal National Mortgage Association - BAML | Federal National Mortgage Association - BAML |
|  4.065% due 11/01/2055 «(a) | 40370 | 40113 |
|  4.300% due 11/01/2055 «(a) | 16980 | 16936 |
|  4.440% due 10/01/2055 «(a) | 5000 | 5014 |
|  Federal National Mortgage Association - Hart Smith 10y | Federal National Mortgage Association - Hart Smith 10y | Federal National Mortgage Association - Hart Smith 10y |
|  4.960% due 10/01/2035 «(a) | 1018 | 1039 |
|  Federal National Mortgage Association - Village | Federal National Mortgage Association - Village | Federal National Mortgage Association - Village |
|  4.460% due 10/01/2030 «(a) | 7425 | 7439 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.593% due 03/25/2036 •  | 24 | 24 |
|  5.256% due 09/25/2055 •  | 12926 | 12961 |
|  5.306% due 11/25/2054 •  | 8945 | 8948 |
|  5.400% due 10/25/2055 •  | 9000 | 9021 |
|  5.456% due 07/25/2055 •  | 1330 | 1333 |
|  5.506% due 09/25/2055 •  | 35043 | 35167 |
|  5.556% due 08/25/2055 •  | 20363 | 20470 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 09/25/2042 •  | 51 | 51 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 02/15/2045 - 03/15/2045 | 1331 | 1245 |
|  4.000% due 06/20/2054 - 09/20/2055 | 12480 | 11742 |
|  5.170% due 09/20/2055 •  | 27403 | 27414 |
|  6.000% due 02/20/2055 | 645 | 654 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.920% due 10/01/2055 « | 7600 | 7600 |
|  4.986% due 08/20/2062 •  | 120 | 120 |
|  5.510% due 09/20/2055 •  | 15300 | 15333 |
|  5.539% due 06/20/2055 - 07/20/2055 •  | 15456 | 15511 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 | 101230 | 95178 |
|  4.500% due 11/01/2055 | 49740 | 48216 |
|  5.000% due 10/01/2055 - 11/01/2055 | 96130 | 95539 |
|  5.500% due 10/01/2055 - 11/01/2055 | 47610 | 47947 |
|  6.000% due 10/01/2055 - 11/01/2055 | 46990 | 47795 |
|  U.S. International Development Finance Corp. | U.S. International Development Finance Corp. | U.S. International Development Finance Corp. |
|  4.140% due 05/15/2030 | 486 | 486 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 11/01/2055 | 113750 | 107194 |
|  4.500% due 11/01/2055 | 155560 | 150829 |
|  5.000% due 11/01/2055 | 227895 | 225887 |
|  6.000% due 10/01/2055 - 11/01/2055 | 657960 | 672087 |
|  6.500% due 11/01/2055 | 653750 | 676060 |
|  Total U.S. Government Agencies (Cost $3,120,055) | Total U.S. Government Agencies (Cost $3,120,055) | 3120814 |
| U.S. TREASURY OBLIGATIONS 6.6% | U.S. TREASURY OBLIGATIONS 6.6% | U.S. TREASURY OBLIGATIONS 6.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.000% due 08/15/2048 (i) | 874 | 658 |
|  4.625% due 05/15/2044 (i) | 32400 | 32171 |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.625% due 02/15/2043 (g) | 1775 | 1349 |
|  0.750% due 02/15/2045 | 2881 | 2150 |
|  1.000% due 02/15/2046 (g) | 7605 | 5870 |
|  1.000% due 02/15/2048 | 504 | 379 |
|  0.625% due 07/15/2032 (g) | 10451 | 9895 |
|  1.875% due 07/15/2034 | 71754 | 72826 |
|  2.125% due 04/15/2029 (g) | 32062 | 33103 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.000% due 10/31/2025 (g)(i) | 15086 | 15072 |
|  3.875% due 07/31/2030 | 41600 | 41856 |
|  Total U.S. Treasury Obligations (Cost $218,332) | Total U.S. Treasury Obligations (Cost $218,332) | 215329 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.4% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.462% due 05/25/2046 •  | 249 | 221 |
|  4.482% due 10/25/2046 •  | 134 | 67 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  4.800% due 11/26/2068 þ | 4875 | 4853 |
|  5.985% due 01/25/2069 þ | 2239 | 2264 |
|  ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2064 þ | 3707 | 3601 |
|  Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  | 5739 | 7736 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.630% due 10/20/2036 •  | 157 | 122 |
|  4.971% due 01/20/2047 ~ | 7 | 6 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.126% due 08/25/2036 ~ | 300 | 200 |
|  5.166% due 07/25/2035 ~ | 1428 | 892 |
|  5.425% due 05/25/2035 ~ | 21 | 20 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  5.439% due 08/15/2058 ~ | 6300 | 6556 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  3.000% due 02/25/2061 ~ | 1973 | 1855 |
|  4.441% due 08/25/2057 ~ | 4441 | 4331 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ | 5026 | 4570 |
|  3.250% due 09/25/2063 ~ | 4382 | 3977 |
|  3.250% due 03/25/2064 ~ | 4045 | 3639 |
|  5.606% due 05/25/2055 •  | 4142 | 4137 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.852% due 04/25/2035 •  | 29 | 28 |
|  4.912% due 03/25/2035 •  | 20 | 20 |
|  CIM Trust | CIM Trust | CIM Trust |
|  4.750% due 06/25/2064 ~ | 2702 | 2685 |
|  5.500% due 08/25/2064 ~ | 7703 | 7775 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.487% due 09/25/2037 ~ | 1260 | 1166 |
|  4.592% due 01/25/2037 •  | 2380 | 2090 |
|  5.706% due 07/25/2054 •  | 2207 | 2219 |
|  9.170% due 09/25/2062 þ | 6724 | 6745 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  6.393% due 06/25/2069 þ | 2795 | 2837 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.182% due 06/25/2037 ~ | 161 | 130 |
|  4.670% due 03/20/2046 •  | 347 | 324 |
|  4.670% due 07/20/2046 •  | 189 | 161 |
|  4.692% due 05/25/2036 •  | 492 | 466 |
|  4.822% due 05/25/2035 •  | 711 | 533 |
|  6.203% due 10/20/2035 •  | 130 | 94 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.683% due 06/25/2033 ~ | 9 | 9 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  6.093% due 04/25/2069 þ | 2148 | 2173 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  2.000% due 01/25/2060 ~ | 5638 | 5024 |
|  3.904% due 04/25/2062 ~ | 1458 | 1408 |
|  4.209% due 07/27/2061 ~ | 2811 | 2801 |
|  CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates |
|  4.572% due 01/27/2037 •  | 637 | 426 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.772% due 02/25/2035 •  | 117 | 116 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.988% due 08/19/2045 •  | 95 | 85 |
|  5.104% due 07/19/2044 ~ | 7 | 7 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.640% due 03/25/2035 ~ | 26 | 15 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  6.085% due 06/25/2059 þ | 1939 | 1963 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.632% due 01/25/2037 •  | 3625 | 3349 |
|  GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust |
|  4.887% due 12/26/2036 •  | 2085 | 1516 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.191% due 09/25/2035 ~ | 9 | 8 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.468% due 07/19/2047 •  | 4062 | 3998 |
|  4.728% due 12/19/2036 •  | 3668 | 3487 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.682% due 04/25/2037 ~ | 192 | 173 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.422% due 03/25/2047 •  | 10600 | 6625 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.572% due 06/25/2037 •  | 147 | 50 |
|  4.580% due 12/25/2034 ~ | 4 | 4 |
|  4.692% due 05/25/2046 •  | 334 | 306 |
|  5.052% 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 | 1742 | 844 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.648% due 12/15/2031 •  | 910 | 906 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.583% due 02/25/2035 ~ | 4 | 4 |
|  6.000% due 01/25/2036 | 250 | 111 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.672% due 09/25/2046 •  | 4714 | 4602 |
|  Lugo Funding DAC | Lugo Funding DAC | Lugo Funding DAC |
|  3.026% due 05/26/2066 •  | 7400 | 8706 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.953% due 12/25/2046 •  | 4976 | 4111 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.652% due 07/25/2047 •  | 1874 | 1671 |
|  Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC |
|  3.008% due 03/24/2081 •  | 8562 | 10072 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.131% due 07/25/2060 ~ | 3227 | 2963 |
|  4.400% due 03/25/2068 þ | 3012 | 2987 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 08/25/2059 ~ | 982 | 956 |
|  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 | 909 | 888 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 2257 | 2183 |
|  6.864% due 10/25/2063 þ | 5844 | 5930 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  3.750% due 11/25/2069 ~ | 3721 | 3574 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.688% due 04/25/2053 ~ | 4438 | 4373 |
|  5.441% due 05/25/2065 þ | 6251 | 6309 |
|  5.949% due 02/25/2063 þ | 2842 | 2850 |
|  6.030% due 01/25/2064 þ | 2885 | 2922 |
|  6.113% due 03/25/2063 þ | 1993 | 2001 |
|  6.233% due 05/25/2064 þ | 1849 | 1876 |
|  6.567% due 06/25/2063 þ | 2233 | 2251 |
|  PRET Trust | PRET Trust | PRET Trust |
|  3.900% due 10/25/2063 ~ | 639 | 619 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.333% due 03/25/2059 þ | 2048 | 2074 |
|  6.431% due 05/25/2059 þ | 2461 | 2500 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  4.000% due 11/25/2054 þ | 1718 | 1682 |
|  4.200% due 12/25/2064 þ | 2085 | 2059 |
|  4.500% due 02/25/2055 þ | 2683 | 2666 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.168% due 11/25/2037 ~ | 3687 | 3082 |
|  4.572% due 02/25/2047 •  | 5359 | 4888 |
|  4.592% due 01/25/2037 •  | 3107 | 2807 |
|  4.612% due 01/25/2037 •  | 1792 | 1589 |
|  4.642% due 12/25/2036 •  | 49 | 42 |
|  5.000% due 09/25/2036 | 104 | 80 |
|  6.000% due 03/25/2037 | 1155 | 999 |
|  6.876% due 09/25/2034 ~ | 1030 | 1034 |

---

---

| | | |
|:---|:---|:---|
| **164** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.472% due 06/25/2055 þ | $| 6323 | 6391 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.622% due 10/25/2048 •  |  | 3 | 3 |
|  5.500% due 09/25/2035 |  | 2563 | 1104 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.442% due 11/25/2063 ~ |  | 5854 | 5898 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.137% due 06/20/2060 •  | GBP | 1613 | 2173 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.553% due 01/25/2035 •  | $| 39 | 36 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.392% due 08/25/2036 •  |  | 3715 | 3297 |
|  4.652% due 07/25/2046 •  |  | 1297 | 1042 |
|  4.712% due 05/25/2036 •  |  | 54 | 44 |
|  4.712% due 05/25/2046 •  |  | 313 | 107 |
|  4.748% due 07/19/2035 •  |  | 16 | 16 |
|  4.832% due 02/25/2036 •  |  | 72 | 61 |
|  6.226% due 02/25/2036 •  |  | 300 | 257 |
|  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 |
|  6.555% due 06/25/2033 ~ |  | 2 | 2 |
|  Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC |
|  4.836% due 05/17/2031 •  | GBP | 695 | 934 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  |  | 4758 | 6416 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.272% due 10/25/2059 •  | $| 909 | 910 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ | GBP | 2276 | 3069 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.218% due 09/25/2069 ~ | $| 1676 | 1678 |
|  5.417% due 07/25/2070 þ |  | 6606 | 6662 |
|  5.811% due 05/25/2068 þ |  | 835 | 838 |
|  6.116% due 03/25/2069 þ |  | 6198 | 6275 |
|  6.192% due 06/25/2069 þ |  | 2814 | 2855 |
|  6.218% due 06/25/2069 þ |  | 1154 | 1170 |
|  6.665% due 09/25/2068 þ |  | 3245 | 3285 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.852% due 10/25/2045 •  |  | 224 | 222 |
|  4.852% due 12/25/2045 •  |  | 4785 | 4398 |
|  4.892% due 01/25/2045 •  |  | 9 | 9 |
|  4.912% due 01/25/2045 •  |  | 14 | 14 |
|  5.153% due 02/25/2046 •  |  | 3187 | 2932 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  4.983% due 11/25/2046 •  |  | 1646 | 1404 |
|  5.003% due 10/25/2046 •  |  | 2628 | 2302 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $271,423) | Total Non-Agency Mortgage-Backed Securities (Cost $271,423) | Total Non-Agency Mortgage-Backed Securities (Cost $271,423) | 274880 |
| ASSET-BACKED SECURITIES 20.2% | ASSET-BACKED SECURITIES 20.2% | ASSET-BACKED SECURITIES 20.2% | ASSET-BACKED SECURITIES 20.2% |
| 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 |
|  3.160% due 06/12/2028 |  | 7491 | 7280 |
|  5.050% due 05/12/2031 |  | 4363 | 4393 |
|  |  |  | 11673 |
| AUTOMOBILE SEQUENTIAL 1.6% | AUTOMOBILE SEQUENTIAL 1.6% | AUTOMOBILE SEQUENTIAL 1.6% | AUTOMOBILE SEQUENTIAL 1.6% |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  5.750% due 02/18/2028 |  | 890 | 892 |
|  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 | 4421 |
|  6.120% due 04/20/2027 |  | 10800 | 10867 |
|  Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust |
|  5.660% due 03/15/2028 |  | 1002 | 1006 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  5.350% due 11/15/2028 |  | 500 | 505 |
|  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 |  | 95 | 95 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.980% due 12/10/2027 |  | 683 | 686 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.650% due 12/15/2027 | 1120 | 1121 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  4.940% due 11/15/2030 | 1532 | 1531 |
|  FHF Trust | FHF Trust | FHF Trust |
|  4.430% due 01/18/2028 | 136 | 136 |
|  6.570% due 06/15/2028 | 1382 | 1393 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 | 986 | 991 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.240% due 03/15/2030 | 273 | 275 |
|  5.960% due 10/16/2028 | 2778 | 2804 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.440% due 01/25/2029 | 12400 | 12667 |
|  5.490% due 06/25/2027 | 1500 | 1509 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.590% due 02/17/2032 | 233 | 234 |
|  Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV |
|  2.650% due 03/25/2030 | 450 | 445 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 | 416 | 418 |
|  Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII |
|  5.380% due 11/25/2030 | 200 | 200 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.250% due 04/17/2028 | 237 | 237 |
|  5.630% due 01/16/2029 | 4481 | 4505 |
|  5.930% due 07/17/2028 | 1530 | 1536 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  6.520% due 04/20/2028 | 1500 | 1520 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.950% due 05/21/2029 | 450 | 453 |
|  5.710% due 10/20/2027 | 242 | 242 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.440% due 05/17/2027 | 726 | 727 |
|  |  | 51416 |
| CMBS OTHER 1.1% | CMBS OTHER 1.1% | CMBS OTHER 1.1% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.385% due 06/17/2039 •  | 6305 | 6316 |
|  6.937% due 06/17/2039 •  | 7461 | 7474 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.584% due 02/17/2039 •  | 1451 | 1453 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.931% due 01/17/2037 •  | 624 | 626 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  6.500% due 11/22/2038 •  | 3100 | 3049 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.871% due 03/19/2039 •  | 1000 | 1005 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.884% due 02/19/2037 •  | 7000 | 7002 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  6.172% due 11/15/2038 •  | 10800 | 10781 |
|  |  | 37706 |
| HOME EQUITY OTHER 6.1% | HOME EQUITY OTHER 6.1% | HOME EQUITY OTHER 6.1% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  6.297% due 01/25/2035 •  | 503 | 492 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.592% due 03/25/2037 •  | 3466 | 1488 |
|  4.752% due 12/25/2036 •  | 9649 | 5108 |
|  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 |
|  4.977% due 10/25/2035 •  | 5930 | 5736 |
|  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 |
|  5.397% due 11/25/2034 •  | 2887 | 2807 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.752% due 05/25/2035 •  | 1606 | 1464 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.367% due 02/25/2035 •  | 280 | 283 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.947% due 08/25/2036 •  | 120 | 120 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.552% due 03/25/2037 •  | 1639 | 1508 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.472% due 06/25/2047 •  | 1894 | 1684 |
|  4.522% due 06/25/2047 •  | 1280 | 1244 |
|  4.552% due 06/25/2035 •  | 2430 | 2229 |
|  4.632% due 11/25/2047 •  | 929 | 874 |
|  4.692% due 05/25/2047 •  | 2866 | 2677 |
|  4.712% due 09/25/2037 •  | 341 | 362 |
|  5.307% due 12/25/2035 •  | 4948 | 4925 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.542% due 10/25/2036 •  | 1624 | 1484 |
|  4.932% due 01/25/2036 •  | 133 | 129 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.352% due 08/25/2036 •  | 5 | 2 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  5.337% due 06/25/2035 •  | 1007 | 1004 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.452% due 11/25/2035 •  | 44 | 3 |
|  4.752% due 03/25/2046 •  | 791 | 785 |
|  4.772% due 05/25/2046 •  | 7538 | 7276 |
|  6.072% due 06/25/2035 •  | 5655 | 5542 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.612% due 04/25/2037 •  | 10740 | 9643 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.412% due 12/25/2036 •  | 7469 | 6483 |
|  4.472% due 07/25/2036 •  | 3571 | 1545 |
|  4.737% due 03/25/2036 •  | 10965 | 9931 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  3.908% due 07/25/2036 •  | 7512 | 7208 |
|  4.677% due 05/25/2036 •  | 681 | 680 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.612% due 12/25/2036 •  | 8479 | 2913 |
|  4.792% due 08/25/2045 •  | 547 | 540 |
|  5.187% due 08/25/2035 •  | 1800 | 1648 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.492% due 11/25/2036 •  | 15954 | 4702 |
|  5.022% due 10/25/2035 •  | 6992 | 6820 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.492% due 07/25/2037 •  | 11750 | 4543 |
|  4.492% due 08/25/2037 •  | 4246 | 2090 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.402% due 10/25/2036 •  | 575 | 514 |
|  4.402% due 02/25/2037 •  | 2273 | 2034 |
|  4.592% due 09/25/2036 •  | 820 | 354 |
|  4.842% due 12/25/2035 •  | 3684 | 3237 |
|  4.977% due 12/25/2034 •  | 615 | 606 |
|  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 |
|  4.767% due 03/25/2036 •  | 3712 | 3488 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.812% due 01/25/2036 •  | 6812 | 6452 |
|  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 |
|  5.322% due 10/25/2034 •  | 464 | 460 |
|  6.072% due 09/25/2034 •  | 3625 | 3526 |
|  6.072% due 12/25/2034 •  | 513 | 508 |
|  6.447% due 09/25/2034 •  | 15000 | 13809 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.025% due 02/25/2044 ~ | 601 | 607 |
|  6.147% due 06/25/2044 þ | 1618 | 1641 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.612% due 04/25/2037 þ | 12593 | 3228 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.712% due 12/25/2035 •  | 433 | 398 |
|  4.962% due 10/25/2035 •  | 176 | 175 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.542% due 08/25/2036 •  | 7503 | 7441 |
|  4.977% due 11/25/2035 •  | 3350 | 3279 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  2.825% due 01/25/2036 þ | 5882 | 5064 |
|  4.752% due 07/25/2036 •  | 5086 | 2008 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.632% due 02/25/2037 •  | 596 | 159 |
|  4.737% due 02/25/2036 •  | 3257 | 3094 |
|  4.872% due 01/25/2037 •  | 11106 | 10818 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **165** |

---

------

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)** |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.422% due 09/25/2036 •  | 39 | 39 |
|  4.532% due 07/25/2036 •  | 799 | 597 |
|  5.202% due 06/25/2035 •  | 6218 | 6030 |
|  5.222% due 08/25/2033 •  | 3620 | 3590 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.432% due 03/25/2036 •  | 222 | 217 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  6.125% due 02/25/2064 ~ | 1231 | 1245 |
|  6.290% due 05/25/2064 ~ | 3193 | 3236 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.497% due 05/25/2037 •  | 2759 | 2606 |
|  |  | 198432 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.532% due 03/25/2037 •  | 100 | 99 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.612% due 12/25/2036 •  | 36 | 36 |
|  |  | 135 |
| WHOLE LOAN COLLATERAL 0.8% | WHOLE LOAN COLLATERAL 0.8% | WHOLE LOAN COLLATERAL 0.8% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  6.147% due 10/25/2036 ~ | 79 | 80 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.692% due 08/25/2036 •  | 8281 | 8204 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.592% due 05/25/2036 •  | 1810 | 1587 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.391% due 08/25/2055 þ | 2964 | 2968 |
|  5.744% due 07/25/2051 þ | 990 | 990 |
|  5.843% due 09/25/2051 þ | 3257 | 3261 |
|  5.925% due 10/25/2054 þ | 5806 | 5817 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.612% due 08/25/2036 •  | 560 | 183 |
|  4.932% due 08/25/2035 •  | 1021 | 777 |
|  5.322% due 03/25/2035 •  | 1033 | 1035 |
|  |  | 24902 |
| OTHER ABS 10.3% | OTHER ABS 10.3% | OTHER ABS 10.3% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  | 3700 | 3704 |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  5.608% due 07/15/2034 •  | 1500 | 1502 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  5.040% due 04/26/2032 | 340 | 341 |
|  AlbaCore Euro CLO I DAC | AlbaCore Euro CLO I DAC | AlbaCore Euro CLO I DAC |
|  3.101% due 10/18/2034 •  | 8400 | 9874 |
|  AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC |
|  3.269% due 07/15/2035 •  | 2600 | 3056 |
|  Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. |
|  3.619% due 04/25/2038 | 4000 | 3932 |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 | 1200 | 1166 |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 | 800 | 769 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 700 | 670 |
|  Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. |
|  2.723% due 04/27/2039 | 1100 | 1058 |
|  Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. |
|  3.793% due 10/25/2037 | 1638 | 1623 |
|  ARES European CLO XII DAC | ARES European CLO XII DAC | ARES European CLO XII DAC |
|  2.874% due 04/20/2032 •  | 4028 | 4734 |
|  Ares LXV CLO Ltd. | Ares LXV CLO Ltd. | Ares LXV CLO Ltd. |
|  5.658% due 07/25/2034 •  | 1500 | 1510 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  5.464% due 10/28/2034 •  | 5300 | 5309 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  5.539% due 10/23/2032 •  | 5220 | 5227 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Aurium CLO IV DAC | Aurium CLO IV DAC | Aurium CLO IV DAC |
|  2.982% due 01/16/2031 •  | 7289 | 8562 |
|  Avoca Static CLO I DAC | Avoca Static CLO I DAC | Avoca Static CLO I DAC |
|  2.996% due 01/15/2035 •  | 2501 | 2933 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.548% due 07/16/2034 •  | 5200 | 5207 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.870% due 07/17/2037 •  | 13400 | 13467 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  2.815% due 07/22/2032 •  | 5991 | 7040 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% 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 | 2237 |
|  2.726% due 01/15/2031 •  | 1769 | 2075 |
|  2.926% due 08/15/2032 •  | 2716 | 3192 |
|  3.221% due 08/15/2038 •  | 5800 | 6829 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  2.320% due 07/26/2055 | 4083 | 3806 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 152 | 152 |
|  Crown Point CLO 10 Ltd. | Crown Point CLO 10 Ltd. | Crown Point CLO 10 Ltd. |
|  6.287% due 07/20/2034 •  | 2150 | 2155 |
|  CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC |
|  3.144% due 10/23/2034 •  | 5018 | 5901 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  3.576% due 08/15/2033 •  | 3950 | 4645 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.928% due 04/15/2037 •  | 5000 | 5024 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  6.229% due 07/15/2031 •  | 3100 | 3112 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.435% due 04/20/2035 •  | 8700 | 8730 |
|  5.725% due 04/20/2035 •  | 4400 | 4425 |
|  5.825% due 04/20/2035 •  | 9400 | 9400 |
|  Griffith Park CLO DAC | Griffith Park CLO DAC | Griffith Park CLO DAC |
|  2.754% due 11/21/2031 •  | 2282 | 2681 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  2.666% due 10/15/2031 •  | 1002 | 1177 |
|  Henley CLO VII DAC | Henley CLO VII DAC | Henley CLO VII DAC |
|  2.929% due 04/25/2034 •  | 3200 | 3761 |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  5.454% due 12/31/2035 •  | 4900 | 4900 |
|  Invesco Euro CLO III DAC | Invesco Euro CLO III DAC | Invesco Euro CLO III DAC |
|  3.126% due 10/30/2038 •  | 3850 | 4525 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  5.588% due 07/25/2035 •  | 7200 | 7208 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  5.321% due 10/15/2034 •  | 6600 | 6600 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  5.605% due 07/20/2034 •  | 3000 | 3004 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  5.388% due 01/15/2034 •  | 4000 | 4013 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  3.250% due 04/15/2028 | 118 | 117 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  1.900% due 11/20/2031 | 6326 | 6128 |
|  Madison Park Euro Funding X DAC | Madison Park Euro Funding X DAC | Madison Park Euro Funding X DAC |
|  2.679% due 10/25/2030 •  | 1923 | 2259 |
|  Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. |
|  5.778% due 04/15/2034 •  | 3200 | 3205 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  0.000% due 06/22/2065 •  | 8900 | 8913 |
|  4.670% due 06/22/2065 | 11700 | 11671 |
|  6.589% due 02/20/2041 •  | 552 | 565 |
|  6.640% due 02/20/2041 | 502 | 521 |
|  Ocean Trails CLO 8 | Ocean Trails CLO 8 | Ocean Trails CLO 8 |
|  5.608% due 07/15/2034 •  | 6900 | 6910 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  6.319% due 08/15/2031 | 783 | 789 |
|  6.660% due 07/15/2031 | 123 | 124 |
|  8.491% due 06/16/2031 | 1330 | 1333 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  0.000% due 07/15/2035 «•(a) | 5500 | 6457 |
|  3.736% due 08/15/2033 •  | 2000 | 2353 |
|  3.870% due 10/15/2034 •  | 3000 | 3529 |
|  3.926% due 05/15/2034 •  | 1400 | 1648 |
|  Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
|  2.013% due 11/17/2040 | 2168 | 2031 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  6.300% due 02/18/2031 | 384 | 385 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.475% due 07/20/2035 •  | 6500 | 6525 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 7000 | 7019 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.015% due 10/15/2041 •  | 4162 | 4369 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.060% due 03/16/2054 | 2814 | 2856 |
|  5.924% due 11/15/2052 •  | 825 | 834 |
|  6.222% due 05/16/2050 •  | 1329 | 1350 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  2.540% due 05/15/2046 | 2227 | 2155 |
|  Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust |
|  5.360% due 07/15/2030 | 4000 | 4019 |
|  Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. |
|  5.509% due 04/18/2033 •  | 3490 | 3495 |
|  Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. |
|  5.261% due 10/23/2035 •  | 4600 | 4600 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  6.132% due 10/13/2032 •  | 5000 | 5011 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.484% due 08/16/2034 •  | 4500 | 4507 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  7.580% due 04/15/2029 | 40 | 40 |
|  Tikehau CLO IX DAC | Tikehau CLO IX DAC | Tikehau CLO IX DAC |
|  3.244% due 01/20/2037 •  | 4200 | 4944 |
|  Tralee CLO VI Ltd. | Tralee CLO VI Ltd. | Tralee CLO VI Ltd. |
|  5.538% due 10/25/2032 •  | 1234 | 1236 |
|  6.080% due 10/25/2032 •  | 2100 | 2107 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  0.000% due 01/25/2034 •(a) | 6500 | 6500 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  5.310% due 10/20/2034 •  | 6200 | 6200 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  4.300% due 05/20/2030 | 371 | 370 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 232 | 231 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 | 2885 | 2900 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.455% due 07/20/2032 •  | 3961 | 3964 |
|  5.975% due 07/20/2032 •  | 6600 | 6608 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.525% due 07/20/2032 •  | 3736 | 3738 |
|  Wise CLO Ltd. | Wise CLO Ltd. | Wise CLO Ltd. |
|  6.080% due 04/20/2038 •  | 3120 | 3134 |
|  |  | 336922 |
|  Total Asset-Backed Securities (Cost $665,372) | Total Asset-Backed Securities (Cost $665,372) | 661186 |
| SOVEREIGN ISSUES 9.7% | SOVEREIGN ISSUES 9.7% | SOVEREIGN ISSUES 9.7% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (c) | 349300 | 61310 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  8.375% due 11/07/2054 | 6500 | 6895 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 5700 | 4324 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 16100 | 16354 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (c) | 4502 | 3476 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 | 5100 | 5138 |

---

---

| | | |
|:---|:---|:---|
| **166** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | 2100000 | $— | 12374 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | 239800 |  | 13287 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (d) | 6926 |  | 343 |
|  3.000% due 12/03/2026 (d) | 10261 |  | 556 |
|  4.000% due 11/30/2028 (d) | 6926 |  | 377 |
|  4.000% due 08/24/2034 (d) | 44463 |  | 2326 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 22900 |  | 6976 |
|  7.300% due 08/12/2033 | 48900 |  | 15707 |
|  7.600% due 08/12/2039 | 3300 |  | 1041 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 54200 |  | 15120 |
|  6.150% due 08/12/2032 | 220800 |  | 67416 |
|  6.950% due 08/12/2031 | 7440 |  | 2373 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 494990 |  | 22752 |
|  7.000% due 02/28/2031 | 243600 |  | 13381 |
|  8.000% due 01/31/2030 | 96700 |  | 5620 |
|  8.250% due 03/31/2032 | 37900 |  | 2166 |
|  8.500% due 01/31/2037 | 51900 |  | 2769 |
|  8.875% due 02/28/2035 | 278800 |  | 15860 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 | 6723 |  | 8054 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.625% due 01/13/2035 | 5500 |  | 5868 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  40.854% (BISTREFI) due 09/06/2028 ~ | 106900 |  | 2507 |
|  42.493% (BISTREFI) due 05/20/2026 ~ | 1000 |  | 24 |
|  42.493% (BISTREFI) due 08/19/2026 ~ | 800 |  | 19 |
|  42.493% (BISTREFI) due 05/17/2028 ~ | 103000 |  | 2438 |
|  Total Sovereign Issues (Cost $298,982) | Total Sovereign Issues (Cost $298,982) |  | 316851 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 10.9% | SHORT-TERM INSTRUMENTS 10.9% | SHORT-TERM INSTRUMENTS 10.9% |
| COMMERCIAL PAPER 3.4% | COMMERCIAL PAPER 3.4% | COMMERCIAL PAPER 3.4% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.550% due 10/02/2025 | 2956 | 2955 |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  4.570% due 11/20/2025 | 3900 | 3876 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  4.550% due 10/08/2025 (a) | 3790 | 3786 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.450% due 10/22/2025 | 1600 | 1596 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.610% due 10/23/2025 | 10880 | 10848 |
|  4.620% due 10/21/2025 | 18500 | 18450 |
|  4.620% due 10/23/2025 | 1300 | 1296 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.360% due 10/16/2025 | 9200 | 9182 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.580% due 10/15/2025 | 5720 | 5709 |
|  4.600% due 10/23/2025 | 24860 | 24787 |
|  4.650% due 10/17/2025 | 3090 | 3083 |
|  4.750% due 10/09/2025 | 5340 | 5334 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.800% due 10/27/2025 | 10100 | 10066 |
|  4.800% due 11/14/2025 | 1300 | 1293 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.380% due 10/17/2025 | 8000 | 7982 |
|  |  | 110243 |
| REPURCHASE AGREEMENTS (e) 6.8% | REPURCHASE AGREEMENTS (e) 6.8% | REPURCHASE AGREEMENTS (e) 6.8% |
|  |  | 222500 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% |
|  4.217% due 10/02/2025 - 01/27/2026 (b)(c)(g)(i) | 23635 | $— | 23542 |
| Total Short-Term Instruments (Cost $356,295) | Total Short-Term Instruments (Cost $356,295) |  | 356285 |
| Total Investments in Securities (Cost $5,109,731) | Total Investments in Securities (Cost $5,109,731) |  | 5129463 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 19.9% | INVESTMENTS IN AFFILIATES 19.9% | INVESTMENTS IN AFFILIATES 19.9% | INVESTMENTS IN AFFILIATES 19.9% |
| SHORT-TERM INSTRUMENTS 19.9% | SHORT-TERM INSTRUMENTS 19.9% | SHORT-TERM INSTRUMENTS 19.9% | SHORT-TERM INSTRUMENTS 19.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.9% |
|  PIMCO Short<br>Asset Portfolio | 17245957 |  | 169200 |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 49369256 |  | 480807 |
| Total Short-Term Instruments (Cost $649,792) | Total Short-Term Instruments (Cost $649,792) |  | 650007 |
| Total Investments in Affiliates (Cost $649,792) | Total Investments in Affiliates (Cost $649,792) |  | 650007 |
| Total Investments 176.9% (Cost $5,759,523) | Total Investments 176.9% (Cost $5,759,523) | $— | 5779470 |
|  Financial Derivative<br>Instruments (f)(h) 4.3%<br> (Cost or Premiums, net $131,774) | Financial Derivative<br>Instruments (f)(h) 4.3%<br> (Cost or Premiums, net $131,774) |  | 141259 |
| Other Assets and Liabilities, net (81.2)% | Other Assets and Liabilities, net (81.2)% |  | (2653015) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 3267714 |

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

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

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| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

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• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

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

(c) Zero coupon security.

(d) Principal amount of security is adjusted for inflation.

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.290% | 09/30/2025 | 10/01/2025 | $143300 | U.S. Treasury Notes 2.000% - 4.500% due 11/15/2026 -05/15/2027 | $(146272) | $143300 | $143317 |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 7300 | U.S. Treasury Notes 3.500% due 09/30/2027 | (7444) | 7300 | 7301 |
|  | 4.450 | 09/30/2025 | 10/01/2025 | 50000 | U.S. Treasury Notes 3.875% due 05/31/2027 | (51017) | 50000 | 50006 |
| SAL | 4.230 | 09/30/2025 | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21900 | U.S. Treasury Notes 4.875% due 11/30/2025 | (22341) | 21900 | 21903 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227074) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222527 |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 167

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Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) (Cont.)

#### SHORT SALES:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% | U.S. Government Agencies (10.7)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $71120 | $(57318) | $(57342) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 10000 | (8286) | (8427) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 11/01/2055 | 90770 | (76569) | (76502) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 11/01/2055 | 8900 | (7908) | (7819) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183980 | (168708) | (168062) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 11/01/2055 | 31765 | (32050) | (32008) |
|  Total Short Sales (10.7)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350839) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350160) |

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#### 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 September 30, 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 | $200624 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200624 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204733) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4109) |
|  SAL | 21903 | 0 | 0 | 21903 | (22341) | (438) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222527 | $&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 September 30, 2025 was $(120) at a weighted average interest rate of (0.050%). 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:

#### FUTURE STYLED 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 |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.500 | 10/24/2025 | 1792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(614) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384) |

---

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 1792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | $(222) | $(200) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(836) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584) |

---

#### 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 |
|  30-Day Federal Fund February Futures  | 02/2026 | 781 | $313849 | $8 | $9 | $(1) |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 522 | 45932 | 156 | 206 | 0 |
|  Euro-Bund December Futures  | 12/2025 | 1 | 151 | 1 | 1 | 0 |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 1 | 134 | 3 | 1 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 1703 | 354903 | 316 | 186 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 5429 | 592821 | (683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 1189 | 136828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | 0 | (75) |
|  |  |  |  | $1146 | $615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) |

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168 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 December Futures  | 12/2025 | 189 | $(26321) | $76 | $0 | $(101) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 29 | (3263) | 29 | 1 | 0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 888 | (103535) | (2228) | 222 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 278 | (33377) | (150) | 156 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2273) | $379 | $(101) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(1127) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177) |

---

#### 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>September 30, 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>September 30, 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 | 0.222% | $700 | $4 | $(3) | $1 | $0 | $0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.326 | 8500 | 109 | (38) | 71 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.246 | 2600 | 15 | (9) | 6 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 | $2100 | 24 | 0 | 24 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 800 | 3 | (1) | 2 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.240 | 600 | 4 | (1) | 3 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | $&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-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $2760 | $(101) | $104 | $3 | $0 | $(1) |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 2484 | (92) | 103 | 11 | 0 | (1) |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 300 | (25) | 26 | 1 | 0 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 100 | (7) | 7 | 0 | 0 | 0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 900 | (43) | 42 | (1) | 0 | 0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 200 | (8) | 7 | (1) | 0 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 500 | (15) | 11 | (4) | 0 | 0 |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 400 | (9) | 0 | (9) | 0 | 0 |
|  CDX.HY-40 5-Year Index | 5.000 | Quarterly | 06/20/2028 | 294 | 0 | 21 | 21 | 1 | 0 |
|  CDX.HY-41 5-Year Index | 5.000 | Quarterly | 12/20/2028 | 99 | 7 | 1 | 8 | 0 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 10500 | 752 | 52 | 804 | 0 | (15) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 10400 | 496 | 348 | 844 | 4 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 7300 | 556 | 17 | 573 | 8 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 2270 | 49 | 3 | 52 | 0 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 479400 | 10122 | 902 | 11024 | 37 | (13) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 240900 | 5424 | 113 | 5537 | 39 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 251000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1545) | $95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1450) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 700 | (4) | 21 | 17 | 2 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 500 | (2) | 21 | 19 | 0 | (1) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 1400 | (4) | (28) | (32) | 4 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 29100 | (854) | 358 | (496) | 93 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 14760 | 697 | (252) | 445 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | $157050 | 707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1870) | (1163) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 142000 | (339) | 269 | (70) | 0 | (22) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 05/31/2028 | 19700 | 0 | (99) | (99) | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 2500 | 0 | (13) | (13) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 14720 | 0 | (92) | (92) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 500 | 0 | (5) | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 56000 | 757 | (437) | 320 | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 49600 | 450 | (1053) | (603) | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 85820 | 347 | (1206) | (859) | 0 | (48) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 4500 | (9) | (64) | (73) | 0 | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **169** |

---

------

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 | 3.000% | Annual | 03/19/2030 | $107950 | $5054 | $(2586) | $2468 | $0 | $(53) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 41600 | 1087 | (240) | 847 | 0 | (19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 105180 | (2088) | 375 | (1713) | 0 | (49) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 146260 | (2399) | (139) | (2538) | 0 | (61) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 44910 | 418 | (304) | 114 | 0 | (18) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 36200 | 105 | (523) | (418) | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 26500 | 3096 | (147) | 2949 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 41772 | (768) | 118 | (650) | 0 | (12) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 3100 | (82) | 32 | (50) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 109900 | 7184 | (2757) | 4427 | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 11600 | 870 | (731) | 139 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 430 | (2) | (5) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 22540 | 199 | (421) | (222) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 400 | (2) | 2 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 1100 | (4) | 16 | 12 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 550 | (3) | 19 | 16 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 1000 | (5) | 33 | 28 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 760 | (3) | 22 | 19 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 2800 | (11) | 52 | 41 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 2100 | (8) | 40 | 32 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 2700 | (12) | 35 | 23 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 1300 | (6) | 24 | 18 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 136100 | (856) | 194 | (662) | 0 | (8) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 900 | (3) | 29 | 26 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 2000 | (6) | 49 | 43 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 2000 | (5) | 32 | 27 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 1000 | (3) | 17 | 14 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 1300 | (4) | 27 | 23 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 2100 | (6) | 44 | 38 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 2000 | (5) | 42 | 37 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 2600 | (7) | 51 | 44 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 800 | (2) | 22 | 20 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 2500 | (7) | 78 | 71 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 1400 | (4) | 51 | 47 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 1200 | (3) | 46 | 43 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 2000 | (5) | 75 | 70 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 800 | (3) | (19) | (22) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 1100 | (4) | (16) | (20) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 2300 | (8) | (37) | (45) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 1000 | (4) | (12) | (16) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 2600 | (9) | (35) | (44) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 2200 | (7) | (35) | (42) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 2200 | (7) | (36) | (43) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 3200 | (9) | (73) | (82) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 3700 | (11) | (70) | (81) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 2600 | (8) | (38) | (46) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 3700 | (18) | 43 | 25 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 170210 | (26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1354) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 39940 | 1262 | 572 | 1834 | 78 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 | 23200 | 0 | 359 | 359 | 0 | (62) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 | 24140 | 0 | 403 | 403 | 0 | (65) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 29010 | 3456 | 2592 | 6048 | 82 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 101900 | 3155 | 5441 | 8596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 88670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7601) | 863 | (6738) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259) |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 13500 | 0 | (12) | (12) | 0 | (2) |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 154700 | 2 | (139) | (137) | 0 | (28) |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 26800 | 0 | (14) | (14) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 | 262900 | 0 | 51 | 51 | 29 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 94500 | (1) | (28) | (29) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 7500 | 0 | (1) | (1) | 1 | 0 |
| Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 02/28/2031 | 172500 | 0 | (48) | (48) | 0 | (11) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 51100 | (218) | 1139 | 921 | 134 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 70800 | 1426 | (335) | 1091 | 245 | 0 |
| Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 3100 | (2) | 1 | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 2100 | (3) | (19) | (22) | 0 | (3) |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 1900 | (4) | (1) | (5) | 0 | (3) |
| Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 | 1100 | (2) | 1 | (1) | 0 | (2) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 7990 | 34 | (10) | 24 | 14 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 | 1100 | (5) | (85) | (90) | 0 | (3) |
| Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 | 1300 | (5) | (87) | (92) | 0 | (4) |

---

---

| | | |
|:---|:---|:---|
| **170** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 6-Month EUR-EURIBOR | 3.280% | Annual | 11/22/2033 | 400 | $(2) | $(32) | $(34) | $0 | $(1) |
| Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 500 | (2) | (41) | (43) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 800 | (3) | (52) | (55) | 0 | (2) |
| Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 900 | (3) | (54) | (57) | 0 | (3) |
| Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 | 1200 | (5) | (62) | (67) | 0 | (3) |
| 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) | (45) | (48) | 0 | (3) |
| Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 | 900 | (3) | (4) | (7) | 0 | (3) |
| Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 600 | (2) | (2) | (4) | 0 | (2) |
| Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 1500 | (4) | 9 | 5 | 0 | (4) |
| Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 1200 | (3) | 14 | 11 | 0 | (4) |
| Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 1100 | (3) | (9) | (12) | 3 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 1300 | (3) | (33) | (36) | 4 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 1200 | (3) | 15 | 12 | 0 | (4) |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 700 | (2) | (4) | (6) | 2 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 1500 | (4) | (3) | (7) | 5 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 1200 | (3) | 16 | 13 | 4 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 1600 | (4) | 6 | 2 | 5 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 1300 | (3) | (22) | (25) | 4 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 | 1400 | (5) | 24 | 19 | 0 | (5) |
| Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 1300 | (5) | 22 | 17 | 0 | (4) |
| Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 | 1400 | (5) | 18 | 13 | 0 | (5) |
| Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 | 1400 | (5) | 21 | 16 | 0 | (4) |
| Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 | 1500 | (5) | 35 | 30 | 0 | (5) |
| Receive | 28-Day MXN-TIIE | 9.390 | Lunar | 12/12/2025 | 38600 | 0 | (8) | (8) | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 9.430 | Lunar | 12/25/2025 | 53600 | 0 | (15) | (15) | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 | 7200 | 0 | 7 | 7 | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 | 239700 | (488) | (257) | (745) | 0 | (9) |
| Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 10/19/2034 | 53600 | 0 | (277) | (277) | 0 | (2) |
| Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.390 | Lunar | 11/03/2034 | 38600 | 0 | (196) | (196) | 0 | (2) |
| Pay | 28-Day MXN-TIIE | 8.270 | Lunar | 03/07/2035 | 105900 | 112 | 109 | 221 | 4 | 0 |
| Receive | CPURNSA | 2.505 | Maturity | 03/25/2030 | $118300 | 0 | 683 | 683 | 13 | 0 |
| Receive | CPURNSA | 2.515 | Maturity | 03/27/2030 | 35940 | 0 | 184 | 184 | 4 | 0 |
|  |  |  |  |  |  | $12828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1646) | $11182 | $1387 | $(1046) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30093 | $59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1076) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(6)</sup> | Variation Margin<br>Asset<sup>(6)</sup> | | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1081) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1842) |

---

(g) Securities with an aggregate market value of $38,456 and cash of $37,079 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 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 asset of $2 for closed futures and unsettled variation margin liability of $(5) for closed swap agreements is outstanding at period end. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **171** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) (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 | 10/2025 | 146692 | $94902 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2164) |
|  | 10/2025 | $6372 | 9703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | 0 |
|  | 10/2025 | 37351 | 51963 | 0 | (12) |
|  | 11/2025 | 9703 | $6375 | 0 | (49) |
|  | 11/2025 | 51881 | 37351 | 12 | 0 |
|  BOA | 10/2025 | 117995 | 804 | 6 | 0 |
|  | 10/2025 | 12 | 9 | 0 | 0 |
|  | 10/2025 | $2692 | 2155 | 15 | 0 |
|  | 10/2025 | 911 | 3064 | 14 | 0 |
|  | 10/2025 | 2020 | 178676 | 0 | (10) |
|  | 10/2025 | 9154 | 1371026 | 117 | 0 |
|  | 10/2025 | 1927 | 2667439 | 0 | (26) |
|  | 10/2025 | 4483 | 7786 | 31 | 0 |
|  | 10/2025 | 523 | 1881 | 0 | (5) |
|  | 11/2025 | 6284 | $1862 | 0 | (35) |
|  | 11/2025 | 1366279 | 9154 | 0 | (117) |
|  | 11/2025 | 7786 | 4489 | 0 | (31) |
|  | 11/2025 | $607 | 2029 | 6 | 0 |
|  | 11/2025 | 48297 | $2770 | 0 | (17) |
|  | 12/2025 | 4056 | 1159 | 0 | (7) |
|  | 12/2025 | $1715 | 32275 | 33 | 0 |
|  BPS | 10/2025 | 36900 | $6162 | 0 | (771) |
|  | 10/2025 | 48377 | 6793 | 3 | 0 |
|  | 10/2025 | 143717042 | 8689 | 85 | (12) |
|  | 10/2025 | 211984 | 2406 | 22 | 0 |
|  | 10/2025 | 820 | 19 | 0 | 0 |
|  | 10/2025 | 378868 | 12587 | 157 | (16) |
|  | 10/2025 | $6780 | 36900 | 154 | (1) |
|  | 10/2025 | 6402 | 105712501 | 0 | (66) |
|  | 10/2025 | 10691 | 1588397 | 50 | 0 |
|  | 10/2025 | 9199 | 12713143 | 0 | (140) |
|  | 10/2025 | 6226 | 22661 | 9 | (2) |
|  | 11/2025 | 25568392 | $1530 | 0 | (2) |
|  | 11/2025 | 8271 | 2471 | 0 | (27) |
|  | 11/2025 | 154876 | 1740 | 0 | 0 |
|  | 11/2025 | 1582881 | 10691 | 0 | (50) |
|  | 11/2025 | 1345743 | 960 | 0 | 0 |
|  | 11/2025 | $75 | 400 | 0 | 0 |
|  | 11/2025 | 1821 | 6121 | 27 | 0 |
|  | 12/2025 | 46625 | $1554 | 15 | 0 |
|  | 12/2025 | $2173 | 36566767 | 14 | 0 |
|  | 12/2025 | 1186 | 22446 | 30 | 0 |
|  | 04/2026 | 8800 | $1541 | 0 | (42) |
|  BRC | 10/2025 | 17462 | 21776 | 0 | (161) |
|  | 10/2025 | 1029043 | 63 | 1 | 0 |
|  | 10/2025 | 453800 | 3095 | 26 | 0 |
|  | 10/2025 | 995060 | 105126 | 0 | (569) |
|  | 10/2025 | $246159 | 196484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | 0 |
|  | 10/2025 | 183037 | 156135 | 273 | 0 |
|  | 10/2025 | 12236 | 9094 | 3 | (8) |
|  | 10/2025 | 99 | 1850 | 2 | 0 |
|  | 10/2025 | 197 | 1968 | 0 | 0 |
|  | 10/2025 | 2800 | 10239 | 16 | 0 |
|  | 10/2025 | 326 | 13989 | 7 | 0 |
|  | 11/2025 | 26271 | $17367 | 0 | (25) |
|  | 11/2025 | 195705 | 246159 | 0 | (667) |
|  | 11/2025 | 156711 | 184084 | 0 | (271) |
|  | 11/2025 | 1968 | 197 | 0 | 0 |
|  | 11/2025 | $1807 | 78700 | 28 | 0 |
|  | 11/2025 | 132839 | $7544 | 0 | (121) |
|  | 12/2025 | $143 | 2639 | 0 | 0 |
|  | 12/2025 | 8898 | 391974 | 55 | 0 |
|  BSH | 10/2025 | 15900 | $2990 | 2 | 0 |
|  | 10/2025 | 944869 | 1097798 | 0 | (11526) |
|  | 10/2025 | $2924 | 15900 | 64 | 0 |
|  | 10/2025 | 1322 | 2283 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **172** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 2283 | $1324 | $0 | $(1) |
|  | 11/2025 | 7428 | 2021 | 0 | (115) |
|  | 11/2025 | $2649 | 9792 | 169 | 0 |
|  | 12/2025 | 48675 | $13679 | 0 | (315) |
|  | 12/2025 | $18236 | 101184 | 505 | 0 |
|  | 04/2026 | 17100 | $3011 | 0 | (65) |
|  CBK | 10/2025 | 1110 | 725 | 0 | (9) |
|  | 10/2025 | 60 | 43 | 0 | 0 |
|  | 10/2025 | 922 | 130 | 0 | 0 |
|  | 10/2025 | 218505 | 34125 | 0 | (242) |
|  | 10/2025 | 488907 | 62878 | 31 | 0 |
|  | 10/2025 | 90563451 | 5476 | 57 | (10) |
|  | 10/2025 | 296549 | 3339 | 4 | 0 |
|  | 10/2025 | 2795000 | 19069 | 170 | 0 |
|  | 10/2025 | 9282177 | 6707 | 92 | 0 |
|  | 10/2025 | 15303 | 1515 | 0 | (18) |
|  | 10/2025 | 92712 | 25893 | 0 | (793) |
|  | 10/2025 | 22752 | 17738 | 100 | 0 |
|  | 10/2025 | 48369 | 1499 | 5 | 0 |
|  | 10/2025 | 366476 | 12366 | 325 | 0 |
|  | 10/2025 | $5762 | 8729 | 32 | (18) |
|  | 10/2025 | 308 | 246 | 1 | 0 |
|  | 10/2025 | 1343 | 8525 | 0 | (2) |
|  | 10/2025 | 25145 | 21465 | 74 | (18) |
|  | 10/2025 | 3848 | 2835 | 0 | (35) |
|  | 10/2025 | 12943 | 212139164 | 0 | (228) |
|  | 10/2025 | 8601 | 755604 | 0 | (103) |
|  | 10/2025 | 7653 | 1133200 | 10 | 0 |
|  | 10/2025 | 19444 | 193960 | 0 | (8) |
|  | 10/2025 | 1197 | 11310 | 4 | 0 |
|  | 10/2025 | 22 | 28 | 0 | 0 |
|  | 10/2025 | 5258 | 160052 | 3 | (5) |
|  | 10/2025 | 32950 | $1903 | 0 | (5) |
|  | 11/2025 | 193918 | 19444 | 9 | 0 |
|  | 11/2025 | 28 | 22 | 0 | 0 |
|  | 11/2025 | $43 | 60 | 0 | 0 |
|  | 11/2025 | 1324 | 4438 | 16 | 0 |
|  | 11/2025 | 3339 | 297130 | 0 | (4) |
|  | 11/2025 | 2972 | 51805 | 17 | 0 |
|  | 12/2025 | 6183 | $1708 | 0 | (70) |
|  | 12/2025 | 565542 | 18928 | 261 | (1) |
|  | 12/2025 | $2247 | 37764333 | 11 | 0 |
|  | 01/2026 | 74360 | $2465 | 1 | 0 |
|  | 03/2026 | 9586 | 2696 | 0 | (54) |
|  | 05/2026 | 64426 | 18168 | 0 | (267) |
|  | 08/2026 | $1994 | 35510 | 10 | 0 |
|  DUB | 10/2025 | 103663 | $14579 | 30 | 0 |
|  | 10/2025 | 54039089 | 3297 | 58 | 0 |
|  | 10/2025 | 481479 | 5420 | 5 | 0 |
|  | 10/2025 | 2031434 | 1465 | 17 | 0 |
|  | 10/2025 | $18789 | 64200 | 593 | 0 |
|  | 10/2025 | 4322 | 382173 | 0 | (23) |
|  | 11/2025 | 64167 | $18789 | 0 | (584) |
|  | 11/2025 | 38036 | 427 | 0 | 0 |
|  | 11/2025 | $5420 | 482436 | 0 | (5) |
|  | 11/2025 | 320776 | $18325 | 0 | (185) |
|  FAR | 10/2025 | 45197 | 6366 | 22 | 0 |
|  | 10/2025 | 62549974 | 425476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513 | 0 |
|  | 10/2025 | 8272 | 6450 | 37 | 0 |
|  | 10/2025 | $233625 | 357827 | 3149 | 0 |
|  | 10/2025 | 2039 | 1627 | 5 | 0 |
|  | 10/2025 | 1083470 | 927390 | 5333 | 0 |
|  | 10/2025 | 8167 | 720363 | 0 | (65) |
|  | 10/2025 | 10924 | 38110 | 51 | 0 |
|  | 10/2025 | 6713 | 24508 | 28 | 0 |
|  | 10/2025 | 1563 | 14545 | 0 | (19) |
|  | 10/2025 | 93493 | 120410 | 0 | (149) |
|  | 11/2025 | 357827 | $233740 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3146) |
|  | 11/2025 | 927390 | 1085648 | 0 | (5335) |
|  | 11/2025 | 14975 | 4091 | 0 | (217) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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** |
|  | 11/2025 | 120105 | $93493 | $141 | $0 |
|  | 11/2025 | $23804 | 133001 | 985 | 0 |
|  | 12/2025 | 197908 | $10441 | 0 | (278) |
|  | 12/2025 | $13 | 236 | 0 | 0 |
|  | 02/2026 | 38253 | $10924 | 0 | (51) |
|  GLM | 10/2025 | 32500 | 5647 | 2 | (461) |
|  | 10/2025 | 218934 | 273794 | 0 | (1231) |
|  | 10/2025 | 3563 | 501 | 1 | 0 |
|  | 10/2025 | 37108016 | 2225 | 1 | 0 |
|  | 10/2025 | 3345 | 998 | 0 | (12) |
|  | 10/2025 | 28233 | 20 | 0 | 0 |
|  | 10/2025 | 641 | 500 | 3 | 0 |
|  | 10/2025 | $5983 | 32500 | 124 | (1) |
|  | 10/2025 | 1992 | 32932682 | 0 | (19) |
|  | 10/2025 | 2339 | 205280 | 0 | (31) |
|  | 10/2025 | 20 | 28233 | 0 | 0 |
|  | 10/2025 | 110 | 2065 | 2 | 0 |
|  | 11/2025 | 331 | 1103 | 2 | 0 |
|  | 11/2025 | 63201 | $3626 | 0 | (21) |
|  | 12/2025 | 735140 | 44 | 0 | 0 |
|  | 12/2025 | 2420 | 127 | 0 | (4) |
|  | 12/2025 | $2169 | 36262018 | 0 | 0 |
|  | 04/2026 | 93200 | $16044 | 1 | (721) |
|  IND | 10/2025 | 254728 | 166443 | 0 | (2111) |
|  | 10/2025 | $37473 | 239633 | 217 | 0 |
|  | 11/2025 | 239081 | $37473 | 0 | (218) |
|  JPM | 10/2025 | 179 | 33 | 0 | (1) |
|  | 10/2025 | 51829 | 37504 | 261 | 0 |
|  | 10/2025 | 168164 | 196674 | 0 | (759) |
|  | 10/2025 | 105460042 | 6317 | 0 | (4) |
|  | 10/2025 | 3515987 | 2536 | 30 | 0 |
|  | 10/2025 | 3064 | 2384 | 8 | 0 |
|  | 10/2025 | $34 | 179 | 0 | 0 |
|  | 10/2025 | 26129 | 166354 | 36 | 0 |
|  | 10/2025 | 1787 | 1518 | 0 | (4) |
|  | 10/2025 | 1338 | 995 | 1 | 0 |
|  | 10/2025 | 8371 | 139275797 | 4 | (25) |
|  | 10/2025 | 952 | 3196 | 13 | 0 |
|  | 10/2025 | 1893 | 17895 | 8 | 0 |
|  | 10/2025 | 477 | 14482 | 0 | (1) |
|  | 11/2025 | 165793 | $26101 | 0 | (36) |
|  | 11/2025 | 284058 | 16206 | 0 | (186) |
|  | 12/2025 | $1152 | 21570 | 16 | 0 |
|  | 04/2026 | 230200 | $38968 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2440) |
|  MBC | 10/2025 | 27 | 20 | 0 | 0 |
|  | 10/2025 | 2938 | 3689 | 0 | (1) |
|  | 10/2025 | 52752 | 7422 | 18 | 0 |
|  | 10/2025 | 11795 | 1857 | 1 | 0 |
|  | 10/2025 | 2599 | 3067 | 15 | 0 |
|  | 10/2025 | 5235384 | 318 | 4 | 0 |
|  | 10/2025 | 83891 | 572 | 5 | 0 |
|  | 10/2025 | 12818286 | 9189 | 56 | 0 |
|  | 10/2025 | 85064 | 66376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | 0 |
|  | 10/2025 | 29385 | 912 | 4 | 0 |
|  | 10/2025 | $4606 | 3646 | 0 | (26) |
|  | 10/2025 | 5260 | 37467 | 0 | (1) |
|  | 10/2025 | 10716 | 9123 | 0 | (5) |
|  | 10/2025 | 8656 | 6425 | 11 | (26) |
|  | 10/2025 | 11777 | 1738628 | 31 | (52) |
|  | 10/2025 | 7179 | 10022532 | 0 | (36) |
|  | 10/2025 | 201 | 2010 | 0 | 0 |
|  | 10/2025 | 1318 | 2248 | 0 | (15) |
|  | 10/2025 | 81797 | 771589 | 161 | 0 |
|  | 10/2025 | 1370 | 44354 | 1 | 0 |
|  | 11/2025 | 37378 | $5260 | 1 | 0 |
|  | 11/2025 | 1345870 | 9101 | 0 | (32) |
|  | 11/2025 | 2010 | 201 | 0 | 0 |
|  | 11/2025 | 751215 | 79837 | 0 | (129) |
|  | 11/2025 | $365 | 1215 | 2 | 0 |
|  | 12/2025 | 3506 | 65864 | 62 | 0 |

---

---

| | | |
|:---|:---|:---|
| **174** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MYI | 10/2025 | 53257 | $7484 | $10 | $0 |
|  | 10/2025 | 21179351 | 1287 | 17 | 0 |
|  | 10/2025 | 521775 | 3536 | 8 | 0 |
|  | 10/2025 | $201163 | 30031578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911 | 0 |
|  | 10/2025 | 6 | 59 | 0 | 0 |
|  | 10/2025 | 3395 | 12288 | 0 | (15) |
|  | 10/2025 | 2382 | 71763 | 0 | (24) |
|  | 11/2025 | 29927656 | $201163 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1912) |
|  | 11/2025 | 59 | 6 | 0 | 0 |
|  | 12/2025 | 3861 | 187 | 1 | 0 |
|  | 12/2025 | 20124 | 5634 | 0 | (151) |
|  | 12/2025 | 71296 | 2382 | 29 | 0 |
|  | 12/2025 | $1565 | 29529 | 34 | 0 |
|  NGF | 10/2025 | 4657041 | $3348 | 29 | 0 |
|  | 10/2025 | $1716 | 28399505 | 0 | (14) |
|  | 11/2025 | 8160 | 356643 | 136 | 0 |
|  | 12/2025 | 29 | 1257 | 0 | 0 |
|  RBC | 10/2025 | 24898 | $18 | 0 | 0 |
|  | 12/2025 | $258 | 4826 | 3 | 0 |
|  SCX | 10/2025 | 38732 | $5451 | 15 | 0 |
|  | 10/2025 | 184201 | 28675 | 0 | (296) |
|  | 10/2025 | 45763472 | 2741 | 0 | (2) |
|  | 10/2025 | 343543 | 3864 | 1 | 0 |
|  | 10/2025 | 2671424 | 18167 | 103 | 0 |
|  | 10/2025 | 102728 | 29070 | 0 | (512) |
|  | 10/2025 | 633 | 496 | 6 | 0 |
|  | 10/2025 | 217158 | 7328 | 193 | 0 |
|  | 10/2025 | $474442 | 354697 | 2589 | 0 |
|  | 10/2025 | 1916 | 31507994 | 0 | (28) |
|  | 10/2025 | 4213 | 372010 | 0 | (28) |
|  | 11/2025 | 354697 | $474526 | 0 | (2589) |
|  | 11/2025 | 6483 | 44 | 0 | 0 |
|  | 11/2025 | $3437 | 306143 | 0 | 0 |
|  | 12/2025 | 890 | $43 | 0 | 0 |
|  | 12/2025 | $2741 | 45879134 | 3 | 0 |
|  SOG | 10/2025 | 20306 | $3797 | 0 | (18) |
|  | 10/2025 | 32640622 | 221952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | 0 |
|  | 10/2025 | 12316 | 7176 | 35 | 0 |
|  | 10/2025 | $3818 | 20306 | 0 | (3) |
|  | 10/2025 | 439524 | 65401215 | 2719 | 0 |
|  | 10/2025 | 658 | 6565 | 0 | 0 |
|  | 10/2025 | 18824 | 177752 | 57 | 0 |
|  | 11/2025 | 65175035 | $439524 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2723) |
|  | 11/2025 | 6563 | 658 | 0 | 0 |
|  | 11/2025 | 177377 | 18824 | 0 | (58) |
|  | 12/2025 | $2949 | 15962 | 8 | 0 |
|  | 01/2026 | 21233 | $5916 | 0 | (182) |
|  SSB | 10/2025 | 374046 | 504182 | 1128 | 0 |
|  | 11/2025 | 35129 | 44190 | 0 | (114) |
|  | 11/2025 | 7037 | 1907 | 0 | (118) |
|  UAG | 10/2025 | 46 | 33 | 0 | 0 |
|  | 10/2025 | 73566 | 22052 | 0 | (158) |
|  | 10/2025 | 189246 | 18596 | 0 | (367) |
|  | 10/2025 | $1884 | 6446 | 62 | 0 |
|  | 10/2025 | 19752 | 1743463 | 0 | (143) |
|  | 10/2025 | 5540 | 20186 | 21 | (9) |
|  | 10/2025 | 1370 | 44336 | 0 | 0 |
|  | 10/2025 | 1907 | 32949 | 1 | 0 |
|  | 10/2025 | 32964 | $1907 | 0 | (1) |
|  | 11/2025 | 6443 | 1884 | 0 | (62) |
|  | 11/2025 | 144496 | 8197 | 0 | (141) |
|  | 12/2025 | 26715 | 569 | 0 | (35) |
|  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;28755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47705) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 175

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) (Cont.)

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 59300 | $88 | $60 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 84100 | 117 | 85 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 16240 | 713 | 876 |
| GLM | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 9620 | 162 | 295 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 15000 | 20 | 15 |
| MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 29000 | 38 | 29 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 31800 | 47 | 32 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.230% | 03/30/2026 | 38400 | $294 | $307 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.160 | 12/04/2025 | 9000 | 44 | 20 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.758 | 03/30/2026 | 19200 | 152 | 145 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 02/18/2026 | 6600 | 14 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 3700 | 32 | 22 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 1900 | 25 | 19 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 3800 | 33 | 23 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215 | 08/05/2026 | 1800 | 23 | 18 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 4000 | 30 | 30 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 2000 | 24 | 25 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 3900 | 30 | 30 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 1900 | 23 | 24 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3963 | 3844 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 45000 | 3963 | 3696 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 10400 | 915 | 869 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 10400 | 915 | 869 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 10300 | 891 | 937 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 10300 | 891 | 804 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 15400 | 1327 | 1420 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 15400 | 1327 | 1189 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 29400 | 2373 | 2692 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 38500 | 3107 | 2612 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 57800 | 14 | 0 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 2245000 | 11276 | 9785 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 2245000 | 11276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10937 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 44100 | 3820 | 3969 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/21/2035 | 35200 | 3044 | 3166 |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 10/09/2025 | 46100 | 65 | 2 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.008 | 11/06/2025 | 91400 | 78 | 18 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.010 | 11/07/2025 | 92400 | 89 | 20 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 20500 | 1805 | 1751 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 20500 | 1805 | 1684 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 86800 | 7005 | 7947 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 113400 | 9151 | 7693 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 02/18/2026 | 91300 | 189 | 59 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.989 | 08/06/2026 | 5000 | 41 | 31 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.239 | 08/06/2026 | 2500 | 33 | 26 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 3800 | 31 | 24 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 1900 | 25 | 20 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 4000 | 32 | 28 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 2000 | 25 | 23 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 5000 | 440 | 427 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 5000 | 440 | 411 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 408800 | 305 | 291 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.907 | 11/07/2025 | 98300 | 92 | 44 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.177 | 12/24/2025 | 36210 | 152 | 120 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 47200 | 615 | 507 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 42000 | 834 | 732 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 42000 | 618 | 392 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 4000 | 32 | 29 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 2000 | 25 | 24 |

---

---

| | | |
|:---|:---|:---|
| **176** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485% | 08/07/2035 | 10600 | $934 | $906 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 10600 | 934 | 871 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 08/13/2035 | 21400 | 1883 | 1855 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 21400 | 1883 | 1743 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75134 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.961 | 10/07/2025 | 32300 | $43 | $0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.656 | 10/07/2025 | 95900 | 75 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.547 | 11/06/2025 | 30500 | 22 | 1 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.945 | 10/07/2025 | 160900 | 214 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.977 | 10/07/2025 | 160900 | 214 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.063 | 10/07/2025 | 127500 | 154 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.652 | 10/07/2025 | 319500 | 237 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.547 | 11/06/2025 | 70400 | 52 | 2 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 63300 | 84 | 60 |
| SAL | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.648 | 10/07/2025 | 48000 | 34 | 0 |
|  |  |  |  |  | $1129 | $63 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81701 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76589 |

---

#### 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-44 5-Year Index | Sell | 0.700% | 12/17/2025 | 195600 | $(186) | $(82) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description |  | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 59300 | $(32) | $(39) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 84100 | (39) | (53) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 32490 | (688) | (842) |
| GLM | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 9620 | (27) | (42) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 9620 | (78) | (18) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 15000 | (7) | (10) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 29000 | (13) | (19) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 31800 | (17) | (20) |
| UAG | Call - OTC USD versus TRY | TRY | 54.000 | 12/16/2025 | 4900 | (161) | (37) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1062) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1080) |

---

#### 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 Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.086% | 10/07/2025 | 116500 | $(256) | $0 |
| DUB Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028 | 12/04/2025 | 45400 | (84) | (94) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.131 | 11/06/2025 | 67300 | (64) | (5) |
| JPM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.993 | 10/07/2025 | 141400 | (170) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 10/07/2025 | 76300 | (154) | 0 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.993 | 10/07/2025 | 144000 | (173) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.677 | 12/24/2025 | 40400 | (151) | (189) |
| NGF Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.082 | 10/07/2025 | 96600 | (213) | 0 |
|  |  |  |  |  |  | $(1265) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 177

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) (Cont.)

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.547 | 10/07/2025 | 40600 | $(73) | $(240) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2586) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1690) |

---

#### 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>September 30, 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>September 30, 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 | —¨ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176 | $0 | $28 | $28 | $0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 | —¨ | 1118 | 0 | 15 | 15 | 0 |
| GST | Soft Bank Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872% | 700 | (6) | 7 | 1 | 0 |
| JPM | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 1.016 | 8500 | 56 | (64) | 0 | (8) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | 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 | EUR 15,269 | $2964 | $200 | $3164 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 19135 | 3761 | 204 | 3965 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 9278 | 1853 | 69 | 1922 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 72577 | 14912 | 125 | 15037 | 0 |
| SAL | CMBX.NA.AAA.16 Index | 0.500 | Monthly | 04/17/2065 | $8999 | (138) | 62 | 0 | (76) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24088 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) |

---

#### 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  | 13886 | 4.380% (SOFR plus a specified spread) | Monthly | 10/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(481) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(481) |
| BRC | Receive | NDDUEAFE Index  | 6261 | 4.470% (SOFR plus a specified spread) | Monthly | 08/19/2026 | 63320 | 0 | (319) | 0 | (319) |
| CBK | Receive | NDDUEAFE Index  | 16592 | 4.460% (SOFR plus a specified spread) | Monthly | 11/19/2025 | 167802 | 0 | (102) | 0 | (102) |
|  | Receive | NDDUEAFE Index  | 5456 | 4.560% (FEDL01 plus a specified spread) | Monthly | 11/19/2025 | 55179 | 0 | (203) | 0 | (203) |
|  | Receive | NDDUEAFE Index  | 27770 | 4.480% (SOFR plus a specified spread) | Monthly | 01/21/2026 | 280850 | 0 | (983) | 0 | (983) |
|  | Receive | NDDUEAFE Index  | 8278 | 4.520% (SOFR plus a specified spread) | Monthly | 02/18/2026 | 83719 | 0 | (295) | 0 | (295) |
|  | Receive | NDDUEAFE Index  | 13885 | 4.460% (SOFR plus a specified spread) | Monthly | 08/19/2026 | 140425 | 0 | (489) | 0 | (489) |
| GST | Receive | NDDUEAFE Index  | 16593 | 4.440% (FEDL01 plus a specified spread) | Monthly | 11/03/2025 | 167812 | 0 | (587) | 0 | (587) |
|  | Receive | NDDUEAFE Index  | 6216 | 4.500% (SOFR plus a specified spread) | Monthly | 06/10/2026 | 62865 | 0 | (221) | 0 | (221) |
| JPM | Receive | NDDUEAFE Index  | 21114 | 4.450% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 213535 | 0 | (748) | 0 | (748) |
|  | Receive | NDDUEAFE Index  | 5891 | 4.475% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 59578 | 0 | (208) | 0 | (208) |
|  | Receive | NDDUEAFE Index  | 4139 | 4.450% (SOFR plus a specified spread) | Monthly | 07/15/2026 | 41859 | 0 | (146) | 0 | (146) |
| MEI | Receive | NDDUEAFE Index  | 9192 | 4.440% (SOFR plus a specified spread) | Monthly | 11/19/2025 | 92963 | 0 | (56) | 0 | (56) |
|  | Receive | NDDUEAFE Index  | 4138 | 4.450% (SOFR plus a specified spread) | Monthly | 07/15/2026 | 41849 | 0 | (145) | 0 | (145) |

---

---

| | | |
|:---|:---|:---|
| **178** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| MYI | Receive | NDDUEAFE Index  | 41678 | 4.600% (FEDL01 plus a specified spread) | Maturity | 01/21/2026 | $336921 | $0 | $70128 | $70128 | $0 |
|  | Receive | NDDUEAFE Index  | 10363 | 4.480% (SOFR plus a specified spread) | Monthly | 05/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104805 | 0 | (367) | 0 | (367) |
|  | Receive | NDDUEAFE Index  | 12536 | 4.490% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 126782 | 0 | (445) | 0 | (445) |
|  | Receive | NDDUEAFE Index  | 35615 | 4.440% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 360189 | 0 | (1249) | 0 | (1249) |
| SOG | Receive | NDDUEAFE Index  | 55542 | 4.435% (FEDL01 plus a specified spread) | Monthly | 01/21/2026 | 561720 | 0 | (1962) | 0 | (1962) |
| UAG | Receive | NDDUEAFE Index  | 2485 | 4.390% (SOFR plus a specified spread) | Monthly | 11/05/2025 | 25132 | 0 | (86) | 0 | (86) |
|  | Receive | NDDUEAFE Index  | 6259 | 4.420% (SOFR plus a specified spread) | Monthly | 11/19/2025 | 63300 | 0 | (316) | 0 | (316) |
|  | Receive | NDDUEAFE Index  | 2486 | 4.465% (SOFR plus a specified spread) | Monthly | 05/06/2026 | 25142 | 0 | (88) | 0 | (88) |
|  |  |  |  |  |  |  |  | $0 | $60632 | $70128 | $(9496) |
|  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;23402 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9580) |

---

#### 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 September 30, 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 | $61 | $0 | $0 | $61 | $(2225) | $0 | $0 | $(2225) | $(2164) | $1612 | $(552) |
|  BOA | 222 | 15317 | 3164 | 18703 | (248) | (934) | 0 | (1182) | 17521 | (3019) | 14502 |
|  BPS | 566 | 0 | 3965 | 4531 | (1129) | 0 | (481) | (1610) | 2921 | (4687) | (1766) |
|  BRC | 1076 | 5304 | 0 | 6380 | (1822) | 0 | (319) | (2141) | 4239 | 561 | 4800 |
|  BSH | 741 | 0 | 0 | 741 | (12022) | 0 | 0 | (12022) | (11281) | 9989 | (1292) |
|  CBK | 1233 | 0 | 0 | 1233 | (1890) | 0 | (2072) | (3962) | (2729) | (4531) | (7260) |
|  DUB | 703 | 27857 | 43 | 28603 | (797) | (94) | 0 | (891) | 27712 | 1507 | 29219 |
|  FAR | 12264 | 0 | 0 | 12264 | (9260) | 0 | 0 | (9260) | 3004 | (5200) | (2196) |
|  GLM | 136 | 19425 | 0 | 19561 | (2501) | (75) | 0 | (2576) | 16985 | 1992 | 18977 |
|  GSC | 0 | 62 | 0 | 62 | 0 | (240) | 0 | (240) | (178) | 203 | 25 |
|  GST | 0 | 0 | 1923 | 1923 | 0 | (82) | (808) | (890) | 1033 | (3780) | (2747) |
|  IND | 217 | 0 | 0 | 217 | (2329) | 0 | 0 | (2329) | (2112) | 1070 | (1042) |
|  JPM | 377 | 1049 | 15037 | 16463 | (3456) | 0 | (1110) | (4566) | 11897 | (14909) | (3012) |
|  MBC | 805 | 61 | 0 | 866 | (323) | (39) | 0 | (362) | 504 | (350) | 154 |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (201) | (201) | (201) | (460) | (661) |
|  MYC | 0 | 3916 | 0 | 3916 | 0 | (189) | 0 | (189) | 3727 | (1750) | 1977 |
|  MYI | 2010 | 0 | 70128 | 72138 | (2102) | 0 | (2061) | (4163) | 67975 | (72280) | (4305) |
|  NGF | 165 | 3598 | 0 | 3763 | (14) | 0 | 0 | (14) | 3749 | 0 | 3749 |
|  RBC | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (76) | (76) | (76) | 0 | (76) |
|  SCX | 2910 | 0 | 0 | 2910 | (3455) | 0 | 0 | (3455) | (545) | 321 | (224) |
|  SOG | 4054 | 0 | 0 | 4054 | (2984) | 0 | (1962) | (4946) | (892) | (6940) | (7832) |
|  SSB | 1128 | 0 | 0 | 1128 | (232) | 0 | 0 | (232) | 896 | (1580) | (684) |
|  UAG | 84 | 0 | 0 | 84 | (916) | (37) | (490) | (1443) | (1359) | 596 | (763) |
|  Total Over the Counter | $28755 | $76589 | $94260 | $199604 | $(47705) | $(1690) | $(9580) | $(58975) |  |  |  |

---

(i) Securities with an aggregate market value of $17,851 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

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

<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 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **179** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) (Cont.)

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 September 30, 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  | $2 | $0 | $0 | $0 | $994 | $996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 89 | 0 | 0 | 1387 | 1476 |
|  | $2 | $89 | $0 | $0 | $2381 | $2472 |
|  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 | $28755 | $0 | $28755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 1392 | 75197 | 76589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 24132 | 70128 | 0 | 0 | 94260 |
|  | $0 | $24132 | $70128 | $30147 | $75197 | $199604 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202076 |
|  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 | $584 | $584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 101 | 0 | 76 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 35 | 0 | 0 | 1046 | 1081 |
|  | $0 | $35 | $101 | $0 | $1706 | $1842 |
|  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 | $47705 | $0 | $47705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 82 | 0 | 1080 | 528 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 84 | 9496 | 0 | 0 | 9580 |
|  | $0 | $166 | $9496 | $48785 | $528 | $58975 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $201 | $9597 | $48785 | $2234 | $60817 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(6) | $(6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 834 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (4915) | 0 | 6672 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1368 | 0 | 0 | 7412 | 8780 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4915) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14912 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11365 |

---

180 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  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 | $(239585) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239585) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (895) | (895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 82 | 0 | 0 | 2024 | 2106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381586 | 0 | 0 | 384712 |
|  | $0 | $3208 | $381586 | $(239585) | $1129 | $146338 |
|  | $0 | $4576 | $376671 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239585) | $16041 | $157703 |
|  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 | $253 | $253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 502 | 0 | (3731) | (3229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3795 | 0 | 0 | (8909) | (5114) |
|  | $0 | $3795 | $502 | $0 | $(12387) | $(8090) |
|  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 | $38296 | $0 | $38296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 207 | (5036) | (4829) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 96 | 0 | (18) | 264 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1134 | 53330 | 0 | 0 | 54464 |
|  | $0 | $1230 | $53330 | $38485 | $(4772) | $88273 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025 | $53832 | $38485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17159) | $80183 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br>**Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $5142 | $4131 | $9273 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 109400 | 1761 | 111161 |
| &nbsp;&nbsp; Industrials | 0 | 16141 | 32400 | 48541 |
| &nbsp;&nbsp; Utilities | 0 | 10387 | 0 | 10387 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 1924 | 0 | 1924 |
| &nbsp;&nbsp; Illinois | 0 | 2727 | 0 | 2727 |
| &nbsp;&nbsp; Pennsylvania | 0 | 105 | 0 | 105 |
|  U.S. Government Agencies | 0 | 3042673 | 78141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120814 |
|  U.S. Treasury Obligations | 0 | 215329 | 0 | 215329 |
|  Non-Agency Mortgage-Backed Securities | 0 | 274880 | 0 | 274880 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 11673 | 0 | 11673 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 51416 | 0 | 51416 |
| &nbsp;&nbsp; CMBS Other | 0 | 37706 | 0 | 37706 |
| &nbsp;&nbsp; Home Equity Other | 0 | 198432 | 0 | 198432 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 135 | 0 | 135 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 24902 | 0 | 24902 |
| &nbsp;&nbsp; Other ABS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | 323965 | 6457 | 336922 |
|  Sovereign Issues | 0 | 316851 | 0 | 316851 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 110243 | 0 | 110243 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 222500 | 0 | 222500 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 23542 | 0 | 23542 |
|  | $6500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122890 | $5129463 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br>**Value at<br>09/30/2025** |
|  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 | $650007 | $0 | $0 | $650007 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656507 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5779470 |
|  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 | $(350160) | $0 | $(350160) |
|  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 | 208 | 2262 | 0 | 2470 |
|  Over the counter | 0 | 199561 | 43 | 199604 |
|  | $208 | $201823 | $43 | $202074 |
|  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 | (101) | (1736) | 0 | (1837) |
|  Over the counter | 0 | (58975) | 0 | (58975) |
|  | $(101) | $(60711) | $0 | $(60812) |
|  Total Financial Derivative Instruments | $107 | $141112 | $43 | $141262 |
|  Totals | $656614 | $4791025 | $122933 | $5570572 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 181

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and<br>Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $3136 | $700 | $0 | $0 | $0 | $295 | $0 | $0 | $4131 | $295 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 1755 | 0 | 0 | 0 | 6 | 0 | 0 | 1761 | 6 |
| &nbsp;&nbsp; Industrials | 0 | 32400 | 0 | 0 | 0 | 0 | 0 | 0 | 32400 | 0 |
|  U.S. Government Agencies | 0 | 78567 | 0 | 0 | 0 | (426) | 0 | 0 | 78141 | (426) |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Other ABS | 6434 | 6435 | 0 | 0 | 0 | 586 | 0 | (6998) | 6457 | 22 |
|  | $9570 | $119857 | $0 | $0 | $0 | $461 | $0 | $(6998) | $122890 | $(103) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $38 | $0 | $(8) | $0 | $0 | $13 | $0 | $0 | $43 | $13 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119857 | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6998) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $700 | Cost | Purchase Price | 100.000 |  |
|  | 3431 | Discounted Cash Flow | Discount Rate | 4.157 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 1761 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 32400 | Recent Transaction | Purchase Price | 100.000 |  |
|  U.S. Government Agencies | 70541 | Proxy Pricing | Base Price | 100.016-102.656 | 100.248 |
|  | 7600 | Recent Transaction | Purchase Price | 100.000 |  |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 6457 | Recent Transaction | Purchase Price | 100.000 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 43 | Indicative Market Quotation | Broker Quote | 0.939-0.978 | 0.952 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122933 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **182** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (Unhedged) September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 149.5% | INVESTMENTS IN SECURITIES 149.5% | INVESTMENTS IN SECURITIES 149.5% |
| CORPORATE BONDS & NOTES 5.0% | CORPORATE BONDS & NOTES 5.0% | CORPORATE BONDS & NOTES 5.0% |
| BANKING & FINANCE 2.9% | BANKING & FINANCE 2.9% | BANKING & FINANCE 2.9% |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.450% due 09/09/2028 | 500 | 504 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 800 | 813 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 500 | 522 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.501% due 08/09/2028 •  | 200 | 204 |
|  7.437% due 11/02/2033 •  | 300 | 344 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 | 200 | 205 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.815% due 11/02/2027 | 200 | 195 |
|  5.800% due 03/05/2027 | 200 | 202 |
|  5.800% due 03/08/2029 | 200 | 203 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.500% due 04/15/2035 | 100 | 101 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.711% due 07/08/2031 •  | 200 | 203 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.660% due 07/08/2031 •  | 200 | 202 |
|  5.558% due 07/09/2034 | 200 | 211 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.751% due 05/12/2028 •  | 400 | 404 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 400 | 404 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.150% due 04/23/2031 •  | 600 | 619 |
|  |  | 5336 |
| INDUSTRIALS 1.4% | INDUSTRIALS 1.4% | INDUSTRIALS 1.4% |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.500% due 11/21/2033 | 200 | 216 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 1800 | 1800 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 300 | 222 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 100 | 79 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.875% due 04/15/2029 | 74 | 76 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 | 100 | 102 |
|  |  | 2495 |
| UTILITIES 0.7% | UTILITIES 0.7% | UTILITIES 0.7% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.500% due 07/01/2040 | 100 | 87 |
|  5.700% due 03/01/2035 | 100 | 102 |
|  6.150% due 03/01/2055 | 100 | 101 |
|  6.700% due 04/01/2053 | 500 | 535 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  5.150% due 06/01/2029 | 400 | 407 |
|  |  | 1232 |
|  Total Corporate Bonds & Notes<br>(Cost $8,882) | Total Corporate Bonds & Notes<br>(Cost $8,882) | 9063 |
| U.S. GOVERNMENT AGENCIES 87.5% | U.S. GOVERNMENT AGENCIES 87.5% | U.S. GOVERNMENT AGENCIES 87.5% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 09/01/2032 | 379 | 370 |
|  4.500% due 12/01/2053 - 12/01/2054 | 1438 | 1404 |
|  5.000% due 03/01/2038 - 02/01/2053 | 341 | 342 |
|  5.500% due 07/01/2028 - 11/01/2054 | 9328 | 9416 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 495 | 471 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.000% due 07/15/2042 | 427 | 410 |
|  5.057% due 06/15/2041 •  | 26 | 26 |
|  5.187% due 08/15/2037 •  | 6 | 6 |
|  5.197% due 10/15/2037 •  | 1 | 1 |
|  5.207% due 05/15/2037 - 09/15/2037 •  | 6 | 6 |
|  5.296% due 11/25/2054 •  | 637 | 639 |
|  5.306% due 09/25/2055 •  | 993 | 1007 |
|  5.456% due 11/25/2054 •  | 683 | 683 |
|  5.506% due 03/25/2055 •  | 1272 | 1282 |
|  5.656% due 09/25/2054 •  | 2559 | 2572 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 01/01/2027 | 33 | 32 |
|  3.500% due 09/01/2047 - 08/01/2048 | 694 | 644 |
|  4.000% due 04/01/2043 - 08/01/2051 | 4273 | 4158 |
|  4.202% due 10/01/2029 ~ | 900 | 905 |
|  4.300% due 12/01/2029 | 601 | 607 |
|  4.500% due 01/01/2035 - 12/01/2054 | 1232 | 1215 |
|  4.560% due 08/01/2030 | 2500 | 2547 |
|  4.705% due 09/01/2031 ~ | 1700 | 1733 |
|  5.140% due 06/01/2032 | 3069 | 3197 |
|  5.300% due 11/01/2030 | 800 | 839 |
|  5.500% due 01/01/2033 - 09/01/2041 | 250 | 257 |
|  6.000% due 07/01/2036 - 05/01/2041 | 81 | 84 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.000% due 04/25/2042 | 426 | 416 |
|  4.851% due 07/25/2037 •  | 1 | 1 |
|  4.871% due 09/25/2035 •  | 2 | 2 |
|  4.881% due 09/25/2035 •  | 3 | 3 |
|  5.191% due 06/25/2037 •  | 6 | 6 |
|  5.506% due 08/25/2055 - 09/25/2055 •  | 2557 | 2567 |
|  5.756% due 09/25/2055 •  | 1690 | 1704 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 01/15/2042 - 06/15/2045 | 172 | 161 |
|  5.000% due 08/15/2038 - 05/15/2039 | 26 | 27 |
|  6.000% due 08/15/2037 | 13 | 14 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.500% due 11/20/2062 •  | 23 | 23 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 | 6190 | 5820 |
|  4.500% due 11/01/2055 | 3360 | 3257 |
|  5.000% due 11/01/2055 | 4970 | 4938 |
|  5.500% due 11/01/2055 | 2570 | 2588 |
|  6.000% due 11/01/2055 | 2540 | 2583 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  4.430% due 05/01/2029 | 2 | 2 |
|  6.220% due 12/01/2028 | 1 | 1 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 10/01/2055 | 120 | 105 |
|  4.000% due 11/01/2055 | 2550 | 2403 |
|  4.500% due 10/01/2055 - 11/01/2055 | 5560 | 5393 |
|  5.000% due 11/01/2055 | 13780 | 13659 |
|  5.500% due 11/01/2055 | 3780 | 3809 |
|  6.000% due 10/01/2055 - 11/01/2055 | 38770 | 39602 |
|  6.500% due 10/01/2055 - 11/01/2055 | 33690 | 34826 |
|  Total U.S. Government Agencies<br>(Cost $158,633) | Total U.S. Government Agencies<br>(Cost $158,633) | 158763 |
| U.S. TREASURY OBLIGATIONS 7.7% | U.S. TREASURY OBLIGATIONS 7.7% | U.S. TREASURY OBLIGATIONS 7.7% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.875% due 05/15/2043 (g) | 2100 | 1903 |
|  4.125% due 08/15/2053 | 1600 | 1446 |
|  4.625% due 05/15/2044 | 2000 | 1986 |
|  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 | 3706 | 3761 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.125% due 04/15/2029 | $— | 2089 | 2157 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 07/31/2030 |  | 2700 | 2717 |
|  Total U.S. Treasury Obligations<br>(Cost $14,149) | Total U.S. Treasury Obligations<br>(Cost $14,149) | Total U.S. Treasury Obligations<br>(Cost $14,149) | 13970 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 7.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.2% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.462% due 10/25/2046 •  |  | 1823 | 912 |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  |  | 534 | 720 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  5.124% due 03/27/2037 ~ | $— | 125 | 107 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.480% due 11/25/2035 ~ |  | 795 | 730 |
|  4.592% due 02/25/2034 •  |  | 3 | 3 |
|  4.592% due 06/25/2046 •  |  | 194 | 178 |
|  4.612% due 04/25/2037 •  |  | 175 | 156 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.872% due 07/25/2037 •  |  | 831 | 738 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.502% due 07/25/2036 •  |  | 58 | 55 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  5.097% due 11/25/2034 ~ |  | 1 | 1 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.653% due 06/25/2036 ~ |  | 17 | 16 |
|  9.170% due 09/25/2062 þ |  | 813 | 815 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.592% due 02/25/2047 •  |  | 6 | 6 |
|  4.622% due 05/25/2037 •  |  | 541 | 165 |
|  4.632% due 05/25/2047 •  |  | 37 | 34 |
|  4.661% due 03/25/2047 •  |  | 861 | 684 |
|  4.752% due 08/25/2047 •  |  | 631 | 565 |
|  5.153% due 02/25/2036 •  |  | 4 | 4 |
|  6.000% due 12/25/2034 |  | 451 | 405 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.572% due 03/25/2037 •  |  | 228 | 214 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.719% due 11/25/2037 ~ |  | 65 | 47 |
|  GSR Mortgage Loan Trust | 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 |  | 65 | 60 |
|  6.363% due 09/25/2035 ~ |  | 1 | 1 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.672% due 11/25/2046 •  |  | 496 | 474 |
|  4.812% due 10/25/2036 •  |  | 136 | 53 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.960% due 08/25/2034 ~ |  | 3 | 2 |
|  5.204% due 07/25/2035 ~ |  | 90 | 86 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.672% due 10/25/2046 •  |  | 1997 | 1834 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.890% due 09/25/2035 ~ |  | 13 | 10 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.552% due 01/25/2036 •  |  | 236 | 126 |
|  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 |  | 1 | 1 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.584% due 09/25/2058 þ |  | 437 | 442 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.612% due 01/25/2037 •  |  | 172 | 152 |
|  4.642% due 08/25/2036 •  |  | 58 | 53 |
|  5.513% due 09/25/2045 •  |  | 4 | 4 |
|  6.000% due 03/25/2037 |  | 532 | 460 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.572% due 02/25/2037 •  |  | 86 | 86 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.532% due 03/25/2037 •  |  | 3 | 1 |
|  Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC |
|  4.836% due 05/17/2031 •  |  | 298 | 400 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.750% due 06/25/2057 ~ | $— | 361 | 354 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **183** |

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------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (Unhedged) (Cont.)

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| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.750% due 05/25/2058 ~ | $| 301 | 297 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ | GBP | 383 | 517 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.443% due 08/25/2068 þ | $| 307 | 310 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  7.280% due 10/20/2035 ~ |  | 14 | 14 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.509% due 01/25/2037 ~ |  | 37 | 32 |
|  4.538% due 08/25/2046 ~ |  | 249 | 235 |
|  5.073% due 09/25/2046 •  |  | 545 | 503 |
|  5.153% due 02/25/2046 •  |  | 11 | 11 |
|  5.353% due 11/25/2042 •  |  | 5 | 4 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $13,167) | Total Non-Agency Mortgage-Backed Securities (Cost $13,167) | Total Non-Agency Mortgage-Backed Securities (Cost $13,167) | 13078 |
| ASSET-BACKED SECURITIES 26.4% | ASSET-BACKED SECURITIES 26.4% | ASSET-BACKED SECURITIES 26.4% | ASSET-BACKED SECURITIES 26.4% |
| AUTOMOBILE ABS OTHER 1.8% | AUTOMOBILE ABS OTHER 1.8% | AUTOMOBILE ABS OTHER 1.8% | AUTOMOBILE ABS OTHER 1.8% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  2.900% due 03/10/2028 |  | 748 | 732 |
|  3.160% due 06/12/2028 |  | 785 | 763 |
|  5.050% due 05/12/2031 |  | 500 | 503 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.480% due 04/16/2029 |  | 700 | 701 |
|  4.640% due 01/15/2030 |  | 600 | 602 |
|  |  |  | 3301 |
| AUTOMOBILE SEQUENTIAL 2.3% | AUTOMOBILE SEQUENTIAL 2.3% | AUTOMOBILE SEQUENTIAL 2.3% | AUTOMOBILE SEQUENTIAL 2.3% |
|  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 | 1006 |
|  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 |  | 275 | 278 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.440% due 01/25/2029 |  | 800 | 817 |
|  5.490% due 06/25/2027 |  | 600 | 604 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  7.500% due 12/15/2028 |  | 670 | 683 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 |  | 195 | 195 |
|  Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV |
|  2.650% due 03/25/2030 |  | 94 | 93 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 |  | 130 | 131 |
|  Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII |
|  5.380% due 11/25/2030 |  | 23 | 22 |
|  |  |  | 4240 |
| CMBS OTHER 3.2% | CMBS OTHER 3.2% | CMBS OTHER 3.2% | CMBS OTHER 3.2% |
|  AREIT Trust | AREIT Trust | AREIT Trust | AREIT Trust |
|  6.385% due 06/17/2039 •  |  | 1126 | 1128 |
|  6.937% due 06/17/2039 •  |  | 1300 | 1302 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.884% due 02/19/2037 •  |  | 1300 | 1301 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  6.172% due 11/15/2038 •  |  | 2000 | 1996 |
|  |  |  | 5727 |
| HOME EQUITY OTHER 9.5% | HOME EQUITY OTHER 9.5% | HOME EQUITY OTHER 9.5% | HOME EQUITY OTHER 9.5% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.552% due 07/25/2036 •  |  | 284 | 216 |
|  8.772% due 08/25/2040 •  |  | 691 | 652 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.572% due 07/25/2036 •  |  | 422 | 382 |
|  4.592% due 05/25/2036 •  |  | 2723 | 653 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.354% due 01/25/2034 •  |  | 294 | 285 |

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---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.592% due 08/25/2036 •  | 74 | 72 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.592% due 09/25/2036 •  | 801 | 620 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.113% due 01/25/2037 •  | 4180 | 3951 |
|  4.672% due 09/25/2047 •  | 288 | 270 |
|  4.752% due 03/25/2036 •  | 58 | 53 |
|  5.307% due 12/25/2035 •  | 770 | 766 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.322% due 05/25/2037 •  | 259 | 255 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.342% due 12/25/2036 •  | 4 | 2 |
|  4.732% due 01/25/2037 •  | 902 | 786 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.412% due 01/25/2037 •  | 414 | 318 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.372% due 01/25/2037 •  | 5 | 1 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.572% due 08/25/2037 •  | 996 | 490 |
|  4.792% due 02/25/2037 •  | 1831 | 516 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.402% due 01/25/2037 •  | 1867 | 861 |
|  4.487% due 03/25/2037 •  | 1436 | 561 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.772% due 09/25/2036 •  | 956 | 375 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.492% due 04/25/2037 •  | 634 | 441 |
|  4.492% due 05/25/2037 •  | 373 | 225 |
|  4.812% due 01/25/2036 •  | 732 | 693 |
|  5.052% due 02/25/2035 •  | 476 | 456 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.586% due 11/25/2036 þ | 207 | 66 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.752% due 07/25/2036 •  | 286 | 113 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.632% due 02/25/2036 •  | 1500 | 738 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.352% due 06/25/2037 •  | 2 | 1 |
|  4.482% due 06/25/2037 •  | 436 | 291 |
|  4.492% due 02/25/2037 •  | 1389 | 371 |
|  4.572% due 03/25/2037 •  | 75 | 72 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.692% due 02/25/2037 •  | 201 | 198 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.992% due 04/25/2037 •  | 3882 | 1410 |
|  |  | 17160 |
| WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.744% due 07/25/2051 þ | 239 | 239 |
| OTHER ABS 9.5% | OTHER ABS 9.5% | OTHER ABS 9.5% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  | 500 | 501 |
|  AlbaCore Euro CLO I DAC | AlbaCore Euro CLO I DAC | AlbaCore Euro CLO I DAC |
|  3.101% due 10/18/2034 •  | 700 | 823 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 300 | 287 |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  0.000% due 07/25/2039 •  | 600 | 707 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.267% due 01/22/2038 •  | 400 | 471 |
|  4.950% due 01/22/2038 | 500 | 585 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.926% due 08/15/2032 •  | 543 | 638 |
|  3.221% due 08/15/2038 •  | 600 | 706 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 27 | 27 |
|  CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC |
|  2.644% due 09/15/2031 •  | 283 | 332 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC |
|  3.144% due 10/23/2034 •  | 411 | 484 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  6.229% due 07/15/2031 •  | 600 | 602 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.825% due 04/20/2035 •  | 500 | 500 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.468% due 01/15/2035 •  | 800 | 800 |
|  Invesco Euro CLO III DAC | Invesco Euro CLO III DAC | Invesco Euro CLO III DAC |
|  3.126% due 10/30/2038 •  | 500 | 588 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  5.588% due 07/25/2035 •  | 500 | 501 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  5.979% due 04/15/2031 •  | 400 | 401 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  5.582% due 10/22/2034 •  | 500 | 501 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.330% due 04/15/2069 | 395 | 366 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.865% due 10/15/2032 | 382 | 383 |
|  5.303% due 10/15/2032 | 600 | 602 |
|  5.329% due 10/15/2032 | 500 | 503 |
|  5.331% due 01/15/2032 | 271 | 273 |
|  5.628% due 07/15/2032 | 500 | 506 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 | 500 | 504 |
|  7.573% due 08/15/2031 | 258 | 260 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  4.053% due 02/15/2035 •  | 500 | 589 |
|  Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. |
|  5.525% due 07/20/2034 •  | 900 | 901 |
|  Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust |
|  5.360% due 07/15/2030 | 500 | 502 |
|  Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. |
|  5.509% due 04/18/2033 •  | 472 | 472 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  6.132% due 10/13/2032 •  | 1000 | 1002 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.484% due 08/16/2034 •  | 500 | 501 |
|  Tralee CLO VI Ltd. | Tralee CLO VI Ltd. | Tralee CLO VI Ltd. |
|  6.080% 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 | 35 | 35 |
|  |  | 17254 |
|  Total Asset-Backed Securities (Cost $50,913) | Total Asset-Backed Securities (Cost $50,913) | 47921 |
| SOVEREIGN ISSUES 9.9% | SOVEREIGN ISSUES 9.9% | SOVEREIGN ISSUES 9.9% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (b) | 19500 | 3423 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  8.375% due 11/07/2054 | 400 | 424 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 900 | 914 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (b) | 300 | 232 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 | 300 | 302 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | 110000 | 648 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | 13100 | 726 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | 200 | 207 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  3.000% due 12/03/2026 (d) | 855 | 46 |
|  4.000% due 08/24/2034 (d) | 2394 | 125 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 100 | 31 |
|  7.300% due 08/12/2033 | 2800 | 899 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 3400 | 949 |

---

---

| | | |
|:---|:---|:---|
| **184** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.150% due 08/12/2032 |  | 13200 | $— | 4030 |
|  6.950% due 08/12/2031 |  | 881 |  | 281 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 |  | 27620 |  | 1270 |
|  7.000% due 02/28/2031 |  | 14900 |  | 819 |
|  8.000% due 01/31/2030 |  | 5600 |  | 325 |
|  8.250% due 03/31/2032 |  | 2500 |  | 143 |
|  8.500% due 01/31/2037 |  | 3200 |  | 171 |
|  8.875% due 02/28/2035 |  | 15300 |  | 870 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 |  | 400 |  | 479 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.625% due 01/13/2035 | $— | 300 |  | 320 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  40.854% (BISTREFI) due 09/06/2028 ~ |  | 7300 |  | 171 |
|  42.493% (BISTREFI) due 05/20/2026 ~ |  | 100 |  | 2 |
|  42.493% (BISTREFI) due 05/17/2028 ~ |  | 7800 |  | 185 |
|  Total Sovereign Issues (Cost $16,978) | Total Sovereign Issues (Cost $16,978) | Total Sovereign Issues (Cost $16,978) |  | 17992 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% |
| COMMERCIAL PAPER 3.4% | COMMERCIAL PAPER 3.4% | COMMERCIAL PAPER 3.4% | COMMERCIAL PAPER 3.4% |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.450% due 10/22/2025 | 1830 | $— | 1825 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  4.480% due 10/03/2025 | 760 |  | 760 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.600% due 10/23/2025 | 1810 |  | 1804 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.450% due 10/15/2025 | 1830 |  | 1827 |
|  |  |  | 6216 |
| REPURCHASE AGREEMENTS (e) 1.4% | REPURCHASE AGREEMENTS (e) 1.4% | REPURCHASE AGREEMENTS (e) 1.4% | REPURCHASE AGREEMENTS (e) 1.4% |
|  |  |  | 2500 |
| U.S. TREASURY BILLS 1.0% | U.S. TREASURY BILLS 1.0% | U.S. TREASURY BILLS 1.0% | U.S. TREASURY BILLS 1.0% |
|  4.068% due 11/18/2025 (b)(c) | 1900 |  | 1890 |
| Total Short-Term Instruments<br>(Cost $10,607) | Total Short-Term Instruments<br>(Cost $10,607) |  | 10606 |
| Total Investments in Securities<br>(Cost $273,329) | Total Investments in Securities<br>(Cost $273,329) |  | 271393 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 12.2% | INVESTMENTS IN AFFILIATES 12.2% | INVESTMENTS IN AFFILIATES 12.2% | INVESTMENTS IN AFFILIATES 12.2% |
| SHORT-TERM INSTRUMENTS 12.2% | SHORT-TERM INSTRUMENTS 12.2% | SHORT-TERM INSTRUMENTS 12.2% | SHORT-TERM INSTRUMENTS 12.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.2% |
|  PIMCO Short Asset Portfolio | 1124847 | $— | 11036 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1142109 |  | 11123 |
| Total Short-Term Instruments<br>(Cost $22,154) | Total Short-Term Instruments<br>(Cost $22,154) |  | 22159 |
| Total Investments in Affiliates<br>(Cost $22,154) | Total Investments in Affiliates<br>(Cost $22,154) |  | 22159 |
| Total Investments 161.7%<br>(Cost $295,483) | Total Investments 161.7%<br>(Cost $295,483) | $— | 293552 |
|  Financial Derivative<br>Instruments (f)(h) 10.1%<br> (Cost or Premiums, net $7,819) |  |  | 18304 |
| Other Assets and Liabilities, net (71.8)% | Other Assets and Liabilities, net (71.8)% |  | (130307) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 181549 |

---

#### 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) Zero coupon security.

(c) Coupon represents a yield to maturity.

(d) Principal amount of security is adjusted for inflation.

#### 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 | 4.230% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | U.S. Treasury Notes 1.500% due 08/15/2026 | $(2552) | $2500 | $2500 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2552) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (9.0)% | U.S. Government Agencies (9.0)% | U.S. Government Agencies (9.0)% | U.S. Government Agencies (9.0)% | U.S. Government Agencies (9.0)% | U.S. Government Agencies (9.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | $(3062) | $(3064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 5400 | (4458) | (4550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 9640 | (8840) | (8806) |
|  Total Short Sales (9.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16360) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16420) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 185

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (Unhedged) (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 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 | $2500 | $&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;2500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2552) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | $0 | $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;(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED 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 |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.500 | 10/24/2025 | 99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |

---

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(46) | $(32) |

---

#### 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 |
|  30-Day Federal Fund February Futures  | 02/2026 | 43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17280 | $0 | $0 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 30 | 2640 | 9 | 12 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 95 | 19798 | 35 | 10 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 265 | 28937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) | 10 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 20 | 2302 | 32 | 0 | (1) |
|  |  |  |  | $45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | $&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 |
|  Mini MSCI EAFE Index December Futures  | 12/2025 | 48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6685) | $9 | $0 | $(26) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 15 | (1688) | 15 | 0 | 0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 1 | (117) | (3) | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 36 | (4322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | 21 | 0 |
|  |  |  |  | $6 | $21 | $(26) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

186 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 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>September 30, 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 |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2025 | 0.222% | $100 | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $0 | $0 | $0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.326 | 100 | 1 | 0 | 1 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.246 | 200 | 1 | (1) | 0 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 06/20/2028 | 0.234 | 100 | 0 | 2 | 2 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 | $400 | 5 | 0 | 5 | 0 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 | 600 | 4 | (1) | 3 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | 4 | 3 | 7 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;5440 | $(117) | $(8) | $(125) | $0 | $(1) |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 1300 | (20) | (10) | (30) | 0 | 0 |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | 1900 | (42) | (2) | (44) | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | $(71) | $(8) | $(79) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 100 | (1) | 3 | 2 | 0 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 1600 | (47) | 20 | (27) | 5 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 800 | 38 | (14) | 24 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | $8510 | 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101) | (63) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 2080 | (24) | 22 | (2) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 3400 | 0 | (1) | (1) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 800 | (1) | (5) | (6) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 1390 | 0 | 18 | 18 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 2440 | 22 | (52) | (30) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 200 | (1) | (2) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 4470 | (78) | 5 | (73) | 0 | (2) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 8110 | (133) | (8) | (141) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 2200 | 6 | (31) | (25) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 14700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 | 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 1020 | (11) | (5) | (16) | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 1700 | (45) | 18 | (27) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 6100 | 399 | (153) | 246 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 1100 | 82 | (69) | 13 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 2830 | 6 | (34) | (28) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.435 | Annual | 11/05/2034 | 280 | (1) | (5) | (6) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 300 | (1) | (3) | (4) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 100 | (1) | 3 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 100 | (1) | 2 | 1 | 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) | 12 | (41) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 200 | (1) | 5 | 4 | 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 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 50 | 0 | (1) | (1) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **187** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (Unhedged) (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 | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 |  | $100 | $0 | $(2) | $(2) | $0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 100 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 200 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 200 | (1) | (3) | (4) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 |  | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 |  | 7110 | (1) | (56) | (57) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 |  | 1700 | 26 | 52 | 78 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 |  | 4600 | 886 | 1337 | 2223 | 11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 200 | 46 | 29 | 75 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 |  | 1360 | 0 | 21 | 21 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 |  | 1410 | 0 | 24 | 24 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 |  | 1550 | 83 | 240 | 323 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 5100 | 80 | 350 | 430 | 16 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 3700 | (317) | 36 | (281) | 0 | (11) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 |  | 700 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 7800 | 0 | (7) | (7) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 |  | 1300 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 |  | 14700 | 0 | 3 | 3 | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 5200 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 400 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.136 | Annual | 07/25/2029 |  | 2000 | 0 | 1 | 1 | 1 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 |  | 2000 | 0 | (16) | (16) | 0 | (1) |
|  Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 02/28/2031 |  | 9500 | 0 | (3) | (3) | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 4800 | (21) | 108 | 87 | 13 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 2200 | 43 | (9) | 34 | 8 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 |  | 200 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 200 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 |  | 100 | (1) | (7) | (8) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 |  | 100 | (1) | (6) | (7) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 |  | 100 | (1) | (7) | (8) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 |  | 100 | (1) | (6) | (7) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.970 | Annual | 12/15/2033 |  | 100 | 0 | (5) | (5) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 |  | 100 | 0 | (5) | (5) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 |  | 90 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 100 | 0 | 1 | 1 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 |  | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 |  | 4600 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17200 | (28) | (25) | (53) | 0 | (1) |
|  Receive | CPURNSA | 2.502 | Maturity | 03/25/2030 |  | $3400 | 0 | 20 | 20 | 1 | 0 |
|  Receive | CPURNSA | 2.520 | Maturity | 03/27/2030 |  | 2800 | 0 | 14 | 14 | 0 | 0 |
|  Receive | CPURNSA | 2.452 | Maturity | 07/20/2052 |  | 1000 | 0 | 19 | 19 | 1 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) |
|  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;2272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4096 | $88 | $(48) |

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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 September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) |

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188 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

(g) Securities with an aggregate market value of $555 and cash of $5,076 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 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;(h) 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 | 10/2025 | 5698 | $6646 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |
|  | 10/2025 | $1789 | 2488 | 0 | (1) |
|  | 11/2025 | 2485 | $1789 | 1 | 0 |
|  BOA | 10/2025 | 121 | 151 | 0 | (1) |
|  | 10/2025 | 317 | 371 | 0 | (1) |
|  | 10/2025 | 145 | 196 | 1 | 0 |
|  | 10/2025 | 4353 | 29 | 0 | 0 |
|  | 10/2025 | $203 | 161 | 0 | (1) |
|  | 10/2025 | 50 | 169 | 1 | 0 |
|  | 10/2025 | 108 | 9571 | 0 | (1) |
|  | 10/2025 | 357 | 52904 | 1 | 0 |
|  | 10/2025 | 110 | 152822 | 0 | (1) |
|  | 10/2025 | 53 | 92 | 0 | 0 |
|  | 10/2025 | 165 | 609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 0 |
|  | 10/2025 | 33 | 119 | 0 | 0 |
|  | 11/2025 | 340 | $101 | 0 | (2) |
|  | 11/2025 | 92 | 53 | 0 | 0 |
|  | 11/2025 | $30 | 100 | 0 | 0 |
|  | 11/2025 | 29 | 4338 | 0 | 0 |
|  | 11/2025 | 2672 | $153 | 0 | (1) |
|  BPS | 10/2025 | 1904 | 322 | 0 | (36) |
|  | 10/2025 | 2666 | 374 | 0 | 0 |
|  | 10/2025 | 8037366 | 486 | 5 | (1) |
|  | 10/2025 | 10998 | 125 | 1 | 0 |
|  | 10/2025 | 5043 | 34 | 0 | 0 |
|  | 10/2025 | 19754 | 657 | 9 | (1) |
|  | 10/2025 | $348 | 1904 | 10 | 0 |
|  | 10/2025 | 536 | 454 | 0 | (3) |
|  | 10/2025 | 351 | 5790540 | 0 | (4) |
|  | 10/2025 | 519 | 717795 | 0 | (8) |
|  | 10/2025 | 184 | 671 | 0 | 0 |
|  | 11/2025 | 1336909 | $80 | 0 | 0 |
|  | 11/2025 | 8901 | 100 | 0 | 0 |
|  | 11/2025 | 70091 | 50 | 0 | 0 |
|  | 11/2025 | $100 | 336 | 1 | 0 |
|  | 11/2025 | 34 | 5026 | 0 | 0 |
|  | 12/2025 | 2438 | $81 | 1 | 0 |
|  | 12/2025 | $119 | 1995154 | 1 | 0 |
|  | 12/2025 | 133 | 2534 | 4 | 0 |
|  | 04/2026 | 700 | $122 | 0 | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **189** |

---

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Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (Unhedged) (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 | 10/2025 | 536 | $671 | $0 | $(2) |
|  | 10/2025 | $797 | 639 | 6 | 0 |
|  | 10/2025 | 382 | 284 | 0 | 0 |
|  | 10/2025 | 53 | 990 | 1 | 0 |
|  | 10/2025 | 0 | 1 | 0 | 0 |
|  | 10/2025 | 102 | 373 | 1 | 0 |
|  | 10/2025 | 29 | 1236 | 1 | 0 |
|  | 11/2025 | 1 | $0 | 0 | 0 |
|  | 11/2025 | $671 | 534 | 2 | 0 |
|  | 11/2025 | 22 | 963 | 0 | 0 |
|  | 11/2025 | 7735 | $439 | 0 | (7) |
|  | 12/2025 | 1308 | 366 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  | 12/2025 | $495 | 21798 | 3 | 0 |
|  BSH | 10/2025 | 1300 | $244 | 0 | 0 |
|  | 10/2025 | 590 | 685 | 0 | (7) |
|  | 10/2025 | $239 | 1300 | 5 | 0 |
|  | 10/2025 | 16 | 27 | 0 | 0 |
|  | 11/2025 | 27 | $16 | 0 | 0 |
|  | 11/2025 | 690 | 187 | 0 | (11) |
|  | 12/2025 | 5418 | 1522 | 0 | (35) |
|  | 12/2025 | $1006 | 5584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | 0 |
|  | 03/2026 | 1144 | $328 | 0 | (1) |
|  | 04/2026 | 1300 | 229 | 0 | (5) |
|  CBK | 10/2025 | 337 | 220 | 0 | (3) |
|  | 10/2025 | 7784 | 1464 | 1 | 0 |
|  | 10/2025 | 50 | 7 | 0 | 0 |
|  | 10/2025 | 95 | 15 | 0 | 0 |
|  | 10/2025 | 544 | 636 | 0 | (3) |
|  | 10/2025 | 135 | 183 | 2 | 0 |
|  | 10/2025 | 4940449 | 299 | 3 | (1) |
|  | 10/2025 | 16511 | 186 | 0 | 0 |
|  | 10/2025 | 81900 | 557 | 4 | 0 |
|  | 10/2025 | 511899 | 370 | 5 | 0 |
|  | 10/2025 | 1258 | 981 | 6 | 0 |
|  | 10/2025 | 2814 | 87 | 0 | 0 |
|  | 10/2025 | 20861 | 704 | 18 | 0 |
|  | 10/2025 | $1408 | 7784 | 54 | 0 |
|  | 10/2025 | 650 | 555 | 2 | 0 |
|  | 10/2025 | 253 | 187 | 0 | (1) |
|  | 10/2025 | 712 | 11671294 | 0 | (13) |
|  | 10/2025 | 461 | 40474 | 0 | (6) |
|  | 10/2025 | 12 | 118 | 0 | 0 |
|  | 10/2025 | 936 | 3284 | 10 | 0 |
|  | 10/2025 | 111 | 1055 | 1 | 0 |
|  | 10/2025 | 292 | 8903 | 0 | 0 |
|  | 10/2025 | 1919 | $111 | 0 | 0 |
|  | 11/2025 | 118 | 12 | 0 | 0 |
|  | 11/2025 | $56 | 187 | 1 | 0 |
|  | 11/2025 | 186 | 16543 | 0 | 0 |
|  | 11/2025 | 108 | 1880 | 1 | 0 |
|  | 11/2025 | 2354 | $136 | 0 | 0 |
|  | 12/2025 | 3291 | 936 | 0 | (10) |
|  | 12/2025 | 31338 | 1049 | 14 | 0 |
|  | 12/2025 | $123 | 2060501 | 1 | 0 |
|  | 01/2026 | 4089 | $136 | 0 | 0 |
|  | 03/2026 | 5156 | 1463 | 0 | (16) |
|  | 08/2026 | $108 | 1923 | 1 | 0 |
|  DUB | 10/2025 | 5712 | $803 | 2 | 0 |
|  | 10/2025 | 2956546 | 180 | 3 | 0 |
|  | 10/2025 | 26792 | 302 | 0 | 0 |
|  | 10/2025 | 111563 | 80 | 1 | 0 |
|  | 10/2025 | $146 | 500 | 5 | 0 |
|  | 10/2025 | 228 | 20203 | 0 | (1) |
|  | 10/2025 | 555 | 2020 | 1 | 0 |
|  | 11/2025 | 500 | $146 | 0 | (5) |
|  | 11/2025 | 1769 | 20 | 0 | 0 |
|  | 11/2025 | $302 | 26845 | 0 | 0 |
|  | 11/2025 | 18678 | $1067 | 0 | (11) |
|  FAR | 10/2025 | 2463 | 1598 | 0 | (32) |

---

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| | | |
|:---|:---|:---|
| **190** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

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September 30, 2025 (Unaudited)

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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** |
|  | 10/2025 | 96 | $120 | $0 | $0 |
|  | 10/2025 | 2491 | 351 | 1 | 0 |
|  | 10/2025 | 452 | 352 | 2 | 0 |
|  | 10/2025 | $1908 | 2923 | 26 | 0 |
|  | 10/2025 | 437 | 38586 | 0 | (3) |
|  | 10/2025 | 1361 | 200134 | 0 | (8) |
|  | 10/2025 | 700 | 2444 | 3 | 0 |
|  | 10/2025 | 220 | 804 | 1 | 0 |
|  | 10/2025 | 2706 | 3486 | 0 | (4) |
|  | 11/2025 | 2923 | $1909 | 0 | (26) |
|  | 11/2025 | 2723 | 742 | 0 | (42) |
|  | 11/2025 | 3477 | 2706 | 4 | 0 |
|  | 11/2025 | $120 | 96 | 0 | 0 |
|  | 12/2025 | 15360 | $810 | 0 | (22) |
|  | 12/2025 | $97 | 342 | 2 | 0 |
|  | 02/2026 | 2453 | $700 | 0 | (3) |
|  GLM | 10/2025 | 3000 | 490 | 0 | (74) |
|  | 10/2025 | 23 | 29 | 0 | 0 |
|  | 10/2025 | 196 | 28 | 0 | 0 |
|  | 10/2025 | 2025921 | 121 | 0 | 0 |
|  | 10/2025 | 39 | 30 | 0 | 0 |
|  | 10/2025 | $554 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 0 |
|  | 10/2025 | 105 | 1731999 | 0 | (1) |
|  | 10/2025 | 125 | 10996 | 0 | (2) |
|  | 10/2025 | 59 | 1105 | 1 | 0 |
|  | 11/2025 | 20 | 67 | 0 | 0 |
|  | 12/2025 | 187 | $10 | 0 | 0 |
|  | 12/2025 | $118 | 1978528 | 0 | 0 |
|  | 04/2026 | 4900 | $849 | 0 | (32) |
|  IND | 10/2025 | 123 | 80 | 0 | (1) |
|  | 10/2025 | $16 | 103 | 0 | 0 |
|  | 11/2025 | 103 | $16 | 0 | 0 |
|  JPM | 10/2025 | 2486 | 1799 | 13 | 0 |
|  | 10/2025 | 5895287 | 353 | 0 | 0 |
|  | 10/2025 | 193094 | 139 | 2 | 0 |
|  | 10/2025 | 275 | 214 | 1 | 0 |
|  | 10/2025 | 1996 | 65 | 0 | (1) |
|  | 10/2025 | $11 | 72 | 0 | 0 |
|  | 10/2025 | 154 | 131 | 0 | 0 |
|  | 10/2025 | 466 | 7747528 | 0 | (1) |
|  | 10/2025 | 50 | 167 | 1 | 0 |
|  | 10/2025 | 72 | 6350 | 0 | (1) |
|  | 10/2025 | 67 | 247 | 1 | 0 |
|  | 10/2025 | 29 | 887 | 0 | 0 |
|  | 11/2025 | 71 | $11 | 0 | 0 |
|  | 11/2025 | 16540 | 944 | 0 | (11) |
|  | 12/2025 | $102 | 1912 | 1 | 0 |
|  | 04/2026 | 12600 | $2134 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132) |
|  MBC | 10/2025 | 234 | 294 | 0 | 0 |
|  | 10/2025 | 2907 | 409 | 1 | 0 |
|  | 10/2025 | 506 | 597 | 3 | 0 |
|  | 10/2025 | 292669 | 18 | 0 | 0 |
|  | 10/2025 | 34600 | 235 | 1 | 0 |
|  | 10/2025 | 716381 | 514 | 3 | 0 |
|  | 10/2025 | 2289 | 239 | 0 | (4) |
|  | 10/2025 | 1427 | 1113 | 7 | 0 |
|  | 10/2025 | 2017 | 63 | 0 | 0 |
|  | 10/2025 | $100 | 79 | 0 | (1) |
|  | 10/2025 | 290 | 2065 | 0 | 0 |
|  | 10/2025 | 210 | 156 | 0 | 0 |
|  | 10/2025 | 403 | 562843 | 0 | (2) |
|  | 10/2025 | 0 | 1 | 0 | 0 |
|  | 10/2025 | 110 | 1055 | 2 | 0 |
|  | 10/2025 | 80 | 2590 | 0 | 0 |
|  | 11/2025 | 2060 | $290 | 0 | 0 |
|  | 11/2025 | 1 | 0 | 0 | 0 |
|  | 11/2025 | $29 | 4273 | 0 | 0 |
|  | 12/2025 | 171 | 3200 | 2 | 0 |
|  MYI | 10/2025 | 2935 | $412 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **191** |

---

------

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** |
|  | 10/2025 | 1183947 | $72 | $1 | $0 |
|  | 10/2025 | 95350 | 639 | 0 | (6) |
|  | 10/2025 | $418 | 61828 | 0 | 0 |
|  | 10/2025 | 101 | 364 | 0 | 0 |
|  | 10/2025 | 135 | 4056 | 0 | (1) |
|  | 11/2025 | 639 | 95020 | 6 | 0 |
|  | 12/2025 | 4030 | $135 | 2 | 0 |
|  | 12/2025 | $179 | 3375 | 4 | 0 |
|  NGF | 10/2025 | 255758 | $184 | 2 | 0 |
|  | 10/2025 | $94 | 1555604 | 0 | (1) |
|  | 11/2025 | 452 | 19751 | 8 | 0 |
|  SCX | 10/2025 | 2134 | $300 | 1 | 0 |
|  | 10/2025 | 80 | 12 | 0 | 0 |
|  | 10/2025 | 2519227 | 151 | 0 | 0 |
|  | 10/2025 | 18779 | 211 | 0 | 0 |
|  | 10/2025 | 5725 | 1620 | 0 | (29) |
|  | 10/2025 | 350 | 37 | 0 | 0 |
|  | 10/2025 | 36 | 28 | 0 | 0 |
|  | 10/2025 | 11695 | 395 | 10 | 0 |
|  | 10/2025 | $697 | 521 | 4 | 0 |
|  | 10/2025 | 105 | 1725890 | 0 | (2) |
|  | 10/2025 | 223 | 19659 | 0 | (2) |
|  | 10/2025 | 78 | 11405 | 0 | 0 |
|  | 11/2025 | 521 | $697 | 0 | (4) |
|  | 11/2025 | $191 | 17045 | 0 | 0 |
|  | 11/2025 | 0 | 21 | 0 | 0 |
|  | 12/2025 | 151 | 2525594 | 0 | 0 |
|  SOG | 10/2025 | 8913 | $1670 | 0 | (5) |
|  | 10/2025 | 207649 | 1395 | 0 | (9) |
|  | 10/2025 | 119 | 70 | 0 | 0 |
|  | 10/2025 | $1676 | 8913 | 0 | (1) |
|  | 10/2025 | 163 | 130 | 0 | 0 |
|  | 10/2025 | 7662 | 6515 | 0 | (13) |
|  | 10/2025 | 710 | 104436 | 0 | (4) |
|  | 11/2025 | 6515 | $7677 | 13 | 0 |
|  | 11/2025 | $1395 | 206931 | 9 | 0 |
|  | 12/2025 | 1670 | 9039 | 4 | 0 |
|  SSB | 10/2025 | 868 | $1170 | 3 | 0 |
|  | 12/2025 | 523 | 141 | 0 | (9) |
|  UAG | 10/2025 | 886 | 266 | 0 | (2) |
|  | 10/2025 | 125 | 12 | 0 | 0 |
|  | 10/2025 | $15 | 50 | 1 | 0 |
|  | 10/2025 | 1084 | 95715 | 0 | (8) |
|  | 10/2025 | 100 | 364 | 0 | 0 |
|  | 10/2025 | 80 | 2589 | 0 | 0 |
|  | 10/2025 | 111 | 1919 | 0 | 0 |
|  | 10/2025 | 1919 | $111 | 0 | 0 |
|  | 11/2025 | 50 | 15 | 0 | 0 |
|  | 11/2025 | 8414 | 477 | 0 | (8) |
|  | 12/2025 | 1643 | 35 | 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;386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(767) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 3200 | $5 | $3 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 4600 | 6 | 5 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 910 | 40 | 49 |
| GLM | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 540 | 9 | 16 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 900 | 1 | 1 |
| MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 1600 | 2 | 2 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 1800 | 3 | 2 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |

---

192 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.230% | 03/30/2026 | 2100 | $16 | $17 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.160 | 12/04/2025 | 500 | 2 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.758 | 03/30/2026 | 1100 | 9 | 8 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215 | 08/05/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 200 | 1 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 200 | 2 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 600 | 53 | 50 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 600 | 53 | 50 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 600 | 52 | 55 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 600 | 52 | 47 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 900 | 78 | 83 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 900 | 78 | 70 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 1600 | 129 | 147 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 2100 | 169 | 143 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 124100 | 623 | 541 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 124100 | 623 | 605 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 2400 | 208 | 216 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/21/2035 | 1900 | 164 | 171 |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 10/09/2025 | 2600 | 4 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.008 | 11/06/2025 | 5100 | 4 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.010 | 11/07/2025 | 5100 | 5 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 1500 | 132 | 128 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 1500 | 132 | 123 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 4800 | 387 | 440 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 6300 | 508 | 427 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 02/18/2026 | 5400 | 11 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.989 | 08/06/2026 | 300 | 2 | 2 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.239 | 08/06/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 2300 | 203 | 197 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 2300 | 203 | 189 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 22700 | 17 | 16 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.907 | 11/07/2025 | 5500 | 5 | 2 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.177 | 12/24/2025 | 2100 | 9 | 7 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 2500 | 33 | 27 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 2200 | 44 | 38 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 2200 | 32 | 21 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 600 | 53 | 51 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 600 | 53 | 49 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 08/13/2035 | 1200 | 106 | 104 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 1200 | 106 | 98 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $97.961 | 10/07/2025 | 1700 | $2 | $0 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.945 | 10/07/2025 | 8700 | 11 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.977 | 10/07/2025 | 8700 | 12 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.063 | 10/07/2025 | 6900 | 8 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.547 | 11/06/2025 | 5500 | 4 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 3600 | 5 | 3 |
|  |  |  |  |  | $42 | $3 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4226 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 193

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (Unhedged) (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-44 5-Year Index | Sell | 0.700% | 12/17/2025 | 10800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 3200 | $(2) | $(2) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 4600 | (2) | (3) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 1810 | (38) | (47) |
| GLM | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 540 | (2) | (2) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 540 | (4) | (1) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 900 | 0 | (1) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 1600 | (1) | (1) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 1800 | (1) | (1) |
| UAG | Call - OTC USD versus TRY | TRY | 54.000 | 12/16/2025 | 300 | (10) | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |

---

#### 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 Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.086% | 10/07/2025 | 6300 | $(14) | $0 |
| DUB Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028 | 12/04/2025 | 2600 | (5) | (5) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.131 | 11/06/2025 | 3700 | (4) | 0 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 10/07/2025 | 4100 | (8) | 0 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.677 | 12/24/2025 | 2300 | (9) | (11) |
| NGF Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.082 | 10/07/2025 | 5200 | (11) | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $96.547 | 10/07/2025 | 2200 | $(4) | $(13) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) |

---

#### 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>September 30, 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>September 30, 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 | 0.872% | $100 | $(1) | $1 | $0 | $0 |
| JPM | Hochtief AG | 5.000 | Quarterly | 12/20/2025 | 0.157 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | (65) | 4 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 1.016 | $400 | 3 | (4) | 0 | (1) |
|  |  |  |  |  |  |  | $71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&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 | 483 | $94 | $6 | $100 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 966 | 191 | 10 | 201 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 387 | 77 | 3 | 80 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 3866 | 798 | 3 | 801 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

194 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### 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 | 4.460% (SOFR plus a specified spread) | Monthly | 11/19/2025 | $13592 | $0 | $(8) | $0 | $(8) |
|  JPM | Receive | NDDUEAFE Index  | 2544 | 4.475% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 25729 | 0 | (90) | 0 | (90) |
|  MYI | Receive | NDDUEAFE Index  | 1881 | 4.490% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 19023 | 0 | (67) | 0 | (67) |
|  UAG | Receive | NDDUEAFE Index  | 12144 | 4.405% (FEDL01 plus a specified spread) | Maturity | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103811 | 0 | 13525 | 13525 | 0 |
|  | Receive | NDDUEAFE Index  | 375 | 4.390% (SOFR plus a specified spread) | Monthly | 11/05/2025 | 3793 | 0 | (13) | 0 | (13) |
|  | Receive | NDDUEAFE Index  | 373 | 4.465% (SOFR plus a specified spread) | Monthly | 05/06/2026 | 3772 | 0 | (13) | 0 | (13) |
|  |  |  |  |  |  |  |  | $0 | $13334 | $13525 | $(191) |
|  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;1231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) |

---

#### 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 September 30, 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 | $1 | $0 | $0 | $1 | $(45) | $0 | $0 | $(45) | $(44) | $0 | $(44) |
|  BOA | 13 | 448 | 100 | 561 | (8) | (52) | 0 | (60) | 501 | 0 | 501 |
|  BPS | 32 | 0 | 201 | 233 | (57) | 0 | 0 | (57) | 176 | (270) | (94) |
|  BRC | 14 | 290 | 0 | 304 | (19) | 0 | 0 | (19) | 285 | 0 | 285 |
|  BSH | 33 | 0 | 0 | 33 | (59) | 0 | 0 | (59) | (26) | 0 | (26) |
|  CBK | 124 | 0 | 0 | 124 | (53) | 0 | (8) | (61) | 63 | 0 | 63 |
|  DUB | 12 | 1533 | 0 | 1545 | (17) | (5) | 0 | (22) | 1523 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 |
|  FAR | 39 | 0 | 0 | 39 | (140) | 0 | 0 | (140) | (101) | 0 | (101) |
|  GLM | 11 | 1137 | 0 | 1148 | (109) | (4) | 0 | (113) | 1035 | 0 | 1035 |
|  GSC | 0 | 3 | 0 | 3 | 0 | (13) | 0 | (13) | (10) | 0 | (10) |
|  GST | 0 | 0 | 80 | 80 | 0 | (5) | 0 | (5) | 75 | 0 | 75 |
|  IND | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  JPM | 19 | 396 | 805 | 1220 | (146) | 0 | (91) | (237) | 983 | (680) | 303 |
|  MBC | 19 | 4 | 0 | 23 | (7) | (2) | 0 | (9) | 14 | 0 | 14 |
|  MYC | 0 | 213 | 0 | 213 | 0 | (11) | 0 | (11) | 202 | 0 | 202 |
|  MYI | 14 | 0 | 0 | 14 | (7) | 0 | (67) | (74) | (60) | 0 | (60) |
|  NGF | 10 | 202 | 0 | 212 | (1) | 0 | 0 | (1) | 211 | 0 | 211 |
|  SCX | 15 | 0 | 0 | 15 | (37) | 0 | 0 | (37) | (22) | 0 | (22) |
|  SOG | 26 | 0 | 0 | 26 | (32) | 0 | 0 | (32) | (6) | 0 | (6) |
|  SSB | 3 | 0 | 0 | 3 | (9) | 0 | 0 | (9) | (6) | 0 | (6) |
|  UAG | 1 | 0 | 13525 | 13526 | (20) | (2) | (26) | (48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12730) | 748 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4226 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(767) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1053) |  |  |  |

---

<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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **195** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (Unhedged) (Cont.)

<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 September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $53 | $53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 88 | 88 |
|  | $0 | $0 | $0 | $0 | $141 | $141 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $386 | $0 | $386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 78 | 4148 | 4226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1186 | 13525 | 0 | 0 | 14711 |
|  | $0 | $1186 | $13525 | $464 | $4148 | $19323 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19464 |
|  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 | $32 | $32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 26 | 0 | 1 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 47 | 48 |
|  | $0 | $1 | $26 | $0 | $80 | $107 |
|  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 | $767 | $0 | $767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 5 | 0 | 60 | 29 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 191 | 0 | 0 | 192 |
|  | $0 | $6 | $191 | $827 | $29 | $1053 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $7 | $217 | $827 | $109 | $1160 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 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 | $45 | $45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 314 | 0 | 11 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (203) | 0 | 0 | 639 | 436 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203) | $314 | $0 | $695 | $806 |
|  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 | $(1903) | $0 | $(1903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (53) | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 4 | 0 | 0 | 115 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 156 | 7883 | 0 | 0 | 8039 |
|  | $0 | $160 | $7883 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1903) | $62 | $6202 |
|  | $0 | $(43) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8197 | $(1903) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7008 |

---

196 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  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  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $14 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (31) | 0 | (35) | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (20) | 0 | 0 | (665) | (685) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $(31) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(686) | $(737) |
|  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;(260) | $0 | $(260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 11 | (256) | (245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 5 | 0 | 0 | (7) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 45 | 15397 | 0 | 0 | 15442 |
|  | $0 | $50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15397 | $(249) | $(263) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14935 |
|  | $0 | $30 | $15366 | $(249) | $(949) | $14198 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $5336 | $0 | $5336 |
| &nbsp;&nbsp; Industrials | 0 | 695 | 1800 | 2495 |
| &nbsp;&nbsp; Utilities | 0 | 1232 | 0 | 1232 |
|  U.S. Government Agencies | 0 | 158763 | 0 | 158763 |
|  U.S. Treasury Obligations | 0 | 13970 | 0 | 13970 |
|  Non-Agency Mortgage-Backed Securities | 0 | 13078 | 0 | 13078 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 3301 | 0 | 3301 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 4240 | 0 | 4240 |
| &nbsp;&nbsp; CMBS Other | 0 | 5727 | 0 | 5727 |
| &nbsp;&nbsp; Home Equity Other | 0 | 17160 | 0 | 17160 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 239 | 0 | 239 |
| &nbsp;&nbsp; Other ABS | 0 | 17254 | 0 | 17254 |
|  Sovereign Issues | 0 | 17992 | 0 | 17992 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 6216 | 0 | 6216 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 2500 | 0 | 2500 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1890 | 0 | 1890 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271393 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22159 | $0 | $0 | $22159 |
|  Total Investments | $22159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293552 |
|  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 | $(16420) | $0 | $(16420) |
|  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 | 12 | 129 | 0 | 141 |
|  Over the counter | 0 | 19323 | 0 | 19323 |
|  | $12 | $19452 | $0 | $19464 |
|  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 | (26) | (81) | 0 | (107) |
|  Over the counter | 0 | (1053) | 0 | (1053) |
|  | $(26) | $(1134) | $0 | $(1160) |
|  Total Financial Derivative Instruments | $(14) | $18318 | $0 | $18304 |
|  Totals | $22145 | $271491 | $1800 | $295436 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **197** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration 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 169.3% | INVESTMENTS IN SECURITIES 169.3% | INVESTMENTS IN SECURITIES 169.3% |
| 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 |
|  9.818% (TSFR3M + 5.500%) due 08/15/2028 «~ | 375 | 364 |
|  Oi SA | Oi SA | Oi SA |
|  TBD% due 12/30/2050 « | 211 | 2 |
|  Total Loan Participations and Assignments (Cost $564) | Total Loan Participations and Assignments (Cost $564) | 366 |
| CORPORATE BONDS & NOTES 52.8% | CORPORATE BONDS & NOTES 52.8% | CORPORATE BONDS & NOTES 52.8% |
| BANKING & FINANCE 22.0% | BANKING & FINANCE 22.0% | BANKING & FINANCE 22.0% |
|  Agree LP | Agree LP | Agree LP |
|  2.000% due 06/15/2028 | 900 | 849 |
|  4.800% due 10/01/2032 | 1800 | 1815 |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  3.200% due 09/16/2040 | 900 | 708 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.848% due 01/03/2030 •  | 1200 | 1270 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 1100 | 1000 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.300% due 09/15/2031 | 2800 | 2476 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  3.750% due 07/15/2027 | 1200 | 1167 |
|  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 | 235 |
|  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 | 284 | 273 |
|  5.500% due 01/15/2026 | 1300 | 1302 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.033% due 03/13/2035 •  | 1800 | 1915 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.299% due 07/21/2032 •  | 300 | 266 |
|  5.468% due 01/23/2035 •  | 1700 | 1776 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.690% due 03/12/2030 •  | 1600 | 1663 |
|  6.125% due 12/15/2025 •(g)(h) | 1700 | 1702 |
|  6.692% due 09/13/2034 •  | 1600 | 1771 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  3.132% due 01/20/2033 •  | 1300 | 1184 |
|  4.500% due 02/25/2030 •(g)(h) | 300 | 275 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  4.125% due 05/15/2029 | 200 | 198 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 1600 | 1710 |
|  Capital One NA | Capital One NA | Capital One NA |
|  4.650% due 09/13/2028 | 1000 | 1012 |
|  Carlyle Holdings II Finance LLC | Carlyle Holdings II Finance LLC | Carlyle Holdings II Finance LLC |
|  5.625% due 03/30/2043 | 1100 | 1104 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  3.743% due 09/12/2039 (h) | 1300 | 1089 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  2.900% due 12/01/2033 | 2100 | 1779 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 600 | 549 |
|  Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
|  2.700% due 07/12/2026 ^(c) | 300 | 33 |
|  Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
|  5.250% due 07/15/2030 | 500 | 512 |
|  Credit Suisse AG AT1 Claim | 200 | 26 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.250% due 01/15/2051 | 600 | 405 |
|  4.000% due 11/15/2049 | 800 | 615 |
|  DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. |
|  3.750% due 02/15/2026 | 4200 | 4184 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.729% due 01/14/2032 •  | 1300 | 1219 |
|  3.742% due 01/07/2033 •  | 3600 | 3317 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  4.572% due 02/15/2029 | 257 | 258 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.625% due 04/29/2030 | 600 | 602 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 1200 | 1181 |
|  3.375% due 11/13/2025 | 800 | 799 |
|  6.125% due 03/08/2034 | 600 | 603 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.900% due 01/06/2032 | 1100 | 975 |
|  5.500% due 01/08/2029 | 1200 | 1243 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  3.125% due 06/15/2031 | 2750 | 2485 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  3.250% due 01/15/2032 | 3500 | 3152 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.727% due 04/25/2030 •  | 1500 | 1570 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.375% due 06/15/2026 | 215 | 213 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
|  3.500% due 08/01/2026 | 1300 | 1291 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 1600 | 1488 |
|  4.041% due 03/13/2028 •  | 300 | 299 |
|  4.600% due 12/17/2030 •(g)(h) | 1700 | 1614 |
|  5.402% due 08/11/2033 •  | 300 | 311 |
|  6.254% due 03/09/2034 •  | 1600 | 1743 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.550% due 03/19/2035 •  | 700 | 728 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  2.650% due 09/15/2040 | 3200 | 2378 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.700% due 01/15/2034 | 3300 | 2802 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.350% due 06/01/2034 •  | 1800 | 1876 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.679% due 01/05/2035 •  | 2500 | 2622 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.700% due 09/15/2030 | 500 | 457 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.048% due 07/17/2030 | 600 | 542 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  2.201% due 07/10/2031 •  | 1400 | 1265 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(i) | 8600 | 6213 |
|  5.173% due 01/16/2030 •  | 100 | 103 |
|  Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. |
|  2.500% due 12/21/2040 | 1100 | 780 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 | 800 | 724 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.000% due 09/14/2026 | 1130 | 1128 |
|  Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. |
|  3.900% due 11/30/2049 | 600 | 464 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.600% due 06/28/2031 •(g)(h) | 200 | 183 |
|  5.076% due 01/27/2030 •  | 1200 | 1226 |
|  5.778% due 03/01/2035 •  | 1800 | 1899 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.999% due 01/22/2032 | 2300 | 2082 |
|  3.103% due 01/16/2030 | 500 | 472 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.500% due 10/01/2052 | 4731 | 588 |
|  1.500% due 10/01/2053 | 2060 | 264 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  3.375% due 02/01/2031 | 1600 | 1486 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 2300 | 2249 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |
|  4.875% due 05/15/2029 | 900 | 878 |
|  Prologis LP | Prologis LP | Prologis LP |
|  3.375% due 12/15/2027 | 300 | 297 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 | 1400 | 1247 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  3.350% due 04/16/2031 | 1000 | 926 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.469% due 01/11/2028 •  | 1400 | 1368 |
|  4.320% due 09/22/2029 •  | 1200 | 1197 |
|  Sirius Real Estate Ltd. | Sirius Real Estate Ltd. | Sirius Real Estate Ltd. |
|  1.125% due 06/22/2026 | 1100 | 1277 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  5.375% due 11/18/2030 •(g)(h) | 700 | 661 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  3.603% due 01/12/2033 •  | 2200 | 2035 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  1.711% due 01/29/2027 | 1100 | 1060 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.700% due 12/01/2031 | 2800 | 2457 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.424% due 07/09/2031 | 1500 | 1574 |
|  SURA Asset Management SA | SURA Asset Management SA | SURA Asset Management SA |
|  4.375% due 04/11/2027 | 270 | 269 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  2.875% due 10/28/2031 (k) | 4900 | 4341 |
|  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 | 1018 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1400 | 1296 |
|  3.869% due 01/12/2029 •  | 1700 | 1686 |
|  4.194% due 04/01/2031 •  | 250 | 247 |
|  4.375% due 02/10/2031 •(g)(h) | 600 | 547 |
|  5.428% due 02/08/2030 •  | 2100 | 2170 |
|  6.301% due 09/22/2034 •  | 1700 | 1857 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.875% due 02/15/2029 | 1300 | 1270 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.572% due 02/11/2031 •  | 1600 | 1487 |
|  4.078% due 09/15/2029 •  | 1200 | 1196 |
|  5.198% due 01/23/2030 •  | 1700 | 1751 |
|  |  | 126169 |
| INDUSTRIALS 25.0% | INDUSTRIALS 25.0% | INDUSTRIALS 25.0% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  5.250% due 10/01/2030 | 661 | 677 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  3.100% due 07/15/2031 | 1000 | 915 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 851 | 853 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  3.800% due 09/23/2049 | 500 | 387 |
|  Altice France SA | Altice France SA | Altice France SA |
|  4.250% due 10/15/2029 | 1100 | 1122 |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  4.800% due 02/14/2029 | 258 | 262 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 2601 | 2362 |
|  3.350% due 04/15/2031 | 1304 | 1260 |
|  3.375% due 11/01/2028 | 999 | 983 |
|  3.600% due 04/15/2031 | 155 | 148 |
|  3.650% due 12/15/2029 | 304 | 293 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  3.350% due 02/22/2032 | 1600 | 1503 |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
|  4.950% due 01/15/2042 | 1500 | 1443 |
|  Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
|  3.100% due 12/01/2051 | 3600 | 2287 |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
|  2.950% due 02/15/2032 | 800 | 715 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.800% due 04/15/2034 | 1700 | 1782 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  4.750% due 06/01/2030 | 400 | 402 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  4.700% due 05/15/2028 | 1200 | 1211 |

---

---

| | | |
|:---|:---|:---|
| **198** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group |
|  3.540% due 08/15/2050 | 900 | 652 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  6.421% due 08/02/2033 | 1800 | 1977 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.500% due 11/21/2033 | 3000 | 3237 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 5700 | 5700 |
|  Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP |
|  3.400% due 02/15/2031 | 2000 | 1874 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  3.250% due 02/01/2035 | 700 | 608 |
|  3.600% due 05/01/2034 | 700 | 634 |
|  3.650% due 03/01/2047 | 400 | 293 |
|  3.750% due 02/01/2050 | 700 | 518 |
|  6.528% due 05/01/2034 | 4000 | 4425 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 1980 | 1876 |
|  3.800% due 03/20/2033 | 496 | 485 |
|  4.125% due 03/20/2033 | 801 | 773 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.300% due 11/15/2032 | 1300 | 1284 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.302% due 01/15/2035 | 300 | 261 |
|  Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
|  3.377% due 04/05/2040 | 500 | 404 |
|  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 | 357 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  3.569% due 12/01/2031 | 1100 | 1028 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 1400 | 1302 |
|  4.625% due 12/15/2029 | 500 | 485 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  4.400% due 12/01/2061 | 4200 | 2912 |
|  5.375% due 05/01/2047 | 1300 | 1124 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.300% due 11/01/2038 | 1100 | 1057 |
|  5.750% due 08/01/2035 | 400 | 408 |
|  Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
|  2.268% due 11/15/2026 | 2000 | 1951 |
|  CSN Resources SA | CSN Resources SA | CSN Resources SA |
|  4.625% due 06/10/2031 | 1600 | 1302 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  5.050% due 03/25/2048 | 800 | 712 |
|  6.000% due 06/01/2063 | 1600 | 1577 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  4.704% due 01/10/2036 | 2089 | 2001 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 1900 | 1841 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. |
|  4.500% due 10/20/2025 | 83 | 83 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.650% due 01/15/2043 | 1600 | 1440 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.150% due 09/15/2029 | 700 | 694 |
|  6.625% due 10/15/2036 | 500 | 546 |
|  7.500% due 07/01/2038 | 400 | 466 |
|  Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
|  4.350% due 03/15/2031 | 600 | 596 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 | 400 | 380 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 2400 | 2209 |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
|  2.375% due 02/16/2031 | 700 | 618 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  2.900% due 05/15/2030 | 400 | 370 |
|  2.900% due 11/15/2031 | 3100 | 2781 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 700 | 641 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |
|  4.875% due 07/01/2031 | 2100 | 1961 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  5.375% due 04/15/2031 | 1400 | 1440 |
|  Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
|  4.500% due 05/01/2029 | 500 | 479 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.375% due 12/15/2031 | 1285 | 1314 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  2.100% due 09/15/2028 | 1700 | 1594 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  6.125% due 07/27/2027 | 800 | 826 |
|  IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. |
|  7.110% due 03/11/2032 | 1300 | 1351 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  4.000% due 05/15/2034 | 1199 | 1131 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  4.375% due 05/15/2030 | 400 | 399 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.650% due 05/01/2045 | 1100 | 1117 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 1700 | 1675 |
|  Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. |
|  5.375% due 12/04/2029 | 1000 | 985 |
|  5.750% due 07/21/2028 | 600 | 599 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  2.300% due 11/15/2030 | 1200 | 1085 |
|  MPLX LP | MPLX LP | MPLX LP |
|  2.650% due 08/15/2030 | 700 | 643 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  2.950% due 03/01/2031 | 1000 | 913 |
|  Newmont Corp./Newcrest Finance Pty. Ltd. | Newmont Corp./Newcrest Finance Pty. Ltd. | Newmont Corp./Newcrest Finance Pty. Ltd. |
|  5.750% due 11/15/2041 | 201 | 207 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.810% due 09/17/2030 | 3100 | 2922 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.171% due 07/16/2032 | 600 | 615 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  3.250% due 11/30/2051 | 1300 | 873 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  5.950% due 09/26/2055 | 1500 | 1496 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  3.350% due 11/01/2029 | 500 | 479 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.950% due 01/28/2060 | 3228 | 2657 |
|  Prosus NV | Prosus NV | Prosus NV |
|  4.987% due 01/19/2052 | 3400 | 2754 |
|  PTC, Inc. | PTC, Inc. | PTC, Inc. |
|  4.000% due 02/15/2028 | 400 | 392 |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  3.125% due 07/12/2041 | 1500 | 1158 |
|  Rackspace Technology Global, Inc. | Rackspace Technology Global, Inc. | Rackspace Technology Global, Inc. |
|  5.375% due 12/01/2028 | 1000 | 270 |
|  Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. |
|  1.750% due 09/15/2030 | 1200 | 1059 |
|  Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
|  3.300% due 09/15/2029 | 300 | 287 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.800% due 03/15/2032 | 1200 | 1134 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  3.625% due 10/14/2025 | 200 | 200 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  4.450% due 03/25/2031 | 1200 | 1190 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 900 | 841 |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  4.375% due 09/18/2026 | 500 | 498 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 98 | 93 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  2.250% due 11/21/2026 | 293 | 343 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Studio City Finance Ltd. | Studio City Finance Ltd. | Studio City Finance Ltd. | Studio City Finance Ltd. |
|  5.000% due 01/15/2029 | $| 500 | 482 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  3.000% due 02/15/2041 |  | 2000 | 1504 |
|  3.875% due 04/15/2030 |  | 400 | 392 |
|  5.150% due 04/15/2034 |  | 1400 | 1433 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  1.750% due 08/09/2026 |  | 800 | 782 |
|  2.375% due 08/09/2028 |  | 1600 | 1519 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 |  | 2700 | 2530 |
|  Texas Eastern Transmission LP | Texas Eastern Transmission LP | Texas Eastern Transmission LP | Texas Eastern Transmission LP |
|  4.150% due 01/15/2048 |  | 2800 | 2251 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | GBP | 91 | 137 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  4.375% due 07/03/2036 |  | 900 | 845 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (d) |  | 7 | 8 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  5.875% due 11/15/2040 | $| 400 | 383 |
|  TMS Issuer SARL | TMS Issuer SARL | TMS Issuer SARL | TMS Issuer SARL |
|  5.780% due 08/23/2032 |  | 1100 | 1155 |
|  TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
|  7.250% due 08/15/2038 |  | 150 | 174 |
|  Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
|  5.400% due 03/15/2029 |  | 1300 | 1345 |
|  5.700% due 03/15/2034 |  | 1800 | 1898 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  3.500% due 09/01/2031 |  | 911 | 875 |
|  4.000% due 10/11/2027 |  | 455 | 454 |
|  5.875% due 04/15/2029 |  | 2471 | 2542 |
|  Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. |
|  5.250% due 06/15/2046 |  | 100 | 83 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  3.750% due 07/08/2030 |  | 300 | 289 |
|  Vessel Management Services, Inc. | Vessel Management Services, Inc. | Vessel Management Services, Inc. | Vessel Management Services, Inc. |
|  3.432% due 08/15/2036 |  | 1089 | 974 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 | EUR | 300 | 362 |
|  7.750% due 04/15/2032 | $| 200 | 210 |
|  VMware LLC | VMware LLC | VMware LLC | VMware LLC |
|  2.200% due 08/15/2031 |  | 4200 | 3706 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.850% due 09/11/2030 |  | 800 | 804 |
|  Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV |
|  1.250% due 12/03/2027 | EUR | 1600 | 1823 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  2.850% due 02/01/2029 | $| 1500 | 1412 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  8.750% due 03/15/2032 |  | 137 | 166 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 09/15/2026 |  | 1600 | 1591 |
|  4.500% due 03/04/2029 |  | 700 | 700 |
|  5.700% due 09/12/2054 |  | 300 | 288 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
|  5.250% due 05/15/2027 |  | 400 | 400 |
|  |  |  | 142984 |
| UTILITIES 5.8% | UTILITIES 5.8% | UTILITIES 5.8% | UTILITIES 5.8% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  4.150% due 05/01/2049 |  | 400 | 314 |
|  5.400% due 06/01/2033 |  | 600 | 617 |
|  American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
|  4.150% due 06/01/2049 |  | 300 | 246 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  3.800% due 12/01/2057 |  | 2681 | 1913 |
|  6.050% due 08/15/2056 |  | 1000 | 1037 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  6.450% due 10/15/2032 |  | 700 | 777 |
|  Edison International | Edison International | Edison International | Edison International |
|  5.450% due 06/15/2029 |  | 1500 | 1512 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **199** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  4.875% due 09/21/2038 | $| 1400 | 1323 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  4.375% due 09/30/2030 |  | 1300 | 1292 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  5.800% due 09/01/2053 |  | 1200 | 1221 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  4.850% due 07/15/2047 |  | 545 | 483 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  4.400% due 01/15/2031 |  | 600 | 598 |
|  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 | 640 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.670% due 06/12/2035 | CAD | 1500 | 1111 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  2.450% due 12/02/2027 | $| 1100 | 1055 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.300% due 12/01/2027 |  | 500 | 489 |
|  4.200% due 06/01/2041 |  | 700 | 575 |
|  4.250% due 03/15/2046 |  | 500 | 394 |
|  4.400% due 03/01/2032 |  | 2500 | 2440 |
|  4.550% due 07/01/2030 |  | 1300 | 1292 |
|  6.000% due 08/15/2035 |  | 200 | 209 |
|  6.100% due 10/15/2055 (b) |  | 1100 | 1098 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  5.300% due 02/15/2031 |  | 1700 | 1764 |
|  5.750% due 04/01/2037 |  | 400 | 414 |
|  6.250% due 10/15/2037 |  | 800 | 858 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  5.150% due 09/15/2035 |  | 1100 | 1115 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  4.100% due 06/15/2030 |  | 500 | 489 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  4.300% due 04/01/2042 |  | 1000 | 864 |
|  Sempra | Sempra | Sempra | Sempra |
|  5.500% due 08/01/2033 |  | 600 | 626 |
|  6.000% due 10/15/2039 |  | 500 | 521 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  3.650% due 02/01/2050 |  | 200 | 140 |
|  5.625% due 02/01/2036 |  | 200 | 202 |
|  6.650% due 04/01/2029 |  | 200 | 210 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
|  4.400% due 06/01/2043 |  | 1600 | 1381 |
|  Telefonica Europe BV | Telefonica Europe BV | Telefonica Europe BV | Telefonica Europe BV |
|  8.250% due 09/15/2030 |  | 1250 | 1445 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  8.875% due 11/15/2038 |  | 300 | 404 |
|  Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. |
|  4.300% due 12/15/2045 |  | 2400 | 2039 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  5.450% due 08/15/2033 |  | 300 | 311 |
|  |  |  | 33419 |
|  Total Corporate Bonds & Notes (Cost $323,143) | Total Corporate Bonds & Notes (Cost $323,143) | Total Corporate Bonds & Notes (Cost $323,143) | 302572 |
| MUNICIPAL BONDS & NOTES 2.2% | MUNICIPAL BONDS & NOTES 2.2% | MUNICIPAL BONDS & NOTES 2.2% | MUNICIPAL BONDS & NOTES 2.2% |
| CALIFORNIA 0.8% | CALIFORNIA 0.8% | CALIFORNIA 0.8% | CALIFORNIA 0.8% |
|  California State General Obligation Bonds, (BABs), Series 2009 | 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 | 235 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.714% due 06/01/2041 |  | 1500 | 1178 |
|  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 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010 |
|  7.488% due 08/01/2033 |  | 1365 | 1500 |
|  University of California Revenue Bonds, Series 2012 | 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 | 1700 |
|  |  |  | 4613 |

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---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| GEORGIA 0.4% | GEORGIA 0.4% | GEORGIA 0.4% |
|  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 | 2275 | 2496 |
| 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 | 1509 |
| 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 | 2045 |
| 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 | 1701 |
|  Total Municipal Bonds & Notes (Cost $14,361) | Total Municipal Bonds & Notes (Cost $14,361) | 12364 |
| U.S. GOVERNMENT AGENCIES 23.6% | U.S. GOVERNMENT AGENCIES 23.6% | U.S. GOVERNMENT AGENCIES 23.6% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 08/01/2048 | 23 | 22 |
|  5.500% due 01/01/2055 | 2271 | 2292 |
|  6.750% due 03/15/2031 | 1900 | 2173 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  5.000% due 04/15/2038 | 21 | 22 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  0.000% due 03/15/2031 (d) | 1100 | 888 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.500% due 08/01/2046 | 1843 | 1723 |
|  4.000% due 10/01/2047 - 06/01/2049 | 115 | 112 |
|  6.210% due 08/06/2038 | 9643 | 11280 |
|  Federal National Mortgage Association Principal STRIPS | Federal National Mortgage Association Principal STRIPS | Federal National Mortgage Association Principal STRIPS |
|  0.000% due 11/15/2030 (d) | 10700 | 8767 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.000% due 06/20/2048 | 94 | 90 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.500% due 11/20/2044 | 1918 | 1667 |
|  5.500% due 10/20/2037 | 645 | 656 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 | 3500 | 3291 |
|  4.500% due 11/01/2055 | 2400 | 2326 |
|  5.000% due 11/01/2055 | 2500 | 2484 |
|  6.000% due 11/01/2055 | 1000 | 1017 |
|  Resolution Funding Corp. Interest STRIPS | Resolution Funding Corp. Interest STRIPS | Resolution Funding Corp. Interest STRIPS |
|  0.000% due 01/15/2030 - 04/15/2030 (a) | 2300 | 1932 |
|  Resolution Funding Corp. Principal STRIPS(d) | Resolution Funding Corp. Principal STRIPS(d) | Resolution Funding Corp. Principal STRIPS(d) |
|  0.000% due 04/15/2030 | 4100 | 3433 |
|  Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust |
|  2.750% due 11/25/2029 | 760 | 725 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.290% due 12/01/2027 | 12 | 12 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.000% due 11/01/2055 | 24700 | 24482 |
|  5.500% due 11/01/2055 | 62525 | 63003 |
|  6.000% due 11/01/2055 | 2940 | 3003 |
|  Total U.S. Government Agencies (Cost $136,133) | Total U.S. Government Agencies (Cost $136,133) | 135400 |
| U.S. TREASURY OBLIGATIONS 80.1% | U.S. TREASURY OBLIGATIONS 80.1% | U.S. TREASURY OBLIGATIONS 80.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (m) | 9700 | 6332 |
|  1.375% due 08/15/2050 | 900 | 453 |
|  1.625% due 11/15/2050 (m) | 10600 | 5690 |

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---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.875% due 02/15/2041 (k) | 89500 | 62956 |
|  1.875% due 02/15/2051 | 7570 | 4326 |
|  1.875% due 11/15/2051 (m) | 1525 | 863 |
|  2.000% due 11/15/2041 (k)(m) | 108500 | 76236 |
|  2.000% due 02/15/2050 (m) | 6800 | 4068 |
|  2.000% due 08/15/2051 | 6675 | 3912 |
|  2.250% due 05/15/2041 (k) | 39700 | 29432 |
|  2.250% due 08/15/2049 (k) | 21963 | 14023 |
|  2.375% due 02/15/2042 (m) | 3500 | 2595 |
|  2.375% due 11/15/2049 (m) | 7820 | 5119 |
|  2.375% due 05/15/2051 | 11928 | 7677 |
|  2.750% due 08/15/2042 (m) | 600 | 467 |
|  2.875% due 05/15/2043 (m) | 1637 | 1283 |
|  2.875% due 05/15/2049 | 2200 | 1605 |
|  3.000% due 02/15/2048 | 15200 | 11481 |
|  3.000% due 08/15/2048 (m) | 2900 | 2181 |
|  3.000% due 02/15/2049 (k)(m) | 7100 | 5318 |
|  3.125% due 02/15/2043 (m) | 17300 | 14126 |
|  3.250% due 05/15/2042 (k) | 23500 | 19751 |
|  3.375% due 11/15/2048 | 7400 | 5947 |
|  3.875% due 05/15/2043 (k) | 30950 | 28044 |
|  4.125% due 08/15/2044 | 4200 | 3900 |
|  4.250% due 08/15/2054 (k) | 4000 | 3694 |
|  4.500% due 11/15/2054 (k) | 14500 | 13965 |
|  4.625% due 02/15/2055 (k) | 34400 | 33825 |
|  4.750% due 11/15/2043 | 11500 | 11626 |
|  4.750% due 05/15/2055 (k) | 31500 | 31608 |
|  4.750% due 08/15/2055 (k) | 7125 | 7151 |
|  4.875% due 08/15/2045 (k) | 7700 | 7873 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  0.125% due 02/15/2051 | 18239 | 10129 |
|  0.125% due 02/15/2052 | 812 | 441 |
|  0.250% due 02/15/2050 | 4272 | 2530 |
|  0.625% due 02/15/2043 | 703 | 534 |
|  0.750% due 02/15/2045 (m) | 2332 | 1740 |
|  1.000% due 02/15/2049 (m) | 1412 | 1043 |
|  2.125% due 02/15/2054 | 1895 | 1751 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 02/15/2040 (a) | 300 | 153 |
|  0.000% due 05/15/2041 (a) | 1100 | 525 |
|  0.000% due 08/15/2041 (a) | 1700 | 798 |
|  0.000% due 11/15/2041 (a) | 600 | 278 |
|  0.000% due 08/15/2040 (d)(m) | 4500 | 2297 |
|  0.000% due 11/15/2040 (d) | 12200 | 6149 |
|  0.000% due 05/15/2043 (d) | 5800 | 2521 |
|  0.000% due 11/15/2043 (d) | 1000 | 423 |
|  Total U.S. Treasury Obligations (Cost $539,300) | Total U.S. Treasury Obligations (Cost $539,300) | 458839 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  4.852% due 11/25/2045 •  | 543 | 490 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.627% due 01/15/2032 | 2500 | 2214 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  5.302% due 01/25/2035 ~ | 1 | 1 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.751% due 03/25/2034 ~ | 18 | 17 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  3.392% due 04/25/2043 ~ | 273 | 267 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  5.104% due 07/19/2044 ~ | 12 | 11 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.622% due 01/25/2036 •  | 576 | 466 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.632% due 07/25/2047 •  | 55 | 36 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.652% due 04/25/2037 •  | 796 | 714 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  6.099% due 11/25/2035 •  | 131 | 125 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 465 | 449 |
|  4.500% due 05/25/2058 ~ | 101 | 99 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.336% due 02/25/2034 ~ | 2 | 2 |

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| | | |
|:---|:---|:---|
| **200** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.652% due 07/25/2046 •  | 25 | 18 |
|  4.712% due 05/25/2036 •  | 43 | 36 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 278 | 267 |
|  5.272% due 05/25/2058 •  | 59 | 60 |
|  5.272% due 10/25/2059 •  | 46 | 46 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.509% due 01/25/2037 ~ | 352 | 303 |
|  4.642% due 05/25/2034 •  | 470 | 440 |
|  5.112% due 06/25/2044 •  | 40 | 40 |
|  5.201% due 08/25/2046 •  | 339 | 295 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $6,704) | Total Non-Agency Mortgage-Backed Securities (Cost $6,704) | 6396 |
| ASSET-BACKED SECURITIES 1.7% | ASSET-BACKED SECURITIES 1.7% | ASSET-BACKED SECURITIES 1.7% |
| 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 |
|  4.815% due 01/25/2035 •  | 249 | 248 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.123% due 04/25/2036 •  | 1800 | 1675 |
|  EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust |
|  4.612% due 04/25/2037 •  | 487 | 454 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.977% due 09/25/2035 •  | 108 | 107 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.752% due 03/25/2036 •  | 104 | 103 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.572% due 06/25/2036 •  | 66 | 66 |
|  |  | 2653 |
| OTHER ABS 1.2% | OTHER ABS 1.2% | OTHER ABS 1.2% |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% due 01/20/2037 •  | 2900 | 2913 |
|  Harvest CLO XXI DAC | Harvest CLO XXI DAC | Harvest CLO XXI DAC |
|  2.786% due 07/15/2031 •  | 1081 | 1271 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  0.000% due 06/22/2065 •  | 700 | 701 |
|  4.670% due 06/22/2065 | 800 | 798 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.015% due 10/15/2041 •  | 1189 | 1248 |
|  |  | 6931 |
|  Total Asset-Backed Securities (Cost $9,556) | Total Asset-Backed Securities (Cost $9,556) | 9584 |
| SOVEREIGN ISSUES 5.0% | SOVEREIGN ISSUES 5.0% | SOVEREIGN ISSUES 5.0% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  1.000% due 11/21/2031 | 1800 | 1005 |
|  2.750% due 06/21/2035 | 2200 | 1278 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  7.125% due 05/13/2054 | 1100 | 1118 |
|  7.250% due 01/12/2056 | 604 | 612 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.750% due 03/12/2054 | 1800 | 1706 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  4.750% due 03/22/2031 | 200 | 199 |
|  5.375% due 03/22/2033 | 200 | 200 |
|  5.625% due 09/22/2035 | 400 | 399 |
|  6.400% due 05/07/2054 | 1400 | 1371 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 2500 | 697 |
|  6.150% due 08/12/2032 | 11200 | 3420 |
|  6.950% due 08/12/2031 | 240 | 77 |
|  Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III |
|  2.800% due 06/23/2030 | 700 | 654 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 2800 | 129 |
|  8.500% due 01/31/2037 | 17300 | 923 |
|  8.750% due 01/31/2044 | 470 | 24 |
|  8.750% due 02/28/2048 | 2800 | 140 |
|  8.875% due 02/28/2035 | 65880 | 3748 |
|  9.000% due 01/31/2040 | 3430 | 182 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  5.625% due 05/30/2037 | 1300 | 1461 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.000% due 01/16/2034 | 1700 | 1743 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.375% due 07/31/2054 | 6840 | 7702 |
|  Total Sovereign Issues (Cost $29,197) | Total Sovereign Issues (Cost $29,197) | 28788 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 2.7% | SHORT-TERM INSTRUMENTS 2.7% | SHORT-TERM INSTRUMENTS 2.7% | SHORT-TERM INSTRUMENTS 2.7% |
| COMMERCIAL PAPER 0.2% | COMMERCIAL PAPER 0.2% | COMMERCIAL PAPER 0.2% | COMMERCIAL PAPER 0.2% |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.800% due 10/27/2025 | 1400 | $— | 1395 |
| REPURCHASE AGREEMENTS (j) 2.4% | REPURCHASE AGREEMENTS (j) 2.4% | REPURCHASE AGREEMENTS (j) 2.4% | REPURCHASE AGREEMENTS (j) 2.4% |
|  |  |  | 13757 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.130% due 11/28/2025 (d)(e) | 344 |  | 341 |
| Total Short-Term Instruments<br>(Cost $15,493) | Total Short-Term Instruments<br>(Cost $15,493) |  | 15493 |
| Total Investments in Securities (Cost $1,074,451) | Total Investments in Securities (Cost $1,074,451) |  | 969802 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 144169 |  | 1404 |
| Total Short-Term Instruments<br>(Cost $1,404) | Total Short-Term Instruments<br>(Cost $1,404) |  | 1404 |
| Total Investments in Affiliates<br>(Cost $1,404) | Total Investments in Affiliates<br>(Cost $1,404) |  | 1404 |
| Total Investments 169.5%<br>(Cost $1,075,855) | Total Investments 169.5%<br>(Cost $1,075,855) | $— | 971206 |
|  Financial Derivative<br>Instruments (l)(n) 0.3%<br> (Cost or Premiums, net $17,300) | Financial Derivative<br>Instruments (l)(n) 0.3%<br> (Cost or Premiums, net $17,300) |  | 1435 |
| Other Assets and Liabilities, net (69.8)% | Other Assets and Liabilities, net (69.8)% |  | (399729) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 572912 |

---

#### 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) When-issued security.

(c) Security is not accruing income as of the date of this report.

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

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

(h) Contingent convertible security.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | 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 | $7724 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6213 | 1.08% |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 201

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration Fund (Cont.)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.180% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2621 | U.S. Treasury Bonds 1.875% due 02/15/2041 | $(2615) | $2621 | $2621 |
| BRC | 4.200 | 09/24/2025 | 10/01/2025 | 4461 | U.S. Treasury Bonds 4.750% due 05/15/2055 - 08/15/2055 | (4478) | 4462 | 4465 |
| JPS | 4.150 | 09/29/2025 | 10/02/2025 | 6674 | U.S. Treasury Bonds 2.250% due 05/15/2041 | (6673) | 6674 | 6675 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13766) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13761 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 4.320% | 09/23/2025 | 10/07/2025 | $(19180) | $(19199) |
|  BRC | 4.150 | 09/19/2025 | TBD<sup>(3)</sup> | (3858) | (3864) |
|  | 4.150 | 10/01/2025 | 10/06/2025 | (7912) | (7912) |
|  | 4.250 | 09/30/2025 | 10/01/2025 | (1611) | (1611) |
|  | 4.340 | 09/30/2025 | 10/02/2025 | (34142) | (34146) |
|  BSN | 4.380 | 09/25/2025 | 10/02/2025 | (36729) | (36756) |
|  DEU | 4.180 | 10/01/2025 | 10/03/2025 | (32248) | (32248) |
|  | 4.230 | 10/01/2025 | 10/03/2025 | (7214) | (7214) |
|  | 4.250 | 09/22/2025 | 10/17/2025 | (6111) | (6117) |
|  | 4.250 | 09/24/2025 | 10/01/2025 | (35147) | (35176) |
|  | 4.260 | 09/19/2025 | 10/10/2025 | (255) | (256) |
|  | 4.310 | 09/23/2025 | 10/07/2025 | (8521) | (8529) |
|  | 4.340 | 09/24/2025 | 10/01/2025 | (2828) | (2830) |
|  | 4.360 | 09/24/2025 | 10/01/2025 | (1088) | (1089) |
|  | 4.400 | 09/30/2025 | 10/01/2025 | (412) | (412) |
|  STR | 4.270 | 10/01/2025 | 10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143461) | (143461) |
|  | 4.370 | 09/30/2025 | 10/01/2025 | (148433) | (148450) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(489270) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions |
|  GSC | 4.380% | 09/24/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8593) | $(8600) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8600) |

---

#### 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 September 30, 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 |
|  BOM | $0 | $(19199) | $0 | $(19199) | $19039 | $(160) |
|  BOS | 2621 | 0 | 0 | 2621 | (2615) | 6 |
|  BRC | 4465 | (47533) | 0 | (43068) | 34933 | (8135) |
|  BSN | 0 | (36756) | 0 | (36756) | 36629 | (127) |
|  DEU | 0 | (93871) | 0 | (93871) | 53373 | (40498) |
|  JPS | 6675 | 0 | 0 | 6675 | (6673) | 2 |
|  STR | 0 | (291911) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141787) |
|  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 |
|  GSC | 0 | 0 | (8600) | (8600) | 8556 | (44) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(489270) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8600) |  |  |  |

---

202 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(3864) | $(3864) |
|  U.S. Treasury Obligations | (189568) | (105003) | 0 | 0 | (294571) |
|  Total | $(189568) | $(105003) | $0 | $(3864) | $(298435) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | (8600) | 0 | 0 | 0 | (8600) |
|  Total | $(8600) | $0 | $0 | $0 | $(8600) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198168) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105003) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3864) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307035) |
|  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> | $(307035) |

---

(k) Securities with an aggregate market value of $307,395 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(272906) at a weighted average interest rate of 4.400%. 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. 

<sup>(5)</sup> Unsettled reverse repurchase agreements liability of $(190835) is outstanding at period end. 

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

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - EUREX Euro-Bund October 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127.500 | 10/24/2025 | 21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $(8) | $(5) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 6 | 6 | (1) | (2) |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 15 | 15 | (7) | (1) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 26 | $1950 | $(6) | $13 | $0 |
|  E-Mini S&P 500 Index December Futures  | 12/2025 | 460 | 154991 | 1766 | 587 | 0 |
|  Euro-Bobl December Futures  | 12/2025 | 3 | 415 | 0 | 1 | 0 |
|  Euro-Bund December Futures  | 12/2025 | 12 | 1811 | 11 | 5 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | $&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 Guilt December Futures  | 12/2025 | 17 | $(2077) | $(11) | $1 | $(9) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 306 | (33414) | 33 | 0 | (12) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 46 | (5175) | (23) | 1 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 292 | (33603) | (318) | 18 | 0 |
|  |  |  |  | $(319) | $20 | $(21) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 203

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 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>September 30, 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 |
|  American International Group, Inc. | 1.000% | Quarterly | 12/20/2026 | 0.181% | $600 | $13 | $(7) | $6 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.237 | 700 | 13 | (9) | 4 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.292 | 1200 | 14 | (3) | 11 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2027 | 0.338 | 1300 | (7) | 22 | 15 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.402 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2030 | 0.648 | 1700 | 28 | 1 | 29 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2025 | 0.106 | 800 | 10 | (8) | 2 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2027 | 0.189 | 200 | (2) | 6 | 4 | 0 | 0 |
|  Devon Energy Corp. | 1.000 | Quarterly | 12/20/2026 | 0.269 | $1400 | (2) | 15 | 13 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | 2400 | 15 | 2 | 17 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.322 | 390 | 74 | (52) | 22 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.618 | 530 | 64 | (3) | 61 | 0 | (1) |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 | 1100 | 7 | (1) | 6 | 0 | 0 |
|  MetLife, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.339 | 700 | (13) | 25 | 12 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 0.528 | 1000 | 22 | (1) | 21 | 0 | (1) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2025 | 0.090 | 1600 | 10 | (6) | 4 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.217 | $4300 | 97 | (72) | 25 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.284 | 900 | 21 | (13) | 8 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.391 | 700 | 0 | 11 | 11 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.430 | 200 | (1) | 5 | 4 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.581 | 900 | 7 | 5 | 12 | 0 | 0 |
|  Williams Cos., Inc. | 1.000 | Quarterly | 12/20/2026 | 0.124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | 45 | 23 | 68 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.EM-36 5-Year Index | 1.000% | Quarterly | 12/20/2026 | $460 | $(18) | $20 | $2 | $0 | $0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 200 | (10) | 10 | 0 | 0 | 0 |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 200 | (4) | 0 | (4) | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 100 | 2 | 0 | 2 | 0 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 33300 | 593 | 173 | 766 | 2 | (1) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 16600 | 374 | 7 | 381 | 3 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 5300 | $45 | $(14) | $31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(7) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 1.060 | Annual | 02/21/2052 | 700 | (9) | (525) | (534) | 3 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 1.101 | Annual | 02/21/2052 | 700 | (9) | (519) | (528) | 3 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 1.175 | Annual | 02/28/2052 | 900 | (12) | (652) | (664) | 4 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | (55) | 57 | 2 | 3 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2045 | 60000 | 10 | (18) | (8) | 0 | (1) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 40000 | (2) | (24) | (26) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | $6700 | (131) | 81 | (50) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.667 | Annual | 05/31/2028 | 22000 | 0 | (122) | (122) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 6400 | 92 | (36) | 56 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 89800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12778 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 60600 | 6295 | 449 | 6744 | 0 | (10) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.156 | Annual | 03/10/2033 | 1970 | 0 | 37 | 37 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 700 | (3) | 1 | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 700 | (3) | (10) | (13) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 700 | (4) | (2) | (6) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 900 | (3) | 7 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 790 | (3) | 8 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 400 | (1) | (7) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 500 | (2) | (6) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 500 | (2) | (8) | (10) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 30 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 900 | (3) | (17) | (20) | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **204** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.884% | Annual | 03/25/2035 |  | $500 | $(1) | $(8) | $(9) | $0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 |  | 400 | (1) | 5 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 1800 | 49 | 92 | 141 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.776 | Annual | 02/15/2055 |  | 700 | 0 | 22 | 22 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 |  | 8500 | 827 | 219 | 1046 | 24 | 0 |
|  Pay | 1-Year BRL-CDI | 11.496 | Maturity | 01/04/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 | 0 | (273) | (273) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 |  | 2000 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 19400 | 0 | (17) | (17) | 0 | (4) |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 |  | 1300 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 13.000 | Maturity | 01/02/2029 |  | 5000 | 0 | 4 | 4 | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 13.017 | Maturity | 01/02/2029 |  | 20500 | 0 | 17 | 17 | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 10600 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 1100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 |  | 1500 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.400 | Maturity | 01/02/2029 |  | 15100 | 0 | 8 | 8 | 2 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 3100 | (54) | 110 | 56 | 8 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 1900 | (54) | 87 | 33 | 5 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 3900 | 18 | 45 | 63 | 12 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.920 | Annual | 12/13/2028 |  | 200 | 0 | (9) | (9) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.760 | Annual | 01/03/2029 |  | 600 | (1) | (21) | (22) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 |  | 700 | (1) | 1 | 0 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 500 | (1) | 0 | (1) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 |  | 300 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.175 | Annual | 03/17/2033 |  | 10370 | (329) | (1945) | (2274) | 21 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 |  | 400 | (1) | (2) | (3) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 400 | (1) | (10) | (11) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 300 | (1) | 4 | 3 | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 200 | (1) | 1 | 0 | 1 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 9100 | (35) | 48 | 13 | 31 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.000 | Annual | 03/17/2053 |  | 4630 | 453 | 2577 | 3030 | 0 | (20) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 4100 | (80) | 5 | (75) | 0 | (32) |
|  Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 |  | 7700 | 0 | 8 | 8 | 1 | 0 |
|  |  |  |  |  |  |  | $15100 | $4305 | $19405 | $129 | $(113) |
|  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;16451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20910 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145) |

---

(m) Securities with an aggregate market value of $21,149 and cash of $4,936 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $3 and liability of $(1) is outstanding at period end. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **205** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration Fund (Cont.)

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 5691 | $6638 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |
|  | 10/2025 | $24 | 36 | 0 | 0 |
|  | 10/2025 | 3501 | 4871 | 0 | (1) |
|  | 11/2025 | 36 | $24 | 0 | 0 |
|  | 11/2025 | 4863 | 3501 | 1 | 0 |
|  BOA | 10/2025 | 1921 | 13 | 0 | 0 |
|  | 10/2025 | $133 | 11794 | 0 | (1) |
|  | 10/2025 | 2 | 221 | 0 | 0 |
|  | 10/2025 | 90 | 125036 | 0 | (1) |
|  | 10/2025 | 45 | 78 | 0 | 0 |
|  | 10/2025 | 40 | 144 | 0 | 0 |
|  | 11/2025 | 78 | $45 | 0 | 0 |
|  | 11/2025 | $50 | 167 | 1 | 0 |
|  | 11/2025 | 13 | 1914 | 0 | 0 |
|  | 11/2025 | 28917 | $1660 | 0 | (9) |
|  BPS | 10/2025 | 10503 | 1975 | 1 | 0 |
|  | 10/2025 | 3517 | 494 | 0 | 0 |
|  | 10/2025 | 312 | 368 | 2 | 0 |
|  | 10/2025 | 9675161 | 584 | 5 | (1) |
|  | 10/2025 | 15344 | 174 | 2 | 0 |
|  | 10/2025 | 2225 | 15 | 0 | 0 |
|  | 10/2025 | 457890 | 330 | 4 | 0 |
|  | 10/2025 | 32822 | 1095 | 18 | (1) |
|  | 10/2025 | $1940 | 10503 | 34 | 0 |
|  | 10/2025 | 703 | 11601482 | 0 | (8) |
|  | 10/2025 | 605 | 834869 | 0 | (10) |
|  | 10/2025 | 718 | 2612 | 1 | 0 |
|  | 11/2025 | 2172478 | $130 | 0 | 0 |
|  | 11/2025 | 13351 | 150 | 0 | 0 |
|  | 11/2025 | 112145 | 80 | 0 | 0 |
|  | 11/2025 | $90 | 303 | 1 | 0 |
|  | 11/2025 | 15 | 2218 | 0 | 0 |
|  | 12/2025 | 2438 | $81 | 1 | 0 |
|  | 12/2025 | $196 | 3303711 | 1 | 0 |
|  BRC | 10/2025 | 527 | $657 | 0 | (5) |
|  | 10/2025 | 11266 | 271 | 0 | 0 |
|  | 10/2025 | $213 | 170 | 1 | 0 |
|  | 10/2025 | 290 | 247 | 0 | 0 |
|  | 10/2025 | 597 | 442 | 0 | (3) |
|  | 10/2025 | 602 | 53250 | 0 | (3) |
|  | 10/2025 | 1 | 13 | 0 | 0 |
|  | 10/2025 | 235 | 860 | 1 | 0 |
|  | 10/2025 | 696 | 29645 | 16 | 0 |
|  | 11/2025 | 99 | $65 | 0 | 0 |
|  | 11/2025 | 170 | 213 | 0 | (1) |
|  | 11/2025 | 13 | 1 | 0 | 0 |
|  | 11/2025 | $2038 | 88951 | 19 | 0 |
|  | 11/2025 | 2084 | $118 | 0 | (2) |
|  | 12/2025 | $543 | 23907 | 1 | 0 |
|  BSH | 10/2025 | 13 | 23 | 0 | 0 |
|  | 11/2025 | 23 | $13 | 0 | 0 |
|  | 12/2025 | $11 | 40 | 0 | 0 |
|  | 01/2026 | 10389 | $2915 | 0 | (68) |
|  CBK | 10/2025 | 1951 | 1295 | 6 | (2) |
|  | 10/2025 | 5 | 4 | 0 | 0 |
|  | 10/2025 | 12448 | 1753 | 6 | 0 |
|  | 10/2025 | 2923 | 456 | 0 | (3) |
|  | 10/2025 | 1175 | 1383 | 3 | 0 |
|  | 10/2025 | 587 | 792 | 3 | 0 |
|  | 10/2025 | 5967376 | 360 | 3 | (1) |
|  | 10/2025 | 163007 | 1834 | 1 | 0 |
|  | 10/2025 | 101 | 10 | 0 | 0 |
|  | 10/2025 | 2870 | 821 | 0 | (5) |
|  | 10/2025 | 861 | 671 | 3 | 0 |
|  | 10/2025 | 79576 | 2665 | 51 | 0 |

---

---

| | | |
|:---|:---|:---|
| **206** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $377 | 6204334 | $0 | $(6) |
|  | 10/2025 | 568 | 49875 | 0 | (7) |
|  | 10/2025 | 129 | 1283 | 0 | 0 |
|  | 10/2025 | 14 | 454 | 0 | 0 |
|  | 10/2025 | 501 | 15235 | 0 | (1) |
|  | 10/2025 | 517 | $30 | 0 | 0 |
|  | 11/2025 | 1283 | 129 | 0 | 0 |
|  | 11/2025 | $20 | 68 | 0 | 0 |
|  | 11/2025 | 1834 | 163342 | 0 | (1) |
|  | 11/2025 | 3567 | $205 | 0 | 0 |
|  | 12/2025 | 11495 | 380 | 1 | 0 |
|  | 12/2025 | $4669 | 26221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | 0 |
|  | 12/2025 | 203 | 3411902 | 1 | 0 |
|  | 01/2026 | 3635 | $121 | 0 | 0 |
|  DUB | 10/2025 | 7536 | 1060 | 2 | 0 |
|  | 10/2025 | 2628041 | 160 | 3 | 0 |
|  | 10/2025 | 18819 | 212 | 0 | 0 |
|  | 10/2025 | 520295 | 375 | 4 | 0 |
|  | 10/2025 | 2179 | 1700 | 11 | 0 |
|  | 10/2025 | $403 | 1377 | 13 | 0 |
|  | 10/2025 | 277 | 24486 | 0 | (2) |
|  | 11/2025 | 1377 | $403 | 0 | (13) |
|  | 11/2025 | 1769 | 20 | 0 | 0 |
|  | 11/2025 | $212 | 18856 | 0 | 0 |
|  | 11/2025 | 5032 | $287 | 0 | (3) |
|  FAR | 10/2025 | 5892 | 3822 | 0 | (77) |
|  | 10/2025 | 3286 | 463 | 2 | 0 |
|  | 10/2025 | $5112 | 7830 | 69 | 0 |
|  | 10/2025 | 38 | 31 | 0 | 0 |
|  | 10/2025 | 539 | 47549 | 0 | (4) |
|  | 10/2025 | 597 | 87760 | 0 | (4) |
|  | 10/2025 | 676 | 2469 | 3 | 0 |
|  | 10/2025 | 3768 | 4853 | 0 | (6) |
|  | 11/2025 | 7830 | $5115 | 0 | (69) |
|  | 11/2025 | 30 | 38 | 0 | 0 |
|  | 11/2025 | 4841 | 3769 | 6 | 0 |
|  | 12/2025 | $1038 | 19702 | 29 | 0 |
|  GLM | 10/2025 | 17 | $21 | 0 | 0 |
|  | 10/2025 | 259 | 36 | 0 | 0 |
|  | 10/2025 | 3314707 | 199 | 0 | 0 |
|  | 10/2025 | 458195 | 325 | 0 | (2) |
|  | 10/2025 | 39 | 30 | 0 | 0 |
|  | 10/2025 | $162 | 2673521 | 0 | (2) |
|  | 10/2025 | 154 | 13550 | 0 | (2) |
|  | 10/2025 | 325 | 458341 | 2 | 0 |
|  | 10/2025 | 878 | 3195 | 1 | 0 |
|  | 11/2025 | 20 | 67 | 0 | 0 |
|  | 11/2025 | 140 | 6075 | 1 | 0 |
|  | 11/2025 | 3061 | $177 | 0 | 0 |
|  | 12/2025 | 187 | 10 | 0 | 0 |
|  | 12/2025 | $196 | 3276184 | 0 | 0 |
|  | 12/2025 | 262 | 5070 | 13 | 0 |
|  IND | 10/2025 | 122 | $80 | 0 | (1) |
|  | 10/2025 | $497 | 3181 | 3 | 0 |
|  | 11/2025 | 3174 | $497 | 0 | (3) |
|  JPM | 10/2025 | 120 | 22 | 0 | (1) |
|  | 10/2025 | 3253 | 2354 | 16 | 0 |
|  | 10/2025 | 5240261 | 314 | 0 | 0 |
|  | 10/2025 | 900521 | 650 | 8 | 0 |
|  | 10/2025 | 153 | 119 | 0 | 0 |
|  | 10/2025 | $23 | 120 | 0 | 0 |
|  | 10/2025 | 346 | 2206 | 1 | 0 |
|  | 10/2025 | 619 | 10265215 | 0 | (4) |
|  | 10/2025 | 155 | 570 | 2 | 0 |
|  | 10/2025 | 39 | 1182 | 0 | 0 |
|  | 11/2025 | 2201 | $346 | 0 | 0 |
|  | 11/2025 | 133 | 40 | 0 | 0 |
|  | 11/2025 | 4456 | 254 | 0 | (3) |
|  MBC | 10/2025 | 16 | 20 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **207** |

---

------

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** |
|  | 10/2025 | 3835 | $540 | $1 | $0 |
|  | 10/2025 | 181 | 214 | 2 | 0 |
|  | 10/2025 | 260141 | 16 | 0 | 0 |
|  | 10/2025 | 1103 | 7 | 0 | 0 |
|  | 10/2025 | 1422260 | 1021 | 7 | 0 |
|  | 10/2025 | 1623 | 1266 | 8 | 0 |
|  | 10/2025 | 1 | 0 | 0 | 0 |
|  | 10/2025 | $452 | 359 | 0 | (1) |
|  | 10/2025 | 570 | 4063 | 0 | 0 |
|  | 10/2025 | 534 | 455 | 0 | 0 |
|  | 10/2025 | 778 | 574 | 0 | (6) |
|  | 10/2025 | 506 | 706869 | 0 | (2) |
|  | 10/2025 | 1 | 13 | 0 | 0 |
|  | 10/2025 | 103 | 3338 | 0 | 0 |
|  | 11/2025 | 4053 | $570 | 0 | 0 |
|  | 11/2025 | 13 | 1 | 0 | 0 |
|  | 11/2025 | $7 | 1099 | 0 | 0 |
|  MYI | 10/2025 | 3871 | $544 | 1 | 0 |
|  | 10/2025 | 1052383 | 64 | 1 | 0 |
|  | 10/2025 | 42076 | 282 | 0 | (3) |
|  | 10/2025 | $7 | 977 | 0 | 0 |
|  | 10/2025 | 391 | 1416 | 0 | (2) |
|  | 10/2025 | 308 | 9272 | 0 | (3) |
|  | 11/2025 | 282 | 41930 | 3 | 0 |
|  | 12/2025 | 9212 | $308 | 4 | 0 |
|  NGF | 10/2025 | 1192770 | 858 | 8 | 0 |
|  | 10/2025 | $145 | 2401238 | 0 | (1) |
|  | 11/2025 | 23 | 1000 | 0 | 0 |
|  | 12/2025 | 452 | 19805 | 2 | 0 |
|  SCX | 10/2025 | 2816 | $396 | 1 | 0 |
|  | 10/2025 | 2464 | 384 | 0 | (4) |
|  | 10/2025 | 3458182 | 207 | 0 | 0 |
|  | 10/2025 | 13702 | 154 | 0 | 0 |
|  | 10/2025 | 107 | 31 | 0 | 0 |
|  | 10/2025 | 45979 | 1541 | 30 | 0 |
|  | 10/2025 | $7938 | 5935 | 43 | 0 |
|  | 10/2025 | 162 | 2664078 | 0 | (2) |
|  | 10/2025 | 1378 | 121812 | 0 | (8) |
|  | 10/2025 | 34 | 5001 | 0 | 0 |
|  | 11/2025 | 5935 | $7940 | 0 | (43) |
|  | 11/2025 | $134 | 11958 | 0 | 0 |
|  | 12/2025 | 207 | 3466923 | 0 | 0 |
|  SOG | 10/2025 | 10412 | $1951 | 0 | (5) |
|  | 10/2025 | 91630 | 616 | 0 | (4) |
|  | 10/2025 | 101 | 59 | 0 | 0 |
|  | 10/2025 | $1958 | 10412 | 0 | (1) |
|  | 10/2025 | 7829 | 6657 | 0 | (13) |
|  | 10/2025 | 311 | 45796 | 0 | (2) |
|  | 11/2025 | 6657 | $7845 | 13 | 0 |
|  | 11/2025 | $616 | 91313 | 4 | 0 |
|  | 12/2025 | 1951 | 10560 | 5 | 0 |
|  SSB | 10/2025 | 6364 | $8578 | 19 | 0 |
|  | 12/2025 | 1048 | 283 | 0 | (18) |
|  UAG | 10/2025 | 1607 | 1163 | 8 | 0 |
|  | 10/2025 | 1516 | 454 | 0 | (3) |
|  | 10/2025 | 1252 | 123 | 0 | (2) |
|  | 10/2025 | $40 | 138 | 1 | 0 |
|  | 10/2025 | 390 | 1416 | 0 | (1) |
|  | 10/2025 | 70 | 2265 | 0 | 0 |
|  | 10/2025 | 30 | 517 | 0 | 0 |
|  | 10/2025 | 517 | $30 | 0 | 0 |
|  | 11/2025 | 138 | 40 | 0 | (1) |
|  | 11/2025 | 2267 | 129 | 0 | (2) |
|  | 12/2025 | $337 | 6303 | 4 | 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;729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(507) |

---

208 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS | Put - OTC EUR versus USD | $1.122 | 10/14/2025 | 67 | $8 | $0 |
|  | Put - OTC EUR versus USD | 1.110 | 11/26/2025 | 525 | 2 | 0 |
| BRC | Put - OTC AUD versus USD | 0.623 | 10/14/2025 | 434 | 1 | 0 |
|  | Put - OTC EUR versus USD | 1.132 | 10/10/2025 | 2896 | 10 | 0 |
|  | Call - OTC USD versus SEK | 10.200 | 11/26/2025 | 1143 | 7 | 1 |
| GLM | Put - OTC AUD versus USD | $0.625 | 10/08/2025 | 1427 | 6 | 0 |
|  | Put - OTC EUR versus USD | 1.129 | 10/14/2025 | 3103 | 12 | 0 |
|  | Put - OTC EUR versus USD | 1.100 | 12/17/2025 | 135 | 15 | 3 |
| MBC | Put - OTC AUD versus USD | 0.618 | 10/10/2025 | 1525 | 4 | 0 |
|  | Put - OTC EUR versus USD | 1.098 | 12/23/2025 | 147 | 17 | 3 |
| MYI | Put - OTC EUR versus USD | 1.145 | 10/08/2025 | 2818 | 18 | 0 |
|  | Put - OTC EUR versus USD | 1.110 | 11/24/2025 | 2998 | 14 | 1 |
|  | Call - OTC USD versus SEK | 10.125 | 10/14/2025 | 285 | 2 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 800 | $(3) | $0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 800 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 800 | (2) | (5) |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 1100 | (3) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 1100 | (3) | (4) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 600 | (2) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 600 | (2) | (1) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 700 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 700 | (2) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 800 | (2) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 800 | (2) | (2) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/06/2025 | 500 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790 | 10/06/2025 | 500 | (1) | 0 |
| UAG Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.507 | 10/06/2025 | 1100 | (4) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.807 | 10/06/2025 | 1100 | (4) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 1100 | (3) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 1100 | (3) | (4) |
|  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;(41) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |

---

#### 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>September 30, 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>September 30, 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 Bonds | 1.000% | Quarterly | 06/20/2026 | 0.389% | $100 | $(4) | $4 | $0 | $0 |
| GST | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 | 100 | (1) | 2 | 1 | 0 |
| JPM | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.210 | 100 | (1) | 2 | 1 | 0 |
| MYC | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | (62) | 70 | 8 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.289 | 400 | 1 | 3 | 4 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.365 | 100 | 0 | 1 | 1 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.487 | 100 | (2) | 3 | 1 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 | 400 | (4) | 10 | 6 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 209

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration Fund (Cont.)

#### 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 | 1643 | $318 | $22 | $340 | $0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 966 | 191 | 9 | 200 | 0 |
| MYC | CDX.HY-37 5-Year 25-35% Index | 5.000 | Quarterly | 12/20/2026 | $2600 | 354 | (197) | 157 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 |
|  BPS | Receive<br> S&P 500 Total Return Index  | 464 | 4.760% (SOFR plus a specified spread) | Monthly | 10/15/2025 | $6880 | $0 | $(8) | $0 | $(8) |
|  BRC | Receive<br> S&P 500 Total Return Index  | 2860 | 4.730% (SOFR plus a specified spread) | Monthly | 02/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42405 | 0 | (159) | 0 | (159) |
|  CBK | Receive<br> S&P 500 Total Return Index  | 464 | 4.630% (SOFR plus a specified spread) | Monthly | 11/21/2025 | 6880 | 0 | (25) | 0 | (25) |
|  CIB | Receive<br> S&P 500 Total Return Index  | 2063 | 4.690% (SOFR plus a specified spread) | Monthly | 10/01/2025 | 29510 | 0 | 964 | 964 | 0 |
|  | Receive<br> S&P 500 Total Return Index  | 108 | 4.670% (SOFR plus a specified spread) | Monthly | 11/05/2025 | 1601 | 0 | (6) | 0 | (6) |
|  | Receive<br> S&P 500 Total Return Index  | 1577 | 4.810% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 23382 | 0 | (90) | 0 | (90) |
|  | Receive<br> S&P 500 Total Return Index  | 955 | 4.840% (FEDL01 plus a specified spread) | Monthly | 01/21/2026 | 14159 | 0 | (55) | 0 | (55) |
|  | Receive<br> S&P 500 Total Return Index  | 112 | 4.770% (FEDL01 plus a specified spread) | Monthly | 02/18/2026 | 1661 | 0 | (6) | 0 | (6) |
|  | Receive<br> S&P 500 Total Return Index  | 6179 | 4.790% (SOFR plus a specified spread) | Monthly | 04/01/2026 | 91615 | 0 | (348) | 0 | (348) |
|  | Receive<br> S&P 500 Total Return Index  | 4119 | 4.790% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 61071 | 0 | (232) | 0 | (232) |
|  GST | Receive<br> S&P 500 Total Return Index  | 464 | 4.620% (SOFR plus a specified spread) | Monthly | 10/17/2025 | 6880 | 0 | (25) | 0 | (25) |
|  RBC | Receive<br> S&P 500 Total Return Index  | 363 | 4.640% (SOFR plus a specified spread) | Monthly | 11/12/2025 | 5382 | 0 | (20) | 0 | (20) |
|  | Receive<br> S&P 500 Total Return Index  | 2063 | 4.820% (SOFR plus a specified spread) | Monthly | 01/07/2026 | 30588 | 0 | (117) | 0 | (117) |
|  | Receive<br> S&P 500 Total Return Index  | 585 | 4.730% (SOFR plus a specified spread) | Monthly | 01/16/2026 | 8674 | 0 | (33) | 0 | (33) |
|  | Receive<br> S&P 500 Total Return Index  | 745 | 4.750% (SOFR plus a specified spread | Monthly | 04/08/2026 | 11046 | 0 | (42) | 0 | (42) |
|  | Receive<br> S&P 500 Total Return Index  | 291 | 4.830% (SOFR plus a specified spread) | Monthly | 04/15/2026 | 4315 | 0 | (16) | 0 | (16) |
|  | Receive<br> S&P 500 Total Return Index  | 1885 | 4.825% (SOFR plus a specified spread) | Monthly | 05/06/2026 | 27948 | 0 | (107) | 0 | (107) |
|  | Receive<br> S&P 500 Total Return Index  | 402 | 4.820% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 5960 | 0 | (23) | 0 | (23) |
|  | Receive<br> S&P 500 Total Return Index  | 1885 | 4.810% (SOFR plus a specified spread) | Monthly | 08/05/2026 | 27948 | 0 | (107) | 0 | (107) |
|  TOR | Receive<br> S&P 500 Total Return Index  | 745 | 4.740% (SOFR plus a specified spread) | Monthly | 10/01/2025 | 10657 | 0 | 348 | 348 | 0 |
|  |  |  |  |  |  |  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) | $1312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1419) |
|  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;790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031 | $(1419) |

---

210 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### 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 September 30, 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 | $1 | $0 | $0 | $1 | $(45) | $0 | $0 | $(45) | $(44) | $0 | $(44) |
|  BOA | 1 | 0 | 0 | 1 | (11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | 0 | (16) | (15) | 0 | (15) |
|  BPS | 70 | 0 | 340 | 410 | (20) | (4) | (8) | (32) | 378 | (320) | 58 |
|  BRC | 38 | 1 | 0 | 39 | (14) | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136) | (1190) | (1326) |
|  BSH | 0 | 0 | 0 | 0 | (68) | 0 | 0 | (68) | (68) | 0 | (68) |
|  CBK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | 265 | (26) | 0 | (25) | (51) | 214 | (260) | (46) |
|  CIB | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | 0 | 0 | (737) | (737) | 227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5912) |
|  DUB | 33 | 0 | 0 | 33 | (18) | 0 | 0 | (18) | 15 | 0 | 15 |
|  FAR | 109 | 0 | 0 | 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) | 0 | 0 | (160) | (51) | 0 | (51) |
|  GLM | 17 | 3 | 0 | 20 | (6) | (6) | 0 | (12) | 8 | 0 | 8 |
|  GST | 0 | 0 | 1 | 1 | 0 | 0 | (25) | (25) | (24) | (260) | (284) |
|  IND | 3 | 0 | 0 | 3 | (4) | 0 | 0 | (4) | (1) | 0 | (1) |
|  JPM | 27 | 0 | 201 | 228 | (8) | 0 | 0 | (8) | 220 | 0 | 220 |
|  MBC | 18 | 3 | 0 | 21 | (9) | 0 | 0 | (9) | 12 | 0 | 12 |
|  MYC | 0 | 0 | 177 | 177 | 0 | 0 | 0 | 0 | 177 | (304) | (127) |
|  MYI | 9 | 1 | 0 | 10 | (8) | 0 | 0 | (8) | 2 | (10) | (8) |
|  NGF | 10 | 0 | 0 | 10 | (1) | 0 | 0 | (1) | 9 | 0 | 9 |
|  RBC | 0 | 0 | 0 | 0 | 0 | 0 | (465) | (465) | (465) | (3062) | (3527) |
|  SCX | 74 | 0 | 0 | 74 | (57) | 0 | 0 | (57) | 17 | 0 | 17 |
|  SOG | 22 | 0 | 0 | 22 | (25) | 0 | 0 | (25) | (3) | 0 | (3) |
|  SSB | 19 | 0 | 0 | 19 | (18) | 0 | 0 | (18) | 1 | 0 | 1 |
|  TOR | 0 | 0 | 348 | 348 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
|  UAG | 13 | 0 | 0 | 13 | (9) | (5) | 0 | (14) | (1) | 0 | (1) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(507) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1419) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1948) |  |  |  |

---

<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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **211** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration 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 September 30, 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 | $587 | $0 | $39 | $626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 129 | 134 |
|  | $0 | $5 | $587 | $0 | $168 | $760 |
|  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 | $729 | $0 | $729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 8 | 0 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 719 | 1312 | 0 | 0 | 2031 |
|  | $0 | $719 | $1312 | $737 | $0 | $2768 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | $1899 | $737 | $168 | $3528 |
|  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 | $8 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 113 | 116 |
|  | $0 | $3 | $0 | $0 | $142 | $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 | $507 | $0 | $507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 1419 | 0 | 0 | 1419 |
|  | $0 | $0 | $1419 | $507 | $22 | $1948 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 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 | $18 | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 18565 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1532) | 17033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 702 | 0 | 0 | 5018 | 5720 |
|  | $0 | $702 | $18565 | $0 | $3504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22771 |
|  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 | $(2095) | $0 | $(2095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 13 | 0 | 0 | 267 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 145 | 62889 | 0 | 0 | 63034 |
|  | $0 | $158 | $62889 | $(2095) | $267 | $61219 |
|  | $0 | $860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2095) | $3771 | $83990 |
|  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 | 3153 | 0 | 1639 | 4792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (108) | 0 | 0 | (5858) | (5966) |
|  | $0 | $(108) | $3153 | $0 | $(4211) | $(1166) |
|  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 | $529 | $0 | $529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (108) | 0 | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (1) | 0 | 0 | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (5) | 1538 | 0 | 0 | 1533 |
|  | $0 | $(6) | $1538 | $421 | $5 | $1958 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | $4691 | $421 | $(4206) | $792 |

---

212 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $0 | $366 | $366 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 126169 | 0 | 126169 |
| &nbsp;&nbsp; Industrials | 0 | 137284 | 5700 | 142984 |
| &nbsp;&nbsp; Utilities | 1098 | 32321 | 0 | 33419 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 4613 | 0 | 4613 |
| &nbsp;&nbsp; Georgia | 0 | 2496 | 0 | 2496 |
| &nbsp;&nbsp; Maryland | 0 | 1509 | 0 | 1509 |
| &nbsp;&nbsp; Ohio | 0 | 2045 | 0 | 2045 |
| &nbsp;&nbsp; Texas | 0 | 1701 | 0 | 1701 |
|  U.S. Government Agencies | 0 | 135400 | 0 | 135400 |
|  U.S. Treasury Obligations | 0 | 458839 | 0 | 458839 |
|  Non-Agency Mortgage-Backed Securities | 0 | 6396 | 0 | 6396 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Home Equity Other | 0 | 2653 | 0 | 2653 |
| &nbsp;&nbsp; Other ABS | 0 | 6931 | 0 | 6931 |
|  Sovereign Issues | 0 | 28788 | 0 | 28788 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 1395 | 0 | 1395 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 13757 | 0 | 13757 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 341 | 0 | 341 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969802 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  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 | $1404 | $0 | $0 | $1404 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971206 |
|  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 | 607 | 153 | 0 | 760 |
|  Over the counter | 0 | 2768 | 0 | 2768 |
|  | $607 | $2921 | $0 | $3528 |
|  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 | (17) | (128) | 0 | (145) |
|  Over the counter | 0 | (1948) | 0 | (1948) |
|  | $(17) | $(2076) | $0 | $(2093) |
|  Total Financial Derivative Instruments | $590 | $845 | $0 | $1435 |
|  Totals | $3092 | $963483 | $6066 | $972641 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $0 | $0 | $0 | $0 | $0 | $364 | $0 | $366 | $0 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | 0 | 5700 | 0 | 0 | 0 | 0 | 0 | 0 | 5700 | 0 |
|  Totals | $2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $2 | Other Valuation Techniques<sup>(2)</sup> |  |  |  |
|  | 364 | Third Party Vendor | Broker Quote | 97.000 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 5700 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(2)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **213** |

---

------

Schedule of Investments PIMCO StocksPLUS<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 154.6% | INVESTMENTS IN SECURITIES 154.6% | INVESTMENTS IN SECURITIES 154.6% |
| CORPORATE BONDS & NOTES 4.1% | CORPORATE BONDS & NOTES 4.1% | CORPORATE BONDS & NOTES 4.1% |
| BANKING & FINANCE 2.7% | BANKING & FINANCE 2.7% | BANKING & FINANCE 2.7% |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.224% due 05/09/2034 •  | 400 | 430 |
|  Credit Suisse AG AT1 Claim | 1078 | 140 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.615% due 03/15/2028 •  | 1000 | 993 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 100 | 101 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 1100 | 1070 |
|  |  | 2734 |
| INDUSTRIALS 1.4% | INDUSTRIALS 1.4% | INDUSTRIALS 1.4% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 900 | 900 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  6.943% due 01/10/2030 | 257 | 269 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 200 | 148 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 100 | 79 |
|  |  | 1396 |
|  Total Corporate Bonds & Notes<br>(Cost $3,865) | Total Corporate Bonds & Notes<br>(Cost $3,865) | 4130 |
| U.S. GOVERNMENT AGENCIES 88.4% | U.S. GOVERNMENT AGENCIES 88.4% | U.S. GOVERNMENT AGENCIES 88.4% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 09/01/2032 | 505 | 493 |
|  4.000% due 01/01/2048 - 03/01/2049 | 71 | 67 |
|  5.000% due 06/01/2030 - 01/01/2039 | 469 | 481 |
|  5.500% due 01/01/2035 - 04/01/2054 | 585 | 594 |
|  6.000% due 08/01/2027 - 12/01/2037 | 15 | 16 |
|  6.508% due 06/01/2035 •  | 4 | 4 |
|  6.647% due 11/01/2034 •  | 1 | 1 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.867% due 03/15/2037 •  | 139 | 138 |
|  5.187% due 08/15/2037 •  | 345 | 345 |
|  5.197% due 10/15/2037 •  | 51 | 51 |
|  5.207% due 05/15/2037 - 09/15/2037 •  | 367 | 368 |
|  5.306% due 09/25/2055 •  | 1986 | 2014 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 01/01/2027 | 65 | 65 |
|  4.000% due 06/01/2026 - 08/01/2045 | 293 | 287 |
|  4.202% due 10/01/2029 ~ | 600 | 603 |
|  4.500% due 08/01/2033 - 02/01/2044 | 997 | 998 |
|  4.560% due 08/01/2030 | 3000 | 3057 |
|  4.705% due 09/01/2031 ~ | 1100 | 1122 |
|  4.720% due 10/01/2028 | 700 | 714 |
|  4.930% due 06/01/2029 | 300 | 308 |
|  5.000% due 11/01/2025 - 01/01/2029 | 7 | 7 |
|  5.500% due 11/01/2025 - 09/01/2041 | 2413 | 2505 |
|  5.950% due 11/01/2035 •  | 1 | 1 |
|  6.000% due 10/01/2026 - 05/01/2041 | 1782 | 1872 |
|  6.096% due 09/01/2035 •  | 4 | 4 |
|  6.273% due 06/01/2034 •  | 4 | 4 |
|  6.305% due 07/01/2035 •  | 1 | 1 |
|  6.406% due 06/01/2035 •  | 2 | 2 |
|  6.435% due 12/01/2033 •  | 3 | 3 |
|  6.604% due 12/01/2033 •  | 1 | 1 |
|  6.810% due 06/01/2035 •  | 2 | 2 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.821% due 07/25/2037 •  | 13 | 13 |
|  4.851% due 07/25/2037 •  | 29 | 29 |
|  4.871% due 09/25/2035 •  | 52 | 51 |
|  4.881% due 09/25/2035 •  | 109 | 109 |
|  5.191% due 06/25/2037 •  | 221 | 221 |
|  5.266% due 03/25/2055 •  | 1876 | 1875 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 09/25/2042 •  | 10 | 10 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  5.000% due 04/15/2035 - 03/15/2042 | 1764 | 1804 |
|  6.000% due 07/15/2037 - 08/15/2037 | 18 | 19 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  5.739% due 07/20/2055 •  | 4181 | 4198 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 | 3310 | 3112 |
|  4.500% due 11/01/2055 | 1480 | 1435 |
|  5.000% due 11/01/2055 | 2970 | 2951 |
|  5.500% due 11/01/2055 | 1420 | 1430 |
|  6.000% due 11/01/2055 | 1400 | 1424 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  4.430% due 05/01/2029 | 25 | 25 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 10/01/2055 | 240 | 211 |
|  4.000% due 10/01/2055 - 11/01/2055 | 2550 | 2403 |
|  4.500% due 10/01/2055 - 11/01/2055 | 4840 | 4695 |
|  5.000% due 10/01/2055 - 11/01/2055 | 3700 | 3667 |
|  5.500% due 10/01/2055 - 11/01/2055 | 4180 | 4212 |
|  6.000% due 10/01/2055 - 11/01/2055 | 18760 | 19163 |
|  6.500% due 11/01/2054 | 18780 | 19421 |
|  Total U.S. Government Agencies<br>(Cost $88,732) | Total U.S. Government Agencies<br>(Cost $88,732) | 88606 |
| U.S. TREASURY OBLIGATIONS 5.4% | U.S. TREASURY OBLIGATIONS 5.4% | U.S. TREASURY OBLIGATIONS 5.4% |
|  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 | 2112 | 2000 |
|  1.875% due 07/15/2034 | 1565 | 1588 |
|  2.125% due 04/15/2029 (i)(k) | 1358 | 1402 |
|  2.125% due 01/15/2035 | 154 | 158 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 07/31/2030 | 300 | 302 |
|  Total U.S. Treasury Obligations<br>(Cost $5,438) | Total U.S. Treasury Obligations<br>(Cost $5,438) | 5450 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 14.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 14.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 14.3% |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.334% due 05/25/2035 ~ | 1 | 1 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.487% due 07/25/2035 ~ | 71 | 68 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  5.232% due 10/25/2035 ~ | 386 | 319 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  5.391% due 11/25/2034 ~ | 10 | 9 |
|  5.912% due 11/25/2034 ~ | 1 | 1 |
|  7.135% due 12/25/2035 ~ | 2 | 2 |
|  BX Trust | BX Trust | BX Trust |
|  4.899% due 04/15/2039 •  | 410 | 410 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.469% due 09/25/2036 ~ | 84 | 71 |
|  4.739% due 12/25/2035 ~ | 17 | 16 |
|  6.000% due 12/25/2036 | 129 | 52 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  5.097% due 11/25/2034 ~ | 94 | 91 |
|  5.388% due 02/20/2035 ~ | 1 | 1 |
|  6.224% due 02/20/2036 •  | 1 | 1 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.480% due 10/25/2035 •  | 1 | 2 |
|  6.490% due 05/25/2035 •  | 1 | 1 |
|  9.170% due 09/25/2062 þ | 1108 | 1112 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.652% due 09/25/2046 •  | 460 | 450 |
|  4.832% due 02/25/2037 •  | 58 | 49 |
|  5.500% due 07/25/2035 | 2 | 1 |
|  6.000% due 05/25/2037 | 1283 | 533 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.290% due 11/25/2035 ~ | 2 | 2 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.480% due 11/25/2035 ~ | $| 136 | 115 |
|  5.191% due 09/25/2035 ~ |  | 2 | 2 |
|  6.000% due 02/25/2036 |  | 2603 | 942 |
|  6.000% due 07/25/2037 |  | 642 | 406 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.306% due 06/19/2036 ~ |  | 643 | 328 |
|  4.588% due 12/19/2036 •  |  | 51 | 45 |
|  4.688% 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 |
|  3.197% due 06/25/2037 ~ |  | 1252 | 1023 |
|  4.037% due 06/25/2036 ~ |  | 1093 | 971 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.244% due 05/25/2036 ~ |  | 608 | 335 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.274% due 10/25/2036 ~ |  | 273 | 196 |
|  4.341% due 10/25/2036 ~ |  | 34 | 19 |
|  5.750% due 01/25/2036 |  | 22 | 10 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  6.000% due 09/25/2037 |  | 312 | 307 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.188% due 07/25/2035 ~ |  | 86 | 76 |
|  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 |
|  4.705% due 12/15/2030 •  |  | 5 | 5 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.872% due 03/25/2037 •  |  | 912 | 213 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.692% due 02/25/2036 •  |  | 6 | 6 |
|  4.772% due 11/25/2035 •  |  | 5 | 5 |
|  4.890% due 09/25/2035 ~ |  | 235 | 185 |
|  5.850% 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 |
|  4.110% due 05/25/2042 •  |  | 363 | 325 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.187% due 04/15/2032 •  |  | 1000 | 994 |
|  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 |  | 24 | 12 |
|  5.769% due 06/25/2036 ~ |  | 868 | 225 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.572% due 02/25/2037 •  |  | 533 | 472 |
|  4.632% due 07/25/2036 •  |  | 2322 | 747 |
|  4.642% due 08/25/2036 •  |  | 988 | 901 |
|  4.652% due 07/25/2036 •  |  | 860 | 788 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.553% due 01/25/2035 •  |  | 9 | 9 |
|  6.336% due 02/25/2034 ~ |  | 3 | 3 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.832% due 02/25/2036 •  |  | 4 | 4 |
|  Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC |
|  4.836% due 05/17/2031 •  | GBP | 199 | 267 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.583% due 06/25/2047 •  | $| 212 | 186 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.108% due 02/25/2037 ~ |  | 153 | 132 |
|  4.912% due 08/25/2045 •  |  | 706 | 703 |
|  5.353% due 11/25/2042 •  |  | 1 | 1 |
|  5.653% due 10/25/2046 •  |  | 39 | 37 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.814% due 12/25/2036 ~ |  | 150 | 146 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $18,351) | Total Non-Agency Mortgage-Backed Securities (Cost $18,351) | Total Non-Agency Mortgage-Backed Securities (Cost $18,351) | 14342 |
| ASSET-BACKED SECURITIES 14.1% | ASSET-BACKED SECURITIES 14.1% | ASSET-BACKED SECURITIES 14.1% | ASSET-BACKED SECURITIES 14.1% |
| AUTOMOBILE SEQUENTIAL 0.6% | AUTOMOBILE SEQUENTIAL 0.6% | AUTOMOBILE SEQUENTIAL 0.6% | AUTOMOBILE SEQUENTIAL 0.6% |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.490% due 06/25/2027 |  | 300 | 302 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 |  | 195 | 195 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 |  | 130 | 130 |
|  |  |  | 627 |

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214 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| CMBS OTHER 1.7% | CMBS OTHER 1.7% | CMBS OTHER 1.7% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.636% due 01/20/2037 •  | 686 | 686 |
|  6.385% due 06/17/2039 •  | 751 | 752 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 268 | 268 |
|  |  | 1706 |
| HOME EQUITY OTHER 8.2% | HOME EQUITY OTHER 8.2% | HOME EQUITY OTHER 8.2% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.392% due 10/25/2036 •  | 6 | 2 |
|  5.292% due 04/25/2035 •  | 513 | 507 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  5.007% due 08/25/2035 •  | 1300 | 1132 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.632% due 04/25/2036 •  | 898 | 282 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.932% due 11/25/2035 •  | 327 | 320 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.767% due 06/25/2036 •  | 500 | 478 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.592% due 12/25/2036 •  | 582 | 328 |
|  EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust |
|  4.612% due 04/25/2037 •  | 574 | 536 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.572% due 05/25/2036 •  | 546 | 288 |
|  4.832% due 10/25/2034 •  | 5 | 5 |
|  5.517% due 11/25/2032 •  | 489 | 517 |
|  Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
|  4.552% due 04/25/2037 •  | 1280 | 555 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.332% due 05/25/2037 •  | 299 | 272 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.442% due 04/25/2037 •  | 830 | 432 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.097% due 08/25/2036 •  | 677 | 615 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  5.157% due 12/25/2035 •  | 1100 | 1010 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.752% due 07/25/2036 •  | 1058 | 418 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.452% due 09/25/2036 •  | 857 | 529 |
|  |  | 8226 |
| 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 |
|  4.612% due 12/25/2036 •  | 9 | 9 |
| WHOLE LOAN COLLATERAL 2.0% | WHOLE LOAN COLLATERAL 2.0% | WHOLE LOAN COLLATERAL 2.0% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.592% due 04/25/2036 •  | 66 | 65 |
|  4.772% due 06/25/2036 •  | 500 | 466 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.432% due 08/25/2036 •  | 1206 | 394 |
|  5.232% due 01/25/2036 •  | 1103 | 1066 |
|  |  | 1991 |
| OTHER ABS 1.6% | OTHER ABS 1.6% | OTHER ABS 1.6% |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 33 | 33 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  2.666% due 10/15/2031 •  | 200 | 236 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  3.250% due 04/15/2028 | 23 | 23 |
|  5.700% due 07/15/2029 | 68 | 67 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.552% due 04/25/2038 •  | 49 | 49 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.990% due 04/20/2062 •  | 641 | 639 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.122% due 09/15/2054 •  | 530 | 528 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 | 12 | 12 |
|  |  | 1587 |
|  Total Asset-Backed Securities (Cost $15,276) | Total Asset-Backed Securities (Cost $15,276) | 14146 |
| SOVEREIGN ISSUES 7.9% | SOVEREIGN ISSUES 7.9% | SOVEREIGN ISSUES 7.9% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  8.375% due 11/07/2054 | 200 | 212 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 500 | 508 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (c) | 100 | 77 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 | 200 | 202 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | 70000 | 412 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | 7100 | 393 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (e) | 855 | 45 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | 1700 | 546 |
|  7.600% due 08/12/2039 | 300 | 95 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 2200 | 614 |
|  6.150% due 08/12/2032 | 7900 | 2412 |
|  6.950% due 08/12/2031 | 480 | 153 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 14470 | 665 |
|  7.000% due 02/28/2031 | 8300 | 456 |
|  8.000% due 01/31/2030 | 3300 | 192 |
|  8.250% due 03/31/2032 | 900 | 51 |
|  8.500% due 01/31/2037 | 2000 | 107 |
|  8.875% due 02/28/2035 | 8300 | 472 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 | 200 | 240 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  42.493% (BISTREFI) due 05/20/2026 ~ | 100 | 2 |
|  Total Sovereign Issues<br>(Cost $7,274) | Total Sovereign Issues<br>(Cost $7,274) | 7854 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 20.4% | SHORT-TERM INSTRUMENTS 20.4% | SHORT-TERM INSTRUMENTS 20.4% |
| MUTUAL FUNDS 1.2% | MUTUAL FUNDS 1.2% | MUTUAL FUNDS 1.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (f) | 1200325 | 1201 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (g) 4.5% | REPURCHASE AGREEMENTS (g) 4.5% | REPURCHASE AGREEMENTS (g) 4.5% |
|  |  | 4500 |
| SHORT-TERM NOTES 1.1% | SHORT-TERM NOTES 1.1% | SHORT-TERM NOTES 1.1% |
|  Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
|  3.910% due 12/17/2025 (c)(d) | 1100 | 1091 |
| U.S. TREASURY BILLS 13.6% | U.S. TREASURY BILLS 13.6% | U.S. TREASURY BILLS 13.6% |
|  4.178% due 10/02/2025 - 01/27/2026 (b)(c)(k) | 13697 | 13617 |
| Total Short-Term Instruments<br>(Cost $20,407) | Total Short-Term Instruments<br>(Cost $20,407) | 20409 |
| Total Investments in Securities<br>(Cost $159,343) | Total Investments in Securities<br>(Cost $159,343) | 154937 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 19.7% | INVESTMENTS IN AFFILIATES 19.7% | INVESTMENTS IN AFFILIATES 19.7% |
| SHORT-TERM INSTRUMENTS 19.7% | SHORT-TERM INSTRUMENTS 19.7% | SHORT-TERM INSTRUMENTS 19.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.7% |
|  PIMCO Short Asset Portfolio | 784673 | 7698 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1239941 | 12076 |
| Total Short-Term Instruments<br>(Cost $19,674) | Total Short-Term Instruments<br>(Cost $19,674) | 19774 |
| Total Investments in Affiliates<br>(Cost $19,674) | Total Investments in Affiliates<br>(Cost $19,674) | 19774 |
| Total Investments 174.3%<br>(Cost $179,017) | Total Investments 174.3%<br>(Cost $179,017) | 174711 |
|  Financial Derivative<br>Instruments (h)(j) (9.9)%<br> (Cost or Premiums, net $1,860) | Financial Derivative<br>Instruments (h)(j) (9.9)%<br> (Cost or Premiums, net $1,860) | (9899) |
| Other Assets and Liabilities, net (64.4)% | Other Assets and Liabilities, net (64.4)% | (64588) |
| Net Assets 100.0% | Net Assets 100.0% | 100224 |

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

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

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| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• 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) Coupon represents a weighted average yield to maturity.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **215** |

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Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Short Fund (Cont.)

(c) Zero coupon security.

(d) Coupon represents a yield to maturity.

(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:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.220% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | U.S. Treasury Notes 3.500% due 09/30/2029 | $(4590) | $4500 | $4501 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4590) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (10.0)% | U.S. Government Agencies (10.0)% | U.S. Government Agencies (10.0)% | U.S. Government Agencies (10.0)% | U.S. Government Agencies (10.0)% | U.S. Government Agencies (10.0)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | 2090 | $(1684) | $(1865) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 2960 | (2443) | (2494) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 6400 | (5869) | (5847) |
|  Total Short Sales (10.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9997) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10026) |

---

#### 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 September 30, 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-<br>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 | $4501 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4590) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501 | $&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 September 30, 2025 was $(8) at a weighted average interest rate of 4.350%. 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:

#### FUTURE STYLED 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 |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.500 | 10/24/2025 | 50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $(6) | $(5) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |

---

216 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### 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 |
|  30-Day Federal Fund February Futures  | 02/2026 | 24 | $9645 | $0 | $0 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 16 | 1408 | 5 | 6 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 33 | 6877 | 7 | 4 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 126 | 13759 | (12) | 5 | 0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 8 | 933 | 18 | 0 | (2) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&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 |
|  E-Mini S&P 500 Index December Futures  | 12/2025 | 37 | $(12467) | $(149) | $0 | $(47) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 11 | (1238) | (10) | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 8 | (961) | (6) | 5 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 6 | (690) | (8) | 0 | 0 |
|  |  |  |  | $(173) | $5 | $(47) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |

---

#### 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>September 30, 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>September 30, 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 |
|  Volkswagen International Finance NV | 1.000% | Quarterly | 06/20/2028 | 0.581% | EUR | 500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&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-44 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $8390 | $(144) | $(49) | $(193) | $0 | $(1) |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100 | (289) | (12) | (301) | 0 | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(494) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | GBP | 7100 | $(35) | $(6) | $(41) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 |  | 100 | (1) | 3 | 2 | 0 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 |  | 800 | (24) | 10 | (14) | 3 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 |  | 430 | 20 | (7) | 13 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510 | 20 | (53) | (33) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 |  | 1110 | 4 | (5) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 |  | 8510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | (31) | (73) | 0 | (5) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 |  | 15000 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | 190 | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 |  | 200 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 |  | 3900 | 76 | 3 | 79 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 |  | 4020 | (75) | 10 | (65) | 0 | (2) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 |  | 4480 | (74) | (4) | (78) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 |  | 2800 | 34 | (27) | 7 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.809 | Annual | 06/30/2031 |  | 3300 | 0 | 61 | 61 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 |  | 1400 | 4 | (20) | (16) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 |  | 2700 | 251 | 49 | 300 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 |  | 530 | (6) | (2) | (8) | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 |  | 1300 | (35) | 14 | (21) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2033 |  | 11600 | (83) | (61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) | 0 | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **217** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Short Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.854% | Annual | 12/29/2033 | 100 | $(1) | $(1) | $(2) | $0 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 100 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 100 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 2240 | (12) | (10) | (22) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 90 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 100 | (1) | 4 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 100 | (1) | 4 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 100 | 0 | 3 | 3 | 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 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 5200 | (33) | 8 | (25) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 100 | 0 | 2 | 2 | 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 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 100 | 0 | 4 | 4 | 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 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 100 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 4500 | (227) | 66 | (161) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 2980 | (1) | (23) | (24) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2039 | 1700 | 28 | (9) | 19 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2044 | 900 | 14 | 12 | 26 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 1050 | 16 | 32 | 48 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 | 680 | 0 | 11 | 11 | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 | 700 | 0 | 12 | 12 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 1000 | 54 | 154 | 208 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 2650 | 39 | 185 | 224 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 1550 | (133) | 15 | (118) | 0 | (5) |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 400 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 4500 | 0 | (4) | (4) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 700 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 | 7700 | 0 | 2 | 2 | 1 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 2900 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 200 | 0 | 0 | 0 | 0 | 0 |
| Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 02/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | 0 | (1) | (1) | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 3300 | (20) | 79 | 59 | 9 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 700 | 13 | (2) | 11 | 3 | 0 |
| Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 200 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 | 100 | (1) | (7) | (8) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 100 | 0 | (8) | (8) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 90 | 0 | (8) | (8) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 100 | 0 | (7) | (7) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 | 100 | 0 | (6) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.890 | Annual | 12/22/2033 | 100 | 0 | (5) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 100 | 0 | (5) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 100 | 0 | 1 | 1 | 0 | (1) |
| Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 | 2400 | 0 | 2 | 2 | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 | 9200 | (14) | (15) | (29) | 0 | (1) |
| Receive | CPURNSA | 2.502 | Maturity | 03/25/2030 | $1600 | 0 | 9 | 9 | 0 | 0 |
| Receive | CPURNSA | 2.520 | Maturity | 03/27/2030 | 1100 | 0 | 5 | 5 | 0 | 0 |
|  |  |  |  |  |  | $(251) | $622 | $371 | $52 | $(33) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(680) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |

---

218 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) |

---

(j) Securities with an aggregate market value of $438 and cash of $3,503 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 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 $(3) for closed futures is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 816 | $952 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
|  | 10/2025 | $965 | 1342 | 0 | 0 |
|  | 11/2025 | 1340 | $964 | 0 | 0 |
|  BOA | 10/2025 | 1908 | 13 | 0 | 0 |
|  | 10/2025 | $30 | 101 | 0 | 0 |
|  | 10/2025 | 60 | 5292 | 0 | 0 |
|  | 10/2025 | 2 | 219 | 0 | 0 |
|  | 10/2025 | 50 | 69465 | 0 | (1) |
|  | 10/2025 | 43 | 75 | 0 | 0 |
|  | 10/2025 | 10 | 36 | 0 | 0 |
|  | 11/2025 | 170 | $50 | 0 | (1) |
|  | 11/2025 | 75 | 43 | 0 | 0 |
|  | 11/2025 | $20 | 66 | 0 | 0 |
|  | 11/2025 | 13 | 1902 | 0 | 0 |
|  | 11/2025 | 427 | $24 | 0 | 0 |
|  | 12/2025 | $127 | 2382 | 2 | 0 |
|  BPS | 10/2025 | 657 | $123 | 0 | 0 |
|  | 10/2025 | 1407 | 198 | 0 | 0 |
|  | 10/2025 | 4212305 | 255 | 2 | 0 |
|  | 10/2025 | 5768 | 65 | 1 | 0 |
|  | 10/2025 | 2211 | 15 | 0 | 0 |
|  | 10/2025 | 10218 | 340 | 5 | 0 |
|  | 10/2025 | $120 | 657 | 3 | 0 |
|  | 10/2025 | 191 | 3156124 | 0 | (2) |
|  | 10/2025 | 252 | 348518 | 0 | (4) |
|  | 10/2025 | 25 | 462 | 0 | 0 |
|  | 10/2025 | 178 | 650 | 0 | 0 |
|  | 11/2025 | 835568 | $50 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **219** |

---

------

Schedule of Investments PIMCO StocksPLUS<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** |
|  | 11/2025 | 4450 | $50 | $0 | $0 |
|  | 11/2025 | 42054 | 30 | 0 | 0 |
|  | 11/2025 | $50 | 169 | 1 | 0 |
|  | 11/2025 | 15 | 2203 | 0 | 0 |
|  | 12/2025 | 1219 | $41 | 0 | 0 |
|  | 12/2025 | $67 | 1134072 | 0 | 0 |
|  BRC | 10/2025 | 256 | $321 | 0 | (1) |
|  | 10/2025 | 49 | 66 | 0 | 0 |
|  | 10/2025 | $338 | 271 | 3 | 0 |
|  | 10/2025 | 176 | 131 | 0 | 0 |
|  | 10/2025 | 0 | 2 | 0 | 0 |
|  | 10/2025 | 84 | 306 | 1 | 0 |
|  | 11/2025 | 2 | $0 | 0 | 0 |
|  | 11/2025 | $321 | 255 | 1 | 0 |
|  | 11/2025 | 66 | 49 | 0 | 0 |
|  | 11/2025 | 211 | 9201 | 3 | 0 |
|  | 11/2025 | 4186 | $238 | 0 | (4) |
|  | 12/2025 | 805 | 225 | 0 | (6) |
|  | 12/2025 | $266 | 11717 | 1 | 0 |
|  BSH | 10/2025 | 13 | 22 | 0 | 0 |
|  | 11/2025 | 22 | $13 | 0 | 0 |
|  | 11/2025 | 328 | 89 | 0 | (5) |
|  | 11/2025 | $140 | 516 | 9 | 0 |
|  | 12/2025 | 3071 | $863 | 0 | (20) |
|  | 12/2025 | $523 | 2903 | 15 | 0 |
|  | 01/2026 | 220 | $62 | 0 | (1) |
|  | 02/2026 | 806 | 230 | 0 | (1) |
|  CBK | 10/2025 | 62 | 40 | 0 | (1) |
|  | 10/2025 | 4404 | 827 | 1 | (1) |
|  | 10/2025 | 27 | 4 | 0 | 0 |
|  | 10/2025 | 2610782 | 158 | 2 | 0 |
|  | 10/2025 | 8628 | 97 | 0 | 0 |
|  | 10/2025 | 262867 | 190 | 3 | 0 |
|  | 10/2025 | 650 | 506 | 3 | 0 |
|  | 10/2025 | 1467 | 45 | 0 | 0 |
|  | 10/2025 | 10894 | 368 | 10 | 0 |
|  | 10/2025 | $797 | 4404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | 0 |
|  | 10/2025 | 376 | 6157754 | 0 | (7) |
|  | 10/2025 | 255 | 22379 | 0 | (3) |
|  | 10/2025 | 23 | 226 | 0 | 0 |
|  | 10/2025 | 503 | 1766 | 5 | 0 |
|  | 10/2025 | 61 | 580 | 1 | 0 |
|  | 10/2025 | 154 | 4678 | 0 | 0 |
|  | 10/2025 | 1038 | $60 | 0 | 0 |
|  | 11/2025 | 226 | 23 | 0 | 0 |
|  | 11/2025 | $30 | 101 | 0 | 0 |
|  | 11/2025 | 97 | 8645 | 0 | 0 |
|  | 11/2025 | 1369 | $79 | 0 | 0 |
|  | 12/2025 | 1769 | 503 | 0 | (5) |
|  | 12/2025 | 16120 | 539 | 7 | 0 |
|  | 12/2025 | $70 | 1171206 | 0 | 0 |
|  | 01/2026 | 2120 | $70 | 0 | 0 |
|  | 02/2026 | 305 | 83 | 0 | (5) |
|  | 03/2026 | 4101 | 1164 | 0 | (12) |
|  | 08/2026 | $61 | 1086 | 0 | 0 |
|  DUB | 10/2025 | 3016 | $424 | 1 | 0 |
|  | 10/2025 | 1478273 | 90 | 2 | 0 |
|  | 10/2025 | 13999 | 158 | 0 | 0 |
|  | 10/2025 | 61913 | 45 | 1 | 0 |
|  | 10/2025 | $84 | 286 | 3 | 0 |
|  | 10/2025 | 125 | 11077 | 0 | (1) |
|  | 11/2025 | 286 | $84 | 0 | (3) |
|  | 11/2025 | 885 | 10 | 0 | 0 |
|  | 11/2025 | $158 | 14027 | 0 | 0 |
|  | 11/2025 | 10108 | $577 | 0 | (6) |
|  FAR | 10/2025 | 1393 | 904 | 0 | (18) |
|  | 10/2025 | 46 | 58 | 0 | 0 |
|  | 10/2025 | 1315 | 185 | 1 | 0 |
|  | 10/2025 | 237 | 185 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **220** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $991 | 1517 | $13 | $0 |
|  | 10/2025 | 242 | 21335 | 0 | (2) |
|  | 10/2025 | 593 | 87185 | 0 | (4) |
|  | 10/2025 | 335 | 1169 | 2 | 0 |
|  | 10/2025 | 196 | 717 | 1 | 0 |
|  | 10/2025 | 1402 | 1805 | 0 | (2) |
|  | 11/2025 | 1517 | $991 | 0 | (13) |
|  | 11/2025 | 669 | 182 | 0 | (10) |
|  | 11/2025 | 1801 | 1402 | 2 | 0 |
|  | 11/2025 | $58 | 46 | 0 | 0 |
|  | 12/2025 | 5021 | $265 | 0 | (7) |
|  | 02/2026 | 1173 | 335 | 0 | (2) |
|  GLM | 10/2025 | 8 | 9 | 0 | 0 |
|  | 10/2025 | 104 | 15 | 0 | 0 |
|  | 10/2025 | 1148999 | 69 | 0 | 0 |
|  | 10/2025 | 13 | 10 | 0 | 0 |
|  | 10/2025 | $57 | 944018 | 0 | (1) |
|  | 10/2025 | 69 | 6080 | 0 | (1) |
|  | 11/2025 | 10 | 33 | 0 | 0 |
|  | 12/2025 | 186 | $10 | 0 | 0 |
|  | 12/2025 | $67 | 1124621 | 0 | 0 |
|  IND | 10/2025 | 62 | $41 | 0 | (1) |
|  JPM | 10/2025 | 1340 | 970 | 7 | 0 |
|  | 10/2025 | 3029225 | 181 | 0 | 0 |
|  | 10/2025 | 107159 | 77 | 1 | 0 |
|  | 10/2025 | 89 | 69 | 0 | 0 |
|  | 10/2025 | 1075 | 35 | 0 | 0 |
|  | 10/2025 | $49 | 42 | 0 | 0 |
|  | 10/2025 | 97 | 72 | 0 | 0 |
|  | 10/2025 | 243 | 4038878 | 0 | (1) |
|  | 10/2025 | 30 | 101 | 0 | 0 |
|  | 10/2025 | 55 | 203 | 1 | 0 |
|  | 10/2025 | 10 | 296 | 0 | 0 |
|  | 11/2025 | 8951 | $511 | 0 | (6) |
|  MBC | 10/2025 | 8 | 10 | 0 | 0 |
|  | 10/2025 | 1535 | 216 | 1 | 0 |
|  | 10/2025 | 25 | 30 | 0 | 0 |
|  | 10/2025 | 70 | 95 | 0 | 0 |
|  | 10/2025 | 148237 | 9 | 0 | 0 |
|  | 10/2025 | 1096 | 7 | 0 | 0 |
|  | 10/2025 | 363232 | 260 | 2 | 0 |
|  | 10/2025 | 1531 | 160 | 0 | (3) |
|  | 10/2025 | 797 | 622 | 4 | 0 |
|  | 10/2025 | 1150 | 36 | 0 | 0 |
|  | 10/2025 | $60 | 47 | 0 | (1) |
|  | 10/2025 | 153 | 1090 | 0 | 0 |
|  | 10/2025 | 199 | 278035 | 0 | (1) |
|  | 10/2025 | 0 | 2 | 0 | 0 |
|  | 10/2025 | 60 | 575 | 1 | 0 |
|  | 10/2025 | 40 | 1295 | 0 | 0 |
|  | 11/2025 | 1087 | $153 | 0 | 0 |
|  | 11/2025 | 2 | 0 | 0 | 0 |
|  | 11/2025 | $95 | 70 | 0 | 0 |
|  | 11/2025 | 7 | 1092 | 0 | 0 |
|  | 12/2025 | 123 | 2330 | 3 | 0 |
|  MYI | 10/2025 | 1549 | $218 | 0 | 0 |
|  | 10/2025 | 613868 | 37 | 1 | 0 |
|  | 10/2025 | 41800 | 280 | 0 | (3) |
|  | 10/2025 | $7 | 970 | 0 | 0 |
|  | 10/2025 | 97 | 352 | 0 | 0 |
|  | 10/2025 | 72 | 2157 | 0 | (1) |
|  | 11/2025 | 280 | 41656 | 3 | 0 |
|  | 12/2025 | 2143 | $72 | 1 | 0 |
|  NGF | 10/2025 | 141934 | 102 | 1 | 0 |
|  | 10/2025 | $51 | 847869 | 0 | 0 |
|  | 11/2025 | 240 | 10497 | 4 | 0 |
|  SCX | 10/2025 | 1127 | $159 | 0 | 0 |
|  | 10/2025 | 1381209 | 83 | 0 | 0 |
|  | 10/2025 | 9774 | 110 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **221** |

---

------

Schedule of Investments PIMCO StocksPLUS<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** |
|  | 10/2025 | 2933 | $830 | $0 | $(15) |
|  | 10/2025 | 20 | 16 | 0 | 0 |
|  | 10/2025 | 6376 | 215 | 6 | 0 |
|  | 10/2025 | $57 | 940688 | 0 | (1) |
|  | 10/2025 | 122 | 10776 | 0 | (1) |
|  | 10/2025 | 34 | 4969 | 0 | 0 |
|  | 11/2025 | 100 | 8908 | 0 | 0 |
|  | 12/2025 | 83 | 1384700 | 0 | 0 |
|  SOG | 10/2025 | 4915 | $921 | 0 | (3) |
|  | 10/2025 | 91031 | 612 | 0 | (4) |
|  | 10/2025 | 97 | 56 | 0 | 0 |
|  | 10/2025 | $924 | 4915 | 0 | (1) |
|  | 10/2025 | 940 | 799 | 0 | (2) |
|  | 10/2025 | 309 | 45496 | 0 | (2) |
|  | 11/2025 | 799 | $942 | 2 | 0 |
|  | 11/2025 | $612 | 90716 | 4 | 0 |
|  | 12/2025 | 921 | 4984 | 2 | 0 |
|  SSB | 10/2025 | 59 | $80 | 0 | 0 |
|  | 11/2025 | 300 | 81 | 0 | (5) |
|  | 12/2025 | 523 | 141 | 0 | (9) |
|  UAG | 10/2025 | 517 | 155 | 0 | (1) |
|  | 10/2025 | 238 | 23 | 0 | 0 |
|  | 10/2025 | $557 | 49175 | 0 | (4) |
|  | 10/2025 | 97 | 352 | 0 | 0 |
|  | 10/2025 | 40 | 1294 | 0 | 0 |
|  | 10/2025 | 60 | 1038 | 0 | 0 |
|  | 10/2025 | 1039 | $60 | 0 | 0 |
|  | 11/2025 | 4553 | 258 | 0 | (4) |
|  | 12/2025 | 563 | 12 | 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;181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description |  | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 1700 | $2 | $2 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 2400 | 3 | 2 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 470 | 21 | 25 |
| GLM | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 280 | 5 | 9 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 400 | 1 | 0 |
| MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 800 | 1 | 1 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 900 | 1 | 1 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.230% | 03/30/2026 | 1200 | $9 | $10 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.160 | 12/04/2025 | 300 | 2 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.758 | 03/30/2026 | 600 | 5 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 300 | 26 | 25 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 300 | 26 | 25 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 400 | 35 | 37 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 400 | 35 | 31 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 900 | 73 | 82 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 1100 | 89 | 75 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 64800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | 282 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 64800 | 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 10/09/2025 | 1400 | 2 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.008 | 11/06/2025 | 2700 | 2 | 1 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.010 | 11/07/2025 | 2700 | 3 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 800 | 70 | 68 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 800 | 70 | 66 |

---

---

| | | |
|:---|:---|:---|
| **222** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110% | 08/23/2027 | 2500 | $202 | $229 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 3200 | 258 | 217 |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.989 | 08/06/2026 | 200 | 2 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.239 | 08/06/2026 | 100 | 1 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 1200 | 106 | 102 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 1200 | 106 | 98 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 12600 | 9 | 9 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.907 | 11/07/2025 | 2900 | 3 | 1 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.177 | 12/24/2025 | 1100 | 5 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 1400 | 18 | 15 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 1200 | 24 | 21 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 1200 | 18 | 11 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 300 | 26 | 26 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 300 | 26 | 25 |
|  |  |  |  |  |  | $1901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.063 | 10/07/2025 | 3800 | $5 | $0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 1900 | 2 | 2 |
|  |  |  |  |  | $7 | $2 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 |

---

#### 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-44 5-Year Index | Sell | 0.700% | 12/17/2025 | 5600 | $(5) | $(2) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 1700 | $(1) | $(1) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 2400 | (1) | (1) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 950 | (20) | (24) |
| GLM | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 280 | (1) | (1) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 280 | (2) | (1) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 400 | 0 | 0 |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 800 | (1) | (1) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 900 | (1) | (1) |
| UAG | Call - OTC USD versus TRY | TRY | 54.000 | 12/16/2025 | 100 | (3) | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |

---

#### 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 |
| DUB Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028% | 12/04/2025 | 1400 | $(3) | $(3) |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 10/07/2025 | 2300 | (5) | 0 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.677 | 12/24/2025 | 1200 | (4) | (6) |
|  |  |  |  |  |  | $(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.547 | 10/07/2025 | 1200 | $(2) | $(7) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 223

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Short Fund (Cont.)

#### 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 | 97 | $19 | $1 | $20 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 676 | 132 | 8 | 140 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 290 | 58 | 2 | 60 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 2223 | 461 | 0 | 461 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | $&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 | 1507 | 4.875% (SOFR plus<br>a specified spread) | Monthly | 02/04/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22344 | $0 | $86 | $86 | $0 |
|  | Pay | S&P 500 Total Return Index | 60 | 4.900% (SOFR plus<br>a specified spread) | Monthly | 03/11/2026 | 890 | 0 | 4 | 4 | 0 |
|  FAR | Pay | S&P 500 Total Return Index | 39 | 4.910% (FEDL01 plus<br>a specified spread) | Monthly | 01/07/2026 | 578 | 0 | 2 | 2 | 0 |
|  JPM | Pay | S&P 500 Total Return Index | 73 | 4.870% (FEDL01 plus<br>a specified spread) | Monthly | 02/04/2026 | 1082 | 0 | 4 | 4 | 0 |
|  MBC | Pay | S&P 500 Total Return Index | 4224 | 4.840% (SOFR plus<br>a specified spread) | Maturity | 05/15/2026 | 49112 | 0 | (12377) | 0 | (12377) |
|  |  |  |  |  |  |  |  | $0 | $(12281) | $96 | $(12377) |
|  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;670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12270) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12377) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value<br>of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(6) | $0 | $0 | $(6) | $(6) | $0 | $(6) |
|  BOA | 2 | 162 | 110 | 274 | (2) | (26) | 0 | (28) | 246 | 445 | 691 |
|  BPS | 12 | 0 | 140 | 152 | (6) | 0 | 0 | (6) | 146 | 0 | 146 |
|  BRC | 9 | 157 | 0 | 166 | (11) | 0 | 0 | (11) | 155 | 0 | 155 |
|  BSH | 24 | 0 | 0 | 24 | (27) | 0 | 0 | (27) | (3) | 0 | (3) |
|  CBK | 63 | 0 | 0 | 63 | (34) | 0 | 0 | (34) | 29 | 0 | 29 |
|  DUB | 7 | 598 | 0 | 605 | (10) | (3) | 0 | (13) | 592 | 0 | 592 |
|  FAR | 20 | 0 | 2 | 22 | (58) | 0 | 0 | (58) | (36) | 0 | (36) |
|  GLM | 0 | 591 | 0 | 591 | (2) | (2) | 0 | (4) | 587 | 0 | 587 |
|  GSC | 0 | 2 | 0 | 2 | 0 | (7) | 0 | (7) | (5) | 0 | (5) |
|  GST | 0 | 0 | 60 | 60 | 0 | (2) | 0 | (2) | 58 | 0 | 58 |
|  IND | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  JPM | 9 | 202 | 465 | 676 | (7) | 0 | 0 | (7) | 669 | (430) | 239 |
|  MBC | 11 | 2 | 0 | 13 | (5) | (2) | (12377) | (12384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(404) |
|  MYC | 0 | 112 | 0 | 112 | 0 | (6) | 0 | (6) | 106 | 0 | 106 |
|  MYI | 5 | 0 | 0 | 5 | (4) | 0 | 0 | (4) | 1 | 0 | 1 |
|  NGF | 5 | 0 | 0 | 5 | 0 | 0 | 0 | 0 | 5 | 0 | 5 |
|  SCX | 6 | 0 | 0 | 6 | (17) | 0 | 0 | (17) | (11) | 0 | (11) |
|  SOG | 8 | 0 | 0 | 8 | (12) | 0 | 0 | (12) | (4) | 0 | (4) |
|  SSB | 0 | 0 | 0 | 0 | (14) | 0 | 0 | (14) | (14) | 0 | (14) |
|  UAG | 0 | 0 | 0 | 0 | (10) | (1) | 0 | (11) | (11) | 0 | (11) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12377) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12652) |  |  |  |

---

(k) Securities with an aggregate market value of $12,412 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **224** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<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 September 30, 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 | $20 | $20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 52 | 52 |
|  | $0 | $0 | $0 | $0 | $72 | $72 |
|  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 | $181 | $0 | $181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 40 | 1786 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 681 | 96 | 0 | 0 | 777 |
|  | $0 | $681 | $96 | $221 | $1786 | $2784 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | $96 | $221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858 | $2856 |
|  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 | $16 | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 3 | 0 | 47 | 0 | 2 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 33 | 35 |
|  | $3 | $2 | $47 | $0 | $51 | $103 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $226 | $0 | $226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 31 | 16 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 12377 | 0 | 0 | 12377 |
|  | $0 | $2 | $12377 | $257 | $16 | $12652 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12424 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | $67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12755 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 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 | $18 | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (5168) | 0 | (37) | (5205) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (160) | 0 | 0 | 443 | 283 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5168) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4904) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 225

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Short Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  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 | $(912) | $0 | $(912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (30) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 0 | 71 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 85 | (2839) | 0 | 0 | (2754) |
|  | $0 | $87 | $(2839) | $(912) | $41 | $(3623) |
|  | $0 | $(73) | $(8007) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(912) | $465 | $(8527) |
|  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 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (198) | 0 | (132) | (330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (115) | 0 | 0 | (437) | (552) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) | $(198) | $0 | $(562) | $(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 | $(36) | $0 | $(36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 6 | (111) | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 3 | 0 | (2) | (24) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 32 | (10277) | 0 | 0 | (10245) |
|  | $0 | $35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10277) | $(32) | $(135) | $(10409) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(80) | $(10475) | $(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11284) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $2734 | $0 | $2734 |
| &nbsp;&nbsp; Industrials | 0 | 496 | 900 | 1396 |
|  U.S. Government Agencies | 0 | 88606 | 0 | 88606 |
|  U.S. Treasury Obligations | 0 | 5450 | 0 | 5450 |
|  Non-Agency Mortgage-Backed Securities | 0 | 14342 | 0 | 14342 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 627 | 0 | 627 |
| &nbsp;&nbsp; CMBS Other | 0 | 1706 | 0 | 1706 |
| &nbsp;&nbsp; Home Equity Other | 0 | 8226 | 0 | 8226 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 9 | 0 | 9 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 1991 | 0 | 1991 |
| &nbsp;&nbsp; Other ABS | 0 | 1587 | 0 | 1587 |
|  Sovereign Issues | 0 | 7854 | 0 | 7854 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1201 | 0 | 1201 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 4500 | 0 | 4500 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 1091 | 0 | 1091 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 13617 | 0 | 13617 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154937 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  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 | $19774 | $0 | $0 | $19774 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174711 |
|  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 | $(10026) | $0 | $(10026) |
|  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 | 6 | 66 | 0 | 72 |
|  Over the counter | 0 | 2784 | 0 | 2784 |
|  | $6 | $2850 | $0 | $2856 |
|  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 | (47) | (53) | 0 | (100) |
|  Over the counter | 0 | (12652) | 0 | (12652) |
|  | $(47) | $(12705) | $0 | $(12752) |
|  Total Financial Derivative Instruments | $(41) | $(9855) | $0 | $(9896) |
|  Totals | $19733 | $134156 | $900 | $154789 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **226** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Small Fund September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 155.4% | INVESTMENTS IN SECURITIES 155.4% | INVESTMENTS IN SECURITIES 155.4% |
| CORPORATE BONDS & NOTES 7.1% | CORPORATE BONDS & NOTES 7.1% | CORPORATE BONDS & NOTES 7.1% |
| BANKING & FINANCE 4.6% | BANKING & FINANCE 4.6% | BANKING & FINANCE 4.6% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  3.300% due 01/30/2032 | 1000 | 921 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.442% due 01/30/2036 •  | 300 | 312 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.450% due 09/09/2028 | 1600 | 1613 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 2900 | 2948 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.202% due 04/25/2029 •  | 1000 | 1025 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 3400 | 3550 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  7.437% due 11/02/2033 •  | 1100 | 1263 |
|  Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim |
|  1.000% due 12/31/2060 | 5820 | 757 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 900 | 1054 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 200 | 190 |
|  5.800% due 03/05/2027 | 800 | 808 |
|  5.800% due 03/08/2029 | 300 | 305 |
|  5.918% due 03/20/2028 | 600 | 610 |
|  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 | 400 | 411 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.625% due 09/15/2034 | 200 | 203 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 200 | 186 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.711% due 07/08/2031 •  | 1300 | 1316 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.679% due 07/16/2030 | 1300 | 1195 |
|  3.103% due 01/16/2030 | 1900 | 1794 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (c) | 1500 | 1131 |
|  Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I |
|  4.650% due 08/27/2031 | 1890 | 1912 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.660% due 07/08/2031 •  | 1300 | 1315 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1300 | 1203 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 1800 | 1815 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.150% due 04/23/2031 •  | 2000 | 2063 |
|  |  | 30305 |
| INDUSTRIALS 1.9% | INDUSTRIALS 1.9% | INDUSTRIALS 1.9% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 | 2000 | 1936 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 | 400 | 427 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 6600 | 6600 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.750% due 08/01/2035 | 900 | 917 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 900 | 872 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 900 | 666 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 400 | 318 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 386 | 399 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 | 400 | 407 |
|  |  | 12542 |
| UTILITIES 0.6% | UTILITIES 0.6% | UTILITIES 0.6% |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  2.700% due 11/15/2051 | 600 | 369 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 459 | 441 |
|  3.000% due 06/15/2028 | 1000 | 964 |
|  3.300% due 12/01/2027 | 100 | 98 |
|  5.700% due 03/01/2035 | 100 | 103 |
|  6.150% due 03/01/2055 | 300 | 302 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  3.320% due 04/15/2050 | 200 | 140 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  5.150% due 06/01/2029 | 1500 | 1527 |
|  |  | 3944 |
|  Total Corporate Bonds & Notes (Cost $45,683) | Total Corporate Bonds & Notes (Cost $45,683) | 46791 |
| U.S. GOVERNMENT AGENCIES 97.3% | U.S. GOVERNMENT AGENCIES 97.3% | U.S. GOVERNMENT AGENCIES 97.3% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 01/01/2048 | 881 | 848 |
|  4.500% due 08/01/2052 - 12/01/2053 | 3929 | 3823 |
|  5.500% due 11/01/2054 - 09/01/2055 | 37426 | 37893 |
|  6.000% due 04/01/2040 | 2 | 2 |
|  6.500% due 11/01/2053 - 09/01/2054 | 21581 | 22461 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 1781 | 1695 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  5.197% due 10/15/2037 •  | 10 | 10 |
|  5.306% due 09/25/2055 •  | 3476 | 3525 |
|  5.456% due 09/25/2055 •  | 5434 | 5450 |
|  5.506% due 03/25/2055 - 09/25/2055 •  | 9788 | 9834 |
|  5.556% due 02/25/2055 - 08/25/2055 •  | 5217 | 5245 |
|  5.806% due 12/25/2054 •  | 906 | 914 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.500% due 12/01/2047 - 08/01/2048 | 7086 | 6593 |
|  4.000% due 01/01/2026 - 03/01/2026 | 1 | 1 |
|  4.202% due 10/01/2029 ~ | 4400 | 4424 |
|  4.350% due 09/01/2030 | 9000 | 9070 |
|  4.930% due 06/01/2029 | 1900 | 1952 |
|  5.500% due 08/01/2053 - 11/01/2054 | 6356 | 6476 |
|  6.000% due 09/01/2035 - 05/01/2041 | 299 | 315 |
|  6.500% due 12/01/2053 - 03/01/2055 | 24966 | 26044 |
|  7.500% due 02/01/2028 - 11/01/2037 | 20 | 21 |
|  Federal National Mortgage Association - BAML | Federal National Mortgage Association - BAML | Federal National Mortgage Association - BAML |
|  3.910% due 11/01/2055 «(a) | 9589 | 9461 |
|  4.440% due 10/01/2055 «(a) | 9700 | 9728 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.821% due 07/25/2037 •  | 4 | 4 |
|  4.851% due 07/25/2037 •  | 9 | 8 |
|  4.871% due 09/25/2035 •  | 22 | 21 |
|  5.306% due 11/25/2054 •  | 2551 | 2551 |
|  5.456% due 07/25/2055 •  | 570 | 571 |
|  5.506% due 08/25/2055 - 09/25/2055 •  | 7102 | 7127 |
|  5.756% due 09/25/2055 •  | 4077 | 4110 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.000% due 06/20/2055 - 09/20/2055 | 7070 | 6653 |
|  5.170% due 09/20/2055 •  | 6046 | 6049 |
|  6.000% due 12/15/2038 | 27 | 28 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.745% due 08/20/2047 •  | 250 | 244 |
|  4.920% due 10/01/2055 « | 5000 | 5000 |
|  5.510% due 09/20/2055 •  | 5300 | 5312 |
|  5.539% due 07/20/2055 •  | 1361 | 1365 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 | 14280 | 13426 |
|  4.500% due 11/01/2055 | 15830 | 15345 |
|  5.000% due 10/01/2055 - 11/01/2055 | 28230 | 28075 |
|  5.500% due 11/01/2055 | 9000 | 9062 |
|  6.000% due 11/01/2055 | 8880 | 9032 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.290% due 12/01/2027 | 3 | 3 |
|  5.720% due 01/01/2029 | 83 | 84 |
|  6.020% due 08/01/2028 | 38 | 39 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 11/01/2055 | 7250 | 6370 |
|  4.000% due 11/01/2055 | 25360 | 23898 |
|  4.500% due 10/01/2055 | 26727 | 25928 |
|  5.000% due 11/01/2055 | 43190 | 42809 |
|  5.500% due 11/01/2055 | 3000 | 3023 |
|  6.000% due 10/01/2055 - 11/01/2055 | 142540 | 145601 |
|  6.500% due 11/01/2055 | 106690 | 110331 |
|  Total U.S. Government Agencies (Cost $637,339) | Total U.S. Government Agencies (Cost $637,339) | 637854 |
| U.S. TREASURY OBLIGATIONS 2.2% | U.S. TREASURY OBLIGATIONS 2.2% | U.S. TREASURY OBLIGATIONS 2.2% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.750% due 02/15/2045 (f)(h) | 1783 | 1331 |
|  1.000% due 02/15/2046 (f) | 2509 | 1936 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 07/31/2030 | 11000 | 11068 |
|  Total U.S. Treasury Obligations (Cost $15,725) | Total U.S. Treasury Obligations (Cost $15,725) | 14335 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 9.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.8% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  6.102% due 11/25/2037 ~ | 4049 | 2626 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  5.073% due 11/25/2046 •  | 6038 | 1476 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.948% due 12/15/2036 •  | 4600 | 4522 |
|  Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  | 2870 | 3868 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.444% due 03/26/2037 ~ | 4013 | 1670 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.217% due 11/25/2035 ~ | 2489 | 1338 |
|  4.480% due 11/25/2035 ~ | 79 | 72 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.872% due 07/25/2037 •  | 2367 | 2103 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.462% due 11/25/2037 ~ | 398 | 378 |
|  5.097% due 11/25/2034 ~ | 2 | 2 |
|  5.500% due 11/25/2035 | 19 | 10 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.342% due 01/25/2037 •  | 2 | 1 |
|  5.805% due 08/25/2035 ~ | 5 | 6 |
|  6.300% due 03/25/2036 •  | 31 | 31 |
|  9.170% due 09/25/2062 þ | 4803 | 4818 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  4.872% due 04/25/2037 •  | 790 | 657 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.512% due 12/25/2046 •  | 1987 | 1792 |
|  4.592% due 02/25/2047 •  | 8 | 8 |
|  4.592% due 09/25/2047 •  | 1082 | 1005 |
|  4.672% due 06/25/2037 •  | 29 | 27 |
|  5.153% due 02/25/2036 •  | 3 | 3 |
|  5.750% due 02/25/2037 | 663 | 320 |
|  6.000% due 08/25/2035 | 1045 | 396 |
|  6.000% due 06/25/2047 | 1734 | 878 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **227** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Small Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  2.000% due 01/25/2060 ~ | $| 2409 | 2147 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.932% due 08/25/2037 •  |  | 1595 | 1293 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.290% due 11/25/2035 ~ |  | 1 | 1 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.588% due 12/19/2036 •  |  | 130 | 117 |
|  4.628% due 01/19/2038 •  |  | 181 | 160 |
|  4.658% due 12/19/2036 •  |  | 694 | 550 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.960% due 08/25/2034 ~ |  | 8 | 8 |
|  5.750% due 01/25/2036 |  | 10 | 4 |
|  6.262% due 07/25/2035 ~ |  | 562 | 561 |
|  JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
|  3.129% due 06/26/2037 ~ |  | 3978 | 3105 |
|  4.557% due 06/26/2037 •  |  | 652 | 652 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.922% due 11/25/2036 •  |  | 1089 | 497 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.722% due 08/25/2046 •  |  | 921 | 947 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.953% due 12/25/2046 •  |  | 4877 | 4029 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.890% due 09/25/2035 ~ |  | 38 | 30 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.202% due 11/25/2035 •  |  | 31 | 32 |
|  MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust |
|  4.732% due 06/25/2047 •  |  | 586 | 515 |
|  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 ~ |  | 1220 | 1179 |
|  2.750% due 11/25/2059 ~ |  | 2208 | 2128 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  7.225% due 11/25/2058 þ |  | 916 | 932 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.642% due 08/25/2036 •  |  | 263 | 239 |
|  4.672% due 05/25/2047 •  |  | 2680 | 2486 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.137% due 06/20/2060 •  | GBP | 701 | 945 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.197% due 04/25/2035 ~ | $| 40 | 37 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.392% due 08/25/2036 •  |  | 3022 | 2682 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.622% due 04/25/2035 •  |  | 1027 | 937 |
|  Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC |
|  4.836% due 05/17/2031 •  | GBP | 1191 | 1601 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  |  | 1802 | 2430 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ |  | 843 | 1137 |
|  UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
|  3.504% due 12/15/2050 | $| 1208 | 1198 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.509% due 01/25/2037 ~ |  | 109 | 94 |
|  4.341% due 08/25/2036 ~ |  | 50 | 46 |
|  4.402% due 06/25/2037 ~ |  | 393 | 354 |
|  4.883% due 01/25/2047 •  |  | 7 | 7 |
|  4.923% due 05/25/2047 •  |  | 1550 | 1374 |
|  5.055% due 12/25/2035 ~ |  | 656 | 624 |
|  5.432% due 11/25/2045 •  |  | 1258 | 1192 |
|  5.653% due 09/25/2046 •  |  | 20 | 20 |
|  5.653% due 10/25/2046 •  |  | 14 | 13 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.814% due 12/25/2036 ~ |  | 45 | 44 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $71,124) | Total Non-Agency Mortgage-Backed Securities (Cost $71,124) | Total Non-Agency Mortgage-Backed Securities (Cost $71,124) | 64354 |
| ASSET-BACKED SECURITIES 23.9% | ASSET-BACKED SECURITIES 23.9% | ASSET-BACKED SECURITIES 23.9% | ASSET-BACKED SECURITIES 23.9% |
| AUTOMOBILE ABS OTHER 0.6% | AUTOMOBILE ABS OTHER 0.6% | AUTOMOBILE ABS OTHER 0.6% | AUTOMOBILE ABS OTHER 0.6% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  2.900% due 03/10/2028 |  | 2597 | 2543 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.160% due 06/12/2028 | 1390 | 1350 |
|  |  | 3893 |
| AUTOMOBILE SEQUENTIAL 2.0% | AUTOMOBILE SEQUENTIAL 2.0% | AUTOMOBILE SEQUENTIAL 2.0% |
|  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 | 2468 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.620% due 01/10/2029 | 255 | 257 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.440% due 01/25/2029 | 4200 | 4290 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  7.500% due 12/15/2028 | 2369 | 2413 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.590% due 02/17/2032 | 102 | 102 |
|  Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV |
|  2.650% due 03/25/2030 | 450 | 446 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 | 364 | 366 |
|  Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII | Research-Driven Pagaya Motor Asset Trust VII |
|  5.380% due 11/25/2030 | 145 | 145 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.110% due 06/15/2029 | 1600 | 1614 |
|  5.450% due 12/15/2027 | 630 | 631 |
|  |  | 12732 |
| CMBS OTHER 1.6% | CMBS OTHER 1.6% | CMBS OTHER 1.6% |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  6.500% due 11/22/2038 •  | 3100 | 3049 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.769% due 09/17/2037 •  | 1267 | 1268 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.884% due 02/19/2037 •  | 6100 | 6102 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  5.472% due 11/25/2036 •  | 191 | 191 |
|  |  | 10610 |
| HOME EQUITY OTHER 9.1% | HOME EQUITY OTHER 9.1% | HOME EQUITY OTHER 9.1% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.532% due 01/25/2037 •  | 1608 | 1165 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.592% due 08/25/2036 •  | 236 | 230 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.332% due 07/25/2045 •  | 70 | 49 |
|  4.592% due 12/25/2036 •  | 1938 | 1092 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.197% due 05/25/2036 •  | 1087 | 1078 |
|  4.462% due 11/25/2037 •  | 85 | 81 |
|  4.522% due 06/25/2047 •  | 568 | 552 |
|  4.552% due 06/25/2037 •  | 520 | 491 |
|  4.552% due 06/25/2047 •  | 591 | 536 |
|  4.792% due 12/25/2036 •  | 1910 | 1824 |
|  4.812% due 03/25/2036 •  | 668 | 604 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.392% due 07/25/2037 •  | 4 | 3 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  5.007% due 12/25/2035 •  | 658 | 652 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.472% due 08/25/2036 •  | 80 | 25 |
|  4.612% due 02/25/2036 •  | 584 | 570 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.114% due 03/25/2036 ~ | 3008 | 1803 |
|  4.672% due 03/25/2037 •  | 3880 | 1052 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.732% due 01/25/2037 •  | 2700 | 2352 |
|  5.592% due 12/25/2034 •  | 787 | 714 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.612% due 04/25/2037 •  | 5300 | 4759 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.654% due 11/25/2034 •  | 98 | 97 |
|  5.337% due 08/25/2035 •  | 2000 | 1982 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.482% due 10/25/2036 •  | 7 | 7 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.712% due 02/25/2036 •  | 995 | 985 |
|  5.187% due 08/25/2035 •  | 1700 | 1556 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  4.792% due 02/25/2036 •  | 240 | 236 |
|  4.792% due 06/25/2046 •  | 1016 | 1002 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.492% due 08/25/2037 •  | 4995 | 2458 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.372% due 07/25/2036 •  | 3 | 1 |
|  4.487% due 03/25/2037 •  | 12802 | 5001 |
|  4.592% due 09/25/2036 •  | 2204 | 951 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.465% due 09/25/2046 þ | 3433 | 1126 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.372% due 07/25/2036 •  | 1798 | 820 |
|  4.402% due 07/25/2037 •  | 2115 | 1384 |
|  4.492% due 04/25/2037 •  | 1897 | 1318 |
|  4.492% due 05/25/2037 •  | 1115 | 674 |
|  4.552% due 01/25/2037 •  | 2497 | 1467 |
|  4.582% due 04/25/2037 •  | 243 | 138 |
|  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 |
|  5.997% due 02/25/2035 •  | 6262 | 5790 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.767% due 07/25/2036 •  | 1685 | 1623 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.586% due 11/25/2036 þ | 3588 | 1145 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.337% due 05/25/2035 •  | 2245 | 2196 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.872% due 02/25/2036 •  | 25 | 25 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.752% due 07/25/2036 •  | 865 | 342 |
|  4.917% due 10/25/2035 •  | 1091 | 896 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.632% due 02/25/2036 •  | 3677 | 1809 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.392% due 11/25/2036 •  | 6 | 2 |
|  4.442% due 07/25/2037 •  | 933 | 832 |
|  4.572% due 03/25/2037 •  | 205 | 197 |
|  4.772% due 10/25/2036 •  | 2294 | 2208 |
|  5.112% due 08/25/2035 •  | 1556 | 1444 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.502% due 05/25/2047 •  | 489 | 481 |
|  |  | 59825 |
| 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 |
|  3.681% due 10/25/2036 •  | 5 | 5 |
| WHOLE LOAN COLLATERAL 1.4% | WHOLE LOAN COLLATERAL 1.4% | WHOLE LOAN COLLATERAL 1.4% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.722% due 10/25/2036 •  | 76 | 76 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.744% due 07/25/2051 þ | 990 | 990 |
|  5.843% due 09/25/2051 þ | 3204 | 3207 |
|  6.721% due 07/25/2051 þ | 2890 | 2894 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.772% due 05/25/2036 •  | 2650 | 1435 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.570% due 12/25/2036 •  | 357 | 354 |
|  |  | 8956 |
| OTHER ABS 9.2% | OTHER ABS 9.2% | OTHER ABS 9.2% |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  5.430% due 10/27/2031 | 1048 | 1058 |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 | 300 | 288 |

---

---

| | | |
|:---|:---|:---|
| **228** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. |
|  3.928% due 04/25/2038 | 400 | 394 |
|  Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. |
|  2.871% due 01/28/2039 | 300 | 290 |
|  Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. |
|  4.620% due 04/25/2037 | 241 | 241 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  2.764% due 01/20/2032 •  | 1502 | 1765 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.646% due 10/15/2031 •  | 1694 | 1991 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  3.059% due 10/15/2031 •  | 1282 | 1506 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.726% due 01/15/2031 •  | 921 | 1080 |
|  2.926% due 08/15/2032 •  | 2793 | 3283 |
|  CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC |
|  2.644% due 09/15/2031 •  | 1303 | 1528 |
|  CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC |
|  2.676% due 10/15/2031 •  | 2837 | 3331 |
|  Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC |
|  2.564% due 04/24/2034 •  | 2290 | 2689 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.550% due 06/25/2059 | 1300 | 1334 |
|  Griffith Park CLO DAC | Griffith Park CLO DAC | Griffith Park CLO DAC |
|  2.754% due 11/21/2031 •  | 2265 | 2661 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  2.666% due 10/15/2031 •  | 1052 | 1236 |
|  Harvest CLO XXI DAC | Harvest CLO XXI DAC | Harvest CLO XXI DAC |
|  1.040% due 07/15/2031 | 676 | 781 |
|  2.786% due 07/15/2031 •  | 5339 | 6273 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.676% due 04/15/2031 •  | 1325 | 1557 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.589% due 02/20/2041 •  | 301 | 308 |
|  6.640% due 02/20/2041 | 251 | 260 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.865% due 10/15/2032 | 1299 | 1303 |
|  5.303% due 10/15/2032 | 1900 | 1905 |
|  Pagaya Point of Sale Holdings Grantor Trust | Pagaya Point of Sale Holdings Grantor Trust | Pagaya Point of Sale Holdings Grantor Trust |
|  5.715% due 01/20/2034 | 1800 | 1822 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(a) | 3000 | 3000 |
|  Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. |
|  2.625% due 10/25/2039 | 400 | 378 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  2.904% due 07/20/2032 ~ | 2062 | 2423 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  4.550% due 02/16/2055 | 3692 | 3634 |
|  5.500% due 06/17/2052 | 1669 | 1720 |
|  5.924% due 11/15/2052 •  | 429 | 434 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  2.540% due 05/15/2046 | 1177 | 1139 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust |
|  5.360% due 07/15/2030 | 800 | 804 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  6.132% due 10/13/2032 •  | 4900 | 4911 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 | 83 | 82 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.301% due 04/20/2034 •  | 3100 | 3100 |
|  |  | 60509 |
|  Total Asset-Backed Securities (Cost $169,681) | Total Asset-Backed Securities (Cost $169,681) | 156530 |
| SOVEREIGN ISSUES 10.2% | SOVEREIGN ISSUES 10.2% | SOVEREIGN ISSUES 10.2% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (c) | 66500 | 11672 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  8.375% due 11/07/2054 | 1200 | 1273 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 1300 | 986 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 3100 | 3149 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (c) | 800 | 618 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 | 1000 | 1007 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | 380000 | 2239 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | 33000 | 1828 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  3.000% due 12/03/2026 (d) | 1710 | 93 |
|  4.000% due 11/30/2028 (d) | 1667 | 91 |
|  4.000% due 08/24/2034 (d) | 8978 | 470 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | 11500 | 3694 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 13900 | 3878 |
|  6.150% due 08/12/2032 | 62200 | 18991 |
|  6.950% due 08/12/2031 | 881 | 281 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 98450 | 4525 |
|  7.000% due 02/28/2031 | 60800 | 3340 |
|  8.000% due 01/31/2030 | 27700 | 1610 |
|  8.250% due 03/31/2032 | 13800 | 789 |
|  8.500% due 01/31/2037 | 17000 | 907 |
|  8.875% due 02/28/2035 | 52100 | 2964 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 | 1200 | 1437 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  42.493% (BISTREFI) due 05/20/2026 ~ | 300 | 7 |
|  42.493% (BISTREFI) due 08/19/2026 ~ | 300 | 7 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  42.493% (BISTREFI) due 05/17/2028 ~ | 35200 | $— | 833 |
|  Total Sovereign Issues (Cost $62,356) | Total Sovereign Issues (Cost $62,356) |  | 66689 |
| SHORT-TERM INSTRUMENTS 4.9% | SHORT-TERM INSTRUMENTS 4.9% | SHORT-TERM INSTRUMENTS 4.9% | SHORT-TERM INSTRUMENTS 4.9% |
| COMMERCIAL PAPER 3.5% | COMMERCIAL PAPER 3.5% | COMMERCIAL PAPER 3.5% | COMMERCIAL PAPER 3.5% |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  4.550% due 10/08/2025 (a) | 6490 |  | 6483 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  4.950% due 10/07/2025 | 3330 |  | 3327 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.600% due 10/23/2025 | 250 |  | 249 |
|  4.650% due 10/17/2025 | 5240 |  | 5229 |
|  4.780% due 10/02/2025 | 1200 |  | 1200 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.380% due 10/17/2025 | 6510 |  | 6495 |
|  |  |  | 22983 |
| U.S. TREASURY BILLS 1.4% | U.S. TREASURY BILLS 1.4% | U.S. TREASURY BILLS 1.4% | U.S. TREASURY BILLS 1.4% |
|  4.303% due 10/09/2025 - 11/12/2025 (b)(c)(f)(h) | 9658 |  | 9633 |
| Total Short-Term Instruments (Cost $32,619) | Total Short-Term Instruments (Cost $32,619) |  | 32616 |
| Total Investments in Securities (Cost $1,034,527) | Total Investments in Securities (Cost $1,034,527) |  | 1019169 |
|  | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 14.0% | INVESTMENTS IN AFFILIATES 14.0% | INVESTMENTS IN AFFILIATES 14.0% | INVESTMENTS IN AFFILIATES 14.0% |
| SHORT-TERM INSTRUMENTS 14.0% | SHORT-TERM INSTRUMENTS 14.0% | SHORT-TERM INSTRUMENTS 14.0% | SHORT-TERM INSTRUMENTS 14.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.0% |
|  PIMCO Short Asset Portfolio | 736064 |  | 7222 |
|  PIMCO Short-Term Floating NAV Portfolio III | 8682428 |  | 84558 |
| Total Short-Term Instruments (Cost $91,752) | Total Short-Term Instruments (Cost $91,752) |  | 91780 |
| Total Investments in Affiliates (Cost $91,752) | Total Investments in Affiliates (Cost $91,752) |  | 91780 |
| Total Investments 169.4% (Cost $1,126,279) | Total Investments 169.4% (Cost $1,126,279) | $— | 1110949 |
|  Financial Derivative Instruments (e)(g) 5.0%<br> (Cost or Premiums, net $27,796) | Financial Derivative Instruments (e)(g) 5.0%<br> (Cost or Premiums, net $27,796) |  | 32629 |
| Other Assets and Liabilities, net (74.4)% | Other Assets and Liabilities, net (74.4)% |  | (487936) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 655642 |

---

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

(c) Zero coupon security.

(d) Principal amount of security is adjusted for inflation.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **229** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Small Fund (Cont.)

#### 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 (11.5)% | U.S. Government Agencies (11.5)% | U.S. Government Agencies (11.5)% | U.S. Government Agencies (11.5)% | U.S. Government Agencies (11.5)% | U.S. Government Agencies (11.5)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13440 | $(10832) | $(10836) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 11/01/2055 | 19060 | (16042) | (16064) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 52650 | (48280) | (48095) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 10/01/2055 | 600 | (610) | (613) |
|  Total Short Sales (11.5)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75764) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75608) |

---

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

#### WRITTEN OPTIONS:

#### FUTURE STYLED 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 |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.500 | 10/24/2025 | 348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) |

---

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | $(43) | $(39) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) |

---

#### 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 |
|  30-Day Federal Fund February Futures  | 02/2026 | 157 | $63091 | $0 | $0 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 105 | 9239 | 31 | 42 | 0 |
|  E-Mini Russell 2000 Index December Futures  | 12/2025 | 476 | 58441 | 687 | 112 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 178 | 37095 | 23 | 19 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 1395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152327 | (92) | 54 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 208 | 23936 | 202 | 0 | (13) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### 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 December Futures  | 12/2025 | 158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17775) | $44 | $2 | $0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 7 | (816) | (19) | 2 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 67 | (8044) | (33) | 38 | 0 |
|  |  |  |  | $(8) | $42 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### 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>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(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>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.246% | 400 | $2 | $(1) | $1 | $0 | $0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.170 | 100 | 1 | (1) | 0 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2027 | 0.189 | 800 | (4) | 21 | 17 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | $1400 | 9 | 1 | 10 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 | 200 | 2 | 0 | 2 | 0 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 | 2000 | 12 | (1) | 11 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.581 | 400 | 3 | 2 | 5 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

230 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### 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-43 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&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>(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.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $3956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145) | $149 | $4 | $0 | $(1) |
|  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) | 70 | 2 | 0 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 100 | (7) | 7 | 0 | 0 | 0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 900 | (45) | 44 | (1) | 0 | (1) |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 200 | (8) | 7 | (1) | 0 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 500 | (14) | 10 | (4) | 0 | 0 |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 400 | (9) | 0 | (9) | 0 | 0 |
|  CDX.HY-40 5-Year Index | 5.000 | Quarterly | 06/20/2028 | 98 | 0 | 7 | 7 | 0 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 2800 | 201 | 14 | 215 | 0 | (4) |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 4800 | 366 | 11 | 377 | 5 | 0 |
|  CDX.IG-35 5-Year Index | 1.000 | Quarterly | 12/20/2025 | 900 | 20 | (18) | 2 | 0 | 0 |
|  |  |  |  |  | $288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | Floating Rate Index | Fixed Rate | **Payment<br>Frequency** | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| **Pay/Receive**<br> **Floating Rate** | Floating Rate Index | Fixed Rate | **Payment<br>Frequency** | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 53900 | $(262) | $(49) | $(311) | $74 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 300 | (2) | 9 | 7 | 1 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 200 | (1) | 9 | 8 | 0 | (1) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 400 | (1) | (8) | (9) | 1 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 5600 | (164) | 69 | (95) | 18 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 2840 | 134 | (48) | 86 | 0 | (22) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | $29680 | 134 | (354) | (220) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 7300 | 0 | (3) | (3) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 2000 | (2) | (12) | (14) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 5600 | 0 | 71 | 71 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 19300 | 175 | (410) | (235) | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 1000 | (2) | (14) | (16) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 25290 | (523) | 111 | (412) | 0 | (12) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 29510 | (484) | (28) | (512) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 28890 | 284 | (211) | 73 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.063 | Semi-Annual | 03/15/2031 | 50900 | 332 | 6374 | 6706 | 0 | (11) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.809 | Annual | 06/30/2031 | 31900 | 0 | 592 | 592 | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 11700 | 34 | (169) | (135) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 58300 | 5978 | 510 | 6488 | 0 | (10) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 17800 | (466) | 160 | (306) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 13170 | (296) | 91 | (205) | 0 | (4) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 16900 | (448) | 177 | (271) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 7900 | 593 | (498) | 95 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 30950 | (236) | (70) | (306) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 90 | 0 | 0 | 0 | 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) | 16 | 13 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 600 | (2) | 11 | 9 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 1000 | (4) | 13 | 9 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 400 | (2) | 8 | 6 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 300 | (1) | 5 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 2260 | (14) | 3 | (11) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 300 | (1) | 9 | 8 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 600 | (2) | 15 | 13 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 500 | (1) | 8 | 7 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 300 | (1) | 5 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 300 | (1) | 6 | 5 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 400 | (1) | 8 | 7 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 600 | (2) | 13 | 11 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 700 | (2) | 14 | 12 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **231** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Small Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013% | Annual | 01/15/2035 |  | $700 | $(2) | $22 | $20 | $0 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 |  | 300 | (1) | 11 | 10 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 |  | 300 | (1) | 12 | 11 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 |  | 700 | (2) | 27 | 25 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 |  | 200 | (1) | (5) | (6) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 |  | 250 | (1) | (4) | (5) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 500 | (2) | (8) | (10) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 |  | 200 | (1) | (2) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 400 | (1) | (6) | (7) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 400 | (1) | (7) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 500 | (1) | (9) | (10) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 700 | (2) | (16) | (18) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 800 | (2) | (15) | (17) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 500 | (1) | (8) | (9) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 |  | 900 | (4) | 10 | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 |  | 35880 | (5) | (280) | (285) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 |  | 9260 | 140 | 285 | 425 | 18 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 18700 | 5245 | 1759 | 7004 | 49 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 |  | 4200 | 0 | 65 | 65 | 0 | (11) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 |  | 4380 | 0 | 73 | 73 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 19050 | 241 | 1366 | 1607 | 58 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 18690 | (1602) | 182 | (1420) | 0 | (55) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 |  | 2400 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 24100 | 0 | (21) | (21) | 0 | (4) |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 |  | 4700 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 |  | 52300 | 0 | 10 | 10 | 6 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 17200 | 0 | (5) | (5) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 1400 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 02/28/2031 |  | 33200 | 0 | (9) | (9) | 0 | (2) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 25700 | (111) | 574 | 463 | 68 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 |  | 500 | (1) | (4) | (5) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 400 | (1) | 0 | (1) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 |  | 200 | 0 | 0 | 0 | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 2250 | 10 | (3) | 7 | 4 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 |  | 500 | (2) | (34) | (36) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 |  | 200 | (1) | (16) | (17) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 |  | 200 | (1) | (16) | (17) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 |  | 400 | (2) | (26) | (28) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 |  | 400 | (1) | (24) | (25) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.890 | Annual | 12/22/2033 |  | 570 | (2) | (24) | (26) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 |  | 400 | (1) | (18) | (19) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 |  | 300 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 |  | 200 | (1) | 0 | (1) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 |  | 500 | (1) | 3 | 2 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 |  | 500 | (1) | 5 | 4 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 300 | (1) | (2) | (3) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 400 | (1) | (10) | (11) | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 300 | (1) | 4 | 3 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 200 | (1) | (1) | (2) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 300 | (1) | 0 | (1) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 300 | (1) | 4 | 3 | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 200 | (1) | 1 | 0 | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 300 | (1) | (5) | (6) | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 300 | (1) | 5 | 4 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 |  | 200 | (1) | 4 | 3 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 |  | 300 | (1) | 4 | 3 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 |  | 300 | (1) | 4 | 3 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 |  | 200 | (1) | 5 | 4 | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 |  | 32300 | (91) | (9) | (100) | 0 | (1) |
|  Receive | CPURNSA | 2.520 | Maturity | 03/27/2030 |  | $12600 | 0 | 61 | 61 | 1 | 0 |
|  Receive | CPURNSA | 2.544 | Maturity | 04/07/2030 |  | 7160 | (50) | 73 | 23 | 1 | 0 |
|  Receive | CPURNSA | 2.371 | Maturity | 04/10/2035 |  | 19000 | 0 | 277 | 277 | 8 | 0 |
|  |  |  |  |  |  |  | $8465 | $10690 | $19155 | $336 | $(217) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $8774 | $11018 | $19792 | $341 | $(223) |

---

232 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352) |

---

(f) Securities with an aggregate market value of $4,343 and cash of $18,261 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

<sup>(7)</sup> Unsettled variation margin liability of $(3) for closed swap agreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be 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 | 10/2025 | 44000 | $51319 | $0 | $(339) |
|  | 10/2025 | $7476 | 10400 | 0 | (2) |
|  | 11/2025 | 10384 | $7476 | 2 | 0 |
|  BOA | 10/2025 | 14947 | 100 | 0 | (1) |
|  | 10/2025 | $3752 | 3205 | 11 | 0 |
|  | 10/2025 | 170 | 573 | 3 | 0 |
|  | 10/2025 | 435 | 38439 | 0 | (2) |
|  | 10/2025 | 11 | 1551 | 0 | 0 |
|  | 10/2025 | 371 | 514038 | 0 | (5) |
|  | 10/2025 | 114 | 198 | 1 | 0 |
|  | 10/2025 | 1317 | 4864 | 83 | 0 |
|  | 10/2025 | 90 | 324 | 0 | (1) |
|  | 11/2025 | 1155 | $342 | 0 | (7) |
|  | 11/2025 | 198 | 114 | 0 | (1) |
|  | 11/2025 | $119 | 399 | 1 | 0 |
|  | 11/2025 | 100 | 14895 | 1 | 0 |
|  | 11/2025 | 10047 | $576 | 0 | (4) |
|  | 12/2025 | 18892 | 5192 | 0 | (240) |
|  | 12/2025 | $379 | 7139 | 7 | 0 |
|  BPS | 10/2025 | 83468 | $15548 | 10 | (144) |
|  | 10/2025 | 9572 | 1344 | 1 | 0 |
|  | 10/2025 | 28815012 | 1742 | 17 | (2) |
|  | 10/2025 | 43171 | 490 | 4 | 0 |
|  | 10/2025 | 17317 | 117 | 0 | (1) |
|  | 10/2025 | 68367 | 2273 | 31 | (3) |
|  | 10/2025 | $13847 | 83468 | 1836 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **233** |

---

------

Schedule of Investments PIMCO StocksPLUS<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** |
|  | 10/2025 | $1341 | 22141053 | $0 | $(14) |
|  | 10/2025 | 1824 | 2520432 | 0 | (28) |
|  | 10/2025 | 1025 | 3729 | 2 | 0 |
|  | 11/2025 | 5180524 | $310 | 0 | 0 |
|  | 11/2025 | 31153 | 350 | 0 | 0 |
|  | 11/2025 | 266345 | 190 | 0 | 0 |
|  | 11/2025 | $37 | 200 | 0 | 0 |
|  | 11/2025 | 360 | 1210 | 5 | 0 |
|  | 11/2025 | 117 | 17257 | 1 | 0 |
|  | 12/2025 | 9142 | $305 | 3 | 0 |
|  | 12/2025 | $441 | 7423919 | 3 | 0 |
|  | 12/2025 | 1175 | 22340 | 35 | 0 |
|  | 04/2026 | 5300 | $928 | 0 | (26) |
|  BRC | 10/2025 | 1742 | 2182 | 0 | (6) |
|  | 10/2025 | 199578 | 12 | 0 | 0 |
|  | 10/2025 | $2339 | 1875 | 17 | 0 |
|  | 10/2025 | 1159 | 862 | 0 | 0 |
|  | 10/2025 | 725 | 106300 | 0 | (6) |
|  | 10/2025 | 1 | 7 | 0 | 0 |
|  | 10/2025 | 775 | 2834 | 5 | 0 |
|  | 10/2025 | 108 | 4638 | 2 | 0 |
|  | 11/2025 | 7 | $1 | 0 | 0 |
|  | 11/2025 | $2182 | 1735 | 6 | 0 |
|  | 11/2025 | 361 | 15717 | 5 | 0 |
|  | 11/2025 | 30812 | $1750 | 0 | (28) |
|  | 12/2025 | 6844 | 1913 | 0 | (55) |
|  | 12/2025 | $1680 | 73996 | 10 | 0 |
|  BSH | 10/2025 | 9000 | $1692 | 1 | 0 |
|  | 10/2025 | $1655 | 9000 | 36 | 0 |
|  | 10/2025 | 34 | 58 | 0 | 0 |
|  | 11/2025 | 58 | $34 | 0 | 0 |
|  | 11/2025 | 4312 | 1172 | 0 | (69) |
|  | 12/2025 | 27056 | 7605 | 0 | (173) |
|  | 12/2025 | $3404 | 18889 | 94 | 0 |
|  | 02/2026 | 10974 | $3138 | 0 | (11) |
|  | 04/2026 | 9600 | 1690 | 0 | (37) |
|  CBK | 10/2025 | 914 | 597 | 0 | (8) |
|  | 10/2025 | 5 | 4 | 0 | 0 |
|  | 10/2025 | 183 | 26 | 0 | 0 |
|  | 10/2025 | 17905906 | 1082 | 11 | (2) |
|  | 10/2025 | 58547 | 659 | 1 | 0 |
|  | 10/2025 | 1729388 | 1250 | 17 | 0 |
|  | 10/2025 | 4424 | 3448 | 19 | 0 |
|  | 10/2025 | 8130 | 252 | 1 | 0 |
|  | 10/2025 | 69302 | 2338 | 61 | 0 |
|  | 10/2025 | $30 | 193 | 0 | 0 |
|  | 10/2025 | 2846 | 2442 | 21 | 0 |
|  | 10/2025 | 2472 | 40518202 | 0 | (43) |
|  | 10/2025 | 1722 | 151251 | 0 | (20) |
|  | 10/2025 | 68 | 678 | 0 | 0 |
|  | 10/2025 | 3381 | 11867 | 36 | 0 |
|  | 10/2025 | 384 | 3645 | 3 | 0 |
|  | 10/2025 | 1060 | 32255 | 1 | (1) |
|  | 10/2025 | 7643 | $441 | 0 | (1) |
|  | 11/2025 | 678 | 68 | 0 | 0 |
|  | 11/2025 | $192 | 646 | 3 | 0 |
|  | 11/2025 | 659 | 58662 | 0 | (1) |
|  | 11/2025 | 605 | 10541 | 3 | 0 |
|  | 11/2025 | 8553 | $493 | 0 | (1) |
|  | 12/2025 | 16400 | 4599 | 0 | (116) |
|  | 12/2025 | 106915 | 3578 | 49 | 0 |
|  | 12/2025 | $4678 | 26273 | 188 | 0 |
|  | 12/2025 | 456 | 7667053 | 2 | 0 |
|  | 01/2026 | 14841 | $492 | 0 | 0 |
|  | 03/2026 | 2876 | 809 | 0 | (16) |
|  | 08/2026 | $396 | 7052 | 2 | 0 |
|  DUB | 10/2025 | 20510 | $2885 | 6 | 0 |
|  | 10/2025 | 10347911 | 631 | 11 | 0 |
|  | 10/2025 | 95077 | 1070 | 1 | 0 |
|  | 10/2025 | 401282 | 289 | 3 | 0 |

---

---

| | | |
|:---|:---|:---|
| **234** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $443 | 1514 | $14 | $0 |
|  | 10/2025 | 927 | 81997 | 0 | (5) |
|  | 11/2025 | 1514 | $443 | 0 | (14) |
|  | 11/2025 | 7961 | 89 | 0 | 0 |
|  | 11/2025 | $1513 | 134715 | 0 | (1) |
|  | 11/2025 | 74404 | $4251 | 0 | (43) |
|  FAR | 10/2025 | 8946 | 5803 | 0 | (117) |
|  | 10/2025 | 312 | 392 | 0 | 0 |
|  | 10/2025 | 8943 | 1260 | 4 | 0 |
|  | 10/2025 | 1540 | 1201 | 7 | 0 |
|  | 10/2025 | $6676 | 10225 | 90 | 0 |
|  | 10/2025 | 1665 | 146835 | 0 | (13) |
|  | 10/2025 | 4191 | 616132 | 0 | (25) |
|  | 10/2025 | 2467 | 8606 | 11 | 0 |
|  | 10/2025 | 1455 | 5312 | 7 | 0 |
|  | 10/2025 | 9599 | 12363 | 0 | (15) |
|  | 11/2025 | 10225 | $6679 | 0 | (90) |
|  | 11/2025 | 4493 | 1224 | 0 | (69) |
|  | 11/2025 | 12332 | 9599 | 14 | 0 |
|  | 11/2025 | $392 | 311 | 0 | 0 |
|  | 12/2025 | 44561 | $2350 | 0 | (64) |
|  | 12/2025 | $295 | 1043 | 5 | 0 |
|  | 02/2026 | 8638 | $2467 | 0 | (11) |
|  GLM | 10/2025 | 100200 | 16275 | 0 | (2551) |
|  | 10/2025 | 70 | 87 | 0 | 0 |
|  | 10/2025 | 705 | 99 | 0 | 0 |
|  | 10/2025 | 7529814 | 452 | 0 | 0 |
|  | 10/2025 | 128 | 100 | 1 | 0 |
|  | 10/2025 | $18766 | 100200 | 71 | (11) |
|  | 10/2025 | 375 | 6194474 | 0 | (4) |
|  | 10/2025 | 438 | 38411 | 0 | (6) |
|  | 11/2025 | 70 | 234 | 0 | 0 |
|  | 12/2025 | 560 | $30 | 0 | (1) |
|  | 12/2025 | $440 | 7362050 | 0 | 0 |
|  | 04/2026 | 19900 | $3508 | 0 | (72) |
|  IND | 10/2025 | 365 | 239 | 0 | (3) |
|  | 10/2025 | 210 | 33 | 0 | 0 |
|  | 11/2025 | $33 | 210 | 0 | 0 |
|  JPM | 10/2025 | 10374 | $7509 | 54 | 0 |
|  | 10/2025 | 146 | 23 | 0 | 0 |
|  | 10/2025 | 20961010 | 1255 | 0 | (1) |
|  | 10/2025 | 694538 | 501 | 6 | 0 |
|  | 10/2025 | 1041 | 810 | 3 | 0 |
|  | 10/2025 | 18022 | 592 | 0 | 0 |
|  | 10/2025 | $619 | 526 | 0 | (2) |
|  | 10/2025 | 661 | 492 | 0 | 0 |
|  | 10/2025 | 1697 | 28232081 | 1 | (5) |
|  | 10/2025 | 189 | 636 | 3 | 0 |
|  | 10/2025 | 511 | 1877 | 6 | 0 |
|  | 10/2025 | 88 | 2660 | 0 | 0 |
|  | 11/2025 | 23 | 145 | 0 | 0 |
|  | 11/2025 | 65887 | $3759 | 0 | (43) |
|  | 12/2025 | $224 | 4196 | 3 | 0 |
|  | 04/2026 | 31700 | $5378 | 0 | (324) |
|  MBC | 10/2025 | 72 | 90 | 0 | 0 |
|  | 10/2025 | 10437 | 1468 | 4 | 0 |
|  | 10/2025 | 258 | 306 | 3 | 0 |
|  | 10/2025 | 1040581 | 63 | 1 | 0 |
|  | 10/2025 | 8582 | 58 | 0 | 0 |
|  | 10/2025 | 2551296 | 1829 | 11 | 0 |
|  | 10/2025 | 8189 | 854 | 0 | (16) |
|  | 10/2025 | 5106 | 3985 | 26 | 0 |
|  | 10/2025 | 3775 | 117 | 1 | 0 |
|  | 10/2025 | $406 | 320 | 0 | (4) |
|  | 10/2025 | 1041 | 7413 | 0 | 0 |
|  | 10/2025 | 1432 | 1999026 | 0 | (7) |
|  | 10/2025 | 1 | 7 | 0 | 0 |
|  | 10/2025 | 380 | 3640 | 7 | 0 |
|  | 10/2025 | 270 | 8741 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **235** |

---

------

Schedule of Investments PIMCO StocksPLUS<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** |
|  | 11/2025 | 7396 | $1041 | $0 | $0 |
|  | 11/2025 | 7 | 1 | 0 | 0 |
|  | 11/2025 | $99 | 14673 | 0 | 0 |
|  | 12/2025 | 768 | 14407 | 13 | 0 |
|  MYI | 10/2025 | 10537 | $1481 | 2 | 0 |
|  | 10/2025 | 4209564 | 256 | 3 | 0 |
|  | 10/2025 | 327403 | 2193 | 0 | (21) |
|  | 10/2025 | $46 | 6858 | 0 | 0 |
|  | 10/2025 | 559 | 2022 | 0 | (2) |
|  | 10/2025 | 492 | 14813 | 0 | (5) |
|  | 11/2025 | 2193 | 326271 | 21 | 0 |
|  | 12/2025 | 14716 | $492 | 6 | 0 |
|  | 12/2025 | $268 | 5062 | 6 | 0 |
|  NGF | 10/2025 | 919936 | $661 | 6 | 0 |
|  | 10/2025 | $336 | 5563610 | 0 | (3) |
|  | 11/2025 | 1850 | 80862 | 31 | 0 |
|  SCX | 10/2025 | 7663 | $1078 | 3 | 0 |
|  | 10/2025 | 9220100 | 552 | 0 | 0 |
|  | 10/2025 | 68276 | 768 | 0 | 0 |
|  | 10/2025 | 20461 | 5790 | 0 | (102) |
|  | 10/2025 | 127 | 100 | 1 | 0 |
|  | 10/2025 | 41008 | 1384 | 37 | 0 |
|  | 10/2025 | $25 | 163 | 0 | 0 |
|  | 10/2025 | 7083 | 5295 | 39 | 0 |
|  | 10/2025 | 412 | 6774072 | 0 | (6) |
|  | 10/2025 | 904 | 79811 | 0 | (6) |
|  | 10/2025 | 239 | 35112 | 0 | (1) |
|  | 11/2025 | 5295 | $7084 | 0 | (39) |
|  | 11/2025 | $679 | 60441 | 0 | 0 |
|  | 11/2025 | 0 | 71 | 0 | 0 |
|  | 12/2025 | 552 | 9243403 | 1 | 0 |
|  SOG | 10/2025 | 5852 | $1097 | 0 | (3) |
|  | 10/2025 | 713002 | 4792 | 0 | (30) |
|  | 10/2025 | 256 | 149 | 1 | 0 |
|  | 10/2025 | $1100 | 5852 | 0 | (1) |
|  | 10/2025 | 44788 | 38085 | 0 | (74) |
|  | 10/2025 | 2186 | 321518 | 0 | (12) |
|  | 11/2025 | 38085 | $44878 | 75 | 0 |
|  | 11/2025 | $4792 | 710536 | 30 | 0 |
|  | 12/2025 | 1096 | 5935 | 3 | 0 |
|  SSB | 10/2025 | 6649 | $8963 | 20 | 0 |
|  | 10/2025 | $452 | 2468 | 12 | 0 |
|  UAG | 10/2025 | 9 | $6 | 0 | 0 |
|  | 10/2025 | 2875 | 862 | 0 | (6) |
|  | 10/2025 | 715 | 70 | 0 | (1) |
|  | 10/2025 | $44 | 152 | 1 | 0 |
|  | 10/2025 | 3681 | 324933 | 0 | (27) |
|  | 10/2025 | 557 | 2021 | 0 | (1) |
|  | 10/2025 | 260 | 8414 | 0 | 0 |
|  | 10/2025 | 442 | 7642 | 0 | 0 |
|  | 10/2025 | 7646 | $442 | 0 | 0 |
|  | 11/2025 | 152 | 44 | 0 | (2) |
|  | 11/2025 | 33516 | 1901 | 0 | (33) |
|  | 12/2025 | 4930 | 105 | 0 | (7) |
|  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;3336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5313) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description |  | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 11100 | $17 | $11 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 16200 | 22 | 16 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 3230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 |
| GLM | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 1910 | 32 | 59 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 2800 | 4 | 3 |

---

---

| | | |
|:---|:---|:---|
| **236** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| MBC | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 5600 | $7 | $6 |
|  | Call - OTC USD versus HKD | 7.800 | 08/24/2026 | 6200 | 9 | 6 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.230% | 03/30/2026 | 7700 | $59 | $61 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.160 | 12/04/2025 | 1800 | 9 | 4 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.758 | 03/30/2026 | 3900 | 31 | 29 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 700 | 6 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 300 | 4 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 700 | 6 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215 | 08/05/2026 | 400 | 5 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 700 | 5 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 400 | 5 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 800 | 6 | 6 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 400 | 5 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 2000 | 176 | 167 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 2000 | 176 | 167 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 1900 | 164 | 173 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 1900 | 164 | 148 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 3000 | 259 | 276 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 3000 | 259 | 232 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 5900 | 476 | 540 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 7700 | 621 | 522 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 16500 | 4 | 0 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 432700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432700 | 2173 | 2108 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 8300 | 719 | 747 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/21/2035 | 6600 | 571 | 594 |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 10/09/2025 | 9200 | 13 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.008 | 11/06/2025 | 18200 | 16 | 4 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.010 | 11/07/2025 | 18400 | 18 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 5100 | 449 | 436 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 5100 | 449 | 419 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 16800 | 1356 | 1538 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 22000 | 1775 | 1492 |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 02/18/2026 | 18500 | 38 | 12 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.989 | 08/06/2026 | 1000 | 8 | 6 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.239 | 08/06/2026 | 500 | 7 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 700 | 6 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 400 | 5 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 800 | 7 | 6 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 400 | 5 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 8300 | 731 | 709 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 8300 | 731 | 682 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 82400 | 61 | 59 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.907 | 11/07/2025 | 19500 | 18 | 9 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.177 | 12/24/2025 | 7400 | 31 | 25 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 8900 | 116 | 96 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 7900 | 157 | 138 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 7900 | 116 | 74 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 700 | 6 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 400 | 5 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 2000 | 176 | 171 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 2000 | 176 | 164 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 08/13/2035 | 4000 | 352 | 347 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 4000 | 352 | 326 |
|  |  |  |  |  |  | $15256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14435 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 237

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Small Fund (Cont.)

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.961 | 10/07/2025 | 6100 | $8 | $0 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.945 | 10/07/2025 | 30400 | 41 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.977 | 10/07/2025 | 30400 | 40 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.063 | 10/07/2025 | 24100 | 29 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.547 | 11/06/2025 | 19100 | 14 | 1 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 12700 | 17 | 12 |
|  |  |  |  |  | $149 | $13 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14723 |

---

#### 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-44 5-Year Index | Sell | 0.700% | 12/17/2025 | 37700 | $(36) | $(16) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 11100 | $(6) | $(7) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 16200 | (7) | (10) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 6460 | (137) | (167) |
| GLM | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 1910 | (5) | (8) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 1910 | (16) | (4) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 2800 | (1) | (2) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 5600 | (3) | (4) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 6200 | (3) | (4) |
| UAG | Call - OTC USD versus TRY | TRY | 54.000 | 12/16/2025 | 900 | (30) | (7) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213) |

---

#### 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 Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.086% | 10/07/2025 | 22000 | $(48) | $0 |
| DUB Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028 | 12/04/2025 | 9100 | (17) | (19) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.131 | 11/06/2025 | 12700 | (12) | (1) |
| JPM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 10/07/2025 | 14400 | (29) | 0 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.677 | 12/24/2025 | 8300 | (31) | (39) |
| NGF Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.082 | 10/07/2025 | 18200 | (40) | 0 |
|  |  |  |  |  |  | $(177) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.547 | 10/07/2025 | 7700 | $(14) | $(45) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333) |

---

#### 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>September 30, 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>September 30, 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 | —¨% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | $0 | $10 | $10 | $0 |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872 | 100 | (1) | 1 | 0 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

238 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### 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, at<br>Value<sup>(5)</sup> | Swap Agreements, at<br>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 | EUR 1,643 | $319 | $21 | $340 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 3479 | 682 | 39 | 721 | 0 |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | $1677 | (464) | 332 | 0 | (132) |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | EUR 2,029 | 405 | 15 | 420 | 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;14593 | 3040 | (16) | 3024 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132) |

---

#### 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 |
| BPS | Receive<br> RU20INTR Index<sup></sup> | 286 | 4.570% (SOFR plus a specified spread) | Monthly | 10/01/2025 | $3693 | $0 | $101 | $101 | $0 |
|  | Receive<br> RU20INTR Index<sup></sup> | 23046 | 4.400% (SOFR plus a specified spread) | Monthly | 12/17/2025 | 306810 | 0 | (513) | 0 | (513) |
| CIB | Receive<br> RU20INTR Index<sup></sup> | 13966 | 4.690% (FEDL01 plus a specified spread) | Maturity | 03/04/2026 | 175021 | 0 | 5170 | 5170 | 0 |
| GST | Receive<br> RU20INTR Index<sup></sup> | 288 | 4.430% (SOFR plus a specified spread) | Monthly | 10/01/2025 | 3718 | 0 | 102 | 102 | 0 |
|  | Receive<br> RU20INTR Index<sup></sup> | 289 | 4.520% (SOFR plus a specified spread) | Monthly | 01/07/2026 | 3847 | 0 | (14) | 0 | (14) |
| MBC | Receive<br> RU20INTR Index<sup></sup> | 6698 | 4.800% (SOFR plus a specified spread) | Maturity | 04/08/2026 | 76223 | 0 | 10744 | 10744 | 0 |
| MYI | Receive<br> RU20INTR Index<sup></sup> | 325 | 4.500% (SOFR plus a specified spread) | Monthly | 02/04/2026 | 4327 | 0 | (15) | 0 | (15) |
|  |  |  |  |  |  |  | $0 | $15575 | $16117 | $(542) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $3981 | $15977 | $20632 | $(674) |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 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 | $2 | $0 | $0 | $2 | $(341) | $0 | $0 | $(341) | $(339) | $305 | $(34) |
|  BOA | 107 | 1494 | 340 | 1941 | (261) | (184) | 0 | (445) | 1496 | (237) | 1259 |
|  BPS | 1948 | 0 | 822 | 2770 | (218) | 0 | (513) | (731) | 2039 | (6032) | (3993) |
|  BRC | 45 | 1062 | 0 | 1107 | (95) | 0 | (132) | (227) | 880 | 273 | 1153 |
|  BSH | 131 | 0 | 0 | 131 | (290) | 0 | 0 | (290) | (159) | 0 | (159) |
|  CBK | 418 | 0 | 0 | 418 | (209) | 0 | 0 | (209) | 209 | 0 | 209 |
|  CIB | 0 | 0 | 5170 | 5170 | 0 | 0 | 0 | 0 | 5170 | (4988) | 182 |
|  DUB | 35 | 5335 | 10 | 5380 | (63) | (19) | 0 | (82) | 5298 | 271 | 5569 |
|  FAR | 138 | 0 | 0 | 138 | (404) | 0 | 0 | (404) | (266) | 259 | (7) |
|  GLM | 72 | 3955 | 0 | 4027 | (2645) | (15) | 0 | (2660) | 1367 | 2562 | 3929 |
|  GSC | 0 | 13 | 0 | 13 | 0 | (45) | 0 | (45) | (32) | 0 | (32) |
|  GST | 0 | 0 | 522 | 522 | 0 | (16) | (14) | (30) | 492 | (690) | (198) |
|  IND | 0 | 0 | 0 | 0 | (3) | 0 | 0 | (3) | (3) | 0 | (3) |
|  JPM | 76 | 1433 | 3024 | 4533 | (375) | 0 | 0 | (375) | 4158 | (2832) | 1326 |
|  MBC | 66 | 12 | 10744 | 10822 | (27) | (8) | 0 | (35) | 10787 | (10710) | 77 |
|  MYC | 0 | 746 | 0 | 746 | 0 | (39) | 0 | (39) | 707 | (400) | 307 |
|  MYI | 38 | 0 | 0 | 38 | (28) | 0 | (15) | (43) | (5) | 0 | (5) |
|  NGF | 37 | 673 | 0 | 710 | (3) | 0 | 0 | (3) | 707 | 0 | 707 |
|  SCX | 81 | 0 | 0 | 81 | (154) | 0 | 0 | (154) | (73) | 0 | (73) |
|  SOG | 109 | 0 | 0 | 109 | (120) | 0 | 0 | (120) | (11) | 0 | (11) |
|  SSB | 32 | 0 | 0 | 32 | 0 | 0 | 0 | 0 | 32 | 0 | 32 |
|  UAG | 1 | 0 | 0 | 1 | (77) | (7) | 0 | (84) | (83) | 0 | (83) |
|  Total Over the Counter | $3336 | $14723 | $20632 | $38691 | $(5313) | $(333) | $(674) | $(6320) |  |  |  |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 239

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Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Small Fund (Cont.)

(h) Securities with an aggregate market value of $3,670 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

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

<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 September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $112 | $0 | $157 | $269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 336 | 341 |
|  | $0 | $5 | $112 | $0 | $493 | $610 |
|  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 | $3336 | $0 | $3336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 275 | 14448 | 14723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4515 | 16117 | 0 | 0 | 20632 |
|  | $0 | $4515 | $16117 | $3611 | $14448 | $38691 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14941 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39301 |
|  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 | $113 | $113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9 | 0 | 0 | 217 | 226 |
|  | $0 | $9 | $0 | $0 | $343 | $352 |
|  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 | $5313 | $0 | $5313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 16 | 0 | 213 | 104 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 132 | 542 | 0 | 0 | 674 |
|  | $0 | $148 | $542 | $5526 | $104 | $6320 |
|  | $0 | $157 | $542 | $5526 | $447 | $6672 |

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240 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 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; Purchased Options  | $0 | $0 | $0 | $0 | $(1) | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 162 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 7346 | 0 | 314 | 7660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1558) | 0 | 0 | 4308 | 2750 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1558) | $7346 | $0 | $4783 | $10571 |
|  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 | $(11007) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11007) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (242) | (242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 15 | 0 | 0 | 496 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 602 | 24974 | 0 | 0 | 25576 |
|  | $0 | $617 | $24974 | $(11007) | $254 | $14838 |
|  | $0 | $(941) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32320 | $(11007) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037 | $25409 |
|  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 | $49 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 2230 | 0 | (228) | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 184 | 0 | 0 | (3585) | (3401) |
|  | $0 | $184 | $2230 | $0 | $(3764) | $(1350) |
|  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 | $196 | $0 | $196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 42 | (876) | (834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 19 | 0 | (5) | (63) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 205 | 71235 | 0 | 0 | 71440 |
|  | $0 | $224 | $71235 | $233 | $(939) | $70753 |
|  | $0 | $408 | $73465 | $233 | $(4703) | $69403 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $30305 | $0 | $30305 |
| &nbsp;&nbsp; Industrials | 0 | 5942 | 6600 | 12542 |
| &nbsp;&nbsp; Utilities | 0 | 3944 | 0 | 3944 |
|  U.S. Government Agencies | 0 | 613665 | 24189 | 637854 |
|  U.S. Treasury Obligations | 0 | 14335 | 0 | 14335 |
|  Non-Agency Mortgage-Backed Securities | 0 | 64354 | 0 | 64354 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 3893 | 0 | 3893 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 12732 | 0 | 12732 |
| &nbsp;&nbsp; CMBS Other | 0 | 10610 | 0 | 10610 |
| &nbsp;&nbsp; Home Equity Other | 0 | 59825 | 0 | 59825 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 5 | 0 | 5 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 8956 | 0 | 8956 |
| &nbsp;&nbsp; Other ABS | 0 | 60509 | 0 | 60509 |
|  Sovereign Issues | 0 | 66689 | 0 | 66689 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 22983 | 0 | 22983 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 9633 | 0 | 9633 |
|  | $0 | $988380 | $30789 | $1019169 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  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 | $91780 | $0 | $0 | $91780 |
|  Total Investments | $91780 | $988380 | $30789 | $1110949 |
|  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 | (75608) | 0 | (75608) |
|  | $0 | $(75608) | $0 | $(75608) |
|  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 | 154 | 456 | 0 | 610 |
|  Over the counter | 0 | 38681 | 10 | 38691 |
|  | $154 | $39137 | $10 | $39301 |
|  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 | (349) | 0 | (349) |
|  Over the counter | 0 | (6188) | (132) | (6320) |
|  | $0 | $(6537) | $(132) | $(6669) |
|  Total Financial Derivative Instruments | $154 | $32600 | $(122) | $32632 |
|  Totals | $91934 | $945372 | $30667 | $1067973 |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 241

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Schedule of Investments PIMCO StocksPLUS<sup>®</sup> Small Fund (Cont.) September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | $0 | $6600 | $0 | $0 | $0 | $0 | $0 | $0 | $6600 | $0 |
|  U.S. Government Agencies | 0 | 24338 | 0 | 0 | 0 | (149) | 0 | 0 | 24189 | (149) |
|  | $0 | $30938 | $0 | $0 | $0 | $(149) | $0 | $0 | $30789 | $(149) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $9 | $0 | $(2) | $0 | $0 | $3 | $0 | $0 | $10 | $3 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $(139) | $0 | $(3) | $0 | $21 | $(11) | $0 | $0 | $(132) | $(11) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30938 | $&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;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) | $&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;30667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $6600 | Recent Transaction | Purchase Price | 100.000 |  |
|  U.S. Government Agencies | 19189 | Proxy Pricing | Base Price | 99.313-101.188 | 100.263 |
|  | 5000 | Recent Transaction | Purchase Price | 100.000 |  |
|  Financial Derivative Instruments – Assets | Financial Derivative Instruments – Assets | Financial Derivative Instruments – Assets | Financial Derivative Instruments – Assets | Financial Derivative Instruments – Assets | Financial Derivative Instruments – Assets |
|  Over the counter | 10 | Indicative Market Quotation | Broker Quote | 0.978 |  |
|  Financial Derivative Instruments – Liabilities | Financial Derivative Instruments – Liabilities | Financial Derivative Instruments – Liabilities | Financial Derivative Instruments – Liabilities | Financial Derivative Instruments – Liabilities | Financial Derivative Instruments – Liabilities |
|  Over the counter | (132) | Indicative Market Quotation | Broker Quote | 92.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30667 |  |  |  |  |

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<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

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| | | |
|:---|:---|:---|
| **242** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

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Notes to Financial Statements September 30, 2025 (Unaudited)

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 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 and PIMCO RAE Worldwide Long/Short PLUS Fund.

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

Each Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the 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.

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2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **243** |

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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 September 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

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(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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| | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Distributed |
|  PIMCO RAE Fundamental Advantage PLUS Fund | Quarterly | Quarterly |
|  PIMCO RAE PLUS Fund | Quarterly | Quarterly |
|  PIMCO RAE PLUS EMG 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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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 September 2023, the U.S. Securities and Exchange Commission ("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 derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. 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.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **245** |

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Notes to Financial Statements (Cont.)

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

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

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and

financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), 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

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September 30, 2025 (Unaudited)

may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

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

<sup>∎</sup> Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets

or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

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

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by pricing services (Level 2) to the use of a broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **247** |

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on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

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

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

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

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

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using

these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

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

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

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

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the

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availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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

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

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost

value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. PIMCO StocksPLUS<sup>®</sup> Long Duration Fund may invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the 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 September 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short Asset Portfolio

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases at<br>Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO RAE Fundamental Advantage PLUS Fund | $29747 | $24556 | $(54276) | $149 | $(176) | $0 | $276 | $0 |
|  PIMCO RAE PLUS EMG Fund | 0 | 33963 | (18375) | 39 | 31 | 15658 | 329 | 0 |
|  PIMCO RAE PLUS Fund | 67618 | 32006 | (49000) | 167 | (259) | 50532 | 608 | 0 |
|  PIMCO RAE PLUS International Fund | 11839 | 19077 | (20667) | 136 | (127) | 10258 | 205 | 0 |
|  PIMCO RAE PLUS Small Fund | 16740 | 12004 | (10000) | 20 | (8) | 18756 | 311 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 61556 | 95373 | (61430) | (275) | 139 | 95363 | 330 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 145042 | 97943 | (108000) | 546 | (653) | 134878 | 1743 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 189064 | 35992 | (56000) | (1501) | 1645 | 169200 | 3496 | 0 |

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **249** |

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Notes to Financial Statements (Cont.)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Market Value<br>03/31/2025** | **Purchases at<br>Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | $0 | $11037 | $0 | $0 | $(1) | $11036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $0 |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 6225 | 1459 | 0 | 0 | 14 | 7698 | 159 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 0 | 7222 | 0 | 0 | 0 | 7222 | 21 | 0 |

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO RAE Fundamental Advantage PLUS Fund | $16 | $0 | $0 | $0 | $0 | $16 | $0 | $0 |
|  PIMCO RAE PLUS EMG Fund | 32 | 1 | 0 | 0 | 0 | 33 | 1 | 0 |
|  PIMCO RAE PLUS Fund | 24971 | 165444 | (57000) | (10) | 32 | 133437 | 2832 | 0 |
|  PIMCO RAE PLUS International Fund | 123 | 3 | 0 | 0 | 0 | 126 | 3 | 0 |
|  PIMCO RAE PLUS Small Fund | 21 | 0 | 0 | 0 | 0 | 21 | 1 | 0 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 76 | 48383 | (36100) | 10 | 5 | 12374 | 381 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 104495 | 491139 | (521400) | (33) | 49 | 74250 | 4633 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 55323 | 557242 | (612574) | (2) | 11 | 0 | 2930 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 133237 | 2076956 | (1729300) | (180) | 94 | 480807 | 7241 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 17974 | 27743 | (34600) | (1) | 7 | 11123 | 444 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | 251 | 240554 | (239400) | (1) | 0 | 1404 | 54 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 6404 | 42167 | (36500) | 2 | 3 | 12076 | 266 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 11197 | 289049 | (215700) | (18) | 30 | 84558 | 1840 | 0 |

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

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

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Exchange-Traded Funds typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an

exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, the Funds would bear their pro rata portion of the other investment company's expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with their own operations. Investments in ETFs entail certain risks; in particular, investments in ETFs involve the risk that the ETF's performance may not track the performance of the index the ETF is designed to track.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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|:---|:---|
| **250** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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September 30, 2025 (Unaudited)

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that 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 often 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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **251** |

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Notes to Financial Statements (Cont.)

additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

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 September 30, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks 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

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|:---|:---|
| **252** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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September 30, 2025 (Unaudited)

seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

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.

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

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to 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-

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **253** |

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Notes to Financial Statements (Cont.)

upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(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 September 30, 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

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|:---|:---|
| **254** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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September 30, 2025 (Unaudited)

and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon

implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

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.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **255** |

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Notes to Financial Statements (Cont.)

(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes

of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's 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

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| **256** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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September 30, 2025 (Unaudited)

default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity

dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or 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 as the value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **257** |

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Notes to Financial Statements (Cont.)

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. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

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|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO 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** |
|  Small 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 |
|  China |  | 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 |  |
|  Turnover | X | X | X | X | X | X | X |

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| **258** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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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** |
|  Small Fund |  |  |  |  | X |  |
|  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 |
|  China |  |  |  |  |  |  |
|  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 |  |  |  |  |  |  |
|  Turnover | X | X | X | X | X | X |

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Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities and dividend-paying equity securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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, 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 market, 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 fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons 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.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **259** |

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Notes to Financial Statements (Cont.)

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 market volatility, the effects of compounding on the performance of the Fund's derivatives short positions if held for more than one day, the results of PIMCO's active management of the Fund (such as income, and gains or losses 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 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. The liquidity of a Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

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 regulations 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

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| **260** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

China Risk is the risk of investing in securities and instruments economically tied to the People's Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) ("PRC"). These investments subject a Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or 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, and 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 changes and other market risks.

Smaller Company Risk is the risk that the value of securities issued by a smaller company may fluctuate, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. Investments in smaller companies generally are subject to greater levels of credit, market and issuer risk.

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. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of 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.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(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 actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **261** |

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Notes to Financial Statements (Cont.)

developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. 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

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| | |
|:---|:---|
| **262** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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September 30, 2025 (Unaudited)

Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as

determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **263** |

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Notes to Financial Statements (Cont.)

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.

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, 2026, 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 period ended September 30, 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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|:---|:---|
| **264** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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September 30, 2025 (Unaudited)

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 September 30, 2025, the Distributor retained $1,889,208 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 (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(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, 2026, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of September 30, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, 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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **265** |

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Notes to Financial Statements (Cont.)

PIMCO. As of September 30, 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 | $1 |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 6 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 7 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 1 |

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

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(g) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through July 31, 2026, for the PIMCO StocksPLUS<sup>®</sup> Long Duration Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees, or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Fund and will not be waived under the contractual waiver described above. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, there were no waivers and/or reimbursements by PIMCO.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, 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 by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

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| **266** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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September 30, 2025 (Unaudited)

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO RAE Fundamental Advantage PLUS Fund | $2395861 | $2261284 | $58860 | $65335 |
|  PIMCO RAE PLUS EMG Fund | 1131876 | 1043213 | 33003 | 26280 |
|  PIMCO RAE PLUS Fund | 5482136 | 5107195 | 202112 | 217972 |
|  PIMCO RAE PLUS International Fund | 749780 | 684565 | 25038 | 16973 |
|  PIMCO RAE PLUS Small Fund | 988200 | 884273 | 25003 | 31293 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 2487003 | 2338180 | 62302 | 80051 |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 9025861 | 8384008 | 381280 | 321399 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 4928430 | 4451526 | 938180 | 621876 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 17208217 | 15774051 | 656455 | 545086 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 812140 | 730041 | 32425 | 23939 |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | 1600341 | 1638500 | 27444 | 57228 |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 401322 | 361515 | 8961 | 8360 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106267 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **267** |

---

------

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>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | Six Months Ended<br>09/30/2025 | Six Months Ended<br>09/30/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Six Months Ended<br>09/30/2025 | Six Months Ended<br>09/30/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1863 | $14410 | 5607 | $45717 | 3018 | $22336 | 10793 | $76829 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | 3155 | 22059 | 2329 | 16560 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 11 | 77 | 35 | 277 | 532 | 3759 | 3980 | 28121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 14 | 91 | 48 | 317 |
| &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 | 127 | 1000 | 2993 | 23626 | 933 | 7091 | 2356 | 16637 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | 93 | 705 | 66 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | 62 | 471 | 48 | 347 | 133 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 3 | 19 | 11 | 68 |
| &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 | (10559) | (82438) | (17121) | (139743) | (7532) | (57716) | (18610) | (133920) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | (942) | (6890) | (2507) | (18109) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (561) | (4126) | (207) | (1620) | (740) | (5226) | (4162) | (29836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (21) | (124) | (71) | (437) |
| &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** | (9119) | $(71077) | (8631) | $(71272) | (1439) | $(13549) | (5634) | $(42409) |

---

---

| | |
|:---|:---|
| **268** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| Six Months Ended<br>09/30/2025 | Six Months Ended<br>09/30/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Six Months Ended<br>09/30/2025 | Six Months Ended<br>09/30/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Six Months Ended<br>09/30/2025 | Six Months Ended<br>09/30/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
| 667 | $12833 | 4363 | $87171 | 1222 | $9590 | 2003 | $14594 | 736 | $12038 | 3461 | $58101 |
| 1000 | 19007 | 2539 | 49554 | 19 | 148 | 28 | 203 | 130 | 2042 | 1225 | 20403 |
| 10 | 160 | 89 | 1760 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 627 | 10794 | 1871 | 33079 | 332 | 2419 | 571 | 3944 | 95 | 1483 | 220 | 3490 |
| 67 | 928 | 227 | 3265 | N/A | N/A | N/A | N/A | 26 | 356 | 57 | 797 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 246 | 4884 | 1548 | 29911 | 680 | 5545 | 1340 | 9660 | 204 | 3370 | 628 | 10218 |
| 114 | 2218 | 882 | 16749 | 4 | 29 | 6 | 45 | 40 | 646 | 127 | 2038 |
| 2 | 38 | 16 | 301 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 299 | 5227 | 2039 | 35048 | 22 | 175 | 43 | 296 | 29 | 445 | 94 | 1445 |
| 23 | 314 | 205 | 2873 | N/A | N/A | N/A | N/A | 7 | 88 | 23 | 303 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (2207) | (42278) | (3729) | (74115) | (2773) | (22700) | (7236) | (53016) | (1178) | (18990) | (2377) | (40719) |
| (3890) | (68172) | (2825) | (55058) | (5) | (33) | (35) | (250) | (461) | (7241) | (712) | (12140) |
| (60) | (1078) | (45) | (878) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (2371) | (41210) | (4908) | (86728) | (329) | (2432) | (630) | (4374) | (185) | (2827) | (328) | (5137) |
| (449) | (6212) | (1123) | (16170) | N/A | N/A | N/A | N/A | (52) | (693) | (92) | (1271) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (5922) | $(102547) | 1149 | $26762 | (828) | $(7259) | (3910) | $(28898) | (609) | $(9283) | 2326 | $37528 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **269** |

---

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Six Months Ended<br>09/30/2025** | **Six Months Ended<br>09/30/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025** | **Six Months Ended<br>09/30/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2142 | $16553 | 1688 | $13305 | 4690 | $58323 | 6879 | $87115 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 476 | 3633 | 179 | 1453 | 1835 | 23133 | 4891 | 60108 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 570 | 6540 | 381 | 4824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 230 | 1793 | 212 | 1691 | 2049 | 24460 | 4708 | 57462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 19 | 157 | 32 | 248 | 362 | 3428 | 742 | 7466 |
| &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 | 3358 | 25324 | 8091 | 61983 | 1318 | 17271 | 6387 | 81421 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 39 | 292 | 55 | 418 | 626 | 7973 | 2501 | 31121 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 48 | 608 | 131 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 179 | 1334 | 359 | 2726 | 1072 | 13479 | 4417 | 54329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 7 | 49 | 17 | 127 | 174 | 1754 | 834 | 8371 |
| &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 | (12249) | (93945) | (23353) | (186669) | (11783) | (150463) | (39958) | (511115) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (149) | (1127) | (276) | (2184) | (3109) | (38045) | (9826) | (120507) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (244) | (3021) | (247) | (3099) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (427) | (3218) | (542) | (4283) | (5895) | (70221) | (9998) | (121396) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (29) | (224) | (127) | (1007) | (1554) | (15151) | (2782) | (27675) |
| &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** | (6404) | $(49379) | (13665) | $(112192) | (9841) | $(119932) | (30940) | $(389948) |

---

---

| | |
|:---|:---|
| **270** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| **Six Months Ended<br>09/30/2025** | **Six Months Ended<br>09/30/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025** | **Six Months Ended<br>09/30/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025** | **Six Months Ended<br>09/30/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
| **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| 11497 | $141321 | 22471 | $287821 | 19253 | $171620 | 66178 | $579429 | 1448 | $17476 | 2478 | $28012 |
| 996 | 12909 | 2481 | 31725 | 17158 | 150009 | 42170 | 361795 | 2386 | 28265 | 1140 | 12959 |
| 186 | 2321 | 372 | 4808 | 1042 | 8999 | 8075 | 68543 | 827 | 9613 | 1113 | 12379 |
| 1441 | 15247 | 3459 | 38459 | 6196 | 49556 | 10535 | 83480 | 958 | 10335 | 978 | 10253 |
| 444 | 4283 | 1010 | 10023 | 475 | 3208 | 1160 | 7793 | 15 | 144 | 7 | 72 |
| 254 | 2899 | 647 | 7604 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 2568 | 34111 | 16411 | 215371 | 9363 | 84995 | 15788 | 134006 | 115 | 1432 | 648 | 7274 |
| 123 | 1625 | 884 | 11531 | 4786 | 42604 | 8505 | 70876 | 48 | 597 | 115 | 1292 |
| 35 | 456 | 355 | 4622 | 551 | 4871 | 606 | 5015 | 26 | 318 | 100 | 1118 |
| 671 | 7499 | 4294 | 47908 | 2544 | 20768 | 4416 | 34030 | 29 | 325 | 215 | 2213 |
| 98 | 954 | 704 | 6940 | 327 | 2209 | 645 | 4192 | 2 | 15 | 9 | 75 |
| 91 | 1086 | 612 | 7239 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (22015) | (289185) | (40152) | (523057) | (27719) | (250015) | (55416) | (482459) | (2062) | (25287) | (7937) | (90152) |
| (2097) | (25727) | (1960) | (25268) | (25566) | (222082) | (32391) | (276532) | (1104) | (13619) | (977) | (11055) |
| (1469) | (17504) | (613) | (7785) | (2755) | (23940) | (2768) | (23581) | (636) | (7674) | (1373) | (15426) |
| (3467) | (38072) | (5832) | (64800) | (8213) | (65345) | (13559) | (107128) | (1753) | (18959) | (1668) | (17405) |
| (998) | (9509) | (1868) | (18339) | (1263) | (8472) | (2015) | (13419) | (19) | (172) | (46) | (413) |
| (458) | (5395) | (983) | (11419) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| <br>(12100) | $(160681) | 2292 | $23383 | (3821) | $(31015) | 51929 | $446040 | 280 | $2809 | (5198) | $(58804) |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **271** |

---

------

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** |
|  | **Six Months Ended<br>09/30/2025** | **Six Months Ended<br>09/30/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025** | **Six Months Ended<br>09/30/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares~** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3794 | $58010 | 10537 | $180431 | 1623 | $11344 | 3828 | $27881 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | 11658 | 85679 | 6438 | 47147 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 14 | 111 | 182 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 839 | 5852 | 1066 | 7432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 128 | 823 | 72 | 463 |
| &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 | 1037 | 17605 | 5571 | 93781 | 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; 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 | (7022) | (116418) | (36621) | (612408) | (1368) | (9966) | (6621) | (48653) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | (7908) | (57404) | (9320) | (67228) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (34) | (263) | (482) | (3553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | (745) | (5230) | (1365) | (9512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (129) | (849) | (186) | (1193) |
| &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** | (2191) | $(40803) | (20513) | $(338196) | 4078 | $30097 | (6388) | $(45887) |

---

---

| | |
|:---|:---|
| **272** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **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** |
| **Six Months Ended<br>09/30/2025** | **Six Months Ended<br>09/30/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
| **Shares** | **Amount** | **Shares** | **Amount** |
| 3368 | $23724 | 5128 | $39815 |
| 800 | 5722 | 3393 | 26158 |
| 3 | 17 | 246 | 1880 |
| 817 | 5815 | 1761 | 12998 |
| 45 | 258 | 484 | 3055 |
| N/A | N/A | N/A | N/A |
| 1934 | 14989 | 3182 | 23608 |
| 404 | 3067 | 534 | 3888 |
| 28 | 213 | 32 | 229 |
| 1047 | 7667 | 1345 | 9430 |
| 170 | 1015 | 208 | 1202 |
| N/A | N/A | N/A | N/A |
| (5373) | (40063) | (51129) | (402137) |
| (1664) | (12160) | (6597) | (50189) |
| (64) | (481) | (156) | (1187) |
| (2534) | (17835) | (11832) | (88332) |
| (739) | (4244) | (1587) | (9756) |
| S | N/A | N/A | N/A |
| (1758) | $(12296) | (54988) | $(429338) |

---

---

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

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of September 30, 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 | 2 | 0% | 94% |
|  PIMCO RAE PLUS EMG Fund | 0 | 1 | 0% | 47% |
|  PIMCO RAE PLUS Fund | 3 | 0 | 35% | 0% |
|  PIMCO RAE PLUS International Fund | 1 | 1 | 15% | 64% |
|  PIMCO RAE PLUS Small Fund | 3 | 0 | 66% | 0% |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 0 | 2 | 0% | 89% |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 2 | 0 | 23% | 0% |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 1 | 0 | 60% | 0% |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 2 | 0 | 26% | 0% |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 2 | 0 | 49% | 0% |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | 2 | 0 | 53% | 0% |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 3 | 0 | 58% | 0% |

---

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.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **273** |

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------

Notes to Financial Statements (Cont.)

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 September 30, 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.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended 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 September 30, 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>(1)</sup> |
|  PIMCO RAE Fundamental Advantage PLUS Fund | $694113 | $24858 | $(49711) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24853) |
|  PIMCO RAE PLUS EMG Fund | 358219 | 16139 | (14579) | 1560 |
|  PIMCO RAE PLUS Fund | 1745859 | 95105 | (30965) | 64140 |
|  PIMCO RAE PLUS International Fund | 232830 | 5365 | (8105) | (2740) |
|  PIMCO RAE PLUS Small Fund | 323059 | 5934 | (8635) | (2701) |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 691015 | 20871 | (25123) | (4252) |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 2816607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103608 | (51001) | 52607 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 3359477 | 126126 | (29833) | 96293 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540458 | 183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125078) | 57922 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 286942 | 20576 | (8001) | 12575 |

---

---

| | |
|:---|:---|
| **274** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br>Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup>** |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119546) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98775) |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 170880 | 3425 | (19775) | (16350) |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 1078311 | 46679 | (36756) | 9923 |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **275** |

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------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BOM | Bank of Montreal | GLM | Goldman Sachs Bank USA | RBC | Royal Bank of Canada |
| BOS | BofA Securities, Inc. | GSC | Goldman Sachs & Co. LLC | RYL | NatWest Markets Plc |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | SAL | Citigroup Global Markets, Inc. |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BSN | The Bank of Nova Scotia - Toronto | JPS | J.P. Morgan Securities LLC | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | STR | State Street FICC Repo |
| CIB | Canadian Imperial Bank of Commerce | MEI | Merrill Lynch International | TOR | The Toronto-Dominion Bank |
| DEU | Deutsche Bank Securities, Inc. | MYC | Morgan Stanley Capital Services LLC | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | PEN | Peruvian New Sol |
| BRL | Brazilian Real | HKD | Hong Kong Dollar | PHP | Philippine Peso |
| CAD | Canadian Dollar | HUF | Hungarian Forint | PLN | Polish Zloty |
| CHF | Swiss Franc | IDR | Indonesian Rupiah | QAR | Qatari Riyal |
| 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 | NZD | New Zealand Dollar |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOT | Chicago Board of Trade | FTSE | Financial Times Stock Exchange | OTC | Over the Counter |
| EUREX | Eurex Exchange |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| ABX.HE | Asset-Backed Securities Index - Home Equity | ERAEMLN | RAE Fundamental Emerging Markets Net Total Return Index | NDDUWXUS | MSCI Daily TR Net World Ex USA Index |
| BISTREFI | Turkish Lira Overnight Reference Rate | ERAEMLT | eRAFI Emerging Markets Strategy Index | NDUEEGF | iShares MSCI Emerging Markets ETF |
| Bobl | Bundesobligation, the German word for federal government bond | ERAUSLT | eRAFI U.S. Large Strategy Index | PRIME | Daily US Prime Rate |
| CAONINDX | Bloomberg CORRA Compounded Index | EUR003M | 3 Month EUR Swap Rate | RALVEIET | RA Emerging Markets Low Volatility Equity Income Total Return Index |
| CDX.EM | Credit Derivatives Index - Emerging Markets | EUR006M | 6 Month EUR Swap Rate | RALVEIIT | RA International Low Volatility Equity Income Total Return Index |
| CDX.HY | Credit Derivatives Index - High Yield | FEDL01 | Federal funds effective rate | RALVEIUT | RA U.S. Low Volatility Equity Income Total Return Index |
| CDX.IG | Credit Derivatives Index - Investment Grade | GSMMUSTI | Goldman Sachs Money Market US Treasury Instrument Index | RU20INTR | Russell 2000 Total Return Index |
| CMBX | Commercial Mortgage-Backed Index | H15T1Y | 1 Year US Treasury Yield Curve Constant Maturity Rate | S&P 500 | Standard & Poor's 500 Index |
| CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | IBR | Indicador Bancario de Referencia | SOFR | Secured Overnight Financing Rate |
| EAFE | Europe, Australasia, and Far East Stock Index | MSMMUSTF | MSILF Money Market US Treasury Fund Index | SONIO | Sterling Overnight Interbank Average Rate |
| ERADXULN | RAE Fundamental International Large Net Total Return Index | MUTKCALM | Tokyo Overnight Average Rate | TSFR3M | Term SOFR 3-Month |
| ERADXULT | eRAFI International Large Strategy Index | NDDUEAFE | MSCI EAFE 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 | JIBAR | Johannesburg Interbank Agreed Rate | TBD | To-Be-Determined |
| BBSW | Bank Bill Swap Reference Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BRL-CDI | Brazil Interbank Deposit Rate | MSCI | Morgan Stanley Capital International | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CHILIBOR | Chile Interbank Offered Rate | OIS | Overnight Index Swap | WIBOR | Warsaw Interbank Offered Rate |
| CLO | Collateralized Loan Obligation |  |  |  |  |

---

---

| | |
|:---|:---|
| **276** | **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 September 30, 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) |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0199 | $0.0000 | $0.0000 | $0.0199 |
| 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) |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| 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) |
|  June 2025 | $0.1655 | $0.0000 | $0.0000 | $0.1655 |
|  September 2025 | $0.1452 | $0.0000 | $0.0000 | $0.1452 |
| 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) |
|  June 2025 | $0.1640 | $0.0000 | $0.0000 | $0.1640 |
|  September 2025 | $0.1463 | $0.0000 | $0.0000 | $0.1463 |
| 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) |
|  June 2025 | $0.1595 | $0.0000 | $0.0000 | $0.1595 |
|  September 2025 | $0.1383 | $0.0000 | $0.0000 | $0.1383 |
| 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) |
|  June 2025 | $0.1519 | $0.0000 | $0.0000 | $0.1519 |
|  September 2025 | $0.1297 | $0.0000 | $0.0000 | $0.1297 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **277** |

---

------

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)** |
|  June 2025 | $0.1944 | $0.0000 | $0.0000 | $0.1944 |
|  September 2025 | $0.0644 | $0.0000 | $0.0000 | $0.0644 |
| **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)** |
|  June 2025 | $0.1909 | $0.0000 | $0.0000 | $0.1909 |
|  September 2025 | $0.0598 | $0.0000 | $0.0000 | $0.0598 |
| **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)** |
|  June 2025 | $0.1876 | $0.0000 | $0.0000 | $0.1876 |
|  September 2025 | $0.0570 | $0.0000 | $0.0000 | $0.0570 |
| **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)** |
|  June 2025 | $0.1827 | $0.0000 | $0.0000 | $0.1827 |
|  September 2025 | $0.0476 | $0.0000 | $0.0000 | $0.0476 |
| **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)** |
|  June 2025 | $0.1669 | $0.0000 | $0.0000 | $0.1669 |
|  September 2025 | $0.0237 | $0.0000 | $0.0000 | $0.0237 |
| 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)** |
|  June 2025 | $0.1676 | $0.0000 | $0.0000 | $0.1676 |
|  September 2025 | $0.1585 | $0.0000 | $0.0000 | $0.1585 |
| **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)** |
|  June 2025 | $0.1663 | $0.0000 | $0.0000 | $0.1663 |
|  September 2025 | $0.1579 | $0.0000 | $0.0000 | $0.1579 |
| **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)** |
|  June 2025 | $0.1627 | $0.0000 | $0.0000 | $0.1627 |
|  September 2025 | $0.1523 | $0.0000 | $0.0000 | $0.1523 |

---

---

| | |
|:---|:---|
| **278** | **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)** |
|  June 2025 | $0.2463 | $0.0000 | $0.0000 | $0.2463 |
|  September 2025 | $0.1608 | $0.0000 | $0.0000 | $0.1608 |
| **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)** |
|  June 2025 | $0.2437 | $0.0000 | $0.0000 | $0.2437 |
|  September 2025 | $0.1561 | $0.0000 | $0.0000 | $0.1561 |
| **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)** |
|  June 2025 | $0.2367 | $0.0000 | $0.0000 | $0.2367 |
|  September 2025 | $0.1475 | $0.0000 | $0.0000 | $0.1475 |
| **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)** |
|  June 2025 | $0.2201 | $0.0000 | $0.0000 | $0.2201 |
|  September 2025 | $0.1243 | $0.0000 | $0.0000 | $0.1243 |
| 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)** |
|  June 2025 | $0.2686 | $0.0000 | $0.0000 | $0.2686 |
|  September 2025 | $0.2205 | $0.0000 | $0.0000 | $0.2205 |
| **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)** |
|  June 2025 | $0.2674 | $0.0000 | $0.0000 | $0.2674 |
|  September 2025 | $0.2201 | $0.0000 | $0.0000 | $0.2201 |
| **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)** |
|  June 2025 | $0.2626 | $0.0000 | $0.0000 | $0.2626 |
|  September 2025 | $0.2128 | $0.0000 | $0.0000 | $0.2128 |
| **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)** |
|  June 2025 | $0.2508 | $0.0000 | $0.0000 | $0.2508 |
|  September 2025 | $0.1989 | $0.0000 | $0.0000 | $0.1989 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **279** |

---

------

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)** |
|  June 2025 | $0.2021 | $0.0000 | $0.0000 | $0.2021 |
|  September 2025 | $0.1451 | $0.0000 | $0.0000 | $0.1451 |
| **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)** |
|  June 2025 | $0.2007 | $0.0000 | $0.0000 | $0.2007 |
|  September 2025 | $0.1421 | $0.0000 | $0.0000 | $0.1421 |
| **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)** |
|  June 2025 | $0.1997 | $0.0000 | $0.0000 | $0.1997 |
|  September 2025 | $0.1402 | $0.0000 | $0.0000 | $0.1402 |
| **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)** |
|  June 2025 | $0.1938 | $0.0000 | $0.0000 | $0.1938 |
|  September 2025 | $0.1326 | $0.0000 | $0.0000 | $0.1326 |
| **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)** |
|  June 2025 | $0.1823 | $0.0000 | $0.0000 | $0.1823 |
|  September 2025 | $0.1159 | $0.0000 | $0.0000 | $0.1159 |
| PIMCO StocksPLUS<sup>®</sup> Fund | PIMCO StocksPLUS<sup>®</sup> Fund | PIMCO StocksPLUS<sup>®</sup> Fund | PIMCO StocksPLUS<sup>®</sup> Fund | 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)** |
|  June 2025 | $0.1604 | $0.0000 | $0.0000 | $0.1604 |
|  September 2025 | $0.0743 | $0.0000 | $0.0000 | $0.0743 |
| **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)** |
|  June 2025 | $0.1580 | $0.0000 | $0.0000 | $0.1580 |
|  September 2025 | $0.0714 | $0.0000 | $0.0000 | $0.0714 |
| **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)** |
|  June 2025 | $0.1566 | $0.0000 | $0.0000 | $0.1566 |
|  September 2025 | $0.0687 | $0.0000 | $0.0000 | $0.0687 |
| **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)** |
|  June 2025 | $0.1532 | $0.0000 | $0.0000 | $0.1532 |
|  September 2025 | $0.0643 | $0.0000 | $0.0000 | $0.0643 |
| **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)** |
|  June 2025 | $0.1456 | $0.0000 | $0.0000 | $0.1456 |
|  September 2025 | $0.0537 | $0.0000 | $0.0000 | $0.0537 |
| **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)** |
|  June 2025 | $0.1473 | $0.0000 | $0.0000 | $0.1473 |
|  September 2025 | $0.0554 | $0.0000 | $0.0000 | $0.0554 |

---

---

| | |
|:---|:---|
| **280** | **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)** |
|  June 2025 | $0.2385 | $0.0000 | $0.0000 | $0.2385 |
|  September 2025 | $0.2437 | $0.0000 | $0.0000 | $0.2437 |
| **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)** |
|  June 2025 | $0.2369 | $0.0000 | $0.0000 | $0.2369 |
|  September 2025 | $0.2416 | $0.0000 | $0.0000 | $0.2416 |
| **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)** |
|  June 2025 | $0.2359 | $0.0000 | $0.0000 | $0.2359 |
|  September 2025 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
| **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)** |
|  June 2025 | $0.2329 | $0.0000 | $0.0000 | $0.2329 |
|  September 2025 | $0.2361 | $0.0000 | $0.0000 | $0.2361 |
| **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)** |
|  June 2025 | $0.2243 | $0.0000 | $0.0000 | $0.2243 |
|  September 2025 | $0.2254 | $0.0000 | $0.0000 | $0.2254 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **281** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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) | 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)** |
|  June 2025 | $0.1581 | $0.0000 | $0.0000 | $0.1581 |
|  September 2025 | $0.0559 | $0.0000 | $0.0000 | $0.0559 |
| **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)** |
|  June 2025 | $0.1581 | $0.0000 | $0.0000 | $0.1581 |
|  September 2025 | $0.0521 | $0.0000 | $0.0000 | $0.0521 |
| **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)** |
|  June 2025 | $0.1556 | $0.0000 | $0.0000 | $0.1556 |
|  September 2025 | $0.0506 | $0.0000 | $0.0000 | $0.0506 |
| **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)** |
|  June 2025 | $0.1510 | $0.0000 | $0.0000 | $0.1510 |
|  September 2025 | $0.0458 | $0.0000 | $0.0000 | $0.0458 |
| **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)** |
|  June 2025 | $0.1410 | $0.0000 | $0.0000 | $0.1410 |
|  September 2025 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |

---

---

| | |
|:---|:---|
| **282** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | 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)** |
|  June 2025 | $0.2714 | $0.0000 | $0.0000 | $0.2714 |
|  September 2025 | $0.2630 | $0.0000 | $0.0000 | $0.2630 |
| PIMCO StocksPLUS<sup>®</sup> Short Fund | 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)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| **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)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| **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)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| **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)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| **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)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **283** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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)** |
|  June 2025 | $0.1731 | $0.0000 | $0.0000 | $0.1731 |
|  September 2025 | $0.1771 | $0.0000 | $0.0000 | $0.1771 |
| **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)** |
|  June 2025 | $0.1718 | $0.0000 | $0.0000 | $0.1718 |
|  September 2025 | $0.1753 | $0.0000 | $0.0000 | $0.1753 |
| **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)** |
|  June 2025 | $0.1711 | $0.0000 | $0.0000 | $0.1711 |
|  September 2025 | $0.1743 | $0.0000 | $0.0000 | $0.1743 |
| **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)** |
|  June 2025 | $0.1681 | $0.0000 | $0.0000 | $0.1681 |
|  September 2025 | $0.1700 | $0.0000 | $0.0000 | $0.1700 |
| **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)** |
|  June 2025 | $0.1610 | $0.0000 | $0.0000 | $0.1610 |
|  September 2025 | $0.1599 | $0.0000 | $0.0000 | $0.1599 |

---

\* 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. 

---

| | |
|:---|:---|
| **284** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **285** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **286** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amended and Restated Asset Allocation Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund, each a series of the Trust, and Research Affiliates (collectively, the "Sub-Advisory Agreements" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Funds (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. Information Received

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the

Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Fund that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Funds that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Fund that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **287** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

relevant to their consideration of the renewal of the Agreements. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. Nature, Extent and Quality of Services

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Funds.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and the sub-advisory services provided by Research Affiliates to the PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, and PIMCO RAE Worldwide Long/Short PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation and/or sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreements are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

3. Investment Performance

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended

---

| | |
|:---|:---|
| **288** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

---

------

(Unaudited)

March 31, 2025 and other performance data, as available, over short**-** and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2025 (the "Broadridge Report").

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Fund would have substantially similar performance to that of the Institutional Class of the relevant Fund on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation. The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a better comparison.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relative performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in

managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. Advisory Fees, Supervisory and Administrative Fees and Total Expenses

The Board considered that PIMCO seeks to price new funds and classes at scale at the outset with reference to the total expense ratios of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, as well as the universe of other similar funds. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place or proposed for certain of the Funds and/or classes, including those implemented in connection with feedback provided by the Board, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Funds in their respective Subsidiaries. The Board also considered that PIMCO reviews the Funds' fee levels and considers changes where appropriate.

The Board also reviewed data comparing the Funds' advisory fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **289** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee for each Fund. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various

third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Funds and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Fund fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Funds in prior years. In addition, the Board considered proposed advisory and supervisory and administrative fee reductions for certain Funds and/or classes. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered any fee waiver agreements in place for the Funds of Funds.

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| | |
|:---|:---|
| **290** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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(Unaudited)

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreements, and the total expense ratios of each Fund are reasonable.

5. Adviser Costs, Level of Profits and Economies of Scale

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Funds. To the extent applicable, the Board also reviewed information regarding the portion of a Fund's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Fund. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing

large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. Ancillary Benefits

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds' Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **291** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.) (Unaudited)

7. Conclusions

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreements on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Funds and their shareholders.

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|:---|:---|
| **292** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

660 Newport Center Drive, Suite 300

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

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![LOGO](g72864g75h91.jpg)

PIMSEQSFSTMSAR_093025

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![LOGO](g920178g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 2025

**International Bond Funds**

PIMCO Emerging Markets Bond Fund

PIMCO Emerging Markets Corporate Bond Fund

PIMCO Emerging Markets Currency and Short-Term Investments Fund

PIMCO Emerging Markets Full Spectrum Bond Fund

PIMCO Emerging Markets Local Currency and Bond Fund

PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund

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

PIMCO International Bond Fund (Unhedged)

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#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx920178_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx920178_2) | 8 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx920178_3) | 16 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx920178_4) | 20 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx920178_5) | 22 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx920178_6) | 184 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx920178_7) | 207 |
| &nbsp;&nbsp; [Glossary](#tx920178_9) | 215 |
| &nbsp;&nbsp; [Distribution Information](#tx920178_10) | 216 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx920178_12) | 222 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies<br>(N-CSR Item 9)](#tx920178_13) | 223 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx920178_14) | 224 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO Emerging Markets Bond Fund](#tx920178_15) | 24 |
| &nbsp;&nbsp; [PIMCO Emerging Markets Corporate Bond Fund](#tx920178_16) | 49 |
| &nbsp;&nbsp; [PIMCO Emerging Markets Currency and Short-Term Investments Fund](#tx920178_17) | 62 |
| &nbsp;&nbsp; [PIMCO Emerging Markets Full Spectrum Bond Fund](#tx920178_18) | 86 |
| &nbsp;&nbsp; [PIMCO Emerging Markets Local Currency and Bond Fund](#tx920178_19) | 90 |
| &nbsp;&nbsp; [PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund](#tx920178_20) | 119 |
| &nbsp;&nbsp; [PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)](#tx920178_21) | 139 |
| &nbsp;&nbsp; [PIMCO International Bond Fund (Unhedged)](#tx920178_22) | 161 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

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Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Emerging Markets Bond Fund, PIMCO Emerging Markets Corporate Bond Fund, PIMCO Emerging Markets Currency and Short-Term Investments Fund, PIMCO Emerging Markets Full Spectrum Bond Fund, PIMCO Emerging Markets Local Currency and Bond Fund, PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund, PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) and PIMCO International Bond Fund (Unhedged) (each, a "Fund" and collectively, the "Funds").

The PIMCO Emerging Markets Full Spectrum Bond Fund may invest its assets in funds of the Trust and funds of PIMCO Equity Series and PIMCO ETF Trust, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and other affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (collectively, "Acquired Funds"). To the extent Underlying PIMCO Funds of the Trust or PIMCO Equity Series are held, Institutional Class or Class M shares will be held. The cost of investing in the PIMCO Emerging Markets Full Spectrum Bond Fund will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic and industry conditions. The value of equity securities, such as common stocks and preferred securities, has historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

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|:---|:---|
| **2** | **PIMCO INTERNATIONAL BOND FUNDS** |

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The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

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

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

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency

restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

A Fund may have investments in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as, but not limited to political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, regional armed conflict and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions, export and import controls and other similar measures may be imposed by the United States and/or other countries. Other similar measures may include, but are not limited to, banning or expanding bans on Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with ties to Russia (e.g. Belarus). Such sanctions and other similar measures — which may impact companies in many sectors, including energy, financial services, technology, accounting, quantum computing, shipping, aviation, metals and mining, and defense, among others — and Russia's countermeasures may negatively impact a Fund's performance and/or ability to achieve its investment objective. For example, certain investments may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited, securities markets close, or market participants cease transacting in certain investments in light of geopolitical events, sanctions or related considerations), which could render any such securities held by a Fund unmarketable for an indefinite period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions. In addition, such sanctions or other similar measures, and the Russian government's response, could result in a downgrade of Russia's credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia's currency and/or increased volatility with respect to Russian securities and the ruble. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia's economy and Russian and other issuers of securities in which a Fund is invested. Such resulting actual or threatened responses may include, but are not limited to, purchasing and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs export and import controls, or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Any actions by Russia made in response to such sanctions or retaliatory measures could further impair the value and liquidity of Fund investments. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate

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|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

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Important Information About the Funds (Cont.)

issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government's response. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities. There may be little publicly available information about issuers. Settlement, clearing and registration of securities transactions are subject to risks. Prior to the implementation of the National Settlement Depository ("NSD"), a recognized central securities depository, there was no central registration system for equity share registration in Russia, and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss can still occur. In addition, sanctions or Russian countermeasures may prohibit or limit a Fund's ability to participate in corporate actions, and therefore require the Fund to forego voting on or receiving funds that would otherwise be beneficial to the Fund. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be recorded by companies themselves and by registrars. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence or oversight. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. In addition, sanctions or Russian countermeasures may prohibit or limit a Fund's ability to participate in corporate actions, and therefore require the Fund to forego voting on or receiving funds that would otherwise be beneficial to the Fund. To the extent that a Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, minerals, and timber account for a significant portion of Russia's exports, leaving the country vulnerable to swings in world prices, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals, minerals or timber industries.

Russia has attempted, and may attempt in the future, to assert its influence in the region through economic or military measures. For example, in February 2022, Russia launched a large-scale invasion of Ukraine. Such measures may have an adverse effect on the Russian economy, which may, in turn, negatively impact a Fund. Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital

and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

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|:---|:---|
| **4** | **PIMCO INTERNATIONAL BOND FUNDS** |

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The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Diversification<br>Status |
|  PIMCO Emerging Markets Bond Fund | 07/31/97 | 07/31/97 | 04/30/08 | 04/27/18 |  | 07/31/97 | 07/31/97 | Diversified |
|  PIMCO Emerging Markets Corporate Bond Fund | 07/01/09 | 07/01/09 |  |  |  |  |  | Diversified |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 05/31/05 | 05/31/05 | 04/30/08 |  |  | 05/31/05 |  | Diversified |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 02/25/13 | 02/25/13 |  |  |  |  |  | Diversified |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 12/29/06 | 12/29/06 | 05/30/08 | 04/27/18 |  | 07/31/07 | 07/31/07 | Non-diversified |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 02/05/09 | 02/05/09 |  |  |  | 02/05/09 |  | Diversified |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 10/02/95 | 02/25/98 | 04/30/08 |  |  | 10/02/95 | 10/02/95 | Non-diversified |
|  PIMCO International Bond Fund (Unhedged) | 04/30/04 | 04/30/04 | 04/30/08 | 04/27/18 | 02/28/06 | 07/30/04 | 07/30/04 | Diversified |

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted

proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net 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 September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>5</sub> |

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Important Information About the Funds (Cont.)

constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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|:---|:---|
| **6** | **PIMCO INTERNATIONAL BOND FUNDS** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

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Financial Highlights

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning<br>of Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Emerging Markets Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $8.52 | $0.30 | $0.41 | $0.71 | $(0.30) | $0.00 | $0.00 | $(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.61 | 0.07 | 0.68 | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.49 | 0.42 | 0.91 | (0.44) | 0.00 | (0.06) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.43 | (1.06) | (0.63) | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.42 | (0.96) | (0.54) | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.20 | 0.43 | 1.09 | 1.52 | (0.45) | 0.00 | 0.00 | (0.45) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.52 | 0.29 | 0.41 | 0.70 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.59 | 0.08 | 0.67 | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.49 | 0.42 | 0.91 | (0.44) | 0.00 | (0.06) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.42 | (1.06) | (0.64) | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.41 | (0.96) | (0.55) | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.20 | 0.42 | 1.09 | 1.51 | (0.44) | 0.00 | 0.00 | (0.44) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.52 | 0.29 | 0.41 | 0.70 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.60 | 0.07 | 0.67 | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.49 | 0.41 | 0.90 | (0.43) | 0.00 | (0.06) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.42 | (1.06) | (0.64) | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.41 | (0.97) | (0.56) | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.20 | 0.41 | 1.09 | 1.50 | (0.43) | 0.00 | 0.00 | (0.43) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.52 | 0.28 | 0.41 | 0.69 | (0.28) | 0.00 | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.58 | 0.07 | 0.65 | (0.58) | 0.00 | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.47 | 0.41 | 0.88 | (0.41) | 0.00 | (0.06) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.40 | (1.06) | (0.66) | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.39 | (0.97) | (0.58) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.20 | 0.39 | 1.09 | 1.48 | (0.41) | 0.00 | 0.00 | (0.41) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.52 | 0.25 | 0.41 | 0.66 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.52 | 0.07 | 0.59 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.41 | 0.41 | 0.82 | (0.35) | 0.00 | (0.06) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.33 | (1.05) | (0.72) | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.31 | (0.97) | (0.66) | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.20 | 0.31 | 1.09 | 1.40 | (0.33) | 0.00 | 0.00 | (0.33) |
|  **PIMCO Emerging Markets Corporate Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.18 | $0.28 | $0.20 | $0.48 | $(0.29) | $0.00 | $0.00 | $(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.50 | 0.17 | 0.67 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.91 | 0.43 | 0.13 | 0.56 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.42 | 0.35 | (0.49) | (0.14) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.83 | 0.36 | (1.41) | (1.05) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.44 | 0.41 | 1.38 | 1.79 | (0.40) | 0.00 | 0.00 | (0.40) |
|  **PIMCO Emerging Markets Currency and Short-Term Investments Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $7.19 | $0.29 | $0.43 | $0.72 | $(0.29) | $0.00 | $0.00 | $(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.38 | 0.49 | (0.17) | 0.32 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.49 | (0.10) | 0.39 | (0.35) | 0.00 | (0.17) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.68 | 0.26 | (0.16) | 0.10 | (0.08) | 0.00 | (0.19) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.91 | 0.22 | (0.33) | (0.11) | (0.12) | 0.00 | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.04 | 0.22 | 0.75 | 0.97 | 0.00 | 0.00 | (0.10) | (0.10) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.19 | 0.28 | 0.43 | 0.71 | (0.28) | 0.00 | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.38 | 0.48 | (0.16) | 0.32 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.48 | (0.10) | 0.38 | (0.34) | 0.00 | (0.17) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.68 | 0.28 | (0.18) | 0.10 | (0.08) | 0.00 | (0.19) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.91 | 0.22 | (0.34) | (0.12) | (0.11) | 0.00 | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.04 | 0.22 | 0.74 | 0.96 | 0.00 | 0.00 | (0.09) | (0.09) |

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|:---|:---|:---|
| **8** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses**<br> **Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $8.93 | 8.46% | $1283891 | 0.99 | %\* | 0.99 | %\* | 0.83 | %\* | 0.83 | %\* | 6.87 | %\* | 31% |
| 8.52 | 8.32 | 1114520 | 1.19 |  | 1.19 |  | 0.83 |  | 0.83 |  | 7.18 |  | 67 |
| 8.45 | 11.84 | 882087 | 1.30 |  | 1.30 |  | 0.83 |  | 0.83 |  | 6.19 |  | 55 |
| 8.04 | (6.59) | 2049059 | 0.93 |  | 0.93 |  | 0.83 |  | 0.83 |  | 5.17 |  | 54 |
| 9.29 | (5.58) | 2761793 | 0.84 |  | 0.84 |  | 0.83 |  | 0.83 |  | 4.15 |  | 40 |
| 10.27 | 16.59 | 2052215 | 0.87 |  | 0.87 |  | 0.83 |  | 0.83 |  | 4.10 |  | 69 |
| 8.93 | 8.40 | 792588 | 1.09 | \* | 1.09 | \* | 0.93 | \* | 0.93 | \* | 6.70 | \* | 31 |
| 8.52 | 8.22 | 399849 | 1.29 |  | 1.29 |  | 0.93 |  | 0.93 |  | 6.92 |  | 67 |
| 8.45 | 11.74 | 479591 | 1.40 |  | 1.40 |  | 0.93 |  | 0.93 |  | 6.13 |  | 55 |
| 8.04 | (6.68) | 620957 | 1.03 |  | 1.03 |  | 0.93 |  | 0.93 |  | 5.07 |  | 54 |
| 9.29 | (5.67) | 726918 | 0.94 |  | 0.94 |  | 0.93 |  | 0.93 |  | 4.02 |  | 40 |
| 10.27 | 16.47 | 202226 | 0.97 |  | 0.97 |  | 0.93 |  | 0.93 |  | 4.01 |  | 69 |
| 8.93 | 8.38 | 24491 | 1.14 | \* | 1.19 | \* | 0.98 | \* | 1.03 | \* | 6.71 | \* | 31 |
| 8.52 | 8.16 | 18973 | 1.34 |  | 1.39 |  | 0.98 |  | 1.03 |  | 7.04 |  | 67 |
| 8.45 | 11.68 | 15903 | 1.45 |  | 1.50 |  | 0.98 |  | 1.03 |  | 6.09 |  | 55 |
| 8.04 | (6.72) | 13501 | 1.08 |  | 1.13 |  | 0.98 |  | 1.03 |  | 5.07 |  | 54 |
| 9.29 | (5.72) | 10400 | 0.99 |  | 1.04 |  | 0.98 |  | 1.03 |  | 3.97 |  | 40 |
| 10.27 | 16.42 | 8599 | 1.02 |  | 1.07 |  | 0.98 |  | 1.03 |  | 3.97 |  | 69 |
| 8.93 | 8.26 | 145596 | 1.36 | \* | 1.36 | \* | 1.20 | \* | 1.20 | \* | 6.51 | \* | 31 |
| 8.52 | 7.93 | 138313 | 1.56 |  | 1.56 |  | 1.20 |  | 1.20 |  | 6.81 |  | 67 |
| 8.45 | 11.44 | 129044 | 1.67 |  | 1.67 |  | 1.20 |  | 1.20 |  | 5.87 |  | 55 |
| 8.04 | (6.94) | 135285 | 1.30 |  | 1.30 |  | 1.20 |  | 1.20 |  | 4.79 |  | 54 |
| 9.29 | (5.93) | 176188 | 1.21 |  | 1.21 |  | 1.20 |  | 1.20 |  | 3.75 |  | 40 |
| 10.27 | 16.16 | 214401 | 1.24 |  | 1.24 |  | 1.20 |  | 1.20 |  | 3.73 |  | 69 |
| 8.93 | 7.86 | 6034 | 2.11 | \* | 2.11 | \* | 1.95 | \* | 1.95 | \* | 5.76 | \* | 31 |
| 8.52 | 7.13 | 5678 | 2.31 |  | 2.31 |  | 1.95 |  | 1.95 |  | 6.06 |  | 67 |
| 8.45 | 10.62 | 4705 | 2.42 |  | 2.42 |  | 1.95 |  | 1.95 |  | 5.12 |  | 55 |
| 8.04 | (7.64) | 5356 | 2.05 |  | 2.05 |  | 1.95 |  | 1.95 |  | 4.02 |  | 54 |
| 9.29 | (6.63) | 7851 | 1.96 |  | 1.96 |  | 1.95 |  | 1.95 |  | 2.99 |  | 40 |
| 10.27 | 15.29 | 12042 | 1.99 |  | 1.99 |  | 1.95 |  | 1.95 |  | 2.96 |  | 69 |
| $9.37 | 5.30% | $61678 | 0.96 | %\* | 0.96 | %\* | 0.85 | %\* | 0.85 | %\* | 6.08 | %\* | 82% |
| 9.18 | 7.66 | 64466 | 1.05 | <sup>(f)</sup> | 1.05 | <sup>(f)</sup> | 0.87 | <sup>(f)</sup> | 0.87 | <sup>(f)</sup> | 5.47 |  | 96 |
| 9.02 | 6.49 | 98427 | 0.98 |  | 0.98 |  | 0.90 |  | 0.90 |  | 4.92 |  | 89 |
| 8.91 | (1.38) | 94702 | 0.91 |  | 0.91 |  | 0.90 |  | 0.90 |  | 3.97 |  | 50 |
| 9.42 | (10.00) | 116909 | 0.90 |  | 0.90 |  | 0.90 |  | 0.90 |  | 3.39 |  | 39 |
| 10.83 | 19.09 | 180962 | 0.90 |  | 0.90 |  | 0.90 |  | 0.90 |  | 3.86 |  | 58 |
| $7.62 | 10.07% | $681821 | 0.91 | %\* | 0.91 | %\* | 0.85 | %\* | 0.85 | %\* | 7.57 | %\* | 78% |
| 7.19 | 4.55 | 572584 | 1.00 |  | 1.00 |  | 0.85 |  | 0.85 |  | 6.74 |  | 168 |
| 7.38 | 5.40 | 483502 | 1.09 |  | 1.09 |  | 0.85 |  | 0.85 |  | 6.64 |  | 254 |
| 7.51 | 1.49 | 539858 | 1.02 |  | 1.02 |  | 0.85 |  | 0.85 |  | 3.54 |  | 96 |
| 7.68 | (1.40) | 595946 | 0.86 |  | 0.86 |  | 0.85 |  | 0.85 |  | 2.82 |  | 57 |
| 7.91 | 13.78 | 684658 | 0.87 |  | 0.87 |  | 0.85 |  | 0.85 |  | 2.89 |  | 79 |
| 7.62 | 10.02 | 6872 | 1.01 | \* | 1.01 | \* | 0.95 | \* | 0.95 | \* | 7.45 | \* | 78 |
| 7.19 | 4.44 | 6735 | 1.10 |  | 1.10 |  | 0.95 |  | 0.95 |  | 6.65 |  | 168 |
| 7.38 | 5.29 | 7024 | 1.19 |  | 1.19 |  | 0.95 |  | 0.95 |  | 6.53 |  | 254 |
| 7.51 | 1.39 | 9080 | 1.12 |  | 1.12 |  | 0.95 |  | 0.95 |  | 3.75 |  | 96 |
| 7.68 | (1.50) | 5385 | 0.96 |  | 0.96 |  | 0.95 |  | 0.95 |  | 2.72 |  | 57 |
| 7.91 | 13.67 | 4993 | 0.97 |  | 0.97 |  | 0.95 |  | 0.95 |  | 2.85 |  | 79 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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^: | **Net Asset Value<br>Beginning<br>of Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $7.19 | $0.27 | $0.43 | $0.70 | $(0.27) | $0.00 | $0.00 | $(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.38 | 0.46 | (0.17) | 0.29 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.46 | (0.10) | 0.36 | (0.32) | 0.00 | (0.17) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.68 | 0.24 | (0.17) | 0.07 | (0.05) | 0.00 | (0.19) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.91 | 0.19 | (0.33) | (0.14) | (0.09) | 0.00 | 0.00 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.04 | 0.20 | 0.74 | 0.94 | 0.00 | 0.00 | (0.07) | (0.07) |
|  **PIMCO Emerging Markets Full Spectrum Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $6.11 | $0.21 | $0.36 | $0.57 | $(0.21) | $0.00 | $0.00 | $(0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.13 | 0.36 | 0.03 | 0.39 | (0.35) | 0.00 | (0.06) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.00 | 0.35 | 0.13 | 0.48 | (0.29) | 0.00 | (0.06) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 6.35 | 0.27 | (0.32) | (0.05) | (0.27) | 0.00 | (0.03) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.18 | 0.28 | (0.82) | (0.54) | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.38 | 0.26 | 0.85 | 1.11 | (0.10) | 0.00 | (0.21) | (0.31) |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $5.75 | $0.22 | $0.48 | $0.70 | $(0.21) | $0.00 | $0.00 | $(0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.42 | (0.12) | 0.30 | (0.30) | 0.00 | (0.12) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.33 | 0.13 | 0.46 | (0.13) | 0.00 | (0.19) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.27 | (0.06) | 0.21 | (0.14) | 0.00 | (0.11) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.26 | (0.62) | (0.36) | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.69 | 0.32 | 0.75 | 1.07 | (0.08) | 0.00 | (0.25) | (0.33) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 5.75 | 0.22 | 0.48 | 0.70 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.41 | (0.12) | 0.29 | (0.29) | 0.00 | (0.12) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.33 | 0.13 | 0.46 | (0.13) | 0.00 | (0.19) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.27 | (0.07) | 0.20 | (0.13) | 0.00 | (0.11) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.26 | (0.63) | (0.37) | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.69 | 0.31 | 0.76 | 1.07 | (0.08) | 0.00 | (0.25) | (0.33) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 5.75 | 0.21 | 0.49 | 0.70 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.42 | (0.13) | 0.29 | (0.29) | 0.00 | (0.12) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.33 | 0.12 | 0.45 | (0.12) | 0.00 | (0.19) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.27 | (0.07) | 0.20 | (0.13) | 0.00 | (0.11) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.26 | (0.63) | (0.37) | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.69 | 0.31 | 0.75 | 1.06 | (0.07) | 0.00 | (0.25) | (0.32) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 5.75 | 0.21 | 0.48 | 0.69 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.40 | (0.13) | 0.27 | (0.27) | 0.00 | (0.12) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.31 | 0.13 | 0.44 | (0.11) | 0.00 | (0.19) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.25 | (0.06) | 0.19 | (0.12) | 0.00 | (0.11) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.24 | (0.63) | (0.39) | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.69 | 0.29 | 0.76 | 1.05 | (0.06) | 0.00 | (0.25) | (0.31) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 5.75 | 0.18 | 0.49 | 0.67 | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.35 | (0.12) | 0.23 | (0.23) | 0.00 | (0.12) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.27 | 0.13 | 0.40 | (0.07) | 0.00 | (0.19) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.21 | (0.06) | 0.15 | (0.08) | 0.00 | (0.11) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.20 | (0.64) | (0.44) | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.69 | 0.24 | 0.76 | 1.00 | (0.01) | 0.00 | (0.25) | (0.26) |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses**<br> **Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $7.62 | 9.85% | $8040 | 1.31 | %\* | 1.31 | %\* | 1.25 | %\* | 1.25 | %\* | 7.17 | %\* | 78% |
| 7.19 | 4.13 | 6841 | 1.40 |  | 1.40 |  | 1.25 |  | 1.25 |  | 6.33 |  | 168 |
| 7.38 | 4.98 | 7554 | 1.49 |  | 1.49 |  | 1.25 |  | 1.25 |  | 6.23 |  | 254 |
| 7.51 | 1.09 | 9443 | 1.42 |  | 1.42 |  | 1.25 |  | 1.25 |  | 3.31 |  | 96 |
| 7.68 | (1.80) | 7690 | 1.26 |  | 1.26 |  | 1.25 |  | 1.25 |  | 2.40 |  | 57 |
| 7.91 | 13.33 | 9244 | 1.27 |  | 1.27 |  | 1.25 |  | 1.25 |  | 2.55 |  | 79 |
| $6.47 | 9.46% | $198756 | 0.11 | %\* | 0.94 | %\* | 0.11 | %\* | 0.94 | %\* | 6.62 | %\* | 34% |
| 6.11 | 6.62 | 184367 | 0.10 |  | 0.94 |  | 0.10 |  | 0.94 |  | 5.94 |  | 66 |
| 6.13 | 8.28 | 266000 | 0.16 |  | 0.95 |  | 0.15 |  | 0.94 |  | 5.78 |  | 51 |
| 6.00 | (0.52) | 277099 | 0.16 |  | 0.94 |  | 0.16 |  | 0.94 |  | 4.52 |  | 12 |
| 6.35 | (7.88) | 267820 | 0.14 |  | 0.94 |  | 0.14 |  | 0.94 |  | 4.01 |  | 29 |
| 7.18 | 17.52 | 359989 | 0.09 |  | 0.94 |  | 0.09 |  | 0.94 |  | 3.60 |  | 41 |
| $6.24 | 12.40% | $2155869 | 1.38 | %\* | 1.38 | %\* | 0.90 | %\* | 0.90 | %\* | 7.22 | %\* | 63% |
| 5.75 | 5.28 | 1204540 | 1.60 |  | 1.60 |  | 0.90 |  | 0.90 |  | 7.24 |  | 212 |
| 5.87 | 8.31 | 1246885 | 2.02 |  | 2.02 |  | 0.90 |  | 0.90 |  | 5.76 |  | 135 |
| 5.73 | 3.98 | 1520545 | 1.46 |  | 1.46 |  | 0.90 |  | 0.90 |  | 4.89 |  | 135 |
| 5.77 | (5.96) | 2312938 | 1.22 |  | 1.22 |  | 0.90 |  | 0.90 |  | 4.12 |  | 108 |
| 6.43 | 18.93 | 1217887 | 1.25 |  | 1.25 |  | 0.90 |  | 0.90 |  | 4.90 |  | 123 |
| 6.24 | 12.35 | 298227 | 1.48 | \* | 1.48 | \* | 1.00 | \* | 1.00 | \* | 7.11 | \* | 63 |
| 5.75 | 5.18 | 142213 | 1.70 |  | 1.70 |  | 1.00 |  | 1.00 |  | 7.16 |  | 212 |
| 5.87 | 8.21 | 127371 | 2.12 |  | 2.12 |  | 1.00 |  | 1.00 |  | 5.68 |  | 135 |
| 5.73 | 3.88 | 99934 | 1.62 | <sup>(g)</sup> | 1.62 | <sup>(g)</sup> | 1.00 | <sup>(g)</sup> | 1.00 | <sup>(g)</sup> | 4.91 |  | 135 |
| 5.77 | (6.05) | 96034 | 1.32 |  | 1.32 |  | 1.00 |  | 1.00 |  | 4.14 |  | 108 |
| 6.43 | 18.81 | 97406 | 1.35 |  | 1.35 |  | 1.00 |  | 1.00 |  | 4.82 |  | 123 |
| 6.24 | 12.32 | 26863 | 1.53 | \* | 1.58 | \* | 1.05 | \* | 1.10 | \* | 7.02 | \* | 63 |
| 5.75 | 5.12 | 26026 | 1.75 |  | 1.80 |  | 1.05 |  | 1.10 |  | 7.20 |  | 212 |
| 5.87 | 8.15 | 9643 | 2.17 |  | 2.22 |  | 1.05 |  | 1.10 |  | 5.64 |  | 135 |
| 5.73 | 3.83 | 6377 | 1.69 | <sup>(g)</sup> | 1.74 | <sup>(g)</sup> | 1.05 | <sup>(g)</sup> | 1.10 | <sup>(g)</sup> | 4.88 |  | 135 |
| 5.77 | (6.10) | 6714 | 1.37 |  | 1.42 |  | 1.05 |  | 1.10 |  | 4.13 |  | 108 |
| 6.43 | 18.75 | 11906 | 1.40 |  | 1.45 |  | 1.05 |  | 1.10 |  | 4.77 |  | 123 |
| 6.24 | 12.18 | 44535 | 1.78 | \* | 1.78 | \* | 1.30 | \* | 1.30 | \* | 6.80 | \* | 63 |
| 5.75 | 4.86 | 28327 | 2.00 |  | 2.00 |  | 1.30 |  | 1.30 |  | 6.85 |  | 212 |
| 5.87 | 7.88 | 31977 | 2.42 |  | 2.42 |  | 1.30 |  | 1.30 |  | 5.37 |  | 135 |
| 5.73 | 3.57 | 33073 | 1.91 | <sup>(g)</sup> | 1.91 | <sup>(g)</sup> | 1.30 | <sup>(g)</sup> | 1.30 | <sup>(g)</sup> | 4.58 |  | 135 |
| 5.77 | (6.33) | 36384 | 1.62 |  | 1.62 |  | 1.30 |  | 1.30 |  | 3.85 |  | 108 |
| 6.43 | 18.46 | 35483 | 1.65 |  | 1.65 |  | 1.30 |  | 1.30 |  | 4.51 |  | 123 |
| 6.24 | 11.76 | 4662 | 2.53 | \* | 2.53 | \* | 2.05 | \* | 2.05 | \* | 6.04 | \* | 63 |
| 5.75 | 4.08 | 3408 | 2.75 |  | 2.75 |  | 2.05 |  | 2.05 |  | 6.12 |  | 212 |
| 5.87 | 7.09 | 2612 | 3.17 |  | 3.17 |  | 2.05 |  | 2.05 |  | 4.63 |  | 135 |
| 5.73 | 2.79 | 2128 | 2.67 | <sup>(g)</sup> | 2.67 | <sup>(g)</sup> | 2.05 | <sup>(g)</sup> | 2.05 | <sup>(g)</sup> | 3.85 |  | 135 |
| 5.77 | (7.04) | 2258 | 2.37 |  | 2.37 |  | 2.05 |  | 2.05 |  | 3.13 |  | 108 |
| 6.43 | 17.57 | 3011 | 2.40 |  | 2.40 |  | 2.05 |  | 2.05 |  | 3.74 |  | 123 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.16 | $0.22 | $0.26 | $0.48 | $(0.23) | $0.00 | $0.00 | $(0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.09 | 0.40 | 0.09 | 0.49 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.32 | 0.24 | 0.56 | (0.15) | 0.00 | (0.16) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.75 | 0.37 | (0.80) | (0.43) | (0.35) | (0.13) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.45 | 0.34 | (0.64) | (0.30) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.30 | 0.90 | 1.20 | (0.24) | 0.00 | 0.00 | (0.24) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.16 | 0.20 | 0.26 | 0.46 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.09 | 0.36 | 0.09 | 0.45 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.29 | 0.23 | 0.52 | (0.11) | 0.00 | (0.16) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.75 | 0.32 | (0.79) | (0.47) | (0.31) | (0.13) | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.45 | 0.30 | (0.64) | (0.34) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.26 | 0.89 | 1.15 | (0.19) | 0.00 | 0.00 | (0.19) |
|  **PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.66 | $0.20 | $0.22 | $0.42 | $(0.24) | $0.00 | $0.00 | $(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.52 | 0.39 | 0.22 | 0.61 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.29 | 0.26 | 0.55 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.11 | 0.21 | (0.34) | (0.13) | (0.21) | (0.54) | 0.00 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.68 | 0.21 | (0.48) | (0.27) | (0.14) | (0.16) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.92 | 0.21 | 0.76 | 0.97 | (0.17) | (0.04) | 0.00 | (0.21) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.66 | 0.19 | 0.23 | 0.42 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.52 | 0.38 | 0.22 | 0.60 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.28 | 0.26 | 0.54 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.11 | 0.20 | (0.34) | (0.14) | (0.20) | (0.54) | 0.00 | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.68 | 0.20 | (0.48) | (0.28) | (0.13) | (0.16) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.92 | 0.20 | 0.76 | 0.96 | (0.16) | (0.04) | 0.00 | (0.20) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.66 | 0.18 | 0.22 | 0.40 | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.52 | 0.36 | 0.21 | 0.57 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.26 | 0.26 | 0.52 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.11 | 0.18 | (0.35) | (0.17) | (0.17) | (0.54) | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.68 | 0.18 | (0.48) | (0.30) | (0.11) | (0.16) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.92 | 0.17 | 0.76 | 0.93 | (0.13) | (0.04) | 0.00 | (0.17) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.66 | 0.15 | 0.22 | 0.37 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.52 | 0.29 | 0.21 | 0.50 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.19 | 0.26 | 0.45 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.11 | 0.10 | (0.34) | (0.24) | (0.10) | (0.54) | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.68 | 0.10 | (0.48) | (0.38) | (0.03) | (0.16) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.92 | 0.09 | 0.77 | 0.86 | (0.06) | (0.04) | 0.00 | (0.10) |
|  **PIMCO International Bond Fund (Unhedged)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $7.53 | $0.15 | $0.37 | $0.52 | $(0.17) | $0.00 | $0.00 | $(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.29 | 0.01 | 0.30 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.21 | (0.10) | 0.11 | 0.00 | 0.00 | (0.25) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.17 | (1.15) | (0.98) | (0.01) | (0.09) | (0.18) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.19 | (1.04) | (0.85) | (0.23) | (0.16) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.83 | 0.20 | 1.31 | 1.51 | (0.15) | 0.00 | 0.00 | (0.15) |

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| | | |
|:---|:---|:---|
| **12** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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------

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses**<br> **Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $10.41 | 4.75% | $143305 | 0.81 | %\* | 0.81 | %\* | 0.65 | %\* | 0.65 | %\* | 4.34 | %\* | 313% |
| 10.16 | 4.94 | 206838 | 0.99 |  | 0.99 |  | 0.65 |  | 0.65 |  | 3.99 |  | 629 |
| 10.09 | 5.83 | 297415 | 0.83 |  | 0.83 |  | 0.65 |  | 0.65 |  | 3.30 |  | 633 |
| 9.84 | (3.96) | 264101 | 0.76 |  | 0.76 |  | 0.65 |  | 0.65 |  | 3.68 |  | 362 |
| 10.75 | (2.73) | 307695 | 0.67 |  | 0.67 |  | 0.65 |  | 0.65 |  | 3.00 |  | 291 |
| 11.45 | 11.48 | 318210 | 0.69 |  | 0.69 |  | 0.65 |  | 0.65 |  | 2.69 |  | 525 |
| 10.41 | 4.54 | 21581 | 1.21 | \* | 1.21 | \* | 1.05 | \* | 1.05 | \* | 3.94 | \* | 313 |
| 10.16 | 4.52 | 19367 | 1.39 |  | 1.39 |  | 1.05 |  | 1.05 |  | 3.58 |  | 629 |
| 10.09 | 5.41 | 18459 | 1.23 |  | 1.23 |  | 1.05 |  | 1.05 |  | 2.92 |  | 633 |
| 9.84 | (4.35) | 20489 | 1.16 |  | 1.16 |  | 1.05 |  | 1.05 |  | 3.23 |  | 362 |
| 10.75 | (3.11) | 10944 | 1.07 |  | 1.07 |  | 1.05 |  | 1.05 |  | 2.60 |  | 291 |
| 11.45 | 11.03 | 10191 | 1.09 |  | 1.09 |  | 1.05 |  | 1.05 |  | 2.29 |  | 525 |
| $9.84 | 4.41% | $1387505 | 0.56 | %\* | 0.56 | %\* | 0.55 | %\* | 0.55 | %\* | 4.08 | %\* | 367% |
| 9.66 | 6.55 | 1326028 | 0.61 |  | 0.61 |  | 0.55 |  | 0.55 |  | 4.07 |  | 776 |
| 9.52 | 6.05 | 949129 | 0.71 |  | 0.71 |  | 0.55 |  | 0.55 |  | 3.13 |  | 759 |
| 9.23 | (1.18) | 789541 | 0.61 |  | 0.61 |  | 0.55 |  | 0.55 |  | 2.17 |  | 595 |
| 10.11 | (2.58) | 776785 | 0.56 |  | 0.56 |  | 0.55 |  | 0.55 |  | 2.03 |  | 376 |
| 10.68 | 9.82 | 702595 | 0.56 |  | 0.56 |  | 0.55 |  | 0.55 |  | 1.98 |  | 582 |
| 9.84 | 4.36 | 198035 | 0.66 | \* | 0.66 | \* | 0.65 | \* | 0.65 | \* | 4.00 | \* | 367 |
| 9.66 | 6.45 | 84751 | 0.71 |  | 0.71 |  | 0.65 |  | 0.65 |  | 3.97 |  | 776 |
| 9.52 | 5.94 | 65611 | 0.81 |  | 0.81 |  | 0.65 |  | 0.65 |  | 3.03 |  | 759 |
| 9.23 | (1.28) | 72493 | 0.71 |  | 0.71 |  | 0.65 |  | 0.65 |  | 2.12 |  | 595 |
| 10.11 | (2.68) | 51160 | 0.66 |  | 0.66 |  | 0.65 |  | 0.65 |  | 1.93 |  | 376 |
| 10.68 | 9.72 | 60892 | 0.66 |  | 0.66 |  | 0.65 |  | 0.65 |  | 1.88 |  | 582 |
| 9.84 | 4.23 | 78207 | 0.91 | \* | 0.91 | \* | 0.90 | \* | 0.90 | \* | 3.73 | \* | 367 |
| 9.66 | 6.18 | 74517 | 0.96 |  | 0.96 |  | 0.90 |  | 0.90 |  | 3.74 |  | 776 |
| 9.52 | 5.68 | 70890 | 1.06 |  | 1.06 |  | 0.90 |  | 0.90 |  | 2.78 |  | 759 |
| 9.23 | (1.53) | 54818 | 0.96 |  | 0.96 |  | 0.90 |  | 0.90 |  | 1.86 |  | 595 |
| 10.11 | (2.92) | 43356 | 0.91 |  | 0.91 |  | 0.90 |  | 0.90 |  | 1.68 |  | 376 |
| 10.68 | 9.44 | 46393 | 0.91 |  | 0.91 |  | 0.90 |  | 0.90 |  | 1.63 |  | 582 |
| 9.84 | 3.84 | 4415 | 1.66 | \* | 1.66 | \* | 1.65 | \* | 1.65 | \* | 2.99 | \* | 367 |
| 9.66 | 5.39 | 3533 | 1.71 |  | 1.71 |  | 1.65 |  | 1.65 |  | 2.99 |  | 776 |
| 9.52 | 4.90 | 3745 | 1.81 |  | 1.81 |  | 1.65 |  | 1.65 |  | 2.03 |  | 759 |
| 9.23 | (2.27) | 3326 | 1.71 |  | 1.71 |  | 1.65 |  | 1.65 |  | 1.04 |  | 595 |
| 10.11 | (3.65) | 4459 | 1.66 |  | 1.66 |  | 1.65 |  | 1.65 |  | 0.93 |  | 376 |
| 10.68 | 8.63 | 5667 | 1.66 |  | 1.66 |  | 1.65 |  | 1.65 |  | 0.87 |  | 582 |
| $7.88 | 6.87% | $612832 | 0.59 | %\* | 0.59 | %\* | 0.50 | %\* | 0.50 | %\* | 3.86 | %\* | 267% |
| 7.53 | 4.10 | 415738 | 0.71 |  | 0.71 |  | 0.50 |  | 0.50 |  | 3.88 |  | 646 |
| 7.55 | 1.56 | 453541 | 0.77 |  | 0.77 |  | 0.50 |  | 0.50 |  | 2.88 |  | 641 |
| 7.69 | (10.93) | 489313 | 0.66 |  | 0.66 |  | 0.50 |  | 0.50 |  | 2.23 |  | 401 |
| 8.95 | (8.56) | 826088 | 0.51 |  | 0.51 |  | 0.50 |  | 0.50 |  | 1.87 |  | 320 |
| 10.19 | 17.19 | 912645 | 0.52 |  | 0.52 |  | 0.50 |  | 0.50 |  | 2.00 |  | 525 |

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>13</sub> |

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Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning<br>of Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO International Bond Fund (Unhedged) (Cont.)** |  |  |  |  |  |  |  |  |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $7.53 | $0.15 | $0.36 | $0.51 | $(0.16) | $0.00 | $0.00 | $(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.28 | 0.01 | 0.29 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.20 | (0.09) | 0.11 | 0.00 | 0.00 | (0.25) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.17 | (1.16) | (0.99) | 0.00 | (0.09) | (0.18) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.18 | (1.04) | (0.86) | (0.22) | (0.16) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.83 | 0.19 | 1.31 | 1.50 | (0.14) | 0.00 | 0.00 | (0.14) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.53 | 0.15 | 0.36 | 0.51 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.28 | 0.01 | 0.29 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.20 | (0.10) | 0.10 | 0.00 | 0.00 | (0.24) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.16 | (1.15) | (0.99) | 0.00 | (0.09) | (0.18) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.17 | (1.03) | (0.86) | (0.22) | (0.16) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.83 | 0.19 | 1.31 | 1.50 | (0.14) | 0.00 | 0.00 | (0.14) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.53 | 0.14 | 0.37 | 0.51 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.27 | 0.01 | 0.28 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.20 | (0.11) | 0.09 | 0.00 | 0.00 | (0.23) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.16 | (1.16) | (1.00) | 0.01 | (0.09) | (0.18) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.16 | (1.03) | (0.87) | (0.21) | (0.16) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.83 | 0.18 | 1.31 | 1.49 | (0.13) | 0.00 | 0.00 | (0.13) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.53 | 0.14 | 0.36 | 0.50 | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.26 | 0.01 | 0.27 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.18 | (0.10) | 0.08 | 0.00 | 0.00 | (0.22) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.14 | (1.15) | (1.01) | 0.02 | (0.09) | (0.18) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.15 | (1.04) | (0.89) | (0.19) | (0.16) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.83 | 0.16 | 1.31 | 1.47 | (0.11) | 0.00 | 0.00 | (0.11) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.53 | 0.11 | 0.36 | 0.47 | (0.12) | 0.00 | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.20 | 0.02 | 0.22 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.13 | (0.10) | 0.03 | 0.00 | 0.00 | (0.17) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.08 | (1.15) | (1.07) | 0.08 | (0.09) | (0.18) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.07 | (1.03) | (0.96) | (0.12) | (0.16) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.83 | 0.09 | 1.31 | 1.40 | (0.04) | 0.00 | 0.00 | (0.04) |

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---

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

---

+ Unaudited

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

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

<sup>(f)</sup> Effective September 3, 2024, the Fund's investment advisory fee was decreased by 0.05% to an annual rate of 0.45%. 

<sup>(g)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses**<br> **Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $7.88 | 6.82% | $279098 | 0.69 | %\* | 0.69 | %\* | 0.60 | %\* | 0.60 | %\* | 3.76 | %\* | 267% |
| 7.53 | 3.99 | 123784 | 0.81 |  | 0.81 |  | 0.60 |  | 0.60 |  | 3.78 |  | 646 |
| 7.55 | 1.46 | 213572 | 0.87 |  | 0.87 |  | 0.60 |  | 0.60 |  | 2.76 |  | 641 |
| 7.69 | (11.02) | 237941 | 0.76 |  | 0.76 |  | 0.60 |  | 0.60 |  | 2.13 |  | 401 |
| 8.95 | (8.65) | 264179 | 0.61 |  | 0.61 |  | 0.60 |  | 0.60 |  | 1.78 |  | 320 |
| 10.19 | 17.07 | 239939 | 0.62 |  | 0.62 |  | 0.60 |  | 0.60 |  | 1.86 |  | 525 |
| 7.88 | 6.79 | 40805 | 0.74 | \* | 0.79 | \* | 0.65 | \* | 0.70 | \* | 3.70 | \* | 267 |
| 7.53 | 3.94 | 33843 | 0.86 |  | 0.91 |  | 0.65 |  | 0.70 |  | 3.73 |  | 646 |
| 7.55 | 1.41 | 58383 | 0.92 |  | 0.97 |  | 0.65 |  | 0.70 |  | 2.71 |  | 641 |
| 7.69 | (11.07) | 111088 | 0.81 |  | 0.86 |  | 0.65 |  | 0.70 |  | 2.08 |  | 401 |
| 8.95 | (8.70) | 139321 | 0.66 |  | 0.71 |  | 0.65 |  | 0.70 |  | 1.72 |  | 320 |
| 10.19 | 17.02 | 84507 | 0.67 |  | 0.72 |  | 0.65 |  | 0.70 |  | 1.89 |  | 525 |
| 7.88 | 6.74 | 18293 | 0.84 | \* | 0.84 | \* | 0.75 | \* | 0.75 | \* | 3.60 | \* | 267 |
| 7.53 | 3.84 | 15779 | 0.96 |  | 0.96 |  | 0.75 |  | 0.75 |  | 3.64 |  | 646 |
| 7.55 | 1.31 | 9907 | 1.02 |  | 1.02 |  | 0.75 |  | 0.75 |  | 2.63 |  | 641 |
| 7.69 | (11.16) | 18982 | 0.91 |  | 0.91 |  | 0.75 |  | 0.75 |  | 1.99 |  | 401 |
| 8.95 | (8.79) | 25434 | 0.76 |  | 0.76 |  | 0.75 |  | 0.75 |  | 1.61 |  | 320 |
| 10.19 | 16.90 | 36225 | 0.77 |  | 0.77 |  | 0.75 |  | 0.75 |  | 1.77 |  | 525 |
| 7.88 | 6.66 | 112596 | 0.99 | \* | 0.99 | \* | 0.90 | \* | 0.90 | \* | 3.46 | \* | 267 |
| 7.53 | 3.68 | 91892 | 1.11 |  | 1.11 |  | 0.90 |  | 0.90 |  | 3.48 |  | 646 |
| 7.55 | 1.16 | 94676 | 1.17 |  | 1.17 |  | 0.90 |  | 0.90 |  | 2.46 |  | 641 |
| 7.69 | (11.29) | 91394 | 1.06 |  | 1.06 |  | 0.90 |  | 0.90 |  | 1.83 |  | 401 |
| 8.95 | (8.93) | 117997 | 0.91 |  | 0.91 |  | 0.90 |  | 0.90 |  | 1.46 |  | 320 |
| 10.19 | 16.72 | 150556 | 0.92 |  | 0.92 |  | 0.90 |  | 0.90 |  | 1.63 |  | 525 |
| 7.88 | 6.27 | 2278 | 1.74 | \* | 1.74 | \* | 1.65 | \* | 1.65 | \* | 2.71 | \* | 267 |
| 7.53 | 2.91 | 1921 | 1.86 |  | 1.86 |  | 1.65 |  | 1.65 |  | 2.73 |  | 646 |
| 7.55 | 0.41 | 2691 | 1.92 |  | 1.92 |  | 1.65 |  | 1.65 |  | 1.72 |  | 641 |
| 7.69 | (11.96) | 2902 | 1.81 |  | 1.81 |  | 1.65 |  | 1.65 |  | 1.08 |  | 401 |
| 8.95 | (9.61) | 4022 | 1.66 |  | 1.66 |  | 1.65 |  | 1.65 |  | 0.72 |  | 320 |
| 10.19 | 15.86 | 3958 | 1.67 |  | 1.67 |  | 1.65 |  | 1.65 |  | 0.87 |  | 525 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **15** |

---

------

Statements of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>Emerging Markets<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Corporate<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Currency and<br>Short-Term<br>Investments Fund** | **PIMCO<br>Emerging Markets<br>Full Spectrum<br>Bond Fund** |
|  **Assets:** |  |  |  |  |
|  *Investments, at value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $2356957 | $60630 | $615851 | $8448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 117422 | 4262 | 125264 | 196167 |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 472 | 13 | 250 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 10324 | 85 | 25120 | 11 |
|  Cash | 424 | 0 | 59 | 0 |
|  Deposits with counterparty | 19690 | 751 | 6156 | 748 |
|  Foreign currency, at value | 3894 | 222 | 6230 | 271 |
|  Receivable for investments sold | 41831 | 336 | 14138 | 5 |
|  Receivable for investments sold on a delayed-delivery basis | 0 | 0 | 0 | 0 |
|  Receivable for TBA investments sold | 31763 | 1918 | 0 | 6776 |
|  Receivable for Fund shares sold | 4626 | 0 | 102 | 45 |
|  Interest and/or dividends receivable | 32660 | 828 | 4799 | 15 |
|  Dividends receivable from Affiliates | 264 | 11 | 508 | 1023 |
|  Reimbursement receivable from PIMCO | 1 | 0 | 0 | 131 |
|  **Total Assets** | 2620328 | 69056 | 798477 | 213640 |
|  **Liabilities:** |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $98817 | $1111 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 79761 | 0 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 741 | 4 | 389 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 18518 | 119 | 40409 | 15 |
|  Payable for investments purchased | 44815 | 2129 | 42481 | 0 |
|  Payable for investments in Affiliates purchased | 278 | 12 | 523 | 1058 |
|  Payable for investments purchased on a delayed-delivery basis | 0 | 0 | 4052 | 0 |
|  Payable for TBA investments purchased | 57413 | 3812 | 0 | 13443 |
|  Payable for unfunded loan commitments | 10025 | 0 | 10025 | 0 |
|  Deposits from counterparty | 3907 | 0 | 3118 | 0 |
|  Payable for Fund shares redeemed | 49965 | 127 | 100 | 213 |
|  Distributions payable | 1631 | 9 | 25 | 3 |
|  Overdraft due to custodian | 0 | 5 | 0 | 0 |
|  Accrued investment advisory fees | 812 | 22 | 256 | 85 |
|  Accrued supervisory and administrative fees | 768 | 20 | 229 | 63 |
|  Accrued distribution fees | 3 | 0 | 0 | 0 |
|  Accrued servicing fees | 30 | 0 | 2 | 0 |
|  Accrued taxes payable | 23 | 1 | 0 | 0 |
|  Foreign capital gains tax payable | 216 | 7 | 131 | 0 |
|  Other liabilities | 5 | 0 | 4 | 0 |
|  **Total Liabilities** | 367728 | 7378 | 101744 | 14884 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |
|  **Net Assets** | $2252600 | $61678 | $696733 | $198756 |
|  **Net Assets Consist of:** |  |  |  |  |
|  Paid in capital | $3233729 | $153828 | $1348243 | $312653 |
|  Distributable earnings (accumulated loss) | (981129) | (92150) | (651510) | (113897) |
|  **Net Assets** | $2252600 | $61678 | $696733 | $198756 |
|  Cost of investments in securities | $2326716 | $62429 | $599568 | $8933 |
|  Cost of investments in Affiliates | $117388 | $4261 | $125525 | $185080 |
|  Cost of foreign currency held | $3926 | $220 | $6286 | $262 |
|  Proceeds received on short sales | $79152 | $0 | $0 | $0 |
|  Cost or premiums of financial derivative instruments, net | $(14840) | $357 | $(1066) | $76 |
|  \* Includes repurchase agreements of: | $79502 | $0 | $0 | $0 |

---

---

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

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Emerging Markets<br>Local Currency and<br>Bond Fund** | **PIMCO<br>Global Advantage<sup>®</sup><br>Strategy Bond Fund** | **PIMCO**<br> **Global Bond<br>Opportunities Fund<br>(U.S. Dollar-Hedged)** | **PIMCO**<br> **International Bond<br>Fund (Unhedged)** |
| $2575791 | $222597 | $2253781 | $1259374 |
| 251277 | 9274 | 162652 | 105894 |
| 1815 | 262 | 3308 | 2017 |
| 193107 | 27740 | 203965 | 67759 |
| 7935 | 123 | 2 | 0 |
| 38237 | 3445 | 10761 | 7567 |
| 21104 | 1628 | 7128 | 9887 |
| 173152 | 27609 | 194418 | 62908 |
| 0 | 3 | 20 | 6 |
| 0 | 72588 | 1131992 | 568244 |
| 10516 | 165 | 2547 | 8763 |
| 44557 | 1378 | 11541 | 7174 |
| 580 | 28 | 640 | 328 |
| 1 | 0 | 0 | 2 |
| 3318072 | 366840 | 3982755 | 2099923 |
| $239346 | $0 | $0 | $257 |
| 0 | 12598 | 180873 | 136302 |
| 1671 | 300 | 3092 | 1278 |
| 200141 | 28291 | 209190 | 68394 |
| 268306 | 29180 | 233002 | 84424 |
| 610 | 29 | 659 | 338 |
| 43932 | 6082 | 0 | 0 |
| 0 | 124125 | 1678412 | 736894 |
| 10025 | 0 | 335 | 0 |
| 13228 | 1046 | 5352 | 3777 |
| 6272 | 199 | 1554 | 1406 |
| 1051 | 1 | 1364 | 383 |
| 0 | 0 | 0 | 72 |
| 879 | 46 | 328 | 205 |
| 908 | 42 | 414 | 245 |
| 3 | 0 | 2 | 5 |
| 10 | 4 | 16 | 23 |
| 572 | 8 | 0 | 0 |
| 927 | 1 | 0 | 18 |
| 35 | 2 | 0 | 0 |
| 787916 | 201954 | 2314593 | 1034021 |
| $2530156 | $164886 | $1668162 | $1065902 |
| $2876910 | 192241 | 1685685 | 1130077 |
| (346754) | (27355) | (17523) | (64175) |
| $2530156 | $164886 | $1668162 | $1065902 |
| $2479560 | $224001 | $2246451 | $1287783 |
| $251856 | $9273 | $162624 | $105867 |
| $21687 | $1629 | $7113 | $9891 |
| $0 | $12634 | $181395 | $136648 |
| $(7498) | $(197) | $23207 | $1318 |
| $306 | $700 | $9706 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **17** |

---

------

Statements of Assets and Liabilities (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO<br>Emerging Markets<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Corporate<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Currency and<br>Short-Term<br>Investments Fund** | **PIMCO<br>Emerging Markets<br>Full Spectrum<br>Bond Fund** |
|  **Net Assets:** |  |  |  |  |
|  Institutional Class | $1283891 | $61678 | $681821 | $198756 |
|  I-2 | 792588 | N/A | 6872 | N/A |
|  I-3 | 24491 | N/A | N/A | N/A |
|  Administrative Class | N/A | N/A | N/A | N/A |
|  Class A | 145596 | N/A | 8040 | N/A |
|  Class C | 6034 | N/A | N/A | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |  |
|  Institutional Class | 143774 | 6582 | 89491 | 30729 |
|  I-2 | 88756 | N/A | 902 | N/A |
|  I-3 | 2743 | N/A | N/A | N/A |
|  Administrative Class | N/A | N/A | N/A | N/A |
|  Class A | 16304 | N/A | 1055 | N/A |
|  Class C | 676 | N/A | N/A | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |
|  Institutional Class | $8.93 | $9.37 | $7.62 | $6.47 |
|  I-2 | 8.93 | N/A | 7.62 | N/A |
|  I-3 | 8.93 | N/A | N/A | N/A |
|  Administrative Class | N/A | N/A | N/A | N/A |
|  Class A | 8.93 | N/A | 7.62 | N/A |
|  Class C | 8.93 | N/A | N/A | N/A |

---

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

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Emerging Markets<br>Local Currency and<br>Bond Fund** | **PIMCO<br>Global Advantage<sup>®</sup><br>Strategy Bond Fund** | **PIMCO**<br> **Global Bond<br>Opportunities Fund<br>(U.S. Dollar-Hedged)** | **PIMCO**<br> **International Bond<br>Fund (Unhedged)** |
| $2155869 | $143305 | $1387505 | $612832 |
| 298227 | N/A | 198035 | 279098 |
| 26863 | N/A | N/A | 40805 |
| N/A | N/A | N/A | 18293 |
| 44535 | 21581 | 78207 | 112596 |
| 4662 | N/A | 4415 | 2278 |
| 345673 | 13765 | 140978 | 77783 |
| 47821 | N/A | 20122 | 35424 |
| 4307 | N/A | N/A | 5179 |
| N/A | N/A | N/A | 2322 |
| 7141 | 2073 | 7946 | 14291 |
| 747 | N/A | 449 | 289 |
| $6.24 | $10.41 | $9.84 | $7.88 |
| 6.24 | N/A | 9.84 | 7.88 |
| 6.24 | N/A | N/A | 7.88 |
| N/A | N/A | N/A | 7.88 |
| 6.24 | 10.41 | 9.84 | 7.88 |
| 6.24 | N/A | 9.84 | 7.88 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **19** |

---

------

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Emerging Markets<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Corporate<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Currency and<br>Short-Term<br>Investments Fund** | **PIMCO<br>Emerging Markets<br>Full Spectrum<br>Bond Fund** |
|  **Investment Income:** |  |  |  |  |
|  Interest, net of foreign taxes\* | $75528 | $2144 | $26094 | $60 |
|  Dividends | 1008 | 6 | 79 | 9 |
|  Dividends from Investments in Affiliates | 3217 | 76 | 3353 | 6482 |
|  Miscellaneous income | 194 | 9 | 68 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 79947 | 2235 | 29594 | 6551 |
|  **Expenses:** |  |  |  |  |
|  Investment advisory fees | 4582 | 143 | 1567 | 526 |
|  Supervisory and administrative fees | 4332 | 127 | 1403 | 389 |
|  Distribution and/or servicing fees - Administrative Class | 0 | 0 | 0 | 0 |
|  Distribution and/or servicing fees - Class A | 175 | 0 | 10 | 0 |
|  Distribution and/or servicing fees - Class C | 29 | 0 | 0 | 0 |
|  Trustee fees | 3 | 0 | 1 | 0 |
|  Interest expense | 1643 | 34 | 214 | 3 |
|  Miscellaneous expense | 1 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 10765 | 304 | 3195 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (5) | 0 | 0 | (811) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 10760 | 304 | 3195 | 107 |
|  **Net Investment Income (Loss)** | 69187 | 1931 | 26399 | 6444 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\* | (8394) | (1962) | 15191 | 177 |
|  Investments in Affiliates | 27 | 1 | 3 | (735) |
|  Exchange-traded or centrally cleared financial derivative instruments | 10209 | 179 | (260) | 284 |
|  Over the counter financial derivative instruments | (19303) | (373) | 24766 | (13) |
|  Short sales | 0 | 0 | (10) | 0 |
|  Foreign currency | (486) | 13 | (2131) | 0 |
|  **Net Realized Gain (Loss)** | (17947) | (2142) | 37559 | (287) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\*\* | 123174 | 3575 | 19743 | 26 |
|  Investments in Affiliates | 42 | 1 | 153 | 11570 |
|  Exchange-traded or centrally cleared financial derivative instruments | (3895) | (55) | (2119) | (195) |
|  Over the counter financial derivative instruments | 2343 | (5) | (18496) | 24 |
|  Short sales | 302 | 0 | (25) | 0 |
|  Foreign currency assets and liabilities | (108) | 5 | 97 | 9 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 121858 | 3521 | (647) | 11434 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $173098 | $3310 | $63311 | $17591 |
|  \* Foreign tax withholdings | $551 | $17 | $405 | $0 |
|  \*\* Foreign capital gains tax | $12 | $0 | $2 | $0 |
|  \*\*\* Foreign capital gains tax | $(23) | $(1) | $0 | $0 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Emerging Markets<br>Local Currency and<br>Bond Fund** | **PIMCO<br>Global Advantage<sup>®</sup><br>Strategy Bond Fund** | **<br>PIMCO<br>Global Bond<br>Opportunities Fund<br>(U.S. Dollar-Hedged)** | **PIMCO<br>International<br>Bond Fund<br>(Unhedged)** |
| $82666 | $3770 | $33509 | $18147 |
| 217 | 231 | 45 | 33 |
| 3282 | 104 | 2690 | 1363 |
| 154 | 0 | 1 | 0 |
| 86319 | 4105 | 36245 | 19543 |
| 4500 | 279 | 1948 | 1096 |
| 4651 | 254 | 2432 | 1315 |
| 0 | 0 | 0 | 20 |
| 46 | 25 | 94 | 132 |
| 20 | 0 | 20 | 12 |
| 3 | 1 | 3 | 1 |
| 4782 | 130 | 108 | 379 |
| 0 | 1 | 1 | 7 |
| 14002 | 690 | 4606 | 2962 |
| (7) | 0 | 0 | (9) |
| 13995 | 690 | 4606 | 2953 |
| 72324 | 3415 | 31639 | 16590 |
| 12845 | (3823) | 24770 | 348 |
| (15) | 6 | 8 | (3) |
| (2499) | (557) | 6789 | (3133) |
| 27880 | (3540) | (36653) | 20614 |
| (165) | 0 | 9 | 0 |
| (2614) | 550 | 947 | 512 |
| 35432 | (7364) | (4130) | 18338 |
| 121268 | 8691 | 23436 | 21265 |
| 104 | 1 | 33 | 27 |
| (1570) | 789 | 13334 | 701 |
| (14022) | 578 | 2607 | (6824) |
| (323) | 0 | 300 | 0 |
| 5482 | 68 | 541 | 154 |
| 110939 | 10127 | 40251 | 15323 |
| $218695 | $6178 | $67760 | $50251 |
| $3589 | $3 | $0 | $0 |
| $274 | $5 | $0 | $0 |
| $(276) | $2 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **21** |

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Statements of Changes in Net Assets

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Emerging Markets Bond Fund** | **PIMCO**<br> **Emerging Markets Bond Fund** | **PIMCO**<br> **Emerging Markets Corporate<br>Bond Fund** | **PIMCO**<br> **Emerging Markets Corporate<br>Bond Fund** | **PIMCO**<br> **Emerging Markets Currency<br>and Short-Term Investments Fund** | **PIMCO**<br> **Emerging Markets Currency<br>and Short-Term Investments Fund** | **PIMCO**<br> **Emerging Markets Full**<br> **Spectrum Bond Fund** | **PIMCO**<br> **Emerging Markets Full**<br> **Spectrum Bond Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $69187 | $117806 | $1931 | $4515 | $26399 | $34445 | $6444 | $13279 |
|  Net realized gain (loss) | (17947) | (79382) | (2142) | (3167) | 37559 | (13500) | (287) | (10935) |
|  Net change in unrealized appreciation (depreciation) | 121858 | 104038 | 3521 | 4956 | (647) | 2184 | 11434 | 13905 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 173098 | 142462 | 3310 | 6304 | 63311 | 23129 | 17591 | 16249 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (39860) | (73117) | (1989) | (4611) | (25923) | (35045) | (6483) | (12644) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (23728) | (34653) | N/A | N/A | (309) | (505) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (734) | (1254) | 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 | (4552) | (9308) | N/A | N/A | (270) | (465) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (166) | (309) | N/A | N/A | N/A | N/A | N/A | N/A |
|  Tax basis return of capital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | N/A | 0 | 0 | 0 | N/A | N/A | N/A | (2343) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | 0 | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | 0 | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | 0 | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | 0 | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (69040) | (118641) | (1989) | (4611) | (26502) | (36015) | (6483) | (14987) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 471209 | 142182 | (4109) | (35654) | 73764 | 100966 | 3281 | (82895) |
|  **Total Increase (Decrease) in Net Assets** | 575267 | 166003 | (2788) | (33961) | 110573 | 88080 | 14389 | (81633) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 1677333 | 1511330 | 64466 | 98427 | 586160 | 498080 | 184367 | 266000 |
|  End of period | $2252600 | $1677333 | $61678 | $64466 | $696733 | $586160 | $198756 | $184367 |

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| | |
|:---|:---|
| <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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

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| | | |
|:---|:---|:---|
| **22** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Emerging Markets Local Currency<br>and Bond Fund** | **PIMCO**<br> **Emerging Markets Local Currency<br>and Bond Fund** | **PIMCO**<br> **Global Advantage<sup>®</sup>**<br> **Strategy Bond Fund** | **PIMCO**<br> **Global Advantage<sup>®</sup>**<br> **Strategy Bond Fund** | **PIMCO**<br> **Global Bond Opportunities Fund<br>(U.S. Dollar-Hedged)** | **PIMCO**<br> **Global Bond Opportunities Fund<br>(U.S. Dollar-Hedged)** | **PIMCO**<br> **International Bond Fund<br>(Unhedged)** | **PIMCO**<br> **International Bond Fund<br>(Unhedged)** |
| **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
| $72324 | $96491 | $3415 | $11341 | $31639 | $49889 | $16590 | $27275 |
| 35432 | (38304) | (7364) | (2466) | (4130) | 23479 | 18338 | (33128) |
| 110939 | 8749 | 10127 | 5738 | 40251 | 7043 | 15323 | 34584 |
| 218695 | 66936 | 6178 | 14613 | 67760 | 80411 | 50251 | 28731 |
| (62055) | (58481) | (3097) | (11055) | (34000) | (53532) | (10825) | (18767) |
| (6609) | (6901) | N/A | N/A | (2687) | (3362) | (4193) | (5690) |
| (948) | (1007) | N/A | N/A | N/A | N/A | (741) | (1699) |
| N/A | N/A | N/A | N/A | N/A | N/A | (324) | (407) |
| (1229) | (1469) | (409) | (712) | (1731) | (3214) | (2015) | (3573) |
| (117) | (119) | N/A | N/A | (76) | (139) | (36) | (74) |
| N/A | (23977) | N/A | 0 | N/A | 0 | N/A | 0 |
| N/A | (2876) | N/A | N/A | N/A | 0 | N/A | 0 |
| N/A | (416) | N/A | N/A | N/A | N/A | N/A | 0 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| N/A | (652) | N/A | 0 | N/A | 0 | N/A | 0 |
| N/A | (62) | N/A | N/A | N/A | 0 | N/A | 0 |
| (70958) | (95960) | (3506) | (11767) | (38494) | (60247) | (18134) | (30210) |
| 977905 | 15050 | (63991) | (92515) | 150067 | 379290 | 350828 | (148334) |
| 1125642 | (13974) | (61319) | (89669) | 179333 | 399454 | 382945 | (149813) |
| 1404514 | 1418488 | 226205 | 315874 | 1488829 | 1089375 | 682957 | 832770 |
| $2530156 | $1404514 | $164886 | $226205 | $1668162 | $1488829 | $1065902 | $682957 |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

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Schedule of Investments PIMCO Emerging Markets Bond Fund

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

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 104.6% | INVESTMENTS IN SECURITIES 104.6% | INVESTMENTS IN SECURITIES 104.6% |
| ANGOLA 0.6% | ANGOLA 0.6% | ANGOLA 0.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Finance Ministry Angola | Finance Ministry Angola | Finance Ministry Angola |
|  13.250% (PRIME + 6.000%) due 12/11/2025 «~ | 2400 | 2405 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
|  8.000% due 11/26/2029 | 4361 | 4260 |
|  8.250% due 05/09/2028 | 1400 | 1410 |
|  8.750% due 04/14/2032 | 4900 | 4693 |
|  9.375% due 05/08/2048 | 1000 | 861 |
|  |  | 11224 |
|  Total Angola (Cost $12,367) | Total Angola (Cost $12,367) | 13629 |
| ARGENTINA 2.5% | ARGENTINA 2.5% | ARGENTINA 2.5% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Pampa Energia SA | Pampa Energia SA | Pampa Energia SA |
|  7.875% due 12/16/2034 | 6900 | 6817 |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ | 8565 | 5803 |
|  1.000% due 07/09/2029 | 480 | 348 |
|  3.000% due 07/09/2041 þ | 1000 | 578 |
|  3.500% due 07/09/2041 þ | 46526 | 22664 |
|  3.875% due 07/09/2035 þ | 1000 | 631 |
|  4.125% due 07/09/2035 þ | 9812 | 5172 |
|  4.125% due 07/09/2046 þ | 1273 | 670 |
|  5.000% due 01/09/2038 þ | 3100 | 1748 |
|  Provincia de Buenos Aires/Government Bonds | Provincia de Buenos Aires/Government Bonds | Provincia de Buenos Aires/Government Bonds |
|  5.125% due 09/01/2037 þ | 4959 | 3354 |
|  6.625% due 09/01/2037 þ | 8817 | 5169 |
|  Provincia de Cordoba |  |  |
|  6.875% due 12/10/2025 þ | 42 | 43 |
|  Provincia de la Rioja |  |  |
|  8.500% due 02/24/2028 | 3452 | 2158 |
|  8.500% due 02/24/2028 ^(c) | 1593 | 996 |
|  |  | 49334 |
|  Total Argentina (Cost $49,128) | Total Argentina (Cost $49,128) | 56151 |
| ARMENIA 0.2% | ARMENIA 0.2% | ARMENIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Republic of Armenia International Bonds | Republic of Armenia International Bonds | Republic of Armenia International Bonds |
|  3.600% due 02/02/2031 | 5300 | 4788 |
|  Total Armenia (Cost $5,103) | Total Armenia (Cost $5,103) | 4788 |
| AZERBAIJAN 0.3% | AZERBAIJAN 0.3% | AZERBAIJAN 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Southern Gas Corridor CJSC |  |  |
|  6.875% due 03/24/2026 | 7400 | 7492 |
|  Total Azerbaijan (Cost $7,418) | Total Azerbaijan (Cost $7,418) | 7492 |
| BAHRAIN 0.4% | BAHRAIN 0.4% | BAHRAIN 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds |
|  4.250% due 01/25/2028 | 1900 | 1869 |
|  5.250% due 01/25/2033 | 4000 | 3887 |
|  5.625% due 09/30/2031 | 2100 | 2115 |
|  Total Bahrain (Cost $7,776) | Total Bahrain (Cost $7,776) | 7871 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| BENIN 0.0% | BENIN 0.0% | BENIN 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds |
|  6.875% due 01/19/2052 | 200 | 214 |
|  Total Benin (Cost $180) | Total Benin (Cost $180) | 214 |
| BRAZIL 3.2% | BRAZIL 3.2% | BRAZIL 3.2% |
| CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 | 136000 | 7479 |
|  Brazil Minas SPE via State of Minas Gerais | Brazil Minas SPE via State of Minas Gerais | Brazil Minas SPE via State of Minas Gerais |
|  5.333% due 02/15/2028 | 13140 | 13156 |
|  CSN Inova Ventures | CSN Inova Ventures | CSN Inova Ventures |
|  6.750% due 01/28/2028 | 5300 | 5153 |
|  Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) |
|  11.000% due 12/31/2028 (b) | 3533 | 654 |
|  Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) |
|  13.500% due 12/31/2027 (b) | 1673 | 1288 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 | 3500 | 3601 |
|  Vale SA | Vale SA | Vale SA |
|  0.000% due 12/29/2049 ~(i) | 168820 | 11386 |
|  |  | 42717 |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  7.250% due 01/12/2056 | 650 | 658 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (f) | 100400 | 17622 |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
|  6.000% due 08/15/2050 | 60946 | 9930 |
|  |  | 28210 |
|  Total Brazil (Cost $78,966) | Total Brazil (Cost $78,966) | 70927 |
| BULGARIA 0.4% | BULGARIA 0.4% | BULGARIA 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.625% due 09/05/2032 | 2700 | 3266 |
|  5.000% due 03/05/2037 | 5000 | 5011 |
|  Total Bulgaria (Cost $7,987) | Total Bulgaria (Cost $7,987) | 8277 |
| CAMEROON 0.3% | CAMEROON 0.3% | CAMEROON 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Cameroon International Bonds | Republic of Cameroon International Bonds | Republic of Cameroon International Bonds |
|  5.950% due 07/07/2032 | 5900 | 5694 |
|  9.500% due 11/19/2025 | 667 | 665 |
|  Total Cameroon (Cost $5,520) | Total Cameroon (Cost $5,520) | 6359 |
| CANADA 0.1% | CANADA 0.1% | CANADA 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. |
|  7.875% due 01/23/2030 | 2200 | 2274 |
|  Total Canada (Cost $2,200) | Total Canada (Cost $2,200) | 2274 |
| CAYMAN ISLANDS 3.5% | CAYMAN ISLANDS 3.5% | CAYMAN ISLANDS 3.5% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  5.454% due 12/31/2035 •  | 1450 | 1450 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2025 (f) | 303 | 9 |
|  0.000% due 12/31/2026 (f) | 404 | 11 |

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 12/31/2027 (f) | $— | 505 | 12 |
|  0.000% due 12/31/2028 (f) |  | 808 | 19 |
|  0.000% due 12/31/2029 (f) |  | 808 | 19 |
|  0.000% due 12/31/2030 (f) |  | 1010 | 24 |
|  0.000% due 12/31/2031 (f) |  | 1010 | 24 |
|  0.000% due 12/31/2032 (f) |  | 1906 | 46 |
|  |  |  | 164 |
| CORPORATE BONDS & NOTES 2.6% | CORPORATE BONDS & NOTES 2.6% | CORPORATE BONDS & NOTES 2.6% | CORPORATE BONDS & NOTES 2.6% |
|  Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. |
|  0.000% due 06/05/2034 (f) |  | 5143 | 4218 |
|  Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
|  3.125% due 10/22/2025 ^(c) |  | 3300 | 355 |
|  Energuate Trust 2 0 | Energuate Trust 2 0 | Energuate Trust 2 0 | Energuate Trust 2 0 |
|  6.350% due 09/15/2035 |  | 2000 | 2015 |
|  FWD Group Holdings Ltd. | FWD Group Holdings Ltd. | FWD Group Holdings Ltd. | FWD Group Holdings Ltd. |
|  5.252% due 09/22/2030 |  | 1800 | 1807 |
|  5.836% due 09/22/2035 |  | 500 | 508 |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  4.875% due 02/14/2035 |  | 9600 | 9583 |
|  5.250% due 01/29/2034 |  | 7000 | 7227 |
|  ICD Funding Ltd. | ICD Funding Ltd. | ICD Funding Ltd. | ICD Funding Ltd. |
|  3.223% due 04/28/2026 |  | 600 | 596 |
|  Interoceanica IV Finance Ltd. | Interoceanica IV Finance Ltd. | Interoceanica IV Finance Ltd. | Interoceanica IV Finance Ltd. |
|  0.000% due 11/30/2025 (f) |  | 70 | 70 |
|  Interoceanica V Finance Ltd. | Interoceanica V Finance Ltd. | Interoceanica V Finance Ltd. | Interoceanica V Finance Ltd. |
|  0.000% due 05/15/2030 (f) |  | 3215 | 2700 |
|  7.860% due 05/15/2030 |  | 2658 | 2755 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 ^«(c) |  | 17 | 2 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (b) |  | 606 | 14 |
|  Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 12/28/2029 (b) |  | 1010 | 21 |
|  Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 12/28/2030 (b) |  | 1212 | 20 |
|  Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 12/28/2031 (b) |  | 1818 | 25 |
|  Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 12/28/2032 (b) |  | 1704 | 26 |
|  Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) |
|  6.721% due 12/28/2028 (b) |  | 404 | 11 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  |  | 5500 | 6457 |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |
|  4.350% due 04/05/2036 | $— | 156 | 151 |
|  4.350% due 04/05/2036 (n) |  | 2415 | 2339 |
|  5.875% due 07/05/2034 |  | 740 | 764 |
|  Montego Bay Airport Revenue Finance Ltd. | Montego Bay Airport Revenue Finance Ltd. | Montego Bay Airport Revenue Finance Ltd. | Montego Bay Airport Revenue Finance Ltd. |
|  6.600% due 06/15/2035 |  | 2900 | 2967 |
|  Poinsettia Finance Ltd. SARL | Poinsettia Finance Ltd. SARL | Poinsettia Finance Ltd. SARL | Poinsettia Finance Ltd. SARL |
|  6.625% due 06/17/2031 |  | 4576 | 4498 |
|  Suci Second Investment Co. | Suci Second Investment Co. | Suci Second Investment Co. | Suci Second Investment Co. |
|  6.000% due 10/25/2028 |  | 8100 | 8505 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2026 ^(b)(c) |  | 415 | 63 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 ^(b)(c) |  | 416 | 64 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 ^(b)(c) |  | 835 | 127 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 ^(b)(c) |  | 1255 | 195 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 ^(b)(c) | 1258 | 195 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 ^(b)(c) | 593 | 91 |
|  |  | 58369 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Ziraat | Ziraat | Ziraat |
|  7.138% (TSFR3M + 3.100%) due 06/15/2034 «~ | 5100 | 5097 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  KSA Ijarah Sukuk Ltd. | KSA Ijarah Sukuk Ltd. | KSA Ijarah Sukuk Ltd. |
|  4.875% due 09/09/2035 | 5800 | 5836 |
|  KSA Sukuk Ltd. |  |  |
|  3.628% due 04/20/2027 | 8100 | 8040 |
|  |  | 13876 |
|  Total Cayman Islands (Cost $80,668) | Total Cayman Islands (Cost $80,668) | 78956 |
| CHILE 2.5% | CHILE 2.5% | CHILE 2.5% |
| CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% |
|  Banco del Estado de Chile | Banco del Estado de Chile | Banco del Estado de Chile |
|  7.950% due 05/02/2029 •(i)(j) | 3500 | 3744 |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
|  4.250% due 07/17/2042 | 1600 | 1326 |
|  4.375% due 02/05/2049 | 453 | 359 |
|  4.875% due 11/04/2044 | 1920 | 1678 |
|  5.950% due 01/08/2034 | 1300 | 1368 |
|  6.300% due 09/08/2053 | 3000 | 3086 |
|  6.440% due 01/26/2036 | 9700 | 10507 |
|  6.780% due 01/13/2055 | 5900 | 6344 |
|  Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado |
|  3.068% due 08/18/2050 | 800 | 507 |
|  3.830% due 09/14/2061 | 4700 | 3213 |
|  Empresa Nacional del Petroleo | Empresa Nacional del Petroleo | Empresa Nacional del Petroleo |
|  3.450% due 09/16/2031 | 979 | 904 |
|  5.950% due 07/30/2034 | 900 | 949 |
|  6.150% due 05/10/2033 | 4800 | 5103 |
|  Engie Energia Chile SA | Engie Energia Chile SA | Engie Energia Chile SA |
|  6.375% due 04/17/2034 | 1200 | 1282 |
|  |  | 40370 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  3.100% due 05/07/2041 (n) | 9100 | 6949 |
|  3.100% due 01/22/2061 | 700 | 435 |
|  3.500% due 04/15/2053 (n) | 4500 | 3230 |
|  5.650% due 01/13/2037 | 4600 | 4844 |
|  |  | 15458 |
|  Total Chile (Cost $55,330) | Total Chile (Cost $55,330) | 55828 |
| COLOMBIA 4.3% | COLOMBIA 4.3% | COLOMBIA 4.3% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Banco Davivienda SA | Banco Davivienda SA | Banco Davivienda SA |
|  8.125% due 07/02/2035 •(j) | 3600 | 3740 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  5.875% due 05/28/2045 (n) | 6800 | 5206 |
|  5.875% due 11/02/2051 | 8100 | 6006 |
|  7.375% due 09/18/2043 | 1700 | 1575 |
|  8.375% due 01/19/2036 | 2000 | 2067 |
|  |  | 18594 |
| SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  3.250% due 04/22/2032 | 13800 | 11702 |
|  3.875% due 04/25/2027 | 6100 | 6060 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 06/15/2045 (n) | $— | 1170 | 881 |
|  5.200% due 05/15/2049 |  | 824 | 621 |
|  5.625% due 02/26/2044 (n) |  | 5100 | 4182 |
|  6.125% due 01/18/2041 (n) |  | 2000 | 1796 |
|  7.375% due 04/25/2030 |  | 1800 | 1919 |
|  7.375% due 09/18/2037 |  | 1125 | 1161 |
|  8.000% due 04/20/2033 |  | 800 | 872 |
|  8.000% due 11/14/2035 |  | 1400 | 1506 |
|  8.375% due 11/07/2054 |  | 6500 | 6895 |
|  8.500% due 04/25/2035 |  | 12400 | 13752 |
|  8.750% due 11/14/2053 |  | 4900 | 5386 |
|  10.375% due 01/28/2033 |  | 200 | 244 |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  6.000% due 04/28/2028 |  | 19947100 | 4660 |
|  6.250% due 07/09/2036 |  | 8867300 | 1563 |
|  6.500% due 01/22/2031 (h) |  | 86818 | 22 |
|  7.000% due 03/26/2031 |  | 7426300 | 1584 |
|  11.000% due 08/22/2029 |  | 24121200 | 6214 |
|  12.750% due 11/28/2040 |  | 31504300 | 8419 |
|  |  |  | 79439 |
|  Total Colombia (Cost $95,315) | Total Colombia (Cost $95,315) | Total Colombia (Cost $95,315) | 98033 |
| COSTA RICA 0.1% | COSTA RICA 0.1% | COSTA RICA 0.1% | COSTA RICA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  7.300% due 11/13/2054 | $— | 2500 | 2744 |
|  Total Costa Rica (Cost $2,372) | Total Costa Rica (Cost $2,372) | Total Costa Rica (Cost $2,372) | 2744 |
| CZECH REPUBLIC 0.4% | CZECH REPUBLIC 0.4% | CZECH REPUBLIC 0.4% | CZECH REPUBLIC 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS |
|  5.250% due 01/10/2031 |  | 500 | 611 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  5.875% due 11/30/2029 |  | 4500 | 5697 |
|  6.651% due 11/13/2028 |  | 2100 | 2683 |
|  Total Czech Republic (Cost $8,189) | Total Czech Republic (Cost $8,189) | Total Czech Republic (Cost $8,189) | 8991 |
| DOMINICAN REPUBLIC 2.8% | DOMINICAN REPUBLIC 2.8% | DOMINICAN REPUBLIC 2.8% | DOMINICAN REPUBLIC 2.8% |
| SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% |
|  Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes |
|  13.000% due 12/05/2025 |  | 3100 | 50 |
|  13.000% due 01/30/2026 |  | 16800 | 272 |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  4.875% due 09/23/2032 | $— | 2000 | 1916 |
|  5.300% due 01/21/2041 |  | 1900 | 1722 |
|  5.875% due 01/30/2060 |  | 7300 | 6493 |
|  5.950% due 01/25/2027 |  | 8900 | 9071 |
|  6.000% due 07/19/2028 |  | 13300 | 13754 |
|  6.000% due 02/22/2033 |  | 2700 | 2766 |
|  6.400% due 06/05/2049 |  | 200 | 197 |
|  6.500% due 02/15/2048 |  | 506 | 505 |
|  6.600% due 06/01/2036 |  | 800 | 840 |
|  6.850% due 01/27/2045 |  | 300 | 311 |
|  6.950% due 03/15/2037 |  | 4200 | 4489 |
|  7.150% due 02/24/2055 |  | 3900 | 4152 |
|  10.500% due 03/15/2037 |  | 484000 | 8337 |
|  10.750% due 06/01/2036 |  | 290900 | 5069 |
|  11.250% due 09/15/2035 |  | 11200 | 199 |
|  13.625% due 02/03/2033 |  | 10500 | 204 |
|  13.625% due 02/10/2034 |  | 165700 | 3238 |
|  Total Dominican Republic (Cost $62,401) | Total Dominican Republic (Cost $62,401) | Total Dominican Republic (Cost $62,401) | 63585 |
| ECUADOR 1.2% | ECUADOR 1.2% | ECUADOR 1.2% | ECUADOR 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (f) | $— | 5271 | 4070 |
|  5.000% due 07/31/2040 þ |  | 2995 | 1987 |
|  6.900% due 07/31/2030 þ |  | 8600 | 7663 |
|  6.900% due 07/31/2035 þ |  | 16403 | 12294 |
|  Ecuador Social Bonds SARL | Ecuador Social Bonds SARL | Ecuador Social Bonds SARL | Ecuador Social Bonds SARL |
|  0.000% due 01/30/2035 (f) |  | 663 | 472 |
|  Total Ecuador (Cost $20,072) | Total Ecuador (Cost $20,072) | Total Ecuador (Cost $20,072) | 26486 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| EGYPT 3.5% | EGYPT 3.5% | EGYPT 3.5% |
| SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 | 790100 | 16508 |
|  Egypt Government International Bonds | Egypt Government International Bonds |  |
|  4.750% due 04/16/2026 | 15000 | 17670 |
|  5.250% due 10/06/2025 (n) | 1050 | 1048 |
|  6.375% due 04/11/2031 | 8300 | 9361 |
|  7.053% due 01/15/2032 | 900 | 870 |
|  7.500% due 02/16/2061 | 13400 | 10523 |
|  7.625% due 05/29/2032 | 800 | 790 |
|  7.903% due 02/21/2048 | 3650 | 3042 |
|  8.500% due 01/31/2047 | 3500 | 3096 |
|  8.625% due 02/04/2030 | 5700 | 6061 |
|  8.700% due 03/01/2049 | 5100 | 4548 |
|  8.750% due 09/30/2051 | 3250 | 2904 |
|  9.450% due 02/04/2033 (n) | 3000 | 3206 |
|  Total Egypt (Cost $69,403) | Total Egypt (Cost $69,403) | 79627 |
| EL SALVADOR 0.8% | EL SALVADOR 0.8% | EL SALVADOR 0.8% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa |
|  8.650% due 01/24/2033 (n) | 4400 | 4606 |
|  8.650% due 01/24/2033 | 1400 | 1466 |
|  |  | 6072 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds |
|  7.650% due 06/15/2035 | 700 | 713 |
|  9.250% due 04/17/2030 | 4100 | 4484 |
|  9.500% due 07/15/2052 | 1000 | 1066 |
|  9.650% due 11/21/2054 | 4400 | 4774 |
|  |  | 11037 |
|  Total El Salvador (Cost $15,542) | Total El Salvador (Cost $15,542) | 17109 |
| FRANCE 0.1% | FRANCE 0.1% | FRANCE 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  2.750% due 11/26/2026 | 1000 | 1164 |
|  Total France (Cost $997) | Total France (Cost $997) | 1164 |
| GABON 0.0% | GABON 0.0% | GABON 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds |
|  6.625% due 02/06/2031 | 350 | 283 |
|  Total Gabon (Cost $276) | Total Gabon (Cost $276) | 283 |
| GEORGIA 0.0% | GEORGIA 0.0% | GEORGIA 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Georgian Railway JSC | Georgian Railway JSC | Georgian Railway JSC |
|  4.000% due 06/17/2028 | 200 | 187 |
|  Total Georgia (Cost $185) | Total Georgia (Cost $185) | 187 |
| GERMANY 0.3% | GERMANY 0.3% | GERMANY 0.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  6.673% (EUR006M + 4.500%) due 04/26/2032 ~ | 6000 | 6947 |
|  Total Germany (Cost $6,290) | Total Germany (Cost $6,290) | 6947 |
| GHANA 0.5% | GHANA 0.5% | GHANA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds |
|  0.000% due 07/03/2026 (f) | 342 | 331 |
|  0.000% due 01/03/2030 (f) | 1068 | 917 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **25** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.500% due 01/03/2037 | $— | 2600 | 1294 |
|  5.000% due 07/03/2029 þ |  | 6278 | 6128 |
|  5.000% due 07/03/2035 þ |  | 3145 | 2659 |
|  Republic of Ghana Government Bonds | Republic of Ghana Government Bonds | Republic of Ghana Government Bonds | Republic of Ghana Government Bonds |
|  8.350% due 02/16/2027 |  | 3100 | 226 |
|  8.650% due 02/13/2029 |  | 1000 | 65 |
|  8.800% due 02/12/2030 |  | 4000 | 251 |
|  8.950% due 02/11/2031 |  | 5800 | 350 |
|  Total Ghana (Cost $10,916) | Total Ghana (Cost $10,916) | Total Ghana (Cost $10,916) | 12221 |
| GUATEMALA 1.3% | GUATEMALA 1.3% | GUATEMALA 1.3% | GUATEMALA 1.3% |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
|  4.375% due 06/05/2027 | $— | 7000 | 6966 |
|  4.650% due 10/07/2041 |  | 1000 | 862 |
|  4.875% due 02/13/2028 |  | 6200 | 6226 |
|  5.375% due 04/24/2032 |  | 1000 | 1008 |
|  6.050% due 08/06/2031 |  | 3800 | 3953 |
|  6.125% due 06/01/2050 |  | 750 | 727 |
|  6.250% due 08/15/2036 |  | 3200 | 3311 |
|  6.550% due 02/06/2037 |  | 3800 | 4018 |
|  6.875% due 08/15/2055 |  | 2400 | 2523 |
|  Total Guatemala (Cost $29,068) | Total Guatemala (Cost $29,068) | Total Guatemala (Cost $29,068) | 29594 |
| HONDURAS 0.1% | HONDURAS 0.1% | HONDURAS 0.1% | HONDURAS 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Honduras Government International Bonds | Honduras Government International Bonds | Honduras Government International Bonds | Honduras Government International Bonds |
|  8.625% due 11/27/2034 |  | 1200 | 1319 |
|  Total Honduras (Cost $1,200) | Total Honduras (Cost $1,200) | Total Honduras (Cost $1,200) | 1319 |
| HONG KONG 0.2% | HONG KONG 0.2% | HONG KONG 0.2% | HONG KONG 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  3.200% due 09/16/2040 |  | 400 | 315 |
|  Fortune Star BVI Ltd. | Fortune Star BVI Ltd. | Fortune Star BVI Ltd. | Fortune Star BVI Ltd. |
|  3.950% due 10/02/2026 |  | 1800 | 2108 |
|  5.000% due 05/18/2026 | $— | 1500 | 1496 |
|  5.050% due 01/27/2027 |  | 800 | 791 |
|  Total Hong Kong (Cost $4,380) | Total Hong Kong (Cost $4,380) | Total Hong Kong (Cost $4,380) | 4710 |
| HUNGARY 1.8% | HUNGARY 1.8% | HUNGARY 1.8% | HUNGARY 1.8% |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  1.625% due 04/28/2032 (n) |  | 1400 | 1457 |
|  1.750% due 06/05/2035 |  | 100 | 96 |
|  2.125% due 09/22/2031 (n) | $— | 4000 | 3441 |
|  3.125% due 09/21/2051 (n) |  | 1400 | 886 |
|  5.375% due 09/26/2030 (n) |  | 2100 | 2163 |
|  5.500% due 03/26/2036 (n) |  | 8600 | 8685 |
|  6.000% due 09/26/2035 (n) |  | 2000 | 2096 |
|  6.125% due 05/22/2028 (n) |  | 11000 | 11490 |
|  6.750% due 09/25/2052 (n) |  | 1500 | 1626 |
|  6.750% due 09/25/2052 |  | 800 | 868 |
|  6.750% due 09/23/2055 (n) |  | 1600 | 1701 |
|  7.625% due 03/29/2041 (n) |  | 4400 | 5225 |
|  Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt |
|  6.125% due 12/04/2027 |  | 800 | 828 |
|  Total Hungary (Cost $38,856) | Total Hungary (Cost $38,856) | Total Hungary (Cost $38,856) | 40562 |
| INDIA 0.3% | INDIA 0.3% | INDIA 0.3% | INDIA 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.250% due 05/21/2036 |  | 904 | 822 |
|  IIFL Finance Ltd. | IIFL Finance Ltd. | IIFL Finance Ltd. | IIFL Finance Ltd. |
|  8.750% due 07/24/2028 |  | 2400 | 2446 |
|  ReNew Pvt Ltd. | ReNew Pvt Ltd. | ReNew Pvt Ltd. | ReNew Pvt Ltd. |
|  5.875% due 03/05/2027 |  | 600 | 600 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ReNew Wind Energy AP2/ReNew Power Pvt Ltd.<br>other 9 Subsidiaries | ReNew Wind Energy AP2/ReNew Power Pvt Ltd.<br>other 9 Subsidiaries | ReNew Wind Energy AP2/ReNew Power Pvt Ltd.<br>other 9 Subsidiaries |
|  4.500% due 07/14/2028 | 3300 | 3188 |
|  Total India (Cost $7,156) | Total India (Cost $7,156) | 7056 |
| INDONESIA 3.5% | INDONESIA 3.5% | INDONESIA 3.5% |
| CORPORATE BONDS & NOTES 2.8% | CORPORATE BONDS & NOTES 2.8% | CORPORATE BONDS & NOTES 2.8% |
|  Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
|  5.315% due 04/14/2032 | 6000 | 6076 |
|  Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT |
|  5.450% due 05/15/2030 | 11700 | 12081 |
|  Pertamina Hulu Energi PT | Pertamina Hulu Energi PT | Pertamina Hulu Energi PT |
|  5.250% due 05/21/2030 | 7900 | 8077 |
|  Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
|  6.000% due 05/03/2042 | 2430 | 2496 |
|  6.450% due 05/30/2044 | 5100 | 5493 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
|  4.000% due 06/30/2050 | 11800 | 8739 |
|  4.375% due 02/05/2050 | 4300 | 3466 |
|  5.250% due 10/24/2042 | 6600 | 6159 |
|  5.250% due 05/15/2047 | 6500 | 5963 |
|  5.450% due 05/21/2028 | 250 | 257 |
|  6.250% due 01/25/2049 | 4800 | 4948 |
|  |  | 63755 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
|  1.100% due 03/12/2033 | 3800 | 3730 |
|  3.875% due 01/15/2033 | 2700 | 3224 |
|  4.125% due 01/15/2037 | 3100 | 3665 |
|  4.200% due 10/15/2050 | 400 | 331 |
|  5.250% due 01/17/2042 | 400 | 402 |
|  5.650% due 01/11/2053 | 700 | 710 |
|  6.750% due 01/15/2044 | 2100 | 2431 |
|  Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III |
|  3.800% due 06/23/2050 | 300 | 228 |
|  5.650% due 11/25/2054 | 900 | 900 |
|  |  | 15621 |
|  Total Indonesia (Cost $80,942) | Total Indonesia (Cost $80,942) | 79376 |
| IRELAND 1.0% | IRELAND 1.0% | IRELAND 1.0% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 1963 | 1838 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 8100 | 9525 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Avenir Issuer III Ireland DAC | Avenir Issuer III Ireland DAC | Avenir Issuer III Ireland DAC |
|  6.000% due 03/22/2027 | 2310 | 2286 |
|  Republic of Angola Via Avenir Issuer II Ireland DAC | Republic of Angola Via Avenir Issuer II Ireland DAC | Republic of Angola Via Avenir Issuer II Ireland DAC |
|  6.927% due 02/19/2027 | 9482 | 9246 |
|  |  | 11532 |
|  Total Ireland (Cost $22,088) | Total Ireland (Cost $22,088) | 22895 |
| ISRAEL 0.7% | ISRAEL 0.7% | ISRAEL 0.7% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  ICL Group Ltd. | ICL Group Ltd. | ICL Group Ltd. |
|  6.375% due 05/31/2038 | 2919 | 3044 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  3.750% due 02/22/2032 | 3000 | 2784 |
|  4.250% due 08/14/2028 | 2700 | 2666 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Leviathan Bond Ltd. | Leviathan Bond Ltd. | Leviathan Bond Ltd. |
|  6.500% due 06/30/2027 | 4600 | 4623 |
|  |  | 13117 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  4.500% due 01/30/2043 | 2300 | 2010 |
|  State of Israel |  |  |
|  2.500% due 01/15/2030 | 1000 | 923 |
|  |  | 2933 |
|  Total Israel (Cost $15,807) | Total Israel (Cost $15,807) | 16050 |
| ITALY 0.1% | ITALY 0.1% | ITALY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 1500 | 1584 |
|  Total Italy (Cost $1,491) | Total Italy (Cost $1,491) | 1584 |
| IVORY COAST 1.7% | IVORY COAST 1.7% | IVORY COAST 1.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% |
|  Republic of Cote d'Ivoire | Republic of Cote d'Ivoire | Republic of Cote d'Ivoire |
|  5.153% (EUR006M + 3.050%) due 03/09/2026 «~ | 10000 | 11723 |
|  5.159% (EUR003M + 2.850%) due 03/18/2026 «~ | 2900 | 3405 |
|  |  | 15128 |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  4.875% due 01/30/2032 | 3666 | 4114 |
|  5.250% due 03/22/2030 | 847 | 993 |
|  5.750% due 12/31/2032 þ | 1925 | 1908 |
|  5.750% due 12/31/2032 | 1073 | 1064 |
|  5.875% due 10/17/2031 | 2200 | 2575 |
|  6.625% due 03/22/2048 | 3900 | 3929 |
|  6.875% due 10/17/2040 | 1700 | 1864 |
|  7.625% due 01/30/2033 | 700 | 729 |
|  8.075% due 04/01/2036 | 1400 | 1453 |
|  8.250% due 01/30/2037 | 1900 | 1986 |
|  8.250% due 01/30/2037 (n) | 1800 | 1882 |
|  |  | 22497 |
|  Total Ivory Coast (Cost $34,551) | Total Ivory Coast (Cost $34,551) | 37625 |
| JAMAICA 0.1% | JAMAICA 0.1% | JAMAICA 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  TransJamaican Highway Ltd. | TransJamaican Highway Ltd. | TransJamaican Highway Ltd. |
|  5.750% due 10/10/2036 | 1656 | 1574 |
|  Total Jamaica (Cost $1,659) | Total Jamaica (Cost $1,659) | 1574 |
| JORDAN 0.3% | JORDAN 0.3% | JORDAN 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Jordan Government International Bonds | Jordan Government International Bonds | Jordan Government International Bonds |
|  6.125% due 01/29/2026 | 2000 | 2008 |
|  7.375% due 10/10/2047 | 4250 | 4077 |
|  Total Jordan (Cost $5,984) | Total Jordan (Cost $5,984) | 6085 |
| KAZAKHSTAN 1.0% | KAZAKHSTAN 1.0% | KAZAKHSTAN 1.0% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  3.500% due 04/14/2033 | 1885 | 1703 |
|  5.750% due 04/19/2047 | 7300 | 6816 |
|  QazaqGaz NC JSC | QazaqGaz NC JSC | QazaqGaz NC JSC |
|  4.375% due 09/26/2027 | 1000 | 994 |
|  Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. |
|  3.250% due 08/15/2030 | 7700 | 7109 |
|  4.000% due 08/15/2026 | 5600 | 5571 |
|  Total Kazakhstan (Cost $21,707) | Total Kazakhstan (Cost $21,707) | 22193 |

---

26 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| KENYA 0.7% | KENYA 0.7% | KENYA 0.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
|  12.650% (PRIME + 5.400%) due 04/05/2028 «~ | 2700 | 2706 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
|  7.250% due 02/28/2028 | 2300 | 2366 |
|  8.000% due 05/22/2032 | 300 | 300 |
|  9.500% due 03/05/2036 | 3300 | 3393 |
|  9.750% due 02/16/2031 | 6300 | 6741 |
|  |  | 12800 |
|  Total Kenya (Cost $14,641) | Total Kenya (Cost $14,641) | 15506 |
| KUWAIT 0.6% | KUWAIT 0.6% | KUWAIT 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.652% due 10/09/2035 (a) | 11500 | 11500 |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  3.500% due 03/20/2027 | 1700 | 1687 |
|  Total Kuwait (Cost $13,182) | Total Kuwait (Cost $13,182) | 13187 |
| LATVIA 0.2% | LATVIA 0.2% | LATVIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Latvia Government International Bonds | Latvia Government International Bonds | Latvia Government International Bonds |
|  5.125% due 07/30/2034 | 4600 | 4745 |
|  Total Latvia (Cost $4,559) | Total Latvia (Cost $4,559) | 4745 |
| LEBANON 0.1% | LEBANON 0.1% | LEBANON 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Lebanon Government International Bonds | Lebanon Government International Bonds | Lebanon Government International Bonds |
|  8.250% due 05/17/2034 ^(c) | 8300 | 1870 |
|  Total Lebanon (Cost $529) | Total Lebanon (Cost $529) | 1870 |
|  | **SHARES** |  |
| LUXEMBOURG 4.5% | LUXEMBOURG 4.5% | LUXEMBOURG 4.5% |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
|  Drillco Holdings Luxembourg SA «(l) | 154744 | 3353 |
|  Foresea Holdings SA « | 61095 | 1324 |
|  |  | 4677 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% |
|  Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |
|  5.580% due 10/20/2035 | 1271 | 1314 |
|  5.672% due 10/20/2035 | 1300 | 1342 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 2689 | 2634 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 3800 | 3994 |
|  6.103% due 08/23/2042 | 4700 | 4947 |
|  6.129% due 02/23/2038 | 4200 | 4474 |
|  6.510% due 02/23/2042 | 3400 | 3689 |
|  Guara Norte SARL | Guara Norte SARL | Guara Norte SARL |
|  5.198% due 06/15/2034 | 7529 | 7381 |
|  Kernel Holding SA | Kernel Holding SA | Kernel Holding SA |
|  6.750% due 10/27/2027 | 1500 | 1369 |
|  PRIO Luxembourg Holding SARL | PRIO Luxembourg Holding SARL | PRIO Luxembourg Holding SARL |
|  6.125% due 06/09/2026 | 6300 | 6296 |
|  Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA |
|  5.700% due 01/17/2035 | 800 | 737 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.250% due 07/08/2032 | $— | 3800 | 3714 |
|  6.450% due 03/05/2034 |  | 1000 | 971 |
|  Saavi Energia SARL | Saavi Energia SARL | Saavi Energia SARL | Saavi Energia SARL |
|  8.875% due 02/10/2035 |  | 3700 | 3986 |
|  |  |  | 46848 |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 |  | 49000 | 49775 |
|  Total Luxembourg (Cost $97,299) | Total Luxembourg (Cost $97,299) | Total Luxembourg (Cost $97,299) | 101300 |
| MACEDONIA 0.3% | MACEDONIA 0.3% | MACEDONIA 0.3% | MACEDONIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  North Macedonia Government International Bonds | North Macedonia Government International Bonds | North Macedonia Government International Bonds | North Macedonia Government International Bonds |
|  6.960% due 03/13/2027 |  | 6400 | 7836 |
|  Total Macedonia (Cost $6,809) | Total Macedonia (Cost $6,809) | Total Macedonia (Cost $6,809) | 7836 |
| MALAYSIA 0.7% | MALAYSIA 0.7% | MALAYSIA 0.7% | MALAYSIA 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  3.404% due 04/28/2061 | $— | 1200 | 830 |
|  4.800% due 04/21/2060 |  | 5230 | 4767 |
|  5.848% due 04/03/2055 |  | 9600 | 10170 |
|  Total Malaysia (Cost $15,675) | Total Malaysia (Cost $15,675) | Total Malaysia (Cost $15,675) | 15767 |
|  | **SHARES** | **SHARES** |  |
| MEXICO 8.9% | MEXICO 8.9% | MEXICO 8.9% | MEXICO 8.9% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Hipotecaria Su Casita SA «(d) |  | 93349 | 0 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 4.9% | CORPORATE BONDS & NOTES 4.9% | CORPORATE BONDS & NOTES 4.9% | CORPORATE BONDS & NOTES 4.9% |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  6.625% due 01/24/2032 •(i)(j) | $— | 800 | 781 |
|  8.375% due 10/14/2030 •(i)(j) |  | 700 | 749 |
|  8.375% due 05/20/2031 •(i)(j) |  | 2100 | 2214 |
|  8.750% due 05/20/2035 •(i)(j) |  | 2600 | 2783 |
|  Banco Nacional de Comercio Exterior SNC | Banco Nacional de Comercio Exterior SNC | Banco Nacional de Comercio Exterior SNC | Banco Nacional de Comercio Exterior SNC |
|  5.875% due 05/07/2030 |  | 4100 | 4257 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico |
|  7.625% due 02/11/2035 •(j) |  | 2700 | 2847 |
|  Gruma SAB de CV | Gruma SAB de CV | Gruma SAB de CV | Gruma SAB de CV |
|  5.761% due 12/09/2054 |  | 3100 | 3089 |
|  Industrias Penoles SAB de CV | Industrias Penoles SAB de CV | Industrias Penoles SAB de CV | Industrias Penoles SAB de CV |
|  4.750% due 08/06/2050 |  | 2900 | 2423 |
|  Minera Mexico SA de CV | Minera Mexico SA de CV | Minera Mexico SA de CV | Minera Mexico SA de CV |
|  4.500% due 01/26/2050 |  | 3600 | 2969 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 |  | 6038 | 4799 |
|  6.375% due 01/23/2045 |  | 11850 | 9639 |
|  6.500% due 06/02/2041 |  | 17100 | 14989 |
|  6.625% due 06/15/2035 |  | 1225 | 1169 |
|  6.700% due 02/16/2032 (n) |  | 25020 | 24811 |
|  6.950% due 01/28/2060 |  | 13420 | 11046 |
|  7.690% due 01/23/2050 |  | 7900 | 7188 |
|  10.000% due 02/07/2033 |  | 9700 | 11263 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  6.390% due 01/15/2050 |  | 2900 | 2679 |
|  |  |  | 109695 |
| SOVEREIGN ISSUES 4.0% | SOVEREIGN ISSUES 4.0% | SOVEREIGN ISSUES 4.0% | SOVEREIGN ISSUES 4.0% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  2.250% due 08/12/2036 |  | 5100 | 4881 |
|  3.750% due 01/11/2028 | $— | 16200 | 16048 |
|  3.771% due 05/24/2061 |  | 4200 | 2657 |
|  4.000% due 03/15/2115 |  | 1000 | 827 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 04/27/2051 | $— | 1300 | 1070 |
|  5.125% due 03/19/2038 |  | 2700 | 3230 |
|  5.375% due 03/22/2033 | $— | 3500 | 3502 |
|  5.625% due 09/22/2035 |  | 3400 | 3388 |
|  5.750% due 10/12/2110 |  | 10300 | 8837 |
|  5.850% due 07/02/2032 |  | 10652 | 11010 |
|  6.338% due 05/04/2053 |  | 299 | 292 |
|  6.400% due 05/07/2054 (n) |  | 2200 | 2155 |
|  6.625% due 01/29/2038 |  | 3200 | 3371 |
|  6.875% due 05/13/2037 |  | 14000 | 15134 |
|  7.375% due 05/13/2055 |  | 11000 | 12106 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (h) |  | 9406 | 466 |
|  4.000% due 11/30/2028 (h) |  | 7602 | 414 |
|  |  |  | 89388 |
|  Total Mexico (Cost $190,770) | Total Mexico (Cost $190,770) | Total Mexico (Cost $190,770) | 199083 |
| MONGOLIA 0.1% | MONGOLIA 0.1% | MONGOLIA 0.1% | MONGOLIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  City of Ulaanbaatar Mongolia | City of Ulaanbaatar Mongolia | City of Ulaanbaatar Mongolia | City of Ulaanbaatar Mongolia |
|  7.750% due 08/21/2027 | $— | 1100 | 1124 |
|  Mongolia Government International Bonds | Mongolia Government International Bonds | Mongolia Government International Bonds | Mongolia Government International Bonds |
|  7.875% due 06/05/2029 |  | 500 | 531 |
|  Total Mongolia (Cost $1,621) | Total Mongolia (Cost $1,621) | Total Mongolia (Cost $1,621) | 1655 |
| MOROCCO 0.7% | MOROCCO 0.7% | MOROCCO 0.7% | MOROCCO 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  OCP SA | OCP SA | OCP SA | OCP SA |
|  3.750% due 06/23/2031 |  | 4550 | 4278 |
|  5.125% due 06/23/2051 |  | 11300 | 9457 |
|  6.700% due 03/01/2036 |  | 2100 | 2251 |
|  Total Morocco (Cost $15,708) | Total Morocco (Cost $15,708) | Total Morocco (Cost $15,708) | 15986 |
| NAMIBIA 0.2% | NAMIBIA 0.2% | NAMIBIA 0.2% | NAMIBIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Namibia International Bonds | Namibia International Bonds | Namibia International Bonds | Namibia International Bonds |
|  5.250% due 10/29/2025 |  | 5500 | 5469 |
|  Total Namibia (Cost $5,493) | Total Namibia (Cost $5,493) | Total Namibia (Cost $5,493) | 5469 |
|  | **SHARES** | **SHARES** |  |
| NETHERLANDS 0.9% | NETHERLANDS 0.9% | NETHERLANDS 0.9% | NETHERLANDS 0.9% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Stichting Administratiekantoor «(d) |  | 13778 | 0 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  NE Property BV | NE Property BV | NE Property BV | NE Property BV |
|  1.875% due 10/09/2026 |  | 200 | 234 |
|  Prosus NV | Prosus NV | Prosus NV | Prosus NV |
|  1.539% due 08/03/2028 |  | 500 | 567 |
|  2.031% due 08/03/2032 |  | 600 | 635 |
|  3.061% due 07/13/2031 | $— | 200 | 182 |
|  3.257% due 01/19/2027 |  | 1000 | 985 |
|  3.680% due 01/21/2030 |  | 900 | 864 |
|  4.027% due 08/03/2050 |  | 600 | 421 |
|  Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) |
|  15.000% due 12/31/2044 (b) |  | 2957 | 89 |
|  Yinson Bergenia Production BV | Yinson Bergenia Production BV | Yinson Bergenia Production BV | Yinson Bergenia Production BV |
|  8.498% due 01/31/2045 |  | 5000 | 5373 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 |  | 4219 | 4702 |
|  |  |  | 14052 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 27

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  8.548% (TSFR3M + 4.250%) due 03/25/2027 «~ | 5900 | 5896 |
|  Total Netherlands (Cost $19,488) | Total Netherlands (Cost $19,488) | 19948 |
| NIGERIA 1.4% | NIGERIA 1.4% | NIGERIA 1.4% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  BOI Finance BV | BOI Finance BV | BOI Finance BV |
|  7.500% due 02/16/2027 | 8600 | 10390 |
| 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. |
|  3.803% (EUR003M + 1.700%) due 08/23/2027 ~ | 3900 | 4557 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |
|  7.143% due 02/23/2030 | 800 | 792 |
|  7.375% due 09/28/2033 | 800 | 759 |
|  7.625% due 11/28/2047 | 1200 | 1036 |
|  7.696% due 02/23/2038 | 3300 | 3066 |
|  7.875% due 02/16/2032 | 4400 | 4381 |
|  8.747% due 01/21/2031 | 650 | 675 |
|  9.625% due 06/09/2031 | 2400 | 2594 |
|  10.375% due 12/09/2034 | 1500 | 1671 |
|  |  | 14974 |
|  Total Nigeria (Cost $27,984) | Total Nigeria (Cost $27,984) | 29921 |
| OMAN 0.9% | OMAN 0.9% | OMAN 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |
|  5.625% due 01/17/2028 | 3830 | 3934 |
|  6.000% due 08/01/2029 | 5900 | 6221 |
|  6.750% due 10/28/2027 | 1300 | 1360 |
|  7.000% due 01/25/2051 | 8100 | 9158 |
|  Total Oman (Cost $19,067) | Total Oman (Cost $19,067) | 20673 |
| PAKISTAN 0.5% | PAKISTAN 0.5% | PAKISTAN 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds |
|  6.000% due 04/08/2026 | 10000 | 9983 |
|  6.875% due 12/05/2027 | 1000 | 1004 |
|  Pakistan Water & Power Development Authority | Pakistan Water & Power Development Authority | Pakistan Water & Power Development Authority |
|  7.500% due 06/04/2031 | 900 | 852 |
|  Total Pakistan (Cost $11,036) | Total Pakistan (Cost $11,036) | 11839 |
| PANAMA 1.8% | PANAMA 1.8% | PANAMA 1.8% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA |
|  5.125% due 08/11/2061 | 3100 | 2474 |
|  Banco General SA | Banco General SA | Banco General SA |
|  5.250% due 05/07/2031 •(i)(j) | 3200 | 3018 |
|  5.250% due 05/07/2031 •(i) | 800 | 754 |
|  ENA Norte Trust | ENA Norte Trust | ENA Norte Trust |
|  4.950% due 04/25/2028 | 514 | 498 |
|  |  | 6744 |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  4.300% due 04/29/2053 | 4000 | 2937 |
|  4.500% due 05/15/2047 | 200 | 155 |
|  4.500% due 01/19/2063 | 4800 | 3495 |
|  6.400% due 02/14/2035 | 1000 | 1035 |
|  6.700% due 01/26/2036 | 8500 | 8996 |
|  6.853% due 03/28/2054 (n) | 2700 | 2747 |
|  6.875% due 01/31/2036 | 1600 | 1704 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.875% due 03/01/2057 (n) | $— | 3300 | 3725 |
|  8.000% due 03/01/2038 |  | 2300 | 2623 |
|  8.125% due 04/28/2034 |  | 2860 | 3230 |
|  8.875% due 09/30/2027 |  | 3700 | 4015 |
|  |  |  | 34662 |
|  Total Panama (Cost $42,272) | Total Panama (Cost $42,272) | Total Panama (Cost $42,272) | 41406 |
| PARAGUAY 0.5% | PARAGUAY 0.5% | PARAGUAY 0.5% | PARAGUAY 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  2.739% due 01/29/2033 |  | 800 | 709 |
|  3.849% due 06/28/2033 |  | 600 | 563 |
|  5.400% due 03/30/2050 |  | 200 | 185 |
|  5.600% due 03/13/2048 |  | 200 | 190 |
|  5.850% due 08/21/2033 |  | 700 | 738 |
|  6.000% due 02/09/2036 |  | 1000 | 1063 |
|  6.650% due 03/04/2055 |  | 2700 | 2878 |
|  7.900% due 02/09/2031 |  | 23766000 | 3271 |
|  8.500% due 03/04/2035 |  | 16023000 | 2184 |
|  Total Paraguay (Cost $11,545) | Total Paraguay (Cost $11,545) | Total Paraguay (Cost $11,545) | 11781 |
| PERU 2.7% | PERU 2.7% | PERU 2.7% | PERU 2.7% |
| CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 |  | 25000 | 7633 |
|  10.100% due 12/15/2043 |  | 12400 | 3848 |
|  InRetail Consumer | InRetail Consumer | InRetail Consumer | InRetail Consumer |
|  3.250% due 03/22/2028 | $— | 11600 | 11290 |
|  Kallpa Generacion SA | Kallpa Generacion SA | Kallpa Generacion SA | Kallpa Generacion SA |
|  5.875% due 01/30/2032 |  | 1300 | 1363 |
|  Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC |
|  5.746% due 10/03/2034 |  | 2500 | 2576 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  4.750% due 06/19/2032 |  | 3800 | 3308 |
|  5.625% due 06/19/2047 |  | 16100 | 11918 |
|  |  |  | 41936 |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  5.400% due 08/12/2034 |  | 2000 | 558 |
|  6.150% due 08/12/2032 |  | 5200 | 1588 |
|  7.300% due 08/12/2033 |  | 1400 | 450 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.500% due 03/30/2036 | $— | 1900 | 1938 |
|  5.875% due 08/08/2054 |  | 9700 | 9763 |
|  6.200% due 06/30/2055 |  | 3200 | 3331 |
|  6.900% due 08/12/2037 |  | 700 | 211 |
|  6.950% due 08/12/2031 |  | 2241 | 715 |
|  |  |  | 18554 |
|  Total Peru (Cost $56,389) | Total Peru (Cost $56,389) | Total Peru (Cost $56,389) | 60490 |
| PHILIPPINES 0.6% | PHILIPPINES 0.6% | PHILIPPINES 0.6% | PHILIPPINES 0.6% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  PLDT, Inc. | PLDT, Inc. | PLDT, Inc. | PLDT, Inc. |
|  3.450% due 06/23/2050 | $— | 4700 | 3378 |
|  San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. |
|  8.125% due 12/02/2029 •(i) |  | 4500 | 4578 |
|  |  |  | 7956 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
|  3.700% due 03/01/2041 |  | 6300 | 5374 |
|  Total Philippines (Cost $14,410) | Total Philippines (Cost $14,410) | Total Philippines (Cost $14,410) | 13330 |
| POLAND 1.3% | POLAND 1.3% | POLAND 1.3% | POLAND 1.3% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  ORLEN SA | ORLEN SA | ORLEN SA | ORLEN SA |
|  6.000% due 01/30/2035 |  | 2700 | 2826 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
|  5.750% due 07/09/2034 | 10800 | 11399 |
|  6.250% due 07/09/2054 | 4400 | 4596 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.875% due 02/12/2030 | 900 | 927 |
|  4.875% due 10/04/2033 | 600 | 609 |
|  5.375% due 02/12/2035 | 4100 | 4264 |
|  5.500% due 04/04/2053 | 5100 | 4955 |
|  |  | 26750 |
|  Total Poland (Cost $28,536) | Total Poland (Cost $28,536) | 29576 |
| QATAR 1.5% | QATAR 1.5% | QATAR 1.5% |
| CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 10500 | 9463 |
|  3.125% due 07/12/2041 | 5050 | 3898 |
|  3.300% due 07/12/2051 | 26000 | 18348 |
|  Qatarenergy LNG S3 | Qatarenergy LNG S3 | Qatarenergy LNG S3 |
|  5.838% due 09/30/2027 | 2700 | 2747 |
|  Total Qatar (Cost $35,550) | Total Qatar (Cost $35,550) | 34456 |
| ROMANIA 2.2% | ROMANIA 2.2% | ROMANIA 2.2% |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.124% due 07/16/2031 | 4450 | 4465 |
|  2.125% due 03/07/2028 | 500 | 570 |
|  2.375% due 04/19/2027 | 350 | 408 |
|  2.750% due 04/14/2041 | 700 | 530 |
|  2.875% due 04/13/2042 | 4600 | 3472 |
|  3.375% due 01/28/2050 | 4000 | 2960 |
|  3.500% due 04/03/2034 (n) | 900 | 902 |
|  3.750% due 02/07/2034 | 200 | 205 |
|  3.875% due 10/29/2035 | 1800 | 1797 |
|  4.625% due 04/03/2049 | 1000 | 911 |
|  5.125% due 09/24/2031 | 1600 | 1876 |
|  5.250% due 03/10/2030 | 7400 | 8959 |
|  5.250% due 05/30/2032 | 4600 | 5397 |
|  5.625% due 05/30/2037 | 5400 | 6069 |
|  6.125% due 01/22/2044 (n) | 4400 | 4132 |
|  6.375% due 09/18/2033 | 2800 | 3452 |
|  6.750% due 07/11/2039 | 3700 | 4432 |
|  Total Romania (Cost $50,830) | Total Romania (Cost $50,830) | 50537 |
| RUSSIA 0.0% | RUSSIA 0.0% | RUSSIA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond |
|  7.500% due 03/31/2030 | 110 | 73 |
|  Total Russia (Cost $20) | Total Russia (Cost $20) | 73 |
| RWANDA 0.0% | RWANDA 0.0% | RWANDA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Rwanda International Government Bonds | Rwanda International Government Bonds | Rwanda International Government Bonds |
|  5.500% due 08/09/2031 | 1200 | 1081 |
|  Total Rwanda (Cost $972) | Total Rwanda (Cost $972) | 1081 |
| SAUDI ARABIA 2.6% | SAUDI ARABIA 2.6% | SAUDI ARABIA 2.6% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.500% due 11/24/2070 | 3200 | 2079 |
|  4.250% due 04/16/2039 | 3100 | 2826 |
|  5.750% due 07/17/2054 | 3700 | 3685 |
|  5.875% due 07/17/2064 | 6700 | 6612 |
|  6.375% due 06/02/2055 (n) | 5000 | 5334 |
|  |  | 20536 |

---

28 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.450% due 02/02/2061 | 8000 | 5240 |
|  3.750% due 01/21/2055 | 4200 | 3039 |
|  4.500% due 10/26/2046 | 22300 | 19368 |
|  4.625% due 10/04/2047 | 1400 | 1223 |
|  5.000% due 01/18/2053 | 200 | 181 |
|  5.125% due 01/13/2028 | 8100 | 8278 |
|  |  | 37329 |
|  Total Saudi Arabia (Cost $61,613) | Total Saudi Arabia (Cost $61,613) | 57865 |
| SENEGAL 0.9% | SENEGAL 0.9% | SENEGAL 0.9% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Republic of Senegal Ministry of Finance & Budget | Republic of Senegal Ministry of Finance & Budget | Republic of Senegal Ministry of Finance & Budget |
|  7.871% (EUR006M + 5.800%) due 12/22/2028 «~ | 4375 | 4645 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |
|  4.750% due 03/13/2028 | 8400 | 8618 |
|  5.375% due 06/08/2037 | 8700 | 6709 |
|  6.750% due 03/13/2048 | 800 | 501 |
|  |  | 15828 |
|  Total Senegal (Cost $22,128) | Total Senegal (Cost $22,128) | 20473 |
| SERBIA 1.2% | SERBIA 1.2% | SERBIA 1.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Tesler | Tesler | Tesler |
|  7.884% (EUR003M + 5.850%) due 05/21/2028 «~ | 4500 | 5378 |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 | 500 | 547 |
|  1.500% due 06/26/2029 | 5000 | 5458 |
|  1.650% due 03/03/2033 (n) | 2400 | 2353 |
|  3.125% due 05/15/2027 | 800 | 940 |
|  3.125% due 05/15/2027 (n) | 5820 | 6835 |
|  6.000% due 06/12/2034 (n) | 1400 | 1461 |
|  6.250% due 05/26/2028 | 300 | 313 |
|  6.500% due 09/26/2033 (n) | 4800 | 5221 |
|  |  | 23128 |
|  Total Serbia (Cost $26,717) | Total Serbia (Cost $26,717) | 28506 |
| SINGAPORE 0.1% | SINGAPORE 0.1% | SINGAPORE 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 1600 | 1694 |
|  Total Singapore (Cost $1,575) | Total Singapore (Cost $1,575) | 1694 |
| SOUTH AFRICA 2.9% | SOUTH AFRICA 2.9% | SOUTH AFRICA 2.9% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Eskom Holdings | Eskom Holdings | Eskom Holdings |
|  4.314% due 07/23/2027 | 6200 | 6140 |
|  6.350% due 08/10/2028 | 7200 | 7419 |
|  8.450% due 08/10/2028 | 2800 | 3004 |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  6.500% due 09/27/2028 | 1150 | 1143 |
|  8.750% due 05/03/2029 | 4100 | 4256 |
|  |  | 21962 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  11.125% due 03/02/2028 «~ | 55000 | 3147 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.500% due 01/31/2037 | 29300 | 1563 |
|  8.875% due 02/28/2035 | 431900 | 24570 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  4.300% due 10/12/2028 | 6100 | 6013 |
|  7.100% due 11/19/2036 | 3500 | 3655 |
|  7.950% due 11/19/2054 | 3600 | 3667 |
|  |  | 39468 |
|  Total South Africa (Cost $61,047) | Total South Africa (Cost $61,047) | 64577 |
| SOUTH KOREA 0.3% | SOUTH KOREA 0.3% | SOUTH KOREA 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  6.500% due 01/17/2033 | 6200 | 6843 |
|  Total South Korea (Cost $6,554) | Total South Korea (Cost $6,554) | 6843 |
| SPAIN 0.1% | SPAIN 0.1% | SPAIN 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  EnfraGen Energia Sur SAU/EnfraGen Chile<br>SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile<br>SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile<br>SpA/EnfraGen Spain SAU |
|  8.499% due 06/30/2032 | 2800 | 2949 |
|  Total Spain (Cost $2,800) | Total Spain (Cost $2,800) | 2949 |
| SRI LANKA 0.6% | SRI LANKA 0.6% | SRI LANKA 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds |
|  3.100% due 01/15/2030 þ | 2186 | 2052 |
|  3.350% due 03/15/2033 þ | 3488 | 2998 |
|  3.600% due 05/15/2036 þ | 2009 | 1783 |
|  3.600% due 02/15/2038 þ | 5221 | 4665 |
|  4.000% due 04/15/2028 | 1495 | 1435 |
|  Total Sri Lanka (Cost $10,699) | Total Sri Lanka (Cost $10,699) | 12933 |
| SUPRANATIONAL 0.3% | SUPRANATIONAL 0.3% | SUPRANATIONAL 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Africa Finance Corp. | Africa Finance Corp. | Africa Finance Corp. |
|  2.870% due 08/13/2031 | 200 | 180 |
|  African Development Bank | African Development Bank | African Development Bank |
|  5.875% due 05/07/2035 •(i)(j) | 5900 | 5915 |
|  Total Supranational (Cost $6,077) | Total Supranational (Cost $6,077) | 6095 |
| TANZANIA 0.2% | TANZANIA 0.2% | TANZANIA 0.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  United Republic of Tanzania | United Republic of Tanzania | United Republic of Tanzania |
|  7.541% (EUR006M + 5.400%) due 04/26/2028 «~ | 2836 | 3355 |
|  Total Tanzania (Cost $3,328) | Total Tanzania (Cost $3,328) | 3355 |
| THAILAND 0.4% | THAILAND 0.4% | THAILAND 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Bangkok Bank PCL | Bangkok Bank PCL | Bangkok Bank PCL |
|  3.466% due 09/23/2036 •(j) | 2700 | 2458 |
|  GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. |
|  6.500% due 09/10/2030 •(i) | 3200 | 3247 |
|  7.125% due 06/10/2035 •(i) | 2200 | 2276 |
|  PTTEP Treasury Center Co. Ltd. | PTTEP Treasury Center Co. Ltd. | PTTEP Treasury Center Co. Ltd. |
|  2.587% due 06/10/2027 | 400 | 389 |
|  Total Thailand (Cost $8,503) | Total Thailand (Cost $8,503) | 8370 |
| TRINIDAD AND TOBAGO 0.2% | TRINIDAD AND TOBAGO 0.2% | TRINIDAD AND TOBAGO 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  National Gas Co. of Trinidad & Tobago Ltd. | National Gas Co. of Trinidad & Tobago Ltd. | National Gas Co. of Trinidad & Tobago Ltd. |
|  6.050% due 01/15/2036 | 2000 | 1848 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Trinidad Generation UnLtd. | Trinidad Generation UnLtd. | Trinidad Generation UnLtd. |
|  7.750% due 06/16/2033 | 1600 | 1682 |
|  Total Trinidad and Tobago (Cost $3,412) | Total Trinidad and Tobago (Cost $3,412) | 3530 |
| TUNISIA 0.1% | TUNISIA 0.1% | TUNISIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Tunisian Republic | Tunisian Republic | Tunisian Republic |
|  3.280% due 08/09/2027 | 200000 | 1292 |
|  Total Tunisia (Cost $1,955) | Total Tunisia (Cost $1,955) | 1292 |
| TURKEY 4.3% | TURKEY 4.3% | TURKEY 4.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS |
|  7.450% due 01/24/2030 | 3200 | 3342 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 | 600 | 591 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  7.250% due 07/31/2030 | 3000 | 3068 |
|  |  | 7001 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% |
|  SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS |
|  5.535% (EUR006M + 3.450%) due 08/11/2026 «~ | 7600 | 8945 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  8.343% (EUR006M + 6.210%) due 04/27/2031 «~ | 5700 | 7245 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.014% (EUR003M + 3.000%) due 12/15/2028 «~ | 1800 | 2123 |
|  |  | 18313 |
| SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% |
|  Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS |
|  6.750% due 09/01/2030 | 4200 | 4353 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  40.314% (BISTREFI) due 06/16/2027 ~ | 137100 | 3314 |
|  42.493% (BISTREFI) due 05/20/2026 ~ | 13300 | 324 |
|  42.493% (BISTREFI) due 08/19/2026 ~ | 30100 | 733 |
|  42.493% (BISTREFI) due 05/17/2028 ~ | 294300 | 6965 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  4.875% due 04/16/2043 | 15500 | 11526 |
|  5.750% due 05/11/2047 | 34400 | 27342 |
|  6.000% due 01/14/2041 | 780 | 683 |
|  7.250% due 05/29/2032 (n) | 9400 | 9797 |
|  7.625% due 05/15/2034 | 1100 | 1169 |
|  Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS |
|  6.875% due 07/03/2028 | 2000 | 2043 |
|  7.500% due 02/06/2028 | 3400 | 3519 |
|  |  | 71768 |
|  Total Turkey (Cost $96,160) | Total Turkey (Cost $96,160) | 97082 |
| UGANDA 0.1% | UGANDA 0.1% | UGANDA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Republic of Uganda Government Bonds | Republic of Uganda Government Bonds | Republic of Uganda Government Bonds |
|  14.375% due 02/03/2033 | 8884000 | 2334 |
|  15.000% due 06/18/2043 | 1735300 | 428 |
|  15.800% due 06/23/2039 | 115000 | 31 |
|  Total Uganda (Cost $2,566) | Total Uganda (Cost $2,566) | 2793 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 29

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| UKRAINE 0.9% | UKRAINE 0.9% | UKRAINE 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(g) | 676 | 357 |
|  0.000% due 02/01/2034 þ(g) | 4022 | 1674 |
|  0.000% due 02/01/2035 þ(g) | 1192 | 581 |
|  0.000% due 08/01/2041 ~ | 7550 | 6032 |
|  4.500% due 02/01/2029 þ | 1000 | 685 |
|  4.500% due 02/01/2034 þ | 10432 | 5858 |
|  4.500% due 02/01/2035 þ | 3131 | 1730 |
|  4.500% due 02/01/2036 þ | 4886 | 2663 |
|  Total Ukraine (Cost $15,794) | Total Ukraine (Cost $15,794) | 19580 |
| UNITED ARAB EMIRATES 1.8% | UNITED ARAB EMIRATES 1.8% | UNITED ARAB EMIRATES 1.8% |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  5.250% due 10/02/2054 | 4100 | 4032 |
|  5.500% due 05/08/2034 | 4200 | 4458 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  5.125% due 09/11/2054 | 14700 | 13970 |
|  DP World Ltd. | DP World Ltd. | DP World Ltd. |
|  4.700% due 09/30/2049 | 500 | 433 |
|  5.625% due 09/25/2048 | 1050 | 1035 |
|  6.850% due 07/02/2037 | 1850 | 2124 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
|  2.875% due 11/07/2029 | 2000 | 1908 |
|  5.084% due 05/22/2053 | 1500 | 1411 |
|  5.875% due 05/01/2034 | 2300 | 2512 |
|  Ruwais Power Co. PJSC | Ruwais Power Co. PJSC | Ruwais Power Co. PJSC |
|  6.000% due 08/31/2036 | 420 | 446 |
|  |  | 32329 |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  5.500% due 04/30/2054 | 6900 | 7227 |
|  Emirate of Dubai Government International Bonds | Emirate of Dubai Government International Bonds | Emirate of Dubai Government International Bonds |
|  3.900% due 09/09/2050 | 400 | 304 |
|  Finance Department Government of Sharjah | Finance Department Government of Sharjah | Finance Department Government of Sharjah |
|  4.375% due 03/10/2051 | 2950 | 2161 |
|  |  | 9692 |
|  Total United Arab Emirates (Cost $41,698) | Total United Arab Emirates (Cost $41,698) | 42021 |
| UNITED KINGDOM 1.9% | UNITED KINGDOM 1.9% | UNITED KINGDOM 1.9% |
| CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  6.250% due 05/02/2034 | 3200 | 3433 |
|  Fresnillo PLC | Fresnillo PLC | Fresnillo PLC |
|  4.250% due 10/02/2050 | 5000 | 3970 |
|  NAK Naftogaz Ukraine via Kondor Finance PLC | NAK Naftogaz Ukraine via Kondor Finance PLC | NAK Naftogaz Ukraine via Kondor Finance PLC |
|  7.125% due 07/19/2026 | 695 | 707 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (f) | 20070 | 15126 |
|  Standard Chartered Bank |  |  |
|  0.000% due 11/03/2025 «(f) | 463600 | 1499 |
|  0.000% due 12/01/2025 «(f) | 516000 | 1661 |
|  Ukraine Railways Via Rail Capital Markets PLC | Ukraine Railways Via Rail Capital Markets PLC | Ukraine Railways Via Rail Capital Markets PLC |
|  8.250% due 07/09/2026 | 3901 | 3068 |
|  Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC |
|  9.125% due 10/15/2032 (a) | 3700 | 3700 |
|  9.475% due 07/24/2030 | 1300 | 1313 |
|  9.850% due 04/24/2033 | 1400 | 1425 |
|  |  | 35902 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% |
|  Canada Square Funding 6 PLC | Canada Square Funding 6 PLC | Canada Square Funding 6 PLC |
|  4.913% due 01/17/2059 •  | 2112 | 2848 |
|  Canada Square Funding PLC | Canada Square Funding PLC | Canada Square Funding PLC |
|  4.936% (SONIA3M IR + 0.950%) due 06/17/2058 ~ | 673 | 906 |
|  Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC |
|  4.686% due 12/18/2044 •  | 1566 | 2107 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  4.706% due 12/20/2063 •  | 513 | 691 |
|  |  | 6552 |
|  Total United Kingdom (Cost $40,727) | Total United Kingdom (Cost $40,727) | 42454 |
| UNITED STATES 7.4% | UNITED STATES 7.4% | UNITED STATES 7.4% |
| ASSET-BACKED SECURITIES 0.5% | ASSET-BACKED SECURITIES 0.5% | ASSET-BACKED SECURITIES 0.5% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  4.752% due 04/25/2036 •  | 628 | 597 |
|  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 |
|  5.322% due 11/25/2034 •  | 77 | 76 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.572% due 07/25/2036 •  | 523 | 473 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.110% due 01/25/2037 þ | 6529 | 1822 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.752% due 02/25/2037 •  | 1002 | 981 |
|  5.397% due 11/25/2035 •  | 1568 | 1557 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  6.502% due 11/25/2036 þ | 951 | 350 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.622% due 02/25/2033 •  | 49 | 47 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.972% due 09/25/2034 •  | 120 | 105 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  5.037% due 01/25/2035 •  | 23 | 24 |
|  5.067% due 03/25/2034 •  | 1688 | 1798 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.992% due 04/25/2037 •  | 224 | 59 |
|  6.000% due 02/25/2037 ~ | 49 | 27 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.572% due 07/25/2036 •  | 277 | 260 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.492% due 04/25/2037 •  | 494 | 336 |
|  4.492% due 05/25/2037 •  | 199 | 120 |
|  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 |
|  5.052% due 09/25/2035 •  | 1600 | 1475 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.582% due 09/25/2037 •  | 188 | 181 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.797% due 03/25/2036 •  | 47 | 47 |
|  5.172% due 10/25/2037 •  | 616 | 480 |
|  |  | 10815 |
| CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 22100 | 22100 |
|  Credit Suisse AG AT1 Claim | 2000 | 260 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 2732 | 2827 |
|  9.750% due 01/06/2027 | 1420 | 1472 |
|  Rutas 2 & 7 Finance Ltd. | Rutas 2 & 7 Finance Ltd. | Rutas 2 & 7 Finance Ltd. |
|  0.000% due 09/30/2036 (f) | 4378 | 3341 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(l) | 6100 | 6293 |
|  |  | 36293 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 « | 4274 | 4085 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  TBD% due 04/12/2029 «µ | 10000 | 10025 |
|  |  | 14110 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.1% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.783% due 11/25/2035 ~ | 53 | 37 |
|  Arroyo Mortgage Trust | Arroyo Mortgage Trust | Arroyo Mortgage Trust |
|  4.950% due 07/25/2057 þ | 1479 | 1475 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  6.388% due 04/25/2037 þ | 77 | 66 |
|  Bank | Bank | Bank |
|  4.407% due 11/15/2061 ~ | 3200 | 3201 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.148% due 05/26/2037 ~ | 1726 | 1547 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.475% due 02/25/2036 ~ | 25 | 23 |
|  5.302% due 01/25/2035 ~ | 3 | 3 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.666% due 01/15/2051 ~ | 1500 | 1478 |
|  4.261% due 10/10/2051 | 4100 | 4074 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.228% due 03/25/2037 ~ | 27 | 23 |
|  4.327% due 02/25/2047 ~ | 35 | 32 |
|  4.593% due 09/25/2047 ~ | 17 | 16 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.500% due 08/25/2064 ~ | 5135 | 5183 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.094% due 07/25/2046 ~ | 31 | 30 |
|  5.840% due 09/25/2035 •  | 6 | 6 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  4.922% due 10/25/2036 •  | 407 | 315 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.622% due 05/25/2036 •  | 459 | 173 |
|  4.912% due 11/25/2035 •  | 71 | 65 |
|  5.750% due 03/25/2037 •  | 79 | 41 |
|  6.250% due 11/25/2036 | 50 | 37 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.220% due 09/25/2036 þ | 143 | 40 |
|  6.672% due 06/25/2036 þ | 198 | 47 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.421% due 10/25/2037 ~ | 480 | 279 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  0.938% due 05/25/2066 ~ | 3248 | 2716 |
|  1.756% due 10/25/2066 ~ | 1649 | 1458 |
|  2.000% due 01/25/2060 ~ | 1542 | 1374 |
|  3.359% due 11/30/2037 ~ | 506 | 465 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  5.500% due 12/25/2035 | 80 | 68 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  6.369% due 10/25/2036 þ | 45 | 40 |
|  6.386% due 10/25/2036 þ | 45 | 40 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.900% due 09/25/2067 þ | 4945 | 4982 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.622% due 01/25/2036 •  | 105 | 85 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  5.509% due 08/19/2036 ~ | 2 | 2 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.912% due 03/25/2035 •  | 56 | 55 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.431% due 11/25/2037 ~ | 453 | 374 |
|  3.644% due 08/25/2036 ~ | 96 | 75 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.462% due 06/25/2036 ~ | 73 | 63 |
|  3.656% due 10/25/2035 ~ | 65 | 52 |
|  4.572% due 06/25/2037 •  | 101 | 34 |
|  4.632% due 02/25/2037 •  | 352 | 337 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.983% due 11/25/2035 ~ | 22 | 17 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.561% due 08/25/2035 ~ | 1 | 1 |
|  JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
|  2.500% due 03/25/2056 | 48 | 47 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  3.000% due 09/25/2059 ~ | 675 | 649 |
|  Lehman XS Trust | Lehman XS Trust |  |
|  4.652% due 09/25/2046 •  | 1343 | 1219 |
|  4.772% due 08/25/2037 •  | 1878 | 1845 |
|  Luminent Mortgage Trust  |  |  |
|  4.632% due 12/25/2036 •  | 14 | 13 |
|  MASTR Alternative Loan Trust  | MASTR Alternative Loan Trust  |  |
|  4.672% due 03/25/2036 •  | 131 | 12 |
|  RALI Trust | RALI Trust |  |
|  6.000% due 09/25/2036 | 635 | 510 |
|  6.500% due 07/25/2037 | 213 | 176 |
|  Sequoia Mortgage Trust  | Sequoia Mortgage Trust  |  |
|  4.699% due 01/20/2047 ~ | 20 | 14 |
|  SG Residential Mortgage Trust  | SG Residential Mortgage Trust  |  |
|  5.353% due 08/25/2062 þ | 7595 | 7602 |
|  STARM Mortgage Loan Trust  | STARM Mortgage Loan Trust  |  |
|  4.567% due 10/25/2037 ~ | 237 | 211 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.260% due 09/25/2036 ~ | 107 | 72 |
|  4.461% due 11/25/2035 ~ | 16 | 14 |
|  5.945% due 10/25/2037 •  | 55 | 50 |
|  TBW Mortgage-Backed Trust  | TBW Mortgage-Backed Trust  |  |
|  6.470% due 09/25/2036 þ | 568 | 15 |
|  Tib Finance PLC  | Tib Finance PLC  |  |
|  7.111% due 11/15/2034 «(l) | 2500 | 2498 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.411% due 05/25/2037 ~ | 70 | 58 |
|  3.712% due 04/25/2037 ~ | 39 | 35 |
|  3.714% due 01/25/2037 ~ | 54 | 47 |
|  4.161% due 12/25/2036 ~ | 112 | 102 |
|  4.577% due 03/25/2036 ~ | 671 | 608 |
|  4.642% due 05/25/2034 •  | 51 | 47 |
|  Wells Fargo Mortgage-Backed Securities Trust  | Wells Fargo Mortgage-Backed Securities Trust  | Wells Fargo Mortgage-Backed Securities Trust  |
|  6.792% due 10/25/2036 ~ | 135 | 130 |
|  |  | 46403 |
| U.S. GOVERNMENT AGENCIES 1.2% | U.S. GOVERNMENT AGENCIES 1.2% | U.S. GOVERNMENT AGENCIES 1.2% |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 11/01/2055 | 6200 | 5843 |
|  4.500% due 10/01/2055 - 11/01/2055 | 6200 | 6011 |
|  5.000% due 11/01/2055 | 6500 | 6443 |
|  5.500% due 11/01/2055 | 7650 | 7708 |
|  |  | 26005 |
| U.S. TREASURY OBLIGATIONS 1.4% | U.S. TREASURY OBLIGATIONS 1.4% | U.S. TREASURY OBLIGATIONS 1.4% |
|  U.S. Treasury Bonds |  |  |
|  1.750% due 08/15/2041 (p) | 11700 | 7942 |
|  3.250% due 05/15/2042 (p)(r) | 18000 | 15128 |
|  4.375% due 08/15/2043 (r) | 500 | 483 |
|  U.S. Treasury Notes |  |  |
|  4.000% due 02/28/2030 (p)(r) | 8300 | 8398 |
|  |  | 31951 |
|  | **SHARES** |  |
| WARRANTS 0.0% |  |  |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 «(l) | 3 | 0 |
|  Total United States (Cost $173,775) | Total United States (Cost $173,775) | 165577 |

---

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| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| URUGUAY 0.4% |  |  |  |
| SOVEREIGN ISSUES 0.4% |  |  |  |
|  Oriental Republic of Uruguay  | Oriental Republic of Uruguay  | Oriental Republic of Uruguay  | Oriental Republic of Uruguay  |
|  5.250% due 09/10/2060 | 5800 | $— | 5458 |
|  Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
|  5.100% due 06/18/2050 | 200 |  | 190 |
|  5.442% due 02/14/2037 | 2900 |  | 3038 |
|  Total Uruguay (Cost $8,852) | Total Uruguay (Cost $8,852) |  | 8686 |
| UZBEKISTAN 0.6% |  |  |  |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |  |  |
|  Ipoteka-Bank ATIB <br>|  |  |  |
|  5.500% due 11/19/2025 | 200 |  | 200 |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |  |  |
|  8.950% due 07/24/2029 | 1500 |  | 1628 |
|  21.000% due 07/24/2027 | 27460000 |  | 2383 |
|  Uzbekneftegaz JSC <br>|  |  |  |
|  4.750% due 11/16/2028 | 2900 |  | 2773 |
|  |  |  | 6984 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |  |  |
|  Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |  |  |
|  5.375% due 05/29/2027 | 4900 |  | 5941 |
|  5.375% due 02/20/2029 | 1400 |  | 1409 |
|  |  |  | 7350 |
|  Total Uzbekistan (Cost $13,065) | Total Uzbekistan (Cost $13,065) |  | 14334 |
| VENEZUELA 0.8% |  |  |  |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |  |  |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA |  |  |
|  5.375% due 04/12/2027 ^(c) | 57299 |  | 9340 |
|  5.500% due 04/12/2037 ^(c) | 2863 |  | 466 |
|  |  |  | 9806 |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |  |  |
|  Venezuela Government International Bonds | Venezuela Government International Bonds |  |  |
|  7.000% due 03/31/2038 ^(c) | 22240 |  | 4928 |
|  7.650% due 04/21/2035 ^(c) | 15780 |  | 3260 |
|  9.250% due 05/07/2028 ^(c) | 2740 |  | 635 |
|  11.950% due 08/05/2031 ^(c) | 830 |  | 201 |
|  |  |  | 9024 |
|  Total Venezuela (Cost $47,253) | Total Venezuela (Cost $47,253) |  | 18830 |
| VIETNAM 0.0% | VIETNAM 0.0% |  |  |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |  |  |
|  Vietnam Government International Bonds  | Vietnam Government International Bonds  |  |  |
|  5.500% due 03/12/2028 þ(n) | 1020 |  | 979 |
| Total Vietnam (Cost $993) | Total Vietnam (Cost $993) |  | 979 |
| VIRGIN ISLANDS (BRITISH) 0.1% | VIRGIN ISLANDS (BRITISH) 0.1% |  |  |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |  |  |
|  Gerdau Trade, Inc.  | Gerdau Trade, Inc.  |  |  |
|  5.750% due 06/09/2035 | 3200 |  | 3319 |
| Total Virgin Islands (British) (Cost $3,198) | Total Virgin Islands (British) (Cost $3,198) |  | 3319 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ZAMBIA 0.0% | ZAMBIA 0.0% |  |  |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |  |  |
|  Zambia Government International Bonds  | Zambia Government International Bonds  |  |  |
|  0.500% due 12/31/2053 | 1600 | $— | 1084 |
|  Total Zambia (Cost $1,092) | Total Zambia (Cost $1,092) |  | 1084 |
|  | SHARES |  |  |
| SHORT-TERM INSTRUMENTS 5.0% | SHORT-TERM INSTRUMENTS 5.0% |  |  |
| MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% |  |  |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (k) | 5710712 |  | 5711 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |  |
| REPURCHASE AGREEMENTS (m) 3.5%  | REPURCHASE AGREEMENTS (m) 3.5%  |  |  |
|  |  |  | 79502 |
| NIGERIA TREASURY BILLS 1.2% | NIGERIA TREASURY BILLS 1.2% |  |  |
|  29.649% due 10/07/2025 - 06/29/2026 ~(e)(f) | 43514637 |  | 27160 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |  |  |
|  4.325% due 10/14/2025 - 11/12/2025 (e)(f)(r) | 1085 |  | 1082 |
| Total Short-Term Instruments<br>(Cost $111,260) | Total Short-Term Instruments<br>(Cost $111,260) |  | 113455 |
| Total Investments in Securities<br>(Cost $2,326,716) | Total Investments in Securities<br>(Cost $2,326,716) |  | 2356957 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 5.2% | INVESTMENTS IN AFFILIATES 5.2% | INVESTMENTS IN AFFILIATES 5.2% | INVESTMENTS IN AFFILIATES 5.2% |
| SHORT-TERM INSTRUMENTS 5.2% | SHORT-TERM INSTRUMENTS 5.2% | SHORT-TERM INSTRUMENTS 5.2% | SHORT-TERM INSTRUMENTS 5.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 12056928 |  | 117422 |
| Total Short-Term Instruments<br>(Cost $117,388) | Total Short-Term Instruments<br>(Cost $117,388) |  | 117422 |
|  Total Investments in Affiliates<br> (Cost $117,388) | Total Investments in Affiliates<br> (Cost $117,388) |  | 117422 |
| Total Investments 109.8%<br>(Cost $2,444,104) | Total Investments 109.8%<br>(Cost $2,444,104) | $— | 2474379 |
|  Financial Derivative<br>Instruments (o)(q) (0.3)%<br> (Cost or Premiums, net $(14840)) | Financial Derivative<br>Instruments (o)(q) (0.3)%<br> (Cost or Premiums, net $(14840)) |  | (8463) |
| Other Assets and Liabilities, net (9.5)% | Other Assets and Liabilities, net (9.5)% |  | (213316) |
| Net Assets 100.0% | $ | $— | 2252600 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 31

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

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

^ Security is in default.

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

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

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

(f) Zero coupon security.

(g) Security becomes interest bearing at a future date.

(h) Principal amount of security is adjusted for inflation.

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

(j) Contingent convertible security.

(k) Coupon represents a 7-Day Yield.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 | 06/10/2022 | $0 | $0 | 0.00% |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | 3095 | 3353 | 0.15 |
|  Tib Finance PLC 7.111% due 11/15/2034 | 09/18/2024 | 2500 | 2498 | 0.11 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 6100 | 6293 | 0.28 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12144 | 0.54% |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BPS | 1.000% | 06/11/2025 | TBD<sup>(2)</sup> | EUR 9,473 | Romanian Government International Bond 1.375% due 12/02/2029 | $(9663) | $11121 | $11155 |
| BRC | 3.650 | 09/19/2025 | TBD<sup>(2)</sup> | $2664 | Egypt Government International Bond 7.500% due 01/31/2027 | (2676) | 2664 | 2667 |
|  | 4.170 | 09/29/2025 | 10/06/2025 | 55061 | U.S. Treasury Bonds 2.250% - 3.375% due 05/15/2041 -11/15/2048 | (11224) | 55061 | 55074 |
|  |  |  |  |  | U.S. Treasury Notes 2.625% - 4.125% due 12/31/2027 -02/15/2034 | (43822) |  |  |
| MYI | 3.600 | 09/19/2025 | TBD<sup>(2)</sup> | 10656 | Egypt Government International Bond 7.500% due 01/31/2027 | (10705) | 10656 | 10669 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78090) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79565 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(3)</sup> | Settlement<br>Date | Maturity<br>Date | **Amount<br>Borrowed<sup>(3)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BPS | 3.800% | 09/19/2025 | TBD<sup>(4)</sup> | $(1060) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1061) |
|  BRC | 1.850 | 06/11/2025 | TBD<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1142) | (1348) |
|  | 2.000 | 06/11/2025 | TBD<sup>(4)</sup> | (478) | (565) |

---

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(3)</sup>** | **Settlement<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(3)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** |
|  | 3.900% | 09/19/2025 | TBD<sup>(4)</sup> | $(1036) | $(1037) |
|  | 3.900 | 09/19/2025 | 09/18/2027 | (4323) | (4329) |
|  | 4.000 | 09/23/2025 | TBD<sup>(4)</sup> | (1228) | (1228) |
|  | 4.150 | 09/23/2025 | TBD<sup>(4)</sup> | (795) | (796) |
|  | 4.300 | 09/23/2025 | TBD<sup>(4)</sup> | (3682) | (3686) |
|  | 4.300 | 09/23/2025 | 09/19/2027 | (1845) | (1846) |
|  MBC | 4.000 | 09/26/2025 | TBD<sup>(4)</sup> | (646) | (647) |
|  MYI | (0.750) | 09/19/2025 | TBD<sup>(4)</sup> | (486) | (487) |
|  | 1.650 | 06/11/2025 | TBD<sup>(4)</sup> | (423) | (499) |
|  | 1.950 | 06/11/2025 | TBD<sup>(4)</sup> | (4359) | (5149) |
|  | 3.500 | 09/19/2025 | TBD<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3260) | (3264) |
|  | 3.850 | 09/19/2025 | TBD<sup>(4)</sup> | (408) | (408) |
|  | 3.950 | 09/19/2025 | TBD<sup>(4)</sup> | (156) | (156) |
|  | 4.150 | 09/19/2025 | TBD<sup>(4)</sup> | (4193) | (4199) |
|  NOM | 3.900 | 09/19/2025 | TBD<sup>(4)</sup> | (1092) | (1093) |
|  | 3.950 | 09/19/2025 | TBD<sup>(4)</sup> | (2678) | (2681) |
|  | 4.070 | 09/19/2025 | TBD<sup>(4)</sup> | (3421) | (3426) |
|  | 4.250 | 09/19/2025 | TBD<sup>(4)</sup> | (6447) | (6456) |
|  | 4.300 | 09/19/2025 | TBD<sup>(4)</sup> | (4516) | (4522) |
|  SCX | 1.950 | 06/11/2025 | TBD<sup>(4)</sup> | (321) | (380) |
|  | 3.500 | 09/19/2025 | TBD<sup>(4)</sup> | $(1628) | (1630) |
|  | 3.900 | 09/19/2025 | TBD<sup>(4)</sup> | (1148) | (1149) |
|  | 4.000 | 09/19/2025 | TBD<sup>(4)</sup> | (2812) | (2816) |
|  | 4.150 | 09/19/2025 | TBD<sup>(4)</sup> | (180) | (181) |
|  | 4.280 | 09/23/2025 | TBD<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27917) | (27944) |
|  | 4.280 | 09/23/2025 | 09/19/2027 | (2976) | (2979) |
|  | 4.320 | 09/19/2025 | TBD<sup>(4)</sup> | (5160) | (5167) |
|  | 4.350 | 09/23/2025 | 10/02/2025 | (7681) | (7688) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98817) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(5)</sup> |
|  Egypt (0.6)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt Government International Bonds | 7.500% | 01/31/2027 | $13000 | $(13042) | $(13378) |
|  Romania (0.5)% | Romania (0.5)% | Romania (0.5)% | Romania (0.5)% | Romania (0.5)% | Romania (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Romania Government International Bonds | 1.375% | 12/02/2029 | EUR 10,700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11337) |
|  United States (2.4)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (2.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (2.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (2.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (2.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (2.4)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (2.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 2.250% | 05/15/2041 | $6000 | (4187) | (4499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 3.375 | 11/15/2048 | 8238 | (6453) | (6725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 2.625 | 02/15/2029 | 10100 | (9198) | (9808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 12/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | (15741) | (16145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 02/15/2034 | 300 | (284) | (301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 11/15/2032 | 17100 | (17703) | (17568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States |  |  |  | (53566) | (55046) |
|  Total Short Sales (3.5)% |  |  |  | $(79152) | $(79761) |

---

#### 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 September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(6)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11155 | $(1061) | $0 | $0 | $10094 | $(8616) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478 |
|  BRC | 57741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 42906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42312) | 594 |
|  MBC | 0 | (647) | 0 | 0 | (647) | 686 | 39 |
|  MYI | 10669 | (14162) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3493) | 3676 | 183 |
|  NOM | 0 | (18178) | 0 | 0 | (18178) | 19514 | 1336 |
|  SCX | 0 | (49934) | 0 | 0 | (49934) | 52515 | 2581 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **33** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Payable for<br>Short Sales** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(6)</sup>** |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BCY | $0 | $0 | $0 | $(37478) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37478) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37478) |
|  FBF | 0 | 0 | 0 | (3863) | (3863) | 0 | (3863) |
|  GSC | 0 | 0 | 0 | (17567) | (17567) | 0 | (17567) |
|  JML | 0 | 0 | 0 | (868) | (868) | 0 | (868) |
|  MBC | 0 | 0 | 0 | (10469) | (10469) | 0 | (10469) |
|  MEI | 0 | 0 | 0 | (7930) | (7930) | 0 | (7930) |
|  SBI | 0 | 0 | 0 | (1179) | (1179) | 0 | (1179) |
|  SCX | 0 | 0 | 0 | (407) | (407) | 0 | (407) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98817) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79761) |  |  |  |

---

#### 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 | $(18836) | $(18836) |
|  Sovereign Issues | 0 | (7688) | 0 | (72293) | (79981) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7688) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91129) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98817) |
|  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  | $(98817) |

---

(n) Securities with an aggregate market value of $103,288 and cash of $350 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(74992) at a weighted average interest rate of 3.986%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Open maturity reverse repurchase agreement.

<sup>(5)</sup> Payable for short sales includes $(912) of accrued interest. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  Euro-BTP Future December Futures  | 12/2025 | 28 | $3940 | $36 | $13 | $0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 1540 | 320934 | (114) | 168 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 1255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137040 | 222 | 49 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 4384 | 493200 | 2981 | 0 | (68) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 211 | 25333 | 636 | 0 | (119) |
|  |  |  |  | $3761 | $230 | $(187) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  Euro-Bobl December Futures  | 12/2025 | 134 | $(18534) | $12 | $0 | $(25) |
|  Euro-Bund December Futures  | 12/2025 | 75 | (11321) | (24) | 3 | (30) |
|  Euro-Oat December Futures  | 12/2025 | 4 | (570) | (6) | 0 | (1) |
|  Euro-Schatz December Futures  | 12/2025 | 833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104625) | 120 | 0 | (20) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 56 | (6444) | (62) | 3 | 0 |
|  |  |  |  | $40 | $6 | $(76) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263) |

---

34 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(3)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(3)</sup>** | Asset | Liability |
|  CDX.EM-38 5-Year Index | (1.000)% | Quarterly | 12/20/2027 | $7000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | $(420) | $(20) | $3 | $0 |
|  CDX.EM-39 5-Year Index | (1.000) | Quarterly | 06/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400 | 528 | (545) | (17) | 4 | 0 |
|  CDX.IG-41 5-Year Index | (1.000) | Quarterly | 12/20/2028 | 2600 | (30) | (26) | (56) | 0 | 0 |
|  CDX.IG-42 5-Year Index | (1.000) | Quarterly | 06/20/2029 | 9100 | (207) | 4 | (203) | 0 | (1) |
|  CDX.IG-43 5-Year Index | (1.000) | Quarterly | 12/20/2029 | 18200 | (413) | (7) | (420) | 0 | (2) |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 5200 | (104) | (16) | (120) | 0 | 0 |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | 8000 | (177) | (7) | (184) | 0 | (1) |
|  |  |  |  |  | $(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1017) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1020) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### 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 USD-SOFR Compounded-OIS | 1.500% | Semi-Annual | 06/21/2027 | $22300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1340) | $586 | $(754) | $7 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 2000 | 11 | (135) | (124) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 9500 | 70 | (186) | (116) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 58095 | 182 | (759) | (577) | 0 | (33) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 8440 | (15) | 100 | 85 | 5 | 0 |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 45317 | (67) | 120 | 53 | 0 | (23) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43352 | (263) | 271 | 8 | 0 | (22) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 26400 | (1385) | 781 | (604) | 13 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 67300 | (1487) | 896 | (591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 17500 | 248 | (92) | 156 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 71000 | 1990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1823) | 167 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 21200 | (1089) | 1035 | (54) | 9 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/15/2031 | 3300 | 46 | (399) | (353) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.730 | Annual | 08/03/2033 | 2300 | (8) | 36 | 28 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 08/07/2033 | 2600 | (10) | 42 | 32 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.165 | Annual | 09/27/2033 | 3000 | (12) | 130 | 118 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/02/2033 | 4400 | (17) | 188 | 171 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.170 | Annual | 10/03/2033 | 5500 | (21) | 241 | 220 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/04/2033 | 700 | (3) | 23 | 20 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 | 2500 | (9) | 111 | 102 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 2100 | (8) | 89 | 81 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 | 1900 | (7) | 91 | 84 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 | 1400 | (5) | 68 | 63 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 | 800 | (3) | 41 | 38 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.393 | Annual | 10/25/2033 | 100 | 0 | 6 | 6 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 10/31/2033 | 1400 | (5) | 93 | 88 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 5410 | (294) | 229 | (65) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2034 | 23100 | (968) | (153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1121) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 41200 | 77 | (499) | (422) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 6200 | (68) | 36 | (32) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 6700 | 487 | (240) | 247 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 11700 | 516 | (102) | 414 | 0 | 0 |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 11200 | (77) | (5) | (82) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2036 | 3200 | (5) | (5) | (10) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2039 | 1600 | 89 | (72) | 17 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2039 | 4800 | (24) | 104 | 80 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.500 | Semi-Annual | 06/15/2046 | 500 | 52 | 70 | 122 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 12/21/2046 | 800 | 119 | 109 | 228 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 | 100 | (1) | (2) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 | 400 | (2) | (6) | (8) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 20000 | (2423) | (94) | (2517) | 0 | (57) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 4800 | (654) | 58 | (596) | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 19300 | 2746 | (371) | 2375 | 55 | 0 |
|  Receive | 1-Year BRL-CDI | 13.055 | Maturity | 01/04/2027 | 31300 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 | 46300 | 64 | 618 | 682 | 32 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.075 | Annual | 04/11/2030 | 46300 | 0 | 99 | 99 | 0 | (31) |
|  Receive | 6-Month CLP-CHILIBOR | 5.511 | Semi-Annual | 11/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946700 | 0 | (158) | (158) | 2 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.855 | Semi-Annual | 12/18/2033 | 4700000 | 0 | (83) | (83) | 0 | (2) |
|  Pay | 6-Month CZK-PRIBOR | 4.250 | Annual | 04/18/2029 | 200400 | 247 | (86) | 161 | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.530 | Annual | 07/15/2029 | 436900 | (8) | (228) | (236) | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.075 | Annual | 10/03/2029 | 389200 | (41) | (268) | (309) | 2 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **35** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 6-Month CZK-PRIBOR | 3.489% | Annual | 10/30/2029 | CZK | 215200 | $(65) | $97 | $32 | $2 | $0 |
|  Receive | 6-Month CZK-PRIBOR | 3.325 | Annual | 05/09/2030 |  | 42000 | 0 | 51 | 51 | 0 | (1) |
|  Receive | 6-Month CZK-PRIBOR | 3.328 | Annual | 05/09/2030 |  | 430000 | 0 | 519 | 519 | 0 | (7) |
|  Receive | 6-Month CZK-PRIBOR | 3.363 | Annual | 05/29/2030 |  | 635300 | 292 | 424 | 716 | 0 | (11) |
|  Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 | EUR | 4400 | (11) | 294 | 283 | 4 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.818 | Annual | 06/26/2029 |  | 11000 | 328 | (61) | 267 | 11 | 0 |
|  Pay<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 12240 | 56 | (19) | 37 | 21 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 |  | 2400 | (9) | 217 | 208 | 7 | 0 |
|  Receive<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 15770 | (15) | (7) | (22) | 0 | (53) |
|  Receive<sup>(4)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 14980 | (308) | 33 | (275) | 0 | (117) |
|  Pay | 6-Month HUF-BBR | 5.935 | Annual | 05/08/2030 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8439000 | (63) | (326) | (389) | 0 | (21) |
|  Pay | 28-Day MXN-TIIE | 9.235 | Lunar | 12/17/2025 | MXN | 372800 | (1) | 68 | 67 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.769 | Lunar | 12/24/2025 |  | 21400 | 0 | (7) | (7) | 0 | 0 |
|  Receive<sup>(4)</sup> | 28-Day MXN-TIIE | 9.769 | Lunar | 09/27/2028 |  | 21400 | 0 | (71) | (71) | 0 | (1) |
|  Pay<sup>(4)</sup> | 28-Day MXN-TIIE | 9.235 | Lunar | 05/02/2029 |  | 372800 | (36) | 1152 | 1116 | 14 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.267 | Lunar | 02/28/2030 |  | 330900 | (8) | (693) | (701) | 0 | (18) |
|  |  |  |  |  |  |  | $(3215) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176 | $(1039) | $229 | $(471) |
|  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;(3218) | $1159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2059) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475) |

---

#### 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 September 30, 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>(5)</sup> | Variation Margin<br>Liability<sup>(5)</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;236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(266) | $(475) | $(741) |

---

(p) Securities with an aggregate market value of $10,233 and cash of $19,340 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(4)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(5)</sup> Unsettled variation margin liability of $(3) for closed futures is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 583 | $384 | $0 | $(2) |
|  | 10/2025 | 388 | 279 | 0 | 0 |
|  | 10/2025 | 219182 | 255643 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1688) |
|  | 10/2025 | 81 | 47 | 1 | 0 |
|  | 11/2025 | $385 | 583 | 1 | 0 |
|  | 11/2025 | 279 | 387 | 0 | 0 |
|  | 11/2025 | 47 | 81 | 0 | (1) |
|  BOA | 10/2025 | 19916 | $133 | 0 | (2) |
|  | 10/2025 | 57 | 33 | 0 | 0 |
|  | 10/2025 | 10838 | 2934 | 0 | (186) |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $6 | 540 | $0 | $0 |
|  | 10/2025 | 957 | 140478 | 0 | (8) |
|  | 11/2025 | 133 | 19847 | 2 | 0 |
|  | 11/2025 | 33 | 57 | 0 | 0 |
|  | 11/2025 | 7104 | $407 | 0 | (3) |
|  | 12/2025 | 303834 | 911 | 1 | 0 |
|  | 12/2025 | $11 | 42363 | 0 | 0 |
|  | 12/2025 | 817 | 15365 | 16 | 0 |
|  | 02/2026 | 107882 | $2256 | 0 | (89) |
|  BPS | 10/2025 | 383 | 253 | 0 | (1) |
|  | 10/2025 | 136800 | 22320 | 0 | (3383) |
|  | 10/2025 | 2907447 | 176 | 2 | 0 |
|  | 10/2025 | 23073 | 155 | 0 | (1) |
|  | 10/2025 | 56 | 33 | 0 | 0 |
|  | 10/2025 | $25124 | 136800 | 593 | (14) |
|  | 10/2025 | 100 | 716 | 0 | 0 |
|  | 10/2025 | 73 | 1231224 | 0 | 0 |
|  | 10/2025 | 146 | 531 | 0 | 0 |
|  | 10/2025 | 1032 | 31365 | 0 | (1) |
|  | 11/2025 | 24459 | $555 | 0 | (13) |
|  | 11/2025 | $253 | 383 | 1 | 0 |
|  | 11/2025 | 112 | 600 | 0 | 0 |
|  | 11/2025 | 155 | 22993 | 1 | 0 |
|  | 11/2025 | 33 | 56 | 0 | 0 |
|  | 12/2025 | 4601537 | $1172 | 11 | 0 |
|  | 12/2025 | 235137 | 708 | 3 | 0 |
|  | 12/2025 | 1234765 | 73 | 0 | 0 |
|  | 12/2025 | $1222 | 22642 | 5 | 0 |
|  | 04/2026 | 14900 | $2608 | 0 | (72) |
|  | 05/2026 | $1656 | 505 | 4 | 0 |
|  | 06/2026 | 869 | 265 | 4 | 0 |
|  | 07/2026 | 1309 | 400 | 6 | 0 |
|  | 06/2027 | 615 | 187 | 0 | (1) |
|  | 05/2029 | 2427 | $8344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | 0 |
|  | 07/2029 | 579 | 1991 | 74 | 0 |
|  | 05/2030 | 1747 | 6015 | 208 | 0 |
|  | 08/2030 | 311 | 1049 | 14 | 0 |
|  BRC | 10/2025 | 804 | 1002 | 0 | (7) |
|  | 10/2025 | 568 | 155 | 0 | (1) |
|  | 10/2025 | 40376 | 946 | 0 | (15) |
|  | 10/2025 | $854 | 682 | 2 | 0 |
|  | 10/2025 | 214 | 3997 | 4 | 0 |
|  | 10/2025 | 2 | 20 | 0 | 0 |
|  | 10/2025 | 1005 | 43094 | 21 | 0 |
|  | 11/2025 | 679 | $854 | 0 | (2) |
|  | 11/2025 | 20 | 2 | 0 | 0 |
|  | 11/2025 | $417 | 18175 | 3 | 0 |
|  | 11/2025 | 68795 | $3907 | 0 | (63) |
|  | 12/2025 | 68 | 16 | 0 | 0 |
|  | 12/2025 | 42319 | 880 | 0 | (83) |
|  | 02/2026 | $2256 | 107995 | 91 | 0 |
|  BSH | 10/2025 | 26100 | $4907 | 3 | 0 |
|  | 10/2025 | 17 | 10 | 0 | 0 |
|  | 10/2025 | $4799 | 26100 | 105 | 0 |
|  | 11/2025 | 10 | 17 | 0 | 0 |
|  | 11/2025 | 517 | 1910 | 33 | 0 |
|  | 12/2025 | 4223 | $1186 | 0 | (28) |
|  | 02/2026 | 6766 | 1935 | 0 | (7) |
|  | 04/2026 | 27900 | 4912 | 0 | (107) |
|  CBK | 10/2025 | 59556 | 10776 | 0 | (414) |
|  | 10/2025 | 32919752 | 8161 | 0 | (210) |
|  | 10/2025 | 861793 | 52 | 1 | 0 |
|  | 10/2025 | 503 | 6 | 0 | 0 |
|  | 10/2025 | 158 | 16 | 0 | 0 |
|  | 10/2025 | $11198 | 59556 | 0 | (8) |
|  | 10/2025 | 1171 | 1000 | 3 | 0 |
|  | 10/2025 | 76 | 1271605 | 0 | 0 |
|  | 10/2025 | 26 | 2282 | 0 | 0 |
|  | 10/2025 | 200 | 2000 | 0 | 0 |
|  | 10/2025 | 17064 | $985 | 0 | (3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 25096537 | $6164 | $0 | $(211) |
|  | 11/2025 | 2000 | 200 | 0 | 0 |
|  | 11/2025 | $6 | 504 | 0 | 0 |
|  | 12/2025 | 1275209 | $76 | 0 | 0 |
|  | 12/2025 | 7307 | 2041 | 0 | (60) |
|  | 12/2025 | $1 | 58 | 0 | 0 |
|  DUB | 10/2025 | 17856 | $318 | 0 | (54) |
|  | 10/2025 | 814 | 9 | 0 | 0 |
|  | 10/2025 | $216 | 1533 | 0 | 0 |
|  | 10/2025 | 671 | 2292 | 21 | 0 |
|  | 10/2025 | 12 | 1040 | 0 | 0 |
|  | 10/2025 | 198 | 274264 | 0 | (2) |
|  | 10/2025 | 336 | 187655 | 3 | 0 |
|  | 11/2025 | 2291 | $671 | 0 | (21) |
|  | 11/2025 | 169386 | 572 | 0 | (27) |
|  | 11/2025 | $9 | 816 | 0 | 0 |
|  | 11/2025 | 1501 | 837303 | 2 | (1) |
|  | 11/2025 | 166125 | $9490 | 0 | (96) |
|  | 12/2025 | 2643451 | 707 | 0 | (45) |
|  | 12/2025 | $1507 | 76359 | 40 | 0 |
|  | 12/2025 | 3183 | 1757941 | 0 | (56) |
|  | 03/2026 | 2008 | 1157732 | 0 | (17) |
|  | 09/2026 | 307827 | $1033 | 0 | (15) |
|  FAR | 10/2025 | 438 | 286 | 0 | (4) |
|  | 10/2025 | 120885 | 822 | 5 | 0 |
|  | 10/2025 | 39 | 23 | 0 | 0 |
|  | 10/2025 | 632 | 173 | 0 | (1) |
|  | 10/2025 | 996 | 773 | 1 | 0 |
|  | 10/2025 | $1133 | 1746 | 23 | 0 |
|  | 10/2025 | 153 | 122 | 0 | 0 |
|  | 10/2025 | 94 | 669 | 0 | 0 |
|  | 10/2025 | 25 | 2176 | 0 | 0 |
|  | 10/2025 | 84 | 307 | 0 | 0 |
|  | 11/2025 | 122 | $153 | 0 | 0 |
|  | 11/2025 | $286 | 438 | 4 | 0 |
|  | 11/2025 | 23 | 39 | 0 | 0 |
|  | 11/2025 | 773 | 993 | 0 | (1) |
|  | 12/2025 | 222219 | $11726 | 0 | (310) |
|  | 12/2025 | 19670 | 5476 | 0 | (177) |
|  | 12/2025 | $15 | 278 | 0 | 0 |
|  GLM | 10/2025 | 94600 | $15773 | 0 | (2001) |
|  | 10/2025 | 869627 | 53 | 1 | 0 |
|  | 10/2025 | $17576 | 94600 | 205 | (7) |
|  | 10/2025 | 7 | 53 | 0 | 0 |
|  | 10/2025 | 73 | 1221560 | 0 | 0 |
|  | 10/2025 | 7 | 620 | 0 | 0 |
|  | 10/2025 | 238 | 4463 | 5 | 0 |
|  | 10/2025 | 1 | 24 | 0 | 0 |
|  | 12/2025 | 1224489 | $73 | 0 | 0 |
|  | 12/2025 | $210 | 10620 | 5 | 0 |
|  | 12/2025 | 95 | 52977 | 0 | (1) |
|  | 02/2026 | 209597 | $3224 | 0 | (69) |
|  | 03/2026 | 261106 | 4094 | 26 | (21) |
|  | 04/2026 | 57600 | 10155 | 1 | (207) |
|  JPM | 10/2025 | 117579 | 22107 | 15 | 0 |
|  | 10/2025 | 931478 | 57 | 1 | 0 |
|  | 10/2025 | 376 | 102 | 0 | (1) |
|  | 10/2025 | $19082 | 117579 | 3010 | 0 |
|  | 10/2025 | 280 | 387 | 0 | (2) |
|  | 10/2025 | 342 | 474697 | 0 | (4) |
|  | 10/2025 | 298 | 164872 | 0 | 0 |
|  | 11/2025 | 331224 | $1119 | 0 | (52) |
|  | 11/2025 | 147109 | 8393 | 0 | (96) |
|  | 12/2025 | $7582 | 29762260 | 0 | (68) |
|  | 12/2025 | 338 | 6335 | 5 | 0 |
|  MBC | 10/2025 | 553 | $78 | 0 | 0 |
|  | 10/2025 | 6916 | 8156 | 36 | 0 |
|  | 10/2025 | 11435 | 77 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $110 | 780 | $0 | $0 |
|  | 10/2025 | 682 | 99877 | 0 | (6) |
|  | 10/2025 | 271 | 377008 | 0 | (3) |
|  | 10/2025 | 2 | 21 | 0 | 0 |
|  | 10/2025 | 777 | 996 | 0 | (5) |
|  | 11/2025 | 21 | $2 | 0 | 0 |
|  | 11/2025 | $78 | 551 | 0 | 0 |
|  | 11/2025 | 132 | 19551 | 0 | 0 |
|  | 12/2025 | 1150 | 58340 | 31 | 0 |
|  | 12/2025 | 2620 | 49219 | 46 | 0 |
|  | 03/2026 | 1399 | 82628 | 209 | 0 |
|  MYI | 10/2025 | 437588 | $2931 | 0 | (28) |
|  | 10/2025 | $111 | 788 | 0 | 0 |
|  | 10/2025 | 79 | 288 | 0 | 0 |
|  | 11/2025 | 2922 | 434733 | 28 | 0 |
|  | 12/2025 | 184 | 3792 | 0 | (1) |
|  | 12/2025 | 279 | 5188 | 2 | 0 |
|  | 10/2026 | 2089 | 3737 | 22 | 0 |
|  | 10/2027 | 4178 | 7687 | 0 | (44) |
|  NGF | 10/2025 | 781063 | $47 | 0 | 0 |
|  | 10/2025 | $452 | 628749 | 0 | (4) |
|  SCX | 10/2025 | 866562 | $53 | 1 | 0 |
|  | 10/2025 | 518 | 6 | 0 | 0 |
|  | 10/2025 | 3861 | 26 | 0 | 0 |
|  | 10/2025 | $81 | 573 | 0 | 0 |
|  | 10/2025 | 6996 | 5230 | 38 | 0 |
|  | 10/2025 | 59 | 983537 | 0 | 0 |
|  | 10/2025 | 6 | 540 | 0 | 0 |
|  | 10/2025 | 9520 | 1397799 | 0 | (68) |
|  | 10/2025 | 848 | 1484016 | 152 | 0 |
|  | 11/2025 | 5230 | $6997 | 0 | (38) |
|  | 11/2025 | 162877 | 565 | 0 | (10) |
|  | 11/2025 | $6 | 519 | 0 | 0 |
|  | 11/2025 | 1 | 94 | 0 | 0 |
|  | 12/2025 | 986023 | $59 | 0 | 0 |
|  | 12/2025 | 233394 | 813 | 0 | (10) |
|  | 12/2025 | 2643466 | 707 | 0 | (45) |
|  | 12/2025 | $43 | 874 | 0 | 0 |
|  SOG | 10/2025 | 342 | $226 | 0 | 0 |
|  | 10/2025 | 63269 | 11896 | 8 | 0 |
|  | 10/2025 | 1013108 | 6814 | 2 | (40) |
|  | 10/2025 | $11855 | 63269 | 33 | 0 |
|  | 10/2025 | 264715 | 225098 | 0 | (439) |
|  | 10/2025 | 145 | 249 | 0 | (1) |
|  | 11/2025 | 61559457 | $15100 | 0 | (520) |
|  | 11/2025 | 225098 | 265246 | 441 | 0 |
|  | 11/2025 | $226 | 342 | 0 | 0 |
|  | 11/2025 | 6385 | 946740 | 40 | 0 |
|  | 12/2025 | 64169 | $11855 | 0 | (30) |
|  SSB | 10/2025 | 5230 | 7050 | 16 | 0 |
|  | 12/2025 | 6564 | 1775 | 0 | (112) |
|  UAG | 10/2025 | 2523 | 756 | 0 | (5) |
|  | 10/2025 | 1951 | 192 | 0 | (4) |
|  | 10/2025 | $67 | 230 | 2 | 0 |
|  | 10/2025 | 79 | 288 | 0 | 0 |
|  | 10/2025 | 988 | 17064 | 0 | 0 |
|  | 10/2025 | 17072 | $988 | 0 | 0 |
|  | 11/2025 | 230 | 67 | 0 | (2) |
|  | 11/2025 | $18 | 72462 | 1 | 0 |
|  | 11/2025 | 600 | 28283 | 57 | 0 |
|  | 11/2025 | 74832 | $4245 | 0 | (73) |
|  | 12/2025 | 8852 | 154 | 3 | 0 |
|  | 12/2025 | $880 | 42319 | 83 | 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;6146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11528) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 39

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

#### PURCHASED 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>** | Cost | Market<br>Value |
|  GST | Put - OTC CDX.IG-44 5-Year Index | Buy | 0.700% | 10/15/2025 | 282700 | $530 | $6 |
|  | Put - OTC CDX.IG-44 5-Year Index | Buy | 0.700 | 11/19/2025 | 164127 | 180 | 36 |
|  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;710 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |

---

#### 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-44 5-Year Index | Sell | 0.850% | 10/15/2025 | 452400 | $(535) | $(4) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 11/19/2025 | 270809 | (181) | (35) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(716) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | **Strike<br>Price** | **Strike<br>Price** | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus TRY | TRY | 43.000 | 01/12/2026 | 585 | $(13) | $(2) |
|  | Call - OTC USD versus TRY |  | 56.500 | 01/12/2026 | 7799 | (312) | (85) |
|  | Call - OTC USD versus TRY |  | 56.750 | 02/03/2026 | 16525 | (595) | (239) |
| UAG | Put - OTC USD versus TRY |  | 41.600 | 11/12/2025 | 3530 | (134) | (3) |
|  | Call - OTC USD versus TRY |  | 56.900 | 11/12/2025 | 3530 | (99) | (12) |
|  | Put - OTC USD versus TRY |  | 42.750 | 12/09/2025 | 4839 | (174) | (24) |
|  | Call - OTC USD versus TRY |  | 57.750 | 12/09/2025 | 4839 | (121) | (28) |
|  | Call - OTC USD versus TRY |  | 54.330 | 03/13/2026 | 9000 | (247) | (201) |
|  |  |  |  |  |  | $(1695) | $(594) |
|  Total Written Options | Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2411) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(633) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Mexico Government International Bonds | (1.000)% | Quarterly | 06/20/2035 | 1.611% | $1700 | $118 | $(38) | $80 | $0 |
|  | Oman Government International Bonds | (1.000) | Quarterly | 12/20/2027 | 0.303 | 2200 | 72 | (106) | 0 | (34) |
|  | Panama Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 1.141 | 2200 | 76 | (64) | 12 | 0 |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2028 | 0.470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378) |
|  BPS | Oman Government International Bonds | (1.000) | Quarterly | 12/20/2027 | 0.303 | 900 | 30 | (44) | 0 | (14) |
|  BRC | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2035 | 1.611 | 1300 | 87 | (26) | 61 | 0 |
|  | Oman Government International Bonds | (1.000) | Quarterly | 12/20/2027 | 0.303 | 900 | 24 | (38) | 0 | (14) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 0.963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800 | (219) | 161 | 0 | (58) |
|  CBK | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2035 | 1.611 | 3300 | 224 | (68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | 0 |
|  GST | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2029 | 0.644 | 3700 | 28 | (75) | 0 | (47) |
|  | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2035 | 1.611 | 100 | 7 | (2) | 5 | 0 |
|  JPM | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2029 | 0.644 | 2400 | 15 | (46) | 0 | (31) |
|  MYC | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 0.963 | 5900 | (68) | 51 | 0 | (17) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593) |

---

40 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Brazil Government International Bonds | 1.000% | Quarterly | 06/20/2030 | 1.240 | $1000 | $(37) | $27 | $0 | $(10) |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 2.228 | 200 | (27) | 9 | 0 | (18) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.195 | 1800 | 10 | 8 | 18 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.194 | 800 | 7 | (2) | 5 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 12/20/2031 | 0.852 | 600 | (25) | 30 | 5 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | 0 | (19) |
| BPS | Brazil Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.583 | 5700 | (386) | 438 | 52 | 0 |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 2.228 | 500 | (69) | 23 | 0 | (46) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.225 | 2500 | (46) | 79 | 33 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 1.453 | 2000 | (78) | 47 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.194 | 4000 | 19 | (11) | 8 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.210 | 8400 | 47 | 3 | 50 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.406 | 4200 | (4) | 59 | 55 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 31 | 29 | 60 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.501 | 2000 | 19 | 16 | 35 | 0 |
|  | Philippines Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.603 | 4900 | 93 | 1 | 94 | 0 |
|  | Romania Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.593 | 8475 | 14 | (4) | 10 | 0 |
|  | Serbia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.793 | 2000 | (177) | 186 | 9 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.868 | 2600 | (224) | 234 | 10 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.299 | 300 | (59) | 58 | 0 | (1) |
| BRC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2026 | 7.132 | 900 | (61) | 49 | 0 | (12) |
|  | Benin Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 1.079 | 1500 | (51) | 51 | 0 | 0 |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 1.358 | 900 | (125) | 110 | 0 | (15) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.195 | 10100 | 96 | 4 | 100 | 0 |
|  | Chile Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.225 | 10700 | (204) | 346 | 142 | 0 |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 1.244 | 500 | (16) | 15 | 0 | (1) |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 3.778 | 1800 | (267) | 86 | 0 | (181) |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.194 | 7000 | 52 | (10) | 42 | 0 |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2026 | 1.434 | 5600 | (35) | 7 | 0 | (28) |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2027 | 1.762 | 10000 | (173) | 15 | 0 | (158) |
|  | Romania Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 1.318 | 2800 | (122) | 88 | 0 | (34) |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.634 | 23400 | 330 | 47 | 377 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.632 | 6600 | 2 | 5 | 7 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 2.201 | 300 | (20) | 6 | 0 | (14) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.389 | 2700 | (269) | 113 | 0 | (156) |
| BSS | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 15.081 | 3900 | (546) | (36) | 0 | (582) |
| CBK | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 15.081 | 3000 | (408) | (40) | 0 | (448) |
|  | Benin Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 1.079 | 250 | (9) | 9 | 0 | 0 |
|  | Benin Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 2.181 | 500 | (34) | 19 | 0 | (15) |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.583 | 700 | (51) | 57 | 6 | 0 |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.240 | 1000 | (37) | 27 | 0 | (10) |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 1.244 | 1275 | (42) | 40 | 0 | (2) |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 3.133 | 1050 | (133) | 42 | 0 | (91) |
|  | Dominican Republic International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.315 | 2900 | (186) | 148 | 0 | (38) |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.410 | 11200 | (64) | 178 | 114 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.828 | 1000 | (19) | 27 | 8 | 0 |
|  | Panama Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.295 | 500 | (17) | 11 | 0 | (6) |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.640 | 1100 | (7) | 24 | 17 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.299 | 1900 | (377) | 368 | 0 | (9) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.389 | 10000 | (924) | 348 | 0 | (576) |
| DUB | Eskom « | 4.650 | Quarterly | 06/30/2029 |  | 14000 | 0 | 843 | 843 | 0 |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 3.778 | 800 | (131) | 50 | 0 | (81) |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | 4823 | 0 | 62 | 62 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | 3235 | 0 | 43 | 43 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.261 | 300 | (5) | 7 | 2 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 | 300 | (13) | 15 | 2 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **41** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| GST | Argentine Republic Government International Bonds | 5.000% | Quarterly | 06/20/2026 | 7.132% | $600 | $(62) | $54 | $0 | $(8) |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 15.081 | 2500 | (408) | 35 | 0 | (373) |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.240 | 7100 | (327) | 256 | 0 | (71) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.195 | 9400 | 91 | 2 | 93 | 0 |
|  | Emirate of Abu Dhabi Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.125 | 8000 | 115 | 5 | 120 | 0 |
|  | Indonesia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.819 | 31700 | 252 | 26 | 278 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.299 | 9200 | 10 | 7 | 17 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.309 | 1400 | 0 | 7 | 7 | 0 |
|  | Oman Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.665 | 15000 | (358) | 580 | 222 | 0 |
|  | Poland Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.599 | 5000 | 47 | 41 | 88 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.634 | 27700 | 410 | 37 | 447 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.389 | 12100 | (1290) | 593 | 0 | (697) |
| JPM | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.240 | 3200 | (80) | 48 | 0 | (32) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.225 | 4500 | (80) | 140 | 60 | 0 |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 3.133 | 525 | (66) | 20 | 0 | (46) |
|  | Poland Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.386 | 2800 | (7) | 53 | 46 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 2.201 | 4900 | (338) | 116 | 0 | (222) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.389 | 2700 | (300) | 144 | 0 | (156) |
| MEI | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.389 | 2700 | (277) | 121 | 0 | (156) |
| MYC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 15.081 | 9200 | (1011) | (362) | 0 | (1373) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.195 | 6600 | 38 | 28 | 66 | 0 |
|  | Dominican Republic International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.315 | 1000 | (67) | 54 | 0 | (13) |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.487 | 1400 | (27) | 46 | 19 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 | 1400 | (15) | 35 | 20 | 0 |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 3.938 | 190 | (50) | 28 | 0 | (22) |
|  | Panama Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.508 | 5000 | 12 | (5) | 7 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.194 | 11400 | 14 | 55 | 69 | 0 |
|  | Qatar Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | 32 | (8) | 24 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 | 3000 | (134) | 157 | 23 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.299 | 2700 | (534) | 521 | 0 | (13) |
| MYI | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.194 | 1200 | 10 | (3) | 7 | 0 |
|  |  |  |  |  |  |  | $(9967) | $8025 | $3822 | $(5764) |
|  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;(9921) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6357) |

---

#### 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 September 30, 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 | $2 | $0 | $0 | $2 | $(1691) | $0 | $0 | $(1691) | $(1689) | $1517 | $(172) |
|  BOA | 19 | 0 | 120 | 139 | (288) | (326) | (459) | (1073) | (934) | 971 | 37 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>** |
|  BPS | $1235 | $0 | $416 | $1651 | $(3486) | $0 | $(92) | $(3578) | $(1927) | $1692 | $(235) |
|  BRC | 121 | 0 | 729 | 850 | (171) | 0 | (671) | (842) | 8 | (60) | (52) |
|  BSH | 141 | 0 | 0 | 141 | (142) | 0 | 0 | (142) | (1) | 0 | (1) |
|  BSS | 0 | 0 | 0 | 0 | 0 | 0 | (582) | (582) | (582) | 515 | (67) |
|  CBK | 4 | 0 | 301 | 305 | (906) | 0 | (1195) | (2101) | (1796) | 1640 | (156) |
|  DUB | 66 | 0 | 952 | 1018 | (334) | 0 | (81) | (415) | 603 | (883) | (280) |
|  FAR | 33 | 0 | 0 | 33 | (493) | 0 | 0 | (493) | (460) | 516 | 56 |
|  GLM | 243 | 0 | 0 | 243 | (2306) | 0 | 0 | (2306) | (2063) | 2228 | 165 |
|  GST | 0 | 42 | 1277 | 1319 | 0 | (39) | (1196) | (1235) | 84 | 0 | 84 |
|  JPM | 3031 | 0 | 106 | 3137 | (223) | 0 | (487) | (710) | 2427 | (2339) | 88 |
|  MBC | 322 | 0 | 0 | 322 | (14) | 0 | 0 | (14) | 308 | (260) | 48 |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (156) | (156) | (156) | 295 | 139 |
|  MYC | 0 | 0 | 228 | 228 | 0 | 0 | (1438) | (1438) | (1210) | 0 | (1210) |
|  MYI | 52 | 0 | 7 | 59 | (73) | 0 | 0 | (73) | (14) | 0 | (14) |
|  NGF | 0 | 0 | 0 | 0 | (4) | 0 | 0 | (4) | (4) | 0 | (4) |
|  SCX | 191 | 0 | 0 | 191 | (171) | 0 | 0 | (171) | 20 | 0 | 20 |
|  SOG | 524 | 0 | 0 | 524 | (1030) | 0 | 0 | (1030) | (506) | 677 | 171 |
|  SSB | 16 | 0 | 0 | 16 | (112) | 0 | 0 | (112) | (96) | 0 | (96) |
|  UAG | 146 | 0 | 0 | 146 | (84) | (268) | 0 | (352) | (206) | 0 | (206) |
|  Total Over the Counter | $6146 | $42 | $4136 | $10324 | $(11528) | $(633) | $(6357) | $(18518) |  |  |  |

---

(r) Securities with an aggregate market value of $10,051 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 229 | 236 |
|  | $0 | $7 | $0 | $0 | $465 | $472 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 43

------

Schedule of Investments PIMCO Emerging Markets Bond 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** |
|  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 | $6146 | $0 | $6146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 42 | 0 | 0 | 0 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4136 | 0 | 0 | 0 | 4136 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4178 | $0 | $6146 | $0 | $10324 |
|  | $0 | $4185 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10796 |
|  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  | $3 | $0 | $0 | $0 | $263 | $266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 471 | 475 |
|  | $3 | $4 | $0 | $0 | $734 | $741 |
|  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 | $11528 | $0 | $11528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 39 | 0 | 594 | 0 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6357 | 0 | 0 | 0 | 6357 |
|  | $0 | $6396 | $0 | $12122 | $0 | $18518 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19259 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $11210 | $11210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (761) | 0 | 0 | (240) | (1001) |
|  | $0 | $(761) | $0 | $0 | $10970 | $10209 |
|  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 | $(23056) | $0 | $(23056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 580 | 0 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3173 | 0 | 0 | 0 | 3173 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22476) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19303) |
|  | $0 | $2412 | $0 | $(22476) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10970 | $(9094) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(4211) | $(4211) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 211 | 0 | 0 | 105 | 316 |
|  | $0 | $211 | $0 | $0 | $(4106) | $(3895) |
|  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 | $(2355) | $0 | $(2355) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (668) | 0 | 0 | 0 | (668) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 677 | 0 | 1834 | 0 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2855 | 0 | 0 | 0 | 2855 |
|  | $0 | $2864 | $0 | $(521) | $0 | $2343 |
|  | $0 | $3075 | $0 | $(521) | $(4106) | $(1552) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp; Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $2405 | $2405 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11224 | 0 | 11224 |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6817 | 0 | 6817 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 49334 | 0 | 49334 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Armenia | Armenia | Armenia | Armenia | Armenia |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $4788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $4788 |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7492 | 0 | 7492 |
|  Bahrain | Bahrain | Bahrain | Bahrain | Bahrain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7871 | 0 | 7871 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Benin | Benin | Benin | Benin | Benin |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $214 | $0 | $214 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 42717 | 0 | 42717 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 28210 | 0 | 28210 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8277 | 0 | 8277 |
|  Cameroon | Cameroon | Cameroon | Cameroon | Cameroon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6359 | 0 | 6359 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2274 | 0 | 2274 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 1450 | 0 | 1450 |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 164 | 0 | 164 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58369 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 5097 | 5097 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13876 | 0 | 13876 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 40370 | 0 | 40370 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 15458 | 0 | 15458 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 18594 | 0 | 18594 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 79439 | 0 | 79439 |
|  Costa Rica | Costa Rica | Costa Rica | Costa Rica | Costa Rica |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2744 | 0 | 2744 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8991 | 0 | 8991 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 63585 | 0 | 63585 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Sovereign Issues | 0 | 26486 | 0 | 26486 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 79627 | 0 | 79627 |
|  El Salvador | El Salvador | El Salvador | El Salvador | El Salvador |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6072 | 0 | 6072 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11037 | 0 | 11037 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1164 | 0 | 1164 |
|  Gabon | Gabon | Gabon | Gabon | Gabon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 283 | 0 | 283 |
|  Georgia | Georgia | Georgia | Georgia | Georgia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 187 | 0 | 187 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 6947 | 0 | 6947 |
|  Ghana | Ghana | Ghana | Ghana | Ghana |
| &nbsp;&nbsp; Sovereign Issues | 0 | 12221 | 0 | 12221 |
|  Guatemala | Guatemala | Guatemala | Guatemala | Guatemala |
| &nbsp;&nbsp; Sovereign Issues | 0 | 29594 | 0 | 29594 |
|  Honduras | Honduras | Honduras | Honduras | Honduras |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1319 | 0 | 1319 |
|  Hong Kong | Hong Kong | Hong Kong | Hong Kong | Hong Kong |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4710 | 0 | 4710 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 40562 | 0 | 40562 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7056 | 0 | 7056 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 63755 | 0 | 63755 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 15621 | 0 | 15621 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1838 | 0 | 1838 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 9525 | 9525 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11532 | 0 | 11532 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 13117 | 0 | 13117 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2933 | 0 | 2933 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1584 | 0 | 1584 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 15128 | 15128 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 22497 | 0 | 22497 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Jamaica | Jamaica | Jamaica | Jamaica | Jamaica |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $1574 | $0 | $1574 |
|  Jordan | Jordan | Jordan | Jordan | Jordan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6085 | 0 | 6085 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 22193 | 0 | 22193 |
|  Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2706 | 2706 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 12800 | 0 | 12800 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | 1687 | 0 | 13187 |
|  Latvia | Latvia | Latvia | Latvia | Latvia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4745 | 0 | 4745 |
|  Lebanon | Lebanon | Lebanon | Lebanon | Lebanon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1870 | 0 | 1870 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 4677 | 4677 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46848 | 0 | 46848 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 49775 | 0 | 49775 |
|  Macedonia | Macedonia | Macedonia | Macedonia | Macedonia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7836 | 0 | 7836 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 15767 | 0 | 15767 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 109695 | 0 | 109695 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 89388 | 0 | 89388 |
|  Mongolia | Mongolia | Mongolia | Mongolia | Mongolia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1655 | 0 | 1655 |
|  Morocco | Morocco | Morocco | Morocco | Morocco |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 15986 | 0 | 15986 |
|  Namibia | Namibia | Namibia | Namibia | Namibia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5469 | 0 | 5469 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 14052 | 0 | 14052 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 5896 | 5896 |
|  Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 10390 | 0 | 10390 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 4557 | 0 | 4557 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 14974 | 0 | 14974 |
|  Oman | Oman | Oman | Oman | Oman |
| &nbsp;&nbsp; Sovereign Issues | 0 | 20673 | 0 | 20673 |
|  Pakistan | Pakistan | Pakistan | Pakistan | Pakistan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11839 | 0 | 11839 |
|  Panama | Panama | Panama | Panama | Panama |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6744 | 0 | 6744 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 34662 | 0 | 34662 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11781 | 0 | 11781 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 41936 | 0 | 41936 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 18554 | 0 | 18554 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7956 | 0 | 7956 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5374 | 0 | 5374 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2826 | 0 | 2826 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 26750 | 0 | 26750 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 34456 | 0 | 34456 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 50537 | 0 | 50537 |
|  Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 73 | 0 | 73 |
|  Rwanda | Rwanda | Rwanda | Rwanda | Rwanda |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1081 | 0 | 1081 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 20536 | 0 | 20536 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 37329 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37329 |
|  Senegal | Senegal | Senegal | Senegal | Senegal |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 4645 | 4645 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 15828 | 0 | 15828 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **45** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378 | $5378 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 23128 | 0 | 23128 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1694 | 0 | 1694 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 21962 | 0 | 21962 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3147 | 3147 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 39468 | 0 | 39468 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6843 | 0 | 6843 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2949 | 0 | 2949 |
|  Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka |
| &nbsp;&nbsp; Sovereign Issues | 0 | 12933 | 0 | 12933 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6095 | 0 | 6095 |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3355 | 3355 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8370 | 0 | 8370 |
|  Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3530 | 0 | 3530 |
|  Tunisia | Tunisia | Tunisia | Tunisia | Tunisia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1292 | 0 | 1292 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7001 | 0 | 7001 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 18313 | 18313 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 71768 | 0 | 71768 |
|  Uganda | Uganda | Uganda | Uganda | Uganda |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2793 | 0 | 2793 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Sovereign Issues | 0 | 19580 | 0 | 19580 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 32329 | 0 | 32329 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9692 | 0 | 9692 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29042 | 3160 | 35902 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 6552 | 0 | 6552 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 10815 | 0 | 10815 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7900 | 28393 | 36293 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 14110 | 14110 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 43905 | 2498 | 46403 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 26005 | 0 | 26005 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 31951 | 0 | 31951 |
|  Uruguay | Uruguay | Uruguay | Uruguay | Uruguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8686 | 0 | 8686 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6984 | 0 | 6984 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7350 | 0 | 7350 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $9806 | $0 | $9806 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9024 | 0 | 9024 |
|  Vietnam | Vietnam | Vietnam | Vietnam | Vietnam |
| &nbsp;&nbsp; Sovereign Issues | 0 | 979 | 0 | 979 |
|  Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3319 | 0 | 3319 |
|  Zambia | Zambia | Zambia | Zambia | Zambia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1084 | 0 | 1084 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 5711 | 0 | 5711 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 79502 | 0 | 79502 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 27160 | 0 | 27160 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1082 | 0 | 1082 |
|  | $15200 | $2206865 | $134892 | $2356957 |
|  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 | $117422 | $0 | $0 | $117422 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132622 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206865 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134892 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474379 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  Egypt |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | $0 | $(13378) | $0 | $(13378) |
|  Romania |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | 0 | (11337) | 0 | (11337) |
|  United States |  |  |  |  |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | (55046) | 0 | (55046) |
|  | $0 | $(79761) | $0 | $(79761) |
|  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 | 16 | 456 | 0 | 472 |
|  Over the counter | 0 | 9376 | 948 | 10324 |
|  | $16 | $9832 | $948 | $10796 |
|  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 | (76) | (662) | 0 | (738) |
|  Over the counter | 0 | (18518) | 0 | (18518) |
|  | $(76) | $(19180) | $0 | $(19256) |
|  Total Financial Derivative Instruments | $(60) | $(9348) | $948 | $(8460) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386158 |

---

46 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Angola | Angola | Angola | Angola | Angola | Angola | Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp; Loan Participations and Assignments<sup>(3)</sup> | $4800 | $0 | $(2400) | $0 | $0 | $5 | $0 | $0 | $2405 | $5 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6434 | 0 | 0 | 0 | 25 | 0 | 0 | 6459 | 25 |
| &nbsp;&nbsp; Loan Participations and Assignments<sup>(4)</sup> | 4980 | 0 | 0 | 0 | 0 | 117 | 0 | 0 | 5097 | 117 |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Loan Participations and Assignments | 8741 | 0 | 0 | 5 | 0 | 779 | 0 | 0 | 9525 | 780 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 15980 | 4405 | (6775) | 11 | 261 | 1246 | 0 | 0 | 15128 | 1037 |
|  Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Loan Participations and Assignments | 2661 | 0 | 0 | 3 | 0 | 42 | 0 | 0 | 2706 | 42 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 5436 | 0 | 0 | 0 | 0 | (759) | 0 | 0 | 4677 | (760) |
|  Mexico | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Common Stocks | 14 | 0 | 0 | 0 | 0 | (14) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 5811 | 0 | 0 | 22 | 0 | 63 | 0 | 0 | 5896 | 63 |
|  Senegal | Senegal | Senegal | Senegal | Senegal | Senegal | Senegal | Senegal | Senegal | Senegal | Senegal |
| &nbsp;&nbsp; Loan Participations and Assignments | 4710 | 0 | (719) | 1 | 43 | 610 | 0 | 0 | 4645 | 523 |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 5566 | 5242 | (5422) | 1 | 38 | (47) | 0 | 0 | 5378 | 134 |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Loan Participations and Assignments | 3564 | 0 | (626) | 6 | 45 | 158 | 0 | 0 | 3147 | 171 |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp; Loan Participations and Assignments | 3592 | 0 | (538) | 2 | (16) | 315 | 0 | 0 | 3355 | 274 |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | 8468 | 0 | 0 | (46) | 0 | 946 | 8945 | 0 | 18313 | 947 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Loan Participations and Assignments | 3058 | 0 | (3054) | (9) | (36) | 41 | 0 | 0 | 0 | 0 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 6013 | 0 | (3260) | 225 | 129 | 53 | 0 | 0 | 3160 | (158) |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Corporate Bonds & Notes | 6224 | 22100 | 0 | 0 | 0 | 69 | 0 | 0 | 28393 | 69 |
| &nbsp;&nbsp; Loan Participations and Assignments | 4352 | 10025 | (338) | 0 | 0 | 71 | 0 | 0 | 14110 | 52 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 2448 | 0 | 0 | 0 | 0 | 50 | 0 | 0 | 2498 | 50 |
|  | $96418 | $48206 | $(23132) | $221 | $464 | $3770 | $8945 | $0 | $134892 | $3371 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $892 | $0 | $(18) | $0 | $0 | $74 | $0 | $0 | $948 | $74 |
|  Totals | $97310 | $48206 | $(23150) | $221 | $464 | $3844 | $8945 | $0 | $135840 | $3445 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 47

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.) September 30, 2025 (Unaudited)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Angola | Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $2405 | Discounted Cash Flow | Discount Rate | 8.700 |  |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 6459 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 5097 | Discounted Cash Flow | Discount Rate | 6.572 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 9525 | Discounted Cash Flow | Discount Rate | 3.832 |  |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 15128 | Discounted Cash Flow | Discount Rate | 5.084-5.531 | 5.430 |
|  Kenya | Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2706 | Discounted Cash Flow | Discount Rate | 8.514 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 4677 | Indicative Market Quotation | Broker Quote | $21.667 |  |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 5896 | Discounted Cash Flow | Discount Rate | 7.648 |  |
|  Senegal | Senegal | Senegal | Senegal | Senegal | Senegal |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 4645 | Discounted Cash Flow | Discount Rate | 15.199 |  |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 5378 | Discounted Cash Flow | Discount Rate | 8.730 |  |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3147 | Discounted Cash Flow | Discount Rate | 11.702 |  |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3355 | Third Party Vendor | Broker Quote | 100.750 |  |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 9368 | Discounted Cash Flow | Discount Rate | 4.794-5.739 | 5.525 |
|  | 8945 | Third Party Vendor | Broker Quote | 100.250 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 3160 | Other Valuation Techniques<sup>(5)</sup> |  |  |  |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 6293 | Discounted Cash Flow | Discount Rate | 6.208 |  |
|  | 22100 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 4085 | Indicative Market Quotation | Broker Quote | 95.558 |  |
|  | 10025 | Recent Transaction | Purchase Price | 100.250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 2498 | Discounted Cash Flow | Discount Rate | 6.392 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 948 | Indicative Market Quotation | Broker Quote | 0.939-6.009 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135840 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(3)</sup> Country type updated from United States to Angola since prior fiscal year end.

<sup>(4)</sup> Country type updated from United States to Cayman Islands since prior fiscal year end.

<sup>(5)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 98.3% | INVESTMENTS IN SECURITIES 98.3% | INVESTMENTS IN SECURITIES 98.3% |
| ARGENTINA 1.0% | ARGENTINA 1.0% | ARGENTINA 1.0% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Pampa Energia SA | Pampa Energia SA | Pampa Energia SA |
|  7.875% due 12/16/2034 | 200 | $198 |
|  Telecom Argentina SA | Telecom Argentina SA | Telecom Argentina SA |
|  9.250% due 05/28/2033 | 200 | 197 |
|  Vista Energy Argentina SAU | Vista Energy Argentina SAU | Vista Energy Argentina SAU |
|  8.500% due 06/10/2033 | 200 | 203 |
|  |  | 598 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ | 5 | 2 |
|  Total Argentina (Cost $602) | Total Argentina (Cost $602) | 600 |
| AUSTRIA 0.3% | AUSTRIA 0.3% | AUSTRIA 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  LD Celulose International GmbH | LD Celulose International GmbH | LD Celulose International GmbH |
|  7.950% due 01/26/2032 | 200 | 212 |
|  Total Austria (Cost $207) | Total Austria (Cost $207) | 212 |
| AZERBAIJAN 1.4% | AZERBAIJAN 1.4% | AZERBAIJAN 1.4% |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
|  SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC |
|  7.230% due 03/17/2026 | 200 | 200 |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 634 | 642 |
|  Total Azerbaijan (Cost $840) | Total Azerbaijan (Cost $840) | 842 |
| BERMUDA 1.6% | BERMUDA 1.6% | BERMUDA 1.6% |
| CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% |
|  Digicel International Finance Ltd./Difl U.S. LLC | Digicel International Finance Ltd./Difl U.S. LLC | Digicel International Finance Ltd./Difl U.S. LLC |
|  8.625% due 08/01/2032 | 600 | 617 |
|  Li & Fung Ltd. | Li & Fung Ltd. | Li & Fung Ltd. |
|  8.375% due 02/05/2029 | 350 | 365 |
|  Total Bermuda (Cost $973) | Total Bermuda (Cost $973) | 982 |
| BRAZIL 4.7% | BRAZIL 4.7% | BRAZIL 4.7% |
| CORPORATE BONDS & NOTES 4.7% | CORPORATE BONDS & NOTES 4.7% | CORPORATE BONDS & NOTES 4.7% |
|  Aegea Finance SARL | Aegea Finance SARL | Aegea Finance SARL |
|  7.625% due 01/20/2036 (a) | 200 | 199 |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 | 7000 | 385 |
|  Braskem Netherlands Finance BV | Braskem Netherlands Finance BV | Braskem Netherlands Finance BV |
|  4.500% due 01/31/2030 | 200 | 76 |
|  CSN Resources SA | CSN Resources SA | CSN Resources SA |
|  4.625% due 06/10/2031 | 200 | 163 |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
|  5.400% due 01/09/2038 (a) | 300 | 299 |
|  7.000% due 07/28/2030 | 200 | 219 |
|  Petrobras Global Finance BV | Petrobras Global Finance BV | Petrobras Global Finance BV |
|  5.125% due 09/10/2030 | 300 | 297 |
|  Rede D'or Finance SARL | Rede D'or Finance SARL | Rede D'or Finance SARL |
|  6.450% due 09/09/2035 | 200 | 206 |
|  Samarco Mineracao SA (9.000% Cash or 9.000% PIK) | Samarco Mineracao SA (9.000% Cash or 9.000% PIK) | Samarco Mineracao SA (9.000% Cash or 9.000% PIK) |
|  9.000% due 06/30/2031 (b) | 214 | 215 |
|  Suzano Netherlands BV | Suzano Netherlands BV | Suzano Netherlands BV |
|  5.500% due 01/15/2036 | 200 | 200 |
|  Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) |
|  11.000% due 12/31/2028 (b) | 470 | 87 |
|  Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) |
|  13.500% due 12/31/2027 (b) | 222 | 171 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 | 200 | 206 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Vale SA | Vale SA | Vale SA |
|  0.000% due 12/29/2049 ~(h) | 2910 | 196 |
|  |  | 2919 |
|  | **SHARES** |  |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
|  OAS SA - Exp. 01/21/2039 «(k) | 131712 | 0 |
|  Total Brazil (Cost $3,216) | Total Brazil (Cost $3,216) | 2919 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CANADA 2.7% | CANADA 2.7% | CANADA 2.7% |
| CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% |
|  First Quantum Minerals Ltd. | First Quantum Minerals Ltd. | First Quantum Minerals Ltd. |
|  7.250% due 02/15/2034 | 300 | 310 |
|  8.000% due 03/01/2033 | 300 | 317 |
|  8.625% due 06/01/2031 | 300 | 316 |
|  Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. |
|  7.875% due 01/23/2030 | 200 | 207 |
|  Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. | Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. | Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. |
|  5.854% due 05/13/2032 | 500 | 520 |
|  Total Canada (Cost $1,588) | Total Canada (Cost $1,588) | 1670 |
| CAYMAN ISLANDS 10.2% | CAYMAN ISLANDS 10.2% | CAYMAN ISLANDS 10.2% |
| CONVERTIBLE BONDS & NOTES 0.6% | CONVERTIBLE BONDS & NOTES 0.6% | CONVERTIBLE BONDS & NOTES 0.6% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2025 (f) | 35 | 1 |
|  0.000% due 12/31/2026 (f) | 47 | 1 |
|  0.000% due 12/31/2027 (f) | 58 | 2 |
|  0.000% due 12/31/2028 (f) | 93 | 2 |
|  0.000% due 12/31/2029 (f) | 93 | 2 |
|  0.000% due 12/31/2030 (f) | 116 | 3 |
|  0.000% due 12/31/2031 (f) | 116 | 3 |
|  0.000% due 12/31/2032 (f) | 220 | 5 |
|  Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. |
|  4.500% due 03/07/2029 | 300 | 324 |
|  |  | 343 |
| CORPORATE BONDS & NOTES 9.6% | CORPORATE BONDS & NOTES 9.6% | CORPORATE BONDS & NOTES 9.6% |
|  China Modern Dairy Holdings Ltd. | China Modern Dairy Holdings Ltd. | China Modern Dairy Holdings Ltd. |
|  2.125% due 07/14/2026 | 300 | 294 |
|  Energuate Trust 2 0 | Energuate Trust 2 0 | Energuate Trust 2 0 |
|  6.350% due 09/15/2035 | 400 | 403 |
|  Esic Sukuk Ltd. | Esic Sukuk Ltd. | Esic Sukuk Ltd. |
|  5.831% due 02/14/2029 | 300 | 310 |
|  FWD Group Holdings Ltd. | FWD Group Holdings Ltd. | FWD Group Holdings Ltd. |
|  5.836% due 09/22/2035 | 300 | 305 |
|  Greentown China Holdings Ltd. | Greentown China Holdings Ltd. | Greentown China Holdings Ltd. |
|  8.450% due 02/24/2028 | 200 | 208 |
|  Health & Happiness H&H International Holdings Ltd. | Health & Happiness H&H International Holdings Ltd. | Health & Happiness H&H International Holdings Ltd. |
|  9.125% due 07/24/2028 | 200 | 213 |
|  IHS Holding Ltd. | IHS Holding Ltd. | IHS Holding Ltd. |
|  8.250% due 11/29/2031 | 500 | 527 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 ^«(c) | 2 | 0 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (b) | 70 | 2 |
|  Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 12/28/2029 (b) | 116 | 3 |
|  Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 12/28/2030 (b) | 140 | 2 |
|  Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 12/28/2031 (b) | 210 | 3 |
|  Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 12/28/2032 (b) | 196 | 3 |
|  Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) |
|  6.721% due 12/28/2028 (b) | 47 | 1 |
|  KFH Sukuk Co. | KFH Sukuk Co. | KFH Sukuk Co. |
|  5.376% due 01/14/2030 | 200 | 207 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. |
|  6.500% due 09/24/2033 | $| 300 | 301 |
|  Montego Bay Airport Revenue Finance Ltd. | Montego Bay Airport Revenue Finance Ltd. | Montego Bay Airport Revenue Finance Ltd. | Montego Bay Airport Revenue Finance Ltd. |
|  6.600% due 06/15/2035 |  | 300 | 307 |
|  QIC Cayman Ltd. | QIC Cayman Ltd. | QIC Cayman Ltd. | QIC Cayman Ltd. |
|  6.150% due 04/10/2031 •(h) |  | 300 | 306 |
|  QNB Finance Ltd. | QNB Finance Ltd. | QNB Finance Ltd. | QNB Finance Ltd. |
|  4.875% due 01/30/2029 |  | 300 | 306 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  4.375% due 06/18/2030 |  | 500 | 492 |
|  5.400% due 08/08/2028 |  | 350 | 358 |
|  SNB Funding Ltd. | SNB Funding Ltd. | SNB Funding Ltd. | SNB Funding Ltd. |
|  6.000% due 06/24/2035 •(i) |  | 400 | 411 |
|  SNB Sukuk Ltd. | SNB Sukuk Ltd. | SNB Sukuk Ltd. | SNB Sukuk Ltd. |
|  2.342% due 01/19/2027 |  | 200 | 195 |
|  Sobha Sukuk Ltd. | Sobha Sukuk Ltd. | Sobha Sukuk Ltd. | Sobha Sukuk Ltd. |
|  7.996% due 02/19/2029 |  | 200 | 206 |
|  SRC Sukuk Ltd. | SRC Sukuk Ltd. | SRC Sukuk Ltd. | SRC Sukuk Ltd. |
|  5.000% due 02/27/2028 |  | 300 | 305 |
|  Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. |
|  6.750% due 02/15/2034 |  | 250 | 254 |
|  |  |  | 5922 |
|  Total Cayman Islands (Cost $6,148) | Total Cayman Islands (Cost $6,148) | Total Cayman Islands (Cost $6,148) | 6265 |
| CHILE 4.9% | CHILE 4.9% | CHILE 4.9% | CHILE 4.9% |
| CORPORATE BONDS & NOTES 4.9% | CORPORATE BONDS & NOTES 4.9% | CORPORATE BONDS & NOTES 4.9% | CORPORATE BONDS & NOTES 4.9% |
|  AES Andes SA | AES Andes SA | AES Andes SA | AES Andes SA |
|  6.250% due 03/14/2032 |  | 200 | 209 |
|  6.300% due 03/15/2029 |  | 200 | 209 |
|  Alfa Desarrollo SpA | Alfa Desarrollo SpA | Alfa Desarrollo SpA | Alfa Desarrollo SpA |
|  4.550% due 09/27/2051 |  | 197 | 158 |
|  Banco de Chile | Banco de Chile | Banco de Chile | Banco de Chile |
|  2.990% due 12/09/2031 |  | 300 | 274 |
|  Banco de Credito e Inversiones SA | Banco de Credito e Inversiones SA | Banco de Credito e Inversiones SA | Banco de Credito e Inversiones SA |
|  2.875% due 10/14/2031 |  | 500 | 458 |
|  Caja de Compensacion de Asignacion Familiar de Los Andes | Caja de Compensacion de Asignacion Familiar de Los Andes | Caja de Compensacion de Asignacion Familiar de Los Andes | Caja de Compensacion de Asignacion Familiar de Los Andes |
|  7.000% due 07/30/2029 |  | 200 | 214 |
|  Cencosud SA | Cencosud SA | Cencosud SA | Cencosud SA |
|  5.950% due 05/28/2031 |  | 300 | 316 |
|  Colbun SA | Colbun SA | Colbun SA | Colbun SA |
|  5.375% due 09/11/2035 |  | 200 | 200 |
|  Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA |
|  5.500% due 05/14/2027 |  | 31 | 31 |
|  Engie Energia Chile SA | Engie Energia Chile SA | Engie Energia Chile SA | Engie Energia Chile SA |
|  6.375% due 04/17/2034 |  | 200 | 214 |
|  Inversiones CMPC SA | Inversiones CMPC SA | Inversiones CMPC SA | Inversiones CMPC SA |
|  6.700% due 12/09/2057 •  |  | 200 | 205 |
|  Latam Airlines Group SA | Latam Airlines Group SA | Latam Airlines Group SA | Latam Airlines Group SA |
|  7.625% due 01/07/2031 |  | 500 | 519 |
|  Total Chile (Cost $2,914) | Total Chile (Cost $2,914) | Total Chile (Cost $2,914) | 3007 |
| COLOMBIA 3.5% | COLOMBIA 3.5% | COLOMBIA 3.5% | COLOMBIA 3.5% |
| CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% |
|  Banco Davivienda SA | Banco Davivienda SA | Banco Davivienda SA | Banco Davivienda SA |
|  8.125% due 07/02/2035 •(i) |  | 500 | 520 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  5.875% due 05/28/2045 |  | 350 | 268 |
|  8.875% due 01/13/2033 |  | 300 | 325 |
|  Grupo Nutresa SA | Grupo Nutresa SA | Grupo Nutresa SA | Grupo Nutresa SA |
|  9.000% due 05/12/2035 |  | 500 | 568 |
|  |  |  | 1681 |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  12.750% due 11/28/2040 | COP | 1737200 | 464 |
|  Total Colombia (Cost $2,198) | Total Colombia (Cost $2,198) | Total Colombia (Cost $2,198) | 2145 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 49

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| CZECH REPUBLIC 0.7% | CZECH REPUBLIC 0.7% | CZECH REPUBLIC 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS |
|  6.500% due 01/10/2031 | 200 | $207 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 200 | 255 |
|  Total Czech Republic (Cost $423) | Total Czech Republic (Cost $423) | 462 |
| DOMINICAN REPUBLIC 0.7% | DOMINICAN REPUBLIC 0.7% | DOMINICAN REPUBLIC 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  11.250% due 09/15/2035 | 24000 | 426 |
|  Total Dominican Republic (Cost $423) | Total Dominican Republic (Cost $423) | 426 |
| ECUADOR 0.3% | ECUADOR 0.3% | ECUADOR 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  6.900% due 07/31/2030 þ | 200 | 178 |
|  Total Ecuador (Cost $154) | Total Ecuador (Cost $154) | 178 |
| EGYPT 1.0% | EGYPT 1.0% | EGYPT 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 | 30200 | 631 |
|  Total Egypt (Cost $576) | Total Egypt (Cost $576) | 631 |
| GERMANY 0.5% | GERMANY 0.5% | GERMANY 0.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  8.608% (TSFR3M + 4.500%) due 12/19/2031 ~ | 299 | 285 |
|  Total Germany (Cost $296) | Total Germany (Cost $296) | 285 |
| HONG KONG 1.7% | HONG KONG 1.7% | HONG KONG 1.7% |
| CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  3.600% due 04/09/2029 | 300 | 296 |
|  Fortune Star BVI Ltd. | Fortune Star BVI Ltd. | Fortune Star BVI Ltd. |
|  3.950% due 10/02/2026 | 300 | 351 |
|  GLP China Holdings Ltd. | GLP China Holdings Ltd. | GLP China Holdings Ltd. |
|  2.950% due 03/29/2026 | 200 | 197 |
|  Lenovo Group Ltd. | Lenovo Group Ltd. | Lenovo Group Ltd. |
|  3.421% due 11/02/2030 | 200 | 190 |
|  Total Hong Kong (Cost $926) | Total Hong Kong (Cost $926) | 1034 |
| INDIA 3.4% | INDIA 3.4% | INDIA 3.4% |
| CORPORATE BONDS & NOTES 3.4% | CORPORATE BONDS & NOTES 3.4% | CORPORATE BONDS & NOTES 3.4% |
|  Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. |
|  3.949% due 02/12/2030 | 462 | 436 |
|  IIFL Finance Ltd. | IIFL Finance Ltd. | IIFL Finance Ltd. |
|  8.750% due 07/24/2028 | 200 | 204 |
|  Muthoot Finance Ltd. | Muthoot Finance Ltd. | Muthoot Finance Ltd. |
|  6.375% due 03/02/2030 | 300 | 305 |
|  Reliance Industries Ltd. | Reliance Industries Ltd. | Reliance Industries Ltd. |
|  2.875% due 01/12/2032 | 300 | 273 |
|  ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries | ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries | ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries |
|  4.500% due 07/14/2028 | 250 | 241 |
|  Sammaan Capital Ltd. | Sammaan Capital Ltd. | Sammaan Capital Ltd. |
|  8.950% due 08/28/2028 | 200 | 201 |
|  Shriram Finance Ltd. | Shriram Finance Ltd. | Shriram Finance Ltd. |
|  6.625% due 04/22/2027 | 400 | 409 |
|  Total India (Cost $2,073) | Total India (Cost $2,073) | 2069 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDONESIA 0.3% | INDONESIA 0.3% | INDONESIA 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
|  6.200% due 04/14/2052 | 200 | $205 |
|  Total Indonesia (Cost $155) | Total Indonesia (Cost $155) | 205 |
| IRELAND 0.7% | IRELAND 0.7% | IRELAND 0.7% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC |
|  5.950% due 04/15/2030 ^«•(c)(i) | 900 | 54 |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 127 | 119 |
|  |  | 173 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 200 | 235 |
|  Total Ireland (Cost $1,230) | Total Ireland (Cost $1,230) | 408 |
| ISLE OF MAN 0.6% | ISLE OF MAN 0.6% | ISLE OF MAN 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.750% due 10/01/2030 | 400 | 382 |
|  Total Isle of Man (Cost $363) | Total Isle of Man (Cost $363) | 382 |
| ISRAEL 2.1% | ISRAEL 2.1% | ISRAEL 2.1% |
| CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% |
|  Bank Hapoalim BM | Bank Hapoalim BM | Bank Hapoalim BM |
|  3.255% due 01/21/2032 •(i) | 200 | 196 |
|  Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM |
|  7.129% due 07/18/2033 •(i) | 200 | 209 |
|  Energean Israel Finance Ltd. | Energean Israel Finance Ltd. | Energean Israel Finance Ltd. |
|  5.375% due 03/30/2028 | 400 | 394 |
|  ICL Group Ltd. | ICL Group Ltd. | ICL Group Ltd. |
|  6.375% due 05/31/2038 | 100 | 104 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  4.250% due 08/14/2028 | 200 | 197 |
|  Leviathan Bond Ltd. | Leviathan Bond Ltd. | Leviathan Bond Ltd. |
|  6.500% due 06/30/2027 | 200 | 201 |
|  Total Israel (Cost $1,240) | Total Israel (Cost $1,240) | 1301 |
| IVORY COAST 1.0% | IVORY COAST 1.0% | IVORY COAST 1.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0% |
|  Republic of Cote d'Ivoire | Republic of Cote d'Ivoire | Republic of Cote d'Ivoire |
|  5.153% (EUR006M + 3.050%) due 03/09/2026 «~ | 500 | 586 |
|  Total Ivory Coast (Cost $533) | Total Ivory Coast (Cost $533) | 586 |
| JERSEY, CHANNEL ISLANDS 0.4% | JERSEY, CHANNEL ISLANDS 0.4% | JERSEY, CHANNEL ISLANDS 0.4% |
| CONVERTIBLE BONDS & NOTES 0.4% | CONVERTIBLE BONDS & NOTES 0.4% | CONVERTIBLE BONDS & NOTES 0.4% |
|  Goldman Sachs Finance Corp. International Ltd. | Goldman Sachs Finance Corp. International Ltd. | Goldman Sachs Finance Corp. International Ltd. |
|  0.000% due 04/04/2028 (f) | 200 | 237 |
|  Total Jersey, Channel Islands (Cost $206) | Total Jersey, Channel Islands (Cost $206) | 237 |
| KAZAKHSTAN 2.7% | KAZAKHSTAN 2.7% | KAZAKHSTAN 2.7% |
| CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% |
|  Kaspi.KZ JSC | Kaspi.KZ JSC | Kaspi.KZ JSC |
|  6.250% due 03/26/2030 | 300 | 309 |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  6.375% due 10/24/2048 | 700 | 698 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. |
|  3.250% due 08/15/2030 | 700 | 646 |
|  Total Kazakhstan (Cost $1,490) | Total Kazakhstan (Cost $1,490) | 1653 |
| LUXEMBOURG 4.1% | LUXEMBOURG 4.1% | LUXEMBOURG 4.1% |
| CORPORATE BONDS & NOTES 3.3% | CORPORATE BONDS & NOTES 3.3% | CORPORATE BONDS & NOTES 3.3% |
|  Adecoagro SA | Adecoagro SA | Adecoagro SA |
|  7.500% due 07/29/2032 | 200 | 196 |
|  Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |
|  5.672% due 10/20/2035 | 600 | 620 |
|  Greensaif Pipelines Bidco SARL |  |  |
|  6.129% due 02/23/2038 | 300 | 320 |
|  6.510% due 02/23/2042 | 200 | 217 |
|  MHP Lux SA |  |  |
|  6.950% due 04/03/2026 | 200 | 190 |
|  Raizen Fuels Finance SA |  |  |
|  6.250% due 07/08/2032 | 500 | 488 |
|  |  | 2031 |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Eagle Funding Luxco SARL |  |  |
|  5.500% due 08/17/2030 | 500 | 508 |
|  Total Luxembourg (Cost $2,495) |  | 2539 |
| MAURITIUS 0.3% |  |  |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  CA Magnum Holdings |  |  |
|  5.375% due 10/31/2026 | 200 | 200 |
|  Total Mauritius (Cost $199) |  | 200 |
|  | **SHARES** |  |
| MEXICO 4.4% |  |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Hipotecaria Su Casita SA «(d) | 172487 | 0 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 4.4% | CORPORATE BONDS & NOTES 4.4% | CORPORATE BONDS & NOTES 4.4% |
|  Banco Mercantil del Norte SA |  |  |
|  5.875% due 01/24/2027 •(h)(i) | 200 | 199 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico |
|  5.250% due 09/10/2029 | 250 | 257 |
|  7.625% due 02/11/2035 •(i) | 200 | 211 |
|  Braskem Idesa SAPI |  |  |
|  7.450% due 11/15/2029 | 200 | 122 |
|  CFE Fibra E |  |  |
|  5.875% due 09/23/2040 | 300 | 304 |
|  Corp. Inmobiliaria Vesta SAB de CV |  |  |
|  5.500% due 01/30/2033 | 200 | 202 |
|  El Puerto de Liverpool SAB de CV |  |  |
|  6.658% due 01/22/2037 | 200 | 215 |
|  Gruma SAB de CV |  |  |
|  5.761% due 12/09/2054 | 200 | 199 |
|  Grupo Televisa SAB |  |  |
|  5.250% due 05/24/2049 | 200 | 142 |
|  Metalsa SAPI de CV |  |  |
|  3.750% due 05/04/2031 | 300 | 267 |
|  Minera Mexico SA de CV |  |  |
|  5.625% due 02/12/2032 | 300 | 310 |
|  Trust Fibra Uno |  |  |
|  6.390% due 01/15/2050 | 300 | 277 |
|  |  | 2705 |
|  Total Mexico (Cost $3,863) |  | 2705 |

---

50 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MOROCCO 0.9% |  |  |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  OCP SA |  |  |
|  6.875% due 04/25/2044 | 500 | $525 |
|  Total Morocco (Cost $481) |  | 525 |
|  | **SHARES** |  |
| NETHERLANDS 1.3% |  |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Stichting Administratiekantoor «(d) | 1831 | 0 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Prosus NV |  |  |
|  4.987% due 01/19/2052 | 300 | 243 |
|  Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
|  4.100% due 10/01/2046 | 200 | 149 |
|  Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) |
|  15.000% due 12/31/2044 (b) | 394 | 12 |
|  Yinson Bergenia Production BV |  |  |
|  8.498% due 01/31/2045 | 200 | 215 |
|  |  | 619 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  8.548% (TSFR3M + 4.250%) due 03/25/2027 «~ | 200 | 200 |
|  Total Netherlands (Cost $864) |  | 819 |
| PANAMA 0.6% |  |  |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Telecomunicaciones Digitales SA |  |  |
|  4.500% due 01/30/2030 | 400 | 382 |
|  Total Panama (Cost $361) |  | 382 |
| PERU 3.1% |  |  |
| CORPORATE BONDS & NOTES 2.9% | CORPORATE BONDS & NOTES 2.9% | CORPORATE BONDS & NOTES 2.9% |
|  Banco de Credito del Peru SA |  |  |
|  6.450% due 07/30/2035 •  | 300 | 312 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |  |
|  9.700% due 03/05/2045 | 500 | 153 |
|  10.100% due 12/15/2043 | 500 | 155 |
|  Hunt Oil Co. of Peru LLC Sucursal Del Peru | Hunt Oil Co. of Peru LLC Sucursal Del Peru | Hunt Oil Co. of Peru LLC Sucursal Del Peru |
|  7.750% due 11/05/2038 | 200 | 222 |
|  Kallpa Generacion SA |  |  |
|  5.500% due 09/11/2035 | 300 | 303 |
|  Niagara Energy SAC |  |  |
|  5.746% due 10/03/2034 | 300 | 309 |
|  Orazul Energy Peru SA |  |  |
|  6.250% due 09/17/2032 | 200 | 203 |
|  Peru LNG SRL |  |  |
|  5.375% due 03/22/2030 | 150 | 144 |
|  |  | 1801 |
| SOVEREIGN ISSUES 0.2% |  |  |
|  Peru Government Bonds |  |  |
|  7.300% due 08/12/2033 | 400 | 129 |
|  Total Peru (Cost $1,827) |  | 1930 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| PHILIPPINES 1.3% |  |  |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
|  Petron Corp. |  |  |
|  5.950% due 04/19/2026 •(h) | 200 | $200 |
|  San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. |
|  5.450% due 12/09/2026 •(h) | 200 | 197 |
|  8.750% due 06/12/2029 •(h) | 400 | 412 |
|  Total Philippines (Cost $702) |  | 809 |
| POLAND 0.3% |  |  |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  ORLEN SA |  |  |
|  6.000% due 01/30/2035 | 200 | 209 |
|  Total Poland (Cost $197) | Total Poland (Cost $197) | 209 |
| QATAR 0.6% | QATAR 0.6% | QATAR 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. |
|  6.067% due 12/31/2033 | 221 | 235 |
|  Qatarenergy LNG S3 | Qatarenergy LNG S3 | Qatarenergy LNG S3 |
|  6.332% due 09/30/2027 | 161 | 163 |
|  Total Qatar (Cost $405) | Total Qatar (Cost $405) | 398 |
| REPUBLIC OF KOREA 0.3% | REPUBLIC OF KOREA 0.3% | REPUBLIC OF KOREA 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Shinhan Financial Group Co. Ltd. | Shinhan Financial Group Co. Ltd. | Shinhan Financial Group Co. Ltd. |
|  5.000% due 07/24/2028 | 200 | 204 |
|  Total Republic of Korea (Cost $204) | Total Republic of Korea (Cost $204) | 204 |
| ROMANIA 0.2% | ROMANIA 0.2% | ROMANIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 | 100 | 120 |
|  Total Romania (Cost $121) | Total Romania (Cost $121) | 120 |
| RUSSIA 0.1% | RUSSIA 0.1% | RUSSIA 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  ALROSA Finance SA | ALROSA Finance SA | ALROSA Finance SA |
|  3.100% due 06/25/2027 ^«(c) | 800 | 48 |
|  Total Russia (Cost $804) | Total Russia (Cost $804) | 48 |
| SAUDI ARABIA 2.0% | SAUDI ARABIA 2.0% | SAUDI ARABIA 2.0% |
| CORPORATE BONDS & NOTES 2.0% | CORPORATE BONDS & NOTES 2.0% | CORPORATE BONDS & NOTES 2.0% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  4.750% due 06/02/2030 | 200 | 203 |
|  6.375% due 06/02/2055 | 700 | 746 |
|  Saudi Awwal Bank | Saudi Awwal Bank | Saudi Awwal Bank |
|  5.947% due 09/04/2035 •(i) | 300 | 304 |
|  Total Saudi Arabia (Cost $1,199) | Total Saudi Arabia (Cost $1,199) | 1253 |
| SINGAPORE 1.8% | SINGAPORE 1.8% | SINGAPORE 1.8% |
| CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% |
|  Cathaylife Singapore Pte. Ltd. | Cathaylife Singapore Pte. Ltd. | Cathaylife Singapore Pte. Ltd. |
|  5.950% due 07/05/2034 | 200 | 213 |
|  GLP Pte. Ltd. | GLP Pte. Ltd. | GLP Pte. Ltd. |
|  9.750% due 05/20/2028 | 200 | 209 |
|  Medco Cypress Tree Pte. Ltd.  | Medco Cypress Tree Pte. Ltd.  | Medco Cypress Tree Pte. Ltd.  |
|  8.625% due 05/19/2030 | 250 | 264 |
|  Nanshan Life Pte. Ltd. | Nanshan Life Pte. Ltd. | Nanshan Life Pte. Ltd. |
|  5.450% due 09/11/2034 | 200 | 198 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 200 | 212 |
|  Total Singapore (Cost $1,068) | Total Singapore (Cost $1,068) | 1096 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOUTH AFRICA 2.9% | SOUTH AFRICA 2.9% | SOUTH AFRICA 2.9% |
| CONVERTIBLE BONDS & NOTES 0.6% | CONVERTIBLE BONDS & NOTES 0.6% | CONVERTIBLE BONDS & NOTES 0.6% |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  4.500% due 11/08/2027 | 400 | $383 |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Bidvest Group U.K. PLC | Bidvest Group U.K. PLC | Bidvest Group U.K. PLC |
|  6.200% due 09/17/2032 | 200 | 201 |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  6.500% due 09/27/2028 | 400 | 398 |
|  |  | 599 |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.875% due 02/28/2035 | 14600 | 831 |
|  Total South Africa (Cost $1,704) | Total South Africa (Cost $1,704) | 1813 |
| SOUTH KOREA 2.5% | SOUTH KOREA 2.5% | SOUTH KOREA 2.5% |
| CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% |
|  Hanwha Life Insurance Co. Ltd. | Hanwha Life Insurance Co. Ltd. | Hanwha Life Insurance Co. Ltd. |
|  6.300% due 06/24/2055 •  | 300 | 314 |
|  Kookmin Bank | Kookmin Bank | Kookmin Bank |
|  2.500% due 11/04/2030 (i)(l) | 500 | 452 |
|  LG Energy Solution Ltd. | LG Energy Solution Ltd. | LG Energy Solution Ltd. |
|  5.750% due 09/25/2028 | 200 | 207 |
|  POSCO | POSCO | POSCO |
|  4.875% due 01/23/2027 | 200 | 202 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  6.375% due 01/17/2028 | 200 | 209 |
|  |  | 1384 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Korea Expressway Corp. | Korea Expressway Corp. | Korea Expressway Corp. |
|  5.000% due 05/14/2027 | 200 | 203 |
|  Total South Korea (Cost $1,569) | Total South Korea (Cost $1,569) | 1587 |
| SPAIN 0.5% | SPAIN 0.5% | SPAIN 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU |
|  8.499% due 06/30/2032 | 300 | 316 |
|  Total Spain (Cost $300) | Total Spain (Cost $300) | 316 |
| SUPRANATIONAL 0.3% | SUPRANATIONAL 0.3% | SUPRANATIONAL 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  African Development Bank | African Development Bank | African Development Bank |
|  5.875% due 05/07/2035 •(h)(i) | 200 | 201 |
|  Total Supranational (Cost $200) | Total Supranational (Cost $200) | 201 |
| THAILAND 0.7% | THAILAND 0.7% | THAILAND 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. |
|  6.500% due 09/10/2030 •(h) | 200 | 203 |
|  7.125% due 06/10/2035 •(h) | 200 | 207 |
|  |  | 410 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  3.300% due 06/17/2038 | 30 | 1 |
|  3.350% due 06/17/2033 | 40 | 1 |
|  3.450% due 06/17/2043 | 20 | 1 |
|  |  | 3 |
|  Total Thailand (Cost $403) | Total Thailand (Cost $403) | 413 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 51

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| TURKEY 3.2% | TURKEY 3.2% | TURKEY 3.2% |
| CORPORATE BONDS & NOTES 3.2% | CORPORATE BONDS & NOTES 3.2% | CORPORATE BONDS & NOTES 3.2% |
|  Akbank TAS | Akbank TAS | Akbank TAS |
|  7.498% due 01/20/2030 | 500 | $525 |
|  Turk Telekomunikasyon AS | Turk Telekomunikasyon AS | Turk Telekomunikasyon AS |
|  6.950% due 10/07/2032 (a) | 300 | 300 |
|  Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS |
|  7.450% due 01/24/2030 | 200 | 209 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 | 217 | 214 |
|  Turkiye Is Bankasi AS | Turkiye Is Bankasi AS | Turkiye Is Bankasi AS |
|  7.750% due 06/12/2029 | 200 | 209 |
|  Turkiye Vakiflar Bankasi TAO |  |  |
|  7.250% due 07/31/2030 | 300 | 307 |
|  Yapi ve Kredi Bankasi AS |  |  |
|  9.250% due 10/16/2028 | 200 | 218 |
|  Total Turkey (Cost $1,901) |  | 1982 |
| UKRAINE 0.2% |  |  |
| SOVEREIGN ISSUES 0.2% |  |  |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(g) | 45 | 24 |
|  0.000% due 02/01/2034 þ(g) | 168 | 70 |
|  4.500% due 02/01/2036 þ | 52 | 28 |
|  Total Ukraine (Cost $107) |  | 122 |
| UNITED ARAB EMIRATES 3.9% | UNITED ARAB EMIRATES 3.9% | UNITED ARAB EMIRATES 3.9% |
| CORPORATE BONDS & NOTES 3.9% | CORPORATE BONDS & NOTES 3.9% | CORPORATE BONDS & NOTES 3.9% |
|  Abu Dhabi Future Energy Co. PJSC Masdar | Abu Dhabi Future Energy Co. PJSC Masdar | Abu Dhabi Future Energy Co. PJSC Masdar |
|  4.875% due 07/25/2033 | 700 | 707 |
|  Alpha Star Holding IX Ltd. |  |  |
|  7.000% due 08/26/2028 | 300 | 308 |
|  Emirates NBD Bank PJSC |  |  |
|  5.875% due 10/11/2028 | 250 | 263 |
|  First Abu Dhabi Bank PJSC |  |  |
|  4.774% due 06/06/2028 (l) | 700 | 712 |
|  NBK SPC Ltd. |  |  |
|  1.625% due 09/15/2027 •  | 400 | 389 |
|  Total United Arab Emirates (Cost $2,312) | Total United Arab Emirates (Cost $2,312) | 2379 |
| UNITED KINGDOM 5.4% |  |  |
| CORPORATE BONDS & NOTES 5.2% | CORPORATE BONDS & NOTES 5.2% | CORPORATE BONDS & NOTES 5.2% |
|  Anglo American Capital PLC |  |  |
|  5.500% due 05/02/2033 | 300 | 311 |
|  Antofagasta PLC |  |  |
|  2.375% due 10/14/2030 | 300 | 272 |
|  5.625% due 09/09/2035 | 200 | 204 |
|  Avianca Midco 2 PLC |  |  |
|  9.000% due 12/01/2028 | 400 | 401 |
|  Azule Energy Finance PLC |  |  |
|  8.125% due 01/23/2030 | 450 | 454 |
|  Endeavour Mining PLC |  |  |
|  7.000% due 05/28/2030 | 250 | 258 |
|  ICBC Standard Bank PLC |  |  |
|  20.000% due 09/18/2029 « | 2883000 | 239 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (f) | 200 | 151 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC |
|  9.475% due 07/24/2030 | 200 | 202 |
|  10.875% due 09/17/2029 | 200 | 210 |
|  WE Soda Investments Holding PLC | WE Soda Investments Holding PLC | WE Soda Investments Holding PLC |
|  9.375% due 02/14/2031 | 200 | 193 |
|  9.500% due 10/06/2028 | 350 | 340 |
|  |  | 3235 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% |
|  Canada Square Funding 6 PLC | Canada Square Funding 6 PLC | Canada Square Funding 6 PLC |
|  4.913% due 01/17/2059 •  | 70 | 95 |
|  Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC |
|  4.686% due 12/18/2044 •  | 36 | 49 |
|  |  | 144 |
|  Total United Kingdom (Cost $3,298) | Total United Kingdom (Cost $3,298) | 3379 |
| UNITED STATES 8.8% |  |  |
| CONVERTIBLE BONDS & NOTES 0.3% | CONVERTIBLE BONDS & NOTES 0.3% | CONVERTIBLE BONDS & NOTES 0.3% |
|  JPMorgan Chase Financial Co. LLC | JPMorgan Chase Financial Co. LLC | JPMorgan Chase Financial Co. LLC |
|  0.000% due 04/11/2028 (f) | 200 | 196 |
| CORPORATE BONDS & NOTES 4.4% | CORPORATE BONDS & NOTES 4.4% | CORPORATE BONDS & NOTES 4.4% |
|  Beignet |  |  |
|  6.850% due 06/01/2049 «(a) | 600 | 600 |
|  Hanwha Q Cells Americas Holdings Corp. | Hanwha Q Cells Americas Holdings Corp. | Hanwha Q Cells Americas Holdings Corp. |
|  5.000% due 07/27/2028 | 200 | 205 |
|  Invepar Holdings LLC |  |  |
|  0.000% due 12/31/2049 «(k) | 158 | 0 |
|  Kosmos Energy Ltd. |  |  |
|  8.750% due 10/01/2031 | 400 | 311 |
|  Las Vegas Sands Corp. |  |  |
|  3.900% due 08/08/2029 | 400 | 387 |
|  6.000% due 08/15/2029 | 300 | 312 |
|  Rio Oil Finance Trust |  |  |
|  8.200% due 04/06/2028 | 206 | 213 |
|  9.750% due 01/06/2027 | 145 | 150 |
|  Southern Copper Corp. |  |  |
|  7.500% due 07/27/2035 | 200 | 237 |
|  Stillwater Mining Co. |  |  |
|  4.000% due 11/16/2026 | 300 | 297 |
|  |  | 2712 |
| U.S. GOVERNMENT AGENCIES 3.1% | U.S. GOVERNMENT AGENCIES 3.1% | U.S. GOVERNMENT AGENCIES 3.1% |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 11/01/2055 | 250 | 236 |
|  4.500% due 10/01/2055 | 250 | 242 |
|  5.000% due 11/01/2055 | 1200 | 1189 |
|  5.500% due 11/01/2055 | 250 | 252 |
|  |  | 1919 |
| U.S. TREASURY OBLIGATIONS 1.0% | U.S. TREASURY OBLIGATIONS 1.0% | U.S. TREASURY OBLIGATIONS 1.0% |
|  U.S. Treasury Bonds |  |  |
|  1.375% due 11/15/2040 | 900 | 588 |
|  Total United States (Cost $5,757) | Total United States (Cost $5,757) | 5415 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UZBEKISTAN 0.4% |  |  |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |
|  21.000% due 07/24/2027 | 2500000 | $217 |
|  Total Uzbekistan (Cost $199) |  | 217 |
| VIRGIN ISLANDS (BRITISH) 0.2% | VIRGIN ISLANDS (BRITISH) 0.2% | VIRGIN ISLANDS (BRITISH) 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  NWD Finance BVI Ltd. |  |  |
|  5.250% due 03/22/2026 •(h) | 200 | 89 |
|  OAS Restructuring BVI Ltd. |  |  |
|  5.000% due 03/31/2035 « | 356 | 3 |
|  Total Virgin Islands (British) (Cost $184) | Total Virgin Islands (British) (Cost $184) | 92 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 1.6% | SHORT-TERM INSTRUMENTS 1.6% | SHORT-TERM INSTRUMENTS 1.6% |
| MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (j) | 248570 | 249 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| NIGERIA TREASURY BILLS 1.2% | NIGERIA TREASURY BILLS 1.2% | NIGERIA TREASURY BILLS 1.2% |
|  28.978% due 11/11/2025 - 06/29/2026 (e)(f) | 1175443 | 729 |
|  Total Short-Term Instruments (Cost $931) | Total Short-Term Instruments (Cost $931) | 978 |
|  Total Investments in Securities<br>(Cost $62,429) | Total Investments in Securities<br>(Cost $62,429) | 60630 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 6.9% | INVESTMENTS IN AFFILIATES 6.9% | INVESTMENTS IN AFFILIATES 6.9% |
| SHORT-TERM INSTRUMENTS 6.9% | SHORT-TERM INSTRUMENTS 6.9% | SHORT-TERM INSTRUMENTS 6.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.9% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 437616 | 4262 |
| Total Short-Term Instruments<br>(Cost $4,261) | Total Short-Term Instruments<br>(Cost $4,261) | 4262 |
| Total Investments in Affiliates<br>(Cost $4,261) | Total Investments in Affiliates<br>(Cost $4,261) | 4262 |
| Total Investments 105.2%<br>(Cost $66,690) |  | $64892 |
|  Financial Derivative<br>Instruments (m)(n) (0.0)%<br>(Cost or Premiums, net $357) | Financial Derivative<br>Instruments (m)(n) (0.0)%<br>(Cost or Premiums, net $357) | (25) |
| Other Assets and Liabilities, net (5.2)% | Other Assets and Liabilities, net (5.2)% | (3189) |
| Net Assets 100.0% |  | $61678 |

---

#### 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.  |

---

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

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

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

(f) Zero coupon security.

(g) Security becomes interest bearing at a future date.

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

(i) Contingent convertible security.

(j) Coupon represents a 7-Day Yield.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Invepar Holdings LLC 0.000% due 12/31/2049 | 11/16/2018 | $0 | $0 | 0.00% |
|  OAS SA - Exp. 01/21/2039 | 04/30/2019 | 0 | 0 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0.00% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 4.200% | 09/19/2025 | TBD<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431) | $(432) |
|  | 4.300 | 09/19/2025 | TBD<sup>(2)</sup> | (679) | (679) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1111) |

---

#### 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 September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BRC | $0 | $(1111) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1111) | $&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 | $(1111) | $(1111) |
|  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;(1111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1111) |
|  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  | $(1111) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 53

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

(l) Securities with an aggregate market value of $1,164 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1224) at a weighted average interest rate of 4.501%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 77 | $8408 | $(1) | $3 | $0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588 | 10 | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&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 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 3 | $(360) | $(9) | $2 | $0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230) | (3) | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(3) | $5 | $0 |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.iTraxx Europe 43 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | EUR | 970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.EM-41 5-Year Index | 1.000% | Quarterly | 06/20/2029 | $900 | $(27) | $23 | $(4) | $0 | $(1) |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 200 | (6) | 4 | (2) | 0 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 400 | 31 | 0 | 31 | 1 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 2500 | 56 | 2 | 58 | 0 | 0 |
|  CDX.iTraxx Europe 44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 210 | 5 | 0 | 5 | 0 | 0 |
|  CDX.iTraxx Crossover 44 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 170 | 21 | 1 | 22 | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 09/17/2035 | $300 | $(2) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2029 | 1800 | 34 | (22) | 12 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | 31 | 17 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 1700 | 44 | (27) | 17 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 400 | 10 | (6) | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 200 | (4) | 1 | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 400 | 13 | (1) | 12 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 500 | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 1100 | 45 | (6) | 39 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 300 | 19 | 5 | 24 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 12/18/2054 | $200 | $(11) | $28 | $17 | $1 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 300 | 34 | 3 | 37 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 500 | 47 | (9) | 38 | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 12.131 | Maturity | 01/04/2027 | 3500 | 28 | (45) | (17) | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2030 | 1100 | 16 | (3) | 13 | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.611 | Annual | 06/06/2028 | 6800 | 3 | 5 | 8 | 0 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 300 | (1) | 0 | (1) | 0 | (1) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 200 | 0 | 0 | 0 | 0 | (1) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 30 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 6-Month HUF-BBR | 5.890 | Annual | 05/09/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184600 | (6) | (4) | (10) | 0 | 0 |
|  Pay<sup>(5)</sup> | 6-Month THB-THBFIX | 1.000 | Quarterly | 03/18/2028 | 6150 | 0 | 0 | 0 | 0 | 0 |
|  Receive<sup>(5)</sup> | 6-Month THB-THBFIX | 1.000 | Quarterly | 03/18/2031 | 3680 | 1 | 0 | 1 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.207 | Lunar | 12/08/2025 | 3700 | 0 | 0 | 0 | 0 | 0 |
|  Pay<sup>(5)</sup> | 28-Day MXN-TIIE | 8.207 | Lunar | 06/19/2028 | 3700 | 0 | 4 | 4 | 0 | 0 |
|  |  |  |  |  |  | $269 | $(55) | $214 | $7 | $(3) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### 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 September 30, 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;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

Cash of $751 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 1829 | $2134 | $0 | $(14) |
|  | 10/2025 | 13 | 7 | 0 | 0 |
|  | 11/2025 | $7 | 13 | 0 | 0 |
|  BOA | 10/2025 | 508 | $6 | 0 | 0 |
|  | 10/2025 | 9 | 5 | 0 | 0 |
|  | 11/2025 | 6008 | 94 | 0 | (2) |
|  | 11/2025 | $5 | 9 | 0 | 0 |
|  | 11/2025 | 182 | $10 | 0 | 0 |
|  BPS | 10/2025 | 7 | 1 | 0 | 0 |
|  | 10/2025 | 9 | 5 | 0 | 0 |
|  | 10/2025 | $58 | 209 | 0 | 0 |
|  | 11/2025 | 1788 | $534 | 0 | (6) |
|  | 11/2025 | $5 | 9 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **55** |

---

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 12/2025 | 6387 | $19 | $0 | $0 |
|  BRC | 10/2025 | 199 | 55 | 0 | 0 |
|  | 10/2025 | $214 | 9202 | 4 | 0 |
|  | 11/2025 | 370 | 16082 | 6 | 0 |
|  | 11/2025 | 1762 | $100 | 0 | (2) |
|  | 12/2025 | $26 | 111 | 0 | 0 |
|  | 12/2025 | 24 | 1042 | 0 | 0 |
|  BSH | 12/2025 | 161 | $45 | 0 | (1) |
|  | 02/2026 | 1518 | 434 | 0 | (1) |
|  CBK | 10/2025 | 41 | 6 | 0 | 0 |
|  | 10/2025 | 2150 | 24 | 0 | 0 |
|  | 10/2025 | $5 | 474 | 0 | 0 |
|  | 10/2025 | 437 | $25 | 0 | 0 |
|  | 11/2025 | 475 | 5 | 0 | 0 |
|  | 03/2026 | $30 | 28779 | 0 | 0 |
|  DUB | 10/2025 | 618 | $11 | 0 | (2) |
|  | 10/2025 | 1610 | 471 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
|  | 10/2025 | 980 | 11 | 0 | 0 |
|  | 10/2025 | 21294 | 15 | 0 | 0 |
|  | 10/2025 | $9 | 767 | 0 | 0 |
|  | 11/2025 | 768 | $9 | 0 | 0 |
|  | 11/2025 | $471 | 1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | 0 |
|  | 11/2025 | 26 | 14503 | 0 | 0 |
|  | 11/2025 | 4254 | $243 | 0 | (2) |
|  | 12/2025 | $66 | 35849 | 0 | (2) |
|  | 03/2026 | 176 | 101422 | 0 | (2) |
|  FAR | 10/2025 | 2050 | $23 | 0 | 0 |
|  | 10/2025 | 6 | 4 | 0 | 0 |
|  | 10/2025 | 222 | 61 | 0 | 0 |
|  | 10/2025 | $13 | 20 | 0 | 0 |
|  | 10/2025 | 33 | 121 | 0 | 0 |
|  | 10/2025 | 28 | 35 | 0 | 0 |
|  | 11/2025 | 20 | $13 | 0 | 0 |
|  | 11/2025 | 35 | 28 | 0 | 0 |
|  | 11/2025 | $4 | 6 | 0 | 0 |
|  | 12/2025 | 7648 | $404 | 0 | (11) |
|  GLM | 10/2025 | 584 | 7 | 0 | 0 |
|  | 10/2025 | $4 | 134 | 0 | 0 |
|  | 11/2025 | 3538 | $58 | 2 | 0 |
|  | 12/2025 | $17 | 9563 | 0 | 0 |
|  | 03/2026 | 4510 | $71 | 1 | 0 |
|  | 03/2026 | 1103 | 21 | 0 | 0 |
|  | 03/2026 | $68 | 4424 | 2 | 0 |
|  JPM | 10/2025 | 36857 | $27 | 0 | 0 |
|  | 10/2025 | 132 | 36 | 0 | 0 |
|  | 11/2025 | 3767 | 215 | 0 | (2) |
|  | 06/2026 | 3887 | 72 | 0 | (1) |
|  MBC | 10/2025 | 20 | 13 | 0 | 0 |
|  | 10/2025 | 29271 | 21 | 0 | 0 |
|  | 10/2025 | 280 | 29 | 0 | (1) |
|  | 10/2025 | 36 | 28 | 0 | 0 |
|  | 10/2025 | $1 | 5 | 0 | 0 |
|  | 10/2025 | 371 | 314 | 0 | (3) |
|  | 10/2025 | 10 | 314 | 0 | 0 |
|  | 11/2025 | 5 | $1 | 0 | 0 |
|  | 11/2025 | $175 | 149 | 0 | 0 |
|  | 07/2026 | 1520 | $27 | 0 | (2) |
|  | 09/2026 | 1818 | 33 | 0 | 0 |
|  MYI | 10/2025 | $31 | 113 | 0 | 0 |
|  | 12/2025 | 181 | $9 | 0 | 0 |
|  | 03/2026 | 2837 | 55 | 0 | 0 |
|  | 04/2026 | 936 | 17 | 0 | (1) |
|  | 10/2026 | $96 | 171 | 1 | 0 |
|  | 10/2027 | 191 | 352 | 0 | (2) |
|  NGF | 10/2025 | 48816 | $35 | 0 | 0 |
|  | 12/2025 | $23 | 992 | 0 | 0 |
|  SCX | 10/2025 | 509 | $6 | 0 | 0 |
|  | 10/2025 | $60 | 3108 | 5 | 0 |
|  | 10/2025 | 178 | 133 | 1 | 0 |
|  | 10/2025 | 6 | 488 | 0 | 0 |
|  | 10/2025 | 43 | 74950 | 8 | 0 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 133 | $178 | $0 | $(1) |
|  | 11/2025 | 489 | 6 | 0 | 0 |
|  | 12/2025 | 135 | 32 | 0 | 0 |
|  SOG | 10/2025 | $1782 | 1515 | 0 | (3) |
|  | 10/2025 | 23 | 39 | 0 | 0 |
|  | 11/2025 | 1515 | $1786 | 3 | 0 |
|  | 04/2026 | 734 | 13 | 0 | (1) |
|  | 09/2026 | 9323 | 167 | 0 | (2) |
|  SSB | 10/2025 | 133 | 179 | 1 | 0 |
|  UAG | 10/2025 | 162 | 47 | 0 | (2) |
|  | 10/2025 | $531 | 1772 | 4 | 0 |
|  | 10/2025 | 31 | 113 | 0 | 0 |
|  | 10/2025 | 25 | 437 | 0 | 0 |
|  | 10/2025 | 437 | $25 | 0 | 0 |
|  | 11/2025 | 1947964 | 478 | 0 | (15) |
|  | 11/2025 | $47 | 162 | 2 | 0 |
|  | 11/2025 | 24 | 1122 | 2 | 0 |
|  | 11/2025 | 1916 | $109 | 0 | (2) |
|  | 12/2025 | 4536 | 14 | 0 | 0 |
|  | 12/2025 | 446 | 8 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $57 | $(98) |

---

#### PURCHASED 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> | Cost | Market<br>Value |
| GLM | Put - OTC CDX.IG-44 5-Year Index | Buy | 0.600% | 10/15/2025 | 16000 | $22 | $1 |
|  | Put - OTC CDX.IG-44 5-Year Index | Buy | 0.550 | 11/19/2025 | 12400 | 20 | 7 |
|  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;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |

---

#### 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 |
| GLM | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.800% | 10/15/2025 | 16000 | $(9) | $0 |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.750 | 11/19/2025 | 12400 | (7) | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| UAG | Put - OTC USD versus TRY | TRY | 41.600 | 11/12/2025 | 140 | $(5) | $0 |
|  | Call - OTC USD versus TRY |  | 56.900 | 11/12/2025 | 140 | (4) | (1) |
|  |  |  |  |  |  | $(9) | $(1) |
|  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;(25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2034 | 0.345% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $&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;(18) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 57

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BPS | Mexico Government International Bonds | 1.000% | Quarterly | 12/20/2025 | 0.194 | % | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | $1 | $(1) | $0 | $0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.406 |  | 100 | 0 | 1 | 1 | 0 |
|  | Romania Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.593 |  | 450 | 1 | 0 | 1 | 0 |
| BRC | America Movil SAB de CV | 1.000 | Quarterly | 12/20/2025 | 0.166 |  | 800 | (20) | 22 | 2 | 0 |
| DBL | Ping An Insurance (Group) | 1.000 | Quarterly | 06/20/2028 | 1.040 |  | 300 | (1) | 1 | 0 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | ¨ | 176 | 0 | 2 | 2 | 0 |
| GST | Indonesia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.819 |  | 300 | 3 | (1) | 2 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.299 |  | 300 | 0 | 1 | 1 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.309 |  | 100 | 0 | 1 | 1 | 0 |
| JPM | Alibaba Group Holding Ltd. | 1.000 | Quarterly | 06/20/2029 | 0.525 |  | 600 | 3 | 7 | 10 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $0 |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  |  |  | $(30) | $32 | $20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

#### 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 September 30, 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 | $0 | $0 | $0 | $0 | $(14) | $0 | $0 | $(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  BOA | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  BPS | 0 | 0 | 2 | 2 | (6) | 0 | 0 | (6) | (4) | 0 | (4) |
|  BRC | 10 | 0 | 2 | 12 | (2) | 0 | 0 | (2) | 10 | 0 | 10 |
|  BSH | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  DUB | 15 | 0 | 2 | 17 | (23) | 0 | 0 | (23) | (6) | 0 | (6) |
|  FAR | 0 | 0 | 0 | 0 | (11) | 0 | 0 | (11) | (11) | 0 | (11) |
|  GLM | 5 | 8 | 0 | 13 | 0 | (2) | 0 | (2) | 11 | 0 | 11 |
|  GST | 0 | 0 | 4 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  JPM | 0 | 0 | 10 | 10 | (3) | 0 | 0 | (3) | 7 | 0 | 7 |
|  MBC | 0 | 0 | 0 | 0 | (6) | 0 | 0 | (6) | (6) | 0 | (6) |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (18) | (18) | (18) | 0 | (18) |
|  MYI | 1 | 0 | 0 | 1 | (3) | 0 | 0 | (3) | (2) | 0 | (2) |
|  SCX | 14 | 0 | 0 | 14 | (1) | 0 | 0 | (1) | 13 | 0 | 13 |
|  SOG | 3 | 0 | 0 | 3 | (6) | 0 | 0 | (6) | (3) | 0 | (3) |
|  SSB | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  UAG | 8 | 0 | 0 | 8 | (19) | (1) | 0 | (20) | (12) | 0 | (12) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) |  |  |  |

---

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<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 September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 7 | 8 |
|  | $0 | $1 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $13 |
|  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 | $57 | $0 | $57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 8 | 0 | 0 | 0 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 20 | 0 | 0 | 0 | 20 |
|  | $0 | $28 | $0 | $57 | $0 | $85 |
|  | $0 | $29 | $0 | $57 | $12 | $98 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1 | $0 | $0 | $3 | $4 |
|  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 | $98 | $0 | $98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 1 | 0 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 18 | 0 | 0 | 0 | 18 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
|  | $0 | $21 | $0 | $99 | $3 | $123 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $145 | $145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 44 | 0 | 0 | (10) | 34 |
|  | $0 | $44 | $0 | $0 | $135 | $179 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(386) | $0 | $(386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (38) | 0 | 0 | 0 | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 12 | 0 | 12 | 0 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 32 | 0 | 0 | (5) | 27 |
|  | $0 | $6 | $0 | $(374) | $(5) | $(373) |
|  | $0 | $50 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374) | $130 | $(194) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 37 | 0 | 0 | 23 | 60 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $37 | $0 | $0 | $(92) | $(55) |
|  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 | $17 | $0 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (34) | 0 | 0 | 0 | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 14 | 0 | 2 | 0 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (4) | 0 | 0 | 0 | (4) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $19 | $0 | $(5) |
|  | $0 | $13 | $0 | $19 | $(92) | $(60) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 59

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $598 | $0 | $598 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2 | 0 | 2 |
|  Austria | Austria | Austria | Austria | Austria |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 212 | 0 | 212 |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 842 | 0 | 842 |
|  Bermuda | Bermuda | Bermuda | Bermuda | Bermuda |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 982 | 0 | 982 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2919 | 0 | 2919 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1670 | 0 | 1670 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 343 | 0 | 343 |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5922 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3007 | 0 | 3007 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1681 | 0 | 1681 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 464 | 0 | 464 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 462 | 0 | 462 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 426 | 0 | 426 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Sovereign Issues | 0 | 178 | 0 | 178 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 631 | 0 | 631 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 285 | 0 | 285 |
|  Hong Kong | Hong Kong | Hong Kong | Hong Kong | Hong Kong |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1034 | 0 | 1034 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2069 | 0 | 2069 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 205 | 0 | 205 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 119 | 54 | 173 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 235 | 235 |
|  Isle of Man | Isle of Man | Isle of Man | Isle of Man | Isle of Man |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 382 | 0 | 382 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1301 | 0 | 1301 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 586 | 586 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 237 | 0 | 237 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1653 | 0 | 1653 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2031 | 0 | 2031 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 508 | 0 | 508 |
|  Mauritius | Mauritius | Mauritius | Mauritius | Mauritius |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 200 | 0 | 200 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 | 0 | 2705 |
|  Morocco | Morocco | Morocco | Morocco | Morocco |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 525 | 0 | 525 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 619 | 0 | 619 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 200 | 200 |
|  Panama | Panama | Panama | Panama | Panama |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 382 | 0 | 382 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1801 | 0 | 1801 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 129 | 0 | 129 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 809 | 0 | 809 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 209 | 0 | 209 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 398 | 0 | 398 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Republic of Korea | Republic of Korea | Republic of Korea | Republic of Korea | Republic of Korea |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $204 | $0 | $204 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 120 | 0 | 120 |
|  Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | 48 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1253 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1096 | 0 | 1096 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 383 | 0 | 383 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 599 | 0 | 599 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 831 | 0 | 831 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1384 | 0 | 1384 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 203 | 0 | 203 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 316 | 0 | 316 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 201 | 0 | 201 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 410 | 0 | 410 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3 | 0 | 3 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | 0 | 1982 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Sovereign Issues | 0 | 122 | 0 | 122 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2379 | 0 | 2379 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2996 | 239 | 3235 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 144 | 0 | 144 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 196 | 0 | 196 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2112 | 600 | 2712 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 1919 | 0 | 1919 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 588 | 0 | 588 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 217 | 0 | 217 |
|  Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 89 | 3 | 92 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 249 | 0 | 249 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 729 | 0 | 729 |
|  | $300 | $58365 | $1965 | $60630 |
|  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 | $4262 | $0 | $0 | $4262 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64892 |
|  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 | 13 | 0 | 13 |
|  Over the counter | 0 | 83 | 2 | 85 |
|  | $0 | $96 | $2 | $98 |
|  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 | (4) | 0 | (4) |
|  Over the counter | 0 | (119) | 0 | (119) |
|  | $0 | $(123) | $0 | $(123) |
|  Total Financial Derivative Instruments | $0 | $(27) | $2 | $(25) |
|  Totals | $4562 | $58338 | $1967 | $64867 |

---

60 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Corporate Bonds & Notes | $54 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $54 | $0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 216 | 0 | 0 | 0 | 0 | 19 | 0 | 0 | 235 | 19 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 537 | 0 | 0 | 1 | 0 | 48 | 0 | 0 | 586 | 48 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Mexico | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Common Stocks | 2 | 1 | (1) | 0 | 0 | (2) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 197 | 0 | 0 | 1 | 0 | 2 | 0 | 0 | 200 | 2 |
|  Russia | Russia | Russia | Russia | Russia | Russia | Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 48 | 0 | 0 | (1) | 0 | 1 | 0 | 0 | 48 | 1 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 232 | 0 | 0 | 0 | 7 | 0 | 0 | 239 | 7 |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 600 | 0 | 0 | 0 | 0 | 0 | 0 | 600 | 0 |
|  Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) |
| &nbsp;&nbsp; Corporate Bonds & Notes | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 |
|  | $1057 | $833 | $(1) | $1 | $0 | $75 | $0 | $0 | $1965 | $77 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $2 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2 | $1 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | $&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;75 | $&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;1967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $54 | Third Party Vendor | Expected Recovery | 6.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 235 | Discounted Cash Flow | Discount Rate | 3.832 |  |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 586 | Discounted Cash Flow | Discount Rate | 5.531 |  |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 200 | Discounted Cash Flow | Discount Rate | 7.648 |  |
|  Russia | Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 48 | Third Party Vendor | Expected Recovery | 6.000 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 239 | Recent Transaction | Purchase Price | 100.000 |  |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 600 | Recent Transaction | Purchase Price | 100.000 |  |
|  Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 3 | Expected Recovery | Price | 4.985 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 2 | Indicative Market Quotation | Broker Quote | 0.939 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **61** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 88.4% | INVESTMENTS IN SECURITIES 88.4% | INVESTMENTS IN SECURITIES 88.4% |
| AZERBAIJAN 0.6% | AZERBAIJAN 0.6% | AZERBAIJAN 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC |
|  7.230% due 03/17/2026 | 700 | 700 |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 3700 | 3746 |
|  Total Azerbaijan (Cost $4,416) | Total Azerbaijan (Cost $4,416) | 4446 |
| BRAZIL 19.6% | BRAZIL 19.6% | BRAZIL 19.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 | 42000 | 2310 |
|  Vale SA | Vale SA | Vale SA |
|  0.000% due 12/29/2049 ~(i) | 27540 | 1857 |
|  |  | 4167 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
|  Oi SA | Oi SA | Oi SA |
|  TBD% due 12/30/2050 « | 2583 | 26 |
| SOVEREIGN ISSUES 19.0% | SOVEREIGN ISSUES 19.0% | SOVEREIGN ISSUES 19.0% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (e) | 751000 | 131817 |
|  0.000% due 07/01/2028 (e) | 3000 | 401 |
|  |  | 132218 |
|  Total Brazil (Cost $136,333) | Total Brazil (Cost $136,333) | 136411 |
| CAYMAN ISLANDS 0.6% | CAYMAN ISLANDS 0.6% | CAYMAN ISLANDS 0.6% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  5.454% due 12/31/2035 •  | 400 | 400 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2025 (e) | 104 | 3 |
|  0.000% due 12/31/2026 (e) | 139 | 4 |
|  0.000% due 12/31/2027 (e) | 173 | 4 |
|  0.000% due 12/31/2028 (e) | 277 | 7 |
|  0.000% due 12/31/2029 (e) | 277 | 7 |
|  0.000% due 12/31/2030 (e) | 346 | 8 |
|  0.000% due 12/31/2031 (e) | 346 | 8 |
|  0.000% due 12/31/2032 (e) | 654 | 15 |
|  |  | 56 |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. |
|  7.924% (T-BILL 1MO + 4.020%) due 01/08/2027 ~ | 250 | 257 |
|  Interoceanica IV Finance Ltd. | Interoceanica IV Finance Ltd. | Interoceanica IV Finance Ltd. |
|  0.000% due 11/30/2025 (e) | 10 | 10 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 ^«(c) | 6 | 1 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (b) | 208 | 5 |
|  Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 12/28/2029 (b) | 346 | 7 |
|  Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 12/28/2030 (b) | 416 | 7 |
|  Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 12/28/2031 (b) | 624 | 9 |
|  Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 12/28/2032 (b) | 584 | 9 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) |
|  6.721% due 12/28/2028 (b) | 139 | 4 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1200 | 1409 |
|  Red Dorsal Finance Ltd. | Red Dorsal Finance Ltd. | Red Dorsal Finance Ltd. |
|  5.875% due 10/12/2031 | 475 | 472 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2026 ^(b)(c) | 20 | 3 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 ^(b)(c) | 20 | 3 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 ^(b)(c) | 40 | 6 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 ^(b)(c) | 61 | 9 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 ^(b)(c) | 61 | 9 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 ^(b)(c) | 29 | 4 |
|  |  | 2224 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Ziraat | Ziraat | Ziraat |
|  7.138% (TSFR3M + 3.100%) due 06/15/2034 «~ | 1400 | 1399 |
|  Total Cayman Islands (Cost $4,144) | Total Cayman Islands (Cost $4,144) | 4079 |
| CHILE 1.6% | CHILE 1.6% | CHILE 1.6% |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | 1720000 | 1743 |
|  5.000% due 10/01/2028 | 840000 | 873 |
|  5.000% due 03/01/2035 | 615000 | 614 |
|  5.800% due 10/01/2029 | 7465000 | 7913 |
|  Total Chile (Cost $11,322) | Total Chile (Cost $11,322) | 11143 |
| CHINA 0.1% | CHINA 0.1% | CHINA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  2.750% due 02/17/2032 | 3920 | 585 |
|  Total China (Cost $542) | Total China (Cost $542) | 585 |
| COLOMBIA 3.1% | COLOMBIA 3.1% | COLOMBIA 3.1% |
| SOVEREIGN ISSUES 3.1% | SOVEREIGN ISSUES 3.1% | SOVEREIGN ISSUES 3.1% |
|  Colombia TES | Colombia TES | Colombia TES |
|  6.000% due 04/28/2028 | 63576500 | 14852 |
|  6.500% due 01/22/2031 (h) | 15785 | 4 |
|  7.000% due 03/26/2031 | 4609100 | 983 |
|  7.000% due 06/30/2032 | 1629100 | 333 |
|  11.000% due 08/22/2029 | 20361000 | 5246 |
|  Total Colombia (Cost $20,565) | Total Colombia (Cost $20,565) | 21418 |
| CZECH REPUBLIC 0.8% | CZECH REPUBLIC 0.8% | CZECH REPUBLIC 0.8% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  EP Infrastructure AS | EP Infrastructure AS | EP Infrastructure AS |
|  1.816% due 03/02/2031 | 2000 | 2121 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds |
|  2.000% due 10/13/2033 | 42000 | 1696 |
|  3.600% due 06/03/2036 | 1900 | 84 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 09/30/2030 |  | 27900 | 1402 |
|  |  |  | 3182 |
|  Total Czech Republic (Cost $4,721) | Total Czech Republic (Cost $4,721) | Total Czech Republic (Cost $4,721) | 5303 |
| DENMARK 0.0% | DENMARK 0.0% | DENMARK 0.0% | DENMARK 0.0% |
|  Total Denmark (Cost $0) | Total Denmark (Cost $0) | Total Denmark (Cost $0) | 0 |
| DOMINICAN REPUBLIC 3.0% | DOMINICAN REPUBLIC 3.0% | DOMINICAN REPUBLIC 3.0% | DOMINICAN REPUBLIC 3.0% |
| SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% |
|  Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes |
|  13.000% due 01/30/2026 |  | 7080 | 115 |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  9.750% due 06/05/2026 |  | 34 | 1 |
|  10.500% due 03/15/2037 |  | 762150 | 13127 |
|  10.750% due 06/01/2036 |  | 350000 | 6098 |
|  11.250% due 09/15/2035 |  | 34150 | 606 |
|  13.625% due 02/03/2033 |  | 33050 | 641 |
|  Total Dominican Republic (Cost $19,531) | Total Dominican Republic (Cost $19,531) | Total Dominican Republic (Cost $19,531) | 20588 |
| ECUADOR 0.2% | ECUADOR 0.2% | ECUADOR 0.2% | ECUADOR 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (e) | $— | 90 | 69 |
|  5.000% due 07/31/2040 þ |  | 20 | 13 |
|  6.900% due 07/31/2030 þ |  | 874 | 779 |
|  6.900% due 07/31/2035 þ |  | 683 | 512 |
|  Total Ecuador (Cost $877) | Total Ecuador (Cost $877) | Total Ecuador (Cost $877) | 1373 |
| EGYPT 1.8% | EGYPT 1.8% | EGYPT 1.8% | EGYPT 1.8% |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 |  | 564900 | 11803 |
|  Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
|  4.750% due 04/16/2026 |  | 900 | 1060 |
|  Total Egypt (Cost $11,755) | Total Egypt (Cost $11,755) | Total Egypt (Cost $11,755) | 12863 |
| FRANCE 0.0% | FRANCE 0.0% | FRANCE 0.0% | FRANCE 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  2.750% due 11/26/2026 |  | 200 | 233 |
|  Total France (Cost $199) | Total France (Cost $199) | Total France (Cost $199) | 233 |
| GERMANY 0.8% | GERMANY 0.8% | GERMANY 0.8% | GERMANY 0.8% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  8.010% due 07/18/2034 « |  | 325000 | 3752 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  6.673% (EUR006M + 4.500%) due 04/26/2032 ~ |  | 1900 | 2200 |
|  Total Germany (Cost $5,788) | Total Germany (Cost $5,788) | Total Germany (Cost $5,788) | 5952 |
| GHANA 0.2% | GHANA 0.2% | GHANA 0.2% | GHANA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Republic of Ghana Government Bonds | Republic of Ghana Government Bonds | Republic of Ghana Government Bonds | Republic of Ghana Government Bonds |
|  8.350% due 02/16/2027 |  | 6218 | 453 |
|  8.650% due 02/13/2029 |  | 1000 | 65 |
|  8.800% due 02/12/2030 |  | 6000 | 377 |
|  8.950% due 02/11/2031 |  | 13093 | 790 |
|  Total Ghana (Cost $1,360) | Total Ghana (Cost $1,360) | Total Ghana (Cost $1,360) | 1685 |

---

62 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| HUNGARY 0.4% | HUNGARY 0.4% | HUNGARY 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds |
|  4.750% due 11/24/2032 | 307200 | 827 |
|  6.750% due 07/23/2031 | 239600 | 732 |
|  7.000% due 10/24/2035 | 298700 | 911 |
|  Total Hungary (Cost $2,336) | Total Hungary (Cost $2,336) | 2470 |
| INDONESIA 0.0% | INDONESIA 0.0% | INDONESIA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
|  7.125% due 08/15/2045 | 3808000 | 236 |
|  Total Indonesia (Cost $238) | Total Indonesia (Cost $238) | 236 |
| IRELAND 0.6% | IRELAND 0.6% | IRELAND 0.6% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC |
|  2.764% due 10/20/2031 •  | 516 | 606 |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 633 | 593 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 2600 | 3057 |
|  Total Ireland (Cost $4,005) | Total Ireland (Cost $4,005) | 4256 |
| ISRAEL 0.2% | ISRAEL 0.2% | ISRAEL 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Israel Government Bonds - Fixed | Israel Government Bonds - Fixed | Israel Government Bonds - Fixed |
|  0.500% due 02/27/2026 | 4200 | 1250 |
|  Total Israel (Cost $1,123) | Total Israel (Cost $1,123) | 1250 |
| IVORY COAST 0.6% | IVORY COAST 0.6% | IVORY COAST 0.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  Republic of Cote d'Ivoire | Republic of Cote d'Ivoire | Republic of Cote d'Ivoire |
|  5.153% (EUR006M + 3.050%) due 03/09/2026 «~ | 2700 | 3165 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  4.875% due 01/30/2032 | 497 | 558 |
|  5.250% due 03/22/2030 | 100 | 117 |
|  |  | 675 |
|  Total Ivory Coast (Cost $3,441) | Total Ivory Coast (Cost $3,441) | 3840 |
| JERSEY, CHANNEL ISLANDS 0.0% | JERSEY, CHANNEL ISLANDS 0.0% | JERSEY, CHANNEL ISLANDS 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. |
|  3.250% due 11/12/2025 | 63 | 74 |
|  Total Jersey, Channel Islands (Cost $66) | Total Jersey, Channel Islands (Cost $66) | 74 |
| KAZAKHSTAN 0.1% | KAZAKHSTAN 0.1% | KAZAKHSTAN 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  10.950% due 05/06/2026 | 244000 | 430 |
|  13.489% due 05/23/2028 | 190000 | 311 |
|  Total Kazakhstan (Cost $877) | Total Kazakhstan (Cost $877) | 741 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| KUWAIT 1.0% | KUWAIT 1.0% | KUWAIT 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.016% due 10/09/2028 (a) | 6900 | 6900 |
|  Total Kuwait (Cost $6,900) | Total Kuwait (Cost $6,900) | 6900 |
| LUXEMBOURG 0.1% | LUXEMBOURG 0.1% | LUXEMBOURG 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA |
|  6.250% due 07/08/2032 | 500 | 489 |
|  Total Luxembourg (Cost $494) | Total Luxembourg (Cost $494) | 489 |
| MALAYSIA 9.5% | MALAYSIA 9.5% | MALAYSIA 9.5% |
| SOVEREIGN ISSUES 9.5% | SOVEREIGN ISSUES 9.5% | SOVEREIGN ISSUES 9.5% |
|  Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue |
|  3.422% due 09/30/2027 | 64040 | 15320 |
|  4.070% due 09/30/2026 | 212580 | 51097 |
|  Total Malaysia (Cost $66,514) | Total Malaysia (Cost $66,514) | 66417 |
| MEXICO 7.2% | MEXICO 7.2% | MEXICO 7.2% |
| SOVEREIGN ISSUES 7.2% | SOVEREIGN ISSUES 7.2% | SOVEREIGN ISSUES 7.2% |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  7.500% due 05/26/2033 | 58000 | 2987 |
|  8.500% due 03/02/2028 | 586300 | 32501 |
|  8.500% due 03/01/2029 | 158000 | 8755 |
|  8.500% due 02/28/2030 | 98000 | 5409 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  3.000% due 12/03/2026 (h) | 6926 | 375 |
|  Total Mexico (Cost $46,725) | Total Mexico (Cost $46,725) | 50027 |
| NAMIBIA 0.5% | NAMIBIA 0.5% | NAMIBIA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Namibia International Bonds | Namibia International Bonds | Namibia International Bonds |
|  5.250% due 10/29/2025 | 3200 | 3182 |
|  Total Namibia (Cost $3,198) | Total Namibia (Cost $3,198) | 3182 |
| NETHERLANDS 0.7% | NETHERLANDS 0.7% | NETHERLANDS 0.7% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  4.500% due 04/08/2052 | 4200 | 3324 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  8.548% (TSFR3M + 4.250%) due 03/25/2027 «~ | 1400 | 1399 |
|  Total Netherlands (Cost $4,611) | Total Netherlands (Cost $4,611) | 4723 |
| PARAGUAY 0.5% | PARAGUAY 0.5% | PARAGUAY 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  7.900% due 02/09/2031 | 12194000 | 1678 |
|  8.500% due 03/04/2035 | 14954000 | 2039 |
|  Total Paraguay (Cost $3,548) | Total Paraguay (Cost $3,548) | 3717 |
| PERU 3.5% | PERU 3.5% | PERU 3.5% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 5800 | 1771 |
|  10.100% due 12/15/2043 | 17500 | 5431 |
|  |  | 7202 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | 9100 | 2923 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  6.150% due 08/12/2032 | 17800 | 5435 |
|  6.950% due 08/12/2031 | 28180 | 8989 |
|  |  | 17347 |
|  Total Peru (Cost $22,353) | Total Peru (Cost $22,353) | 24549 |
| PHILIPPINES 2.6% | PHILIPPINES 2.6% | PHILIPPINES 2.6% |
| SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% |
|  Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds |
|  6.250% due 02/28/2029 | 931360 | 16253 |
|  6.500% due 05/19/2029 | 54490 | 961 |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
|  6.250% due 01/14/2036 | 40000 | 683 |
|  Total Philippines (Cost $17,874) | Total Philippines (Cost $17,874) | 17897 |
| POLAND 2.6% | POLAND 2.6% | POLAND 2.6% |
| SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% |
|  Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds |
|  2.750% due 10/25/2029 | 13100 | 3355 |
|  4.500% due 07/25/2030 | 20400 | 5529 |
|  4.750% due 07/25/2029 | 29600 | 8176 |
|  6.000% due 10/25/2033 | 3500 | 1009 |
|  Total Poland (Cost $16,861) | Total Poland (Cost $16,861) | 18069 |
| QATAR 0.1% | QATAR 0.1% | QATAR 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  1.375% due 09/12/2026 | 800 | 779 |
|  Total Qatar (Cost $775) | Total Qatar (Cost $775) | 779 |
| ROMANIA 0.1% | ROMANIA 0.1% | ROMANIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Romania Government Bonds | Romania Government Bonds | Romania Government Bonds |
|  4.250% due 04/28/2036 | 2600 | 470 |
|  4.750% due 10/11/2034 | 200 | 39 |
|  Total Romania (Cost $447) | Total Romania (Cost $447) | 509 |
| SERBIA 0.5% | SERBIA 0.5% | SERBIA 0.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Tesler | Tesler | Tesler |
|  7.884% (EUR003M + 5.850%) due 05/21/2028 «~ | 1000 | 1195 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Serbia Treasury Bonds | Serbia Treasury Bonds | Serbia Treasury Bonds |
|  5.250% due 07/27/2035 | 185500 | 1883 |
|  Total Serbia (Cost $2,816) | Total Serbia (Cost $2,816) | 3078 |
| SINGAPORE 0.1% | SINGAPORE 0.1% | SINGAPORE 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 600 | 635 |
|  Total Singapore (Cost $591) | Total Singapore (Cost $591) | 635 |
| SOUTH AFRICA 5.7% | SOUTH AFRICA 5.7% | SOUTH AFRICA 5.7% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Eskom Holdings | Eskom Holdings | Eskom Holdings |
|  7.500% due 09/15/2033 | 90000 | 4599 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **63** |

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------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Transnet | Transnet | Transnet |
|  10.000% due 03/30/2029 | 15000 | 849 |
|  |  | 5448 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  11.125% due 03/02/2028 «~ | 18500 | 1059 |
| SOVEREIGN ISSUES 4.8% | SOVEREIGN ISSUES 4.8% | SOVEREIGN ISSUES 4.8% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 55400 | 2547 |
|  7.000% due 02/28/2031 | 423000 | 23235 |
|  8.000% due 01/31/2030 | 61900 | 3597 |
|  8.500% due 01/31/2037 | 20500 | 1094 |
|  8.875% due 02/28/2035 | 48400 | 2753 |
|  |  | 33226 |
|  Total South Africa (Cost $36,000) | Total South Africa (Cost $36,000) | 39733 |
| SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  European Investment Bank | European Investment Bank | European Investment Bank |
|  2.875% due 11/15/2029 | 18800 | 4819 |
|  Total Supranational (Cost $4,349) | Total Supranational (Cost $4,349) | 4819 |
| TURKEY 2.2% | TURKEY 2.2% | TURKEY 2.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% |
|  SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS |
|  5.535% (EUR006M + 3.450%) due 08/11/2026 «~ | 2500 | 2943 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.014% (EUR003M + 3.000%) due 12/15/2028 «~ | 1000 | 1179 |
|  |  | 4122 |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  27.700% due 09/27/2034 | 21500 | 491 |
|  34.100% due 07/10/2030 | 67500 | 1644 |
|  36.000% due 08/12/2026 | 184400 | 4385 |
|  42.493% (BISTREFI) due 05/20/2026 ~ | 5900 | 144 |
|  42.493% (BISTREFI) due 08/19/2026 ~ | 5300 | 129 |
|  42.493% (BISTREFI) due 05/17/2028 ~ | 190000 | 4497 |
|  |  | 11290 |
|  Total Turkey (Cost $16,863) | Total Turkey (Cost $16,863) | 15412 |
| UGANDA 0.3% | UGANDA 0.3% | UGANDA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Uganda Government Bonds | Republic of Uganda Government Bonds | Republic of Uganda Government Bonds |
|  14.375% due 02/03/2033 | 3094000 | 813 |
|  15.000% due 06/18/2043 | 594400 | 147 |
|  15.800% due 06/23/2039 | 5247100 | 1395 |
|  Total Uganda (Cost $2,231) | Total Uganda (Cost $2,231) | 2355 |
| UKRAINE 0.1% | UKRAINE 0.1% | UKRAINE 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2034 þ(g) | 365 | 152 |
|  0.000% due 02/01/2035 þ(g) | 308 | 150 |
|  0.000% due 08/01/2041 ~ | 40 | 32 |
|  4.500% due 02/01/2029 þ | 187 | 129 |
|  4.500% due 02/01/2036 þ | 564 | 307 |
|  Total Ukraine (Cost $688) | Total Ukraine (Cost $688) | 770 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UNITED KINGDOM 1.7% | UNITED KINGDOM 1.7% | UNITED KINGDOM 1.7% |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
|  ICBC Standard Bank PLC | ICBC Standard Bank PLC | ICBC Standard Bank PLC |
|  20.000% due 09/18/2029 « | 48493000 | 4018 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 6700 | 5050 |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  0.000% due 11/03/2025 «(e) | 148400 | 480 |
|  0.000% due 12/01/2025 «(e) | 165100 | 531 |
|  |  | 10079 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% |
|  Canada Square Funding 6 PLC | Canada Square Funding 6 PLC | Canada Square Funding 6 PLC |
|  4.913% due 01/17/2059 •  | 352 | 475 |
|  Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC |
|  4.686% due 12/18/2044 •  | 291 | 392 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  4.706% due 12/20/2063 •  | 86 | 115 |
|  Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC |
|  0.000% due 12/21/2049 (e) | 0 | 1435 |
|  |  | 2417 |
|  Total United Kingdom (Cost $11,799) | Total United Kingdom (Cost $11,799) | 12496 |
| UNITED STATES 4.8% | UNITED STATES 4.8% | UNITED STATES 4.8% |
| ASSET-BACKED SECURITIES 0.7% | ASSET-BACKED SECURITIES 0.7% | ASSET-BACKED SECURITIES 0.7% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.037% due 07/25/2036 ~ | 1 | 1 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.332% due 07/25/2045 •  | 64 | 45 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.462% due 11/25/2037 •  | 886 | 848 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.392% due 07/25/2037 •  | 20 | 13 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.572% due 10/25/2036 •  | 2724 | 1091 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.352% due 08/25/2036 •  | 21 | 9 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.342% due 12/25/2036 •  | 74 | 37 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.392% due 12/25/2036 •  | 31 | 9 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.782% due 02/25/2036 •  | 188 | 187 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.372% due 01/25/2037 •  | 162 | 46 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  5.037% due 01/25/2035 •  | 185 | 188 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.488% due 11/25/2036 þ | 1034 | 224 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  4.130% due 05/14/2035 | 1153 | 1152 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  5.232% due 08/25/2035 •  | 94 | 94 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.392% due 12/25/2036 •  | 234 | 50 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.512% due 05/25/2037 •  | 1226 | 1092 |
|  |  | 5086 |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 7600 | 7600 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.4% |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  TBD% due 04/12/2029 «µ | 10000 | 10025 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.841% due 07/25/2034 ~ | 21 | 20 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.812% due 04/25/2046 •  | 369 | 106 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  4.922% due 10/25/2036 •  | 626 | 485 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.552% due 04/25/2047 •  | 816 | 758 |
|  4.622% due 05/25/2036 •  | 1174 | 443 |
|  4.625% due 10/25/2035 ~ | 6 | 5 |
|  4.832% due 12/25/2035 •  | 29 | 27 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.622% due 01/25/2036 •  | 126 | 102 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  6.153% due 10/19/2035 •  | 224 | 105 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.912% due 07/25/2045 •  | 133 | 102 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 105 | 103 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.110% due 05/25/2042 •  | 259 | 232 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  4.812% due 04/25/2035 •  | 953 | 927 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.648% due 04/19/2035 •  | 293 | 283 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  6.000% due 10/25/2036 | 11 | 11 |
|  Tib Finance PLC | Tib Finance PLC | Tib Finance PLC |
|  7.111% due 11/15/2034 «(k) | 800 | 799 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.642% due 05/25/2034 •  | 124 | 116 |
|  4.993% due 03/25/2037 ~ | 42 | 39 |
|  |  | 4663 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Republic of Colombia | Republic of Colombia | Republic of Colombia |
|  1.000% due 04/28/2028 ~ | 16507800 | 3863 |
| U.S. GOVERNMENT AGENCIES 0.3% | U.S. GOVERNMENT AGENCIES 0.3% | U.S. GOVERNMENT AGENCIES 0.3% |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.751% due 09/25/2031 •  | 18 | 18 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  5.406% due 01/25/2055 •  | 2345 | 2349 |
|  |  | 2367 |
|  | SHARES |  |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 «(k) | 1 | 0 |
|  Total United States (Cost $35,785) | Total United States (Cost $35,785) | 33604 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| UZBEKISTAN 0.4% | UZBEKISTAN 0.4% | UZBEKISTAN 0.4% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |
|  8.950% due 07/24/2029 | 500 | 543 |
|  21.000% due 07/24/2027 | 15540000 | 1348 |
|  |  | 1891 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
|  16.625% due 05/29/2027 | 4110000 | 355 |
|  Total Uzbekistan (Cost $2,056) | Total Uzbekistan (Cost $2,056) | 2246 |

---

64 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| VENEZUELA 0.1% | VENEZUELA 0.1% | VENEZUELA 0.1% | VENEZUELA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  7.750% due 10/13/2029 ^(c) | 2100 | $— | 397 |
|  9.250% due 09/15/2027 ^(c) | 1700 |  | 415 |
|  Total Venezuela (Cost $511) | Total Venezuela (Cost $511) |  | 812 |
| ZAMBIA 0.1% | ZAMBIA 0.1% | ZAMBIA 0.1% | ZAMBIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Zambia Government Bonds | Zambia Government Bonds | Zambia Government Bonds | Zambia Government Bonds |
|  12.000% due 05/03/2028 | 850 |  | 33 |
|  19.000% due 05/27/2035 | 1700 |  | 73 |
|  19.000% due 06/23/2035 | 9500 |  | 405 |
|  22.000% due 01/22/2029 | 900 |  | 44 |
|  23.000% due 01/22/2031 | 9300 |  | 459 |
|  Total Zambia (Cost $894) | Total Zambia (Cost $894) |  | 1014 |
|  | **SHARES** |  |  |
| SHORT-TERM INSTRUMENTS 9.0% | SHORT-TERM INSTRUMENTS 9.0% | SHORT-TERM INSTRUMENTS 9.0% | SHORT-TERM INSTRUMENTS 9.0% |
| MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.200% (j) | 1113091 |  | 1113 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HUNGARY TREASURY BILLS 2.0% | HUNGARY TREASURY BILLS 2.0% | HUNGARY TREASURY BILLS 2.0% | HUNGARY TREASURY BILLS 2.0% | HUNGARY TREASURY BILLS 2.0% |
|  6.589% due 10/02/2025 (e)(f) |  | 4725000 | $— | 14224 |
| NIGERIA TREASURY BILLS 2.9% | NIGERIA TREASURY BILLS 2.9% | NIGERIA TREASURY BILLS 2.9% | NIGERIA TREASURY BILLS 2.9% | NIGERIA TREASURY BILLS 2.9% |
|  30.208% due 10/07/2025 - 06/29/2026 ~(d)(e) |  | 32514597 |  | 20095 |
| SOUTH AFRICA TREASURY BILLS 1.2% | SOUTH AFRICA TREASURY BILLS 1.2% | SOUTH AFRICA TREASURY BILLS 1.2% | SOUTH AFRICA TREASURY BILLS 1.2% | SOUTH AFRICA TREASURY BILLS 1.2% |
|  7.505% due 06/17/2026 (e)(f) |  | 152100 |  | 8418 |
| U.S. TREASURY BILLS 2.7% | U.S. TREASURY BILLS 2.7% | U.S. TREASURY BILLS 2.7% | U.S. TREASURY BILLS 2.7% | U.S. TREASURY BILLS 2.7% |
|  4.141% due 10/21/2025 - 01/27/2026 (d)(e)(m)(o) | $— | 18962 |  | 18823 |
| Total Short-Term Instruments (Cost $61,046) | Total Short-Term Instruments (Cost $61,046) | Total Short-Term Instruments (Cost $61,046) |  | 62673 |
| Total Investments in Securities (Cost $599,568) | Total Investments in Securities (Cost $599,568) | Total Investments in Securities (Cost $599,568) |  | 615851 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 18.0% | INVESTMENTS IN AFFILIATES 18.0% | INVESTMENTS IN AFFILIATES 18.0% | INVESTMENTS IN AFFILIATES 18.0% |
| SHORT-TERM INSTRUMENTS 18.0% | SHORT-TERM INSTRUMENTS 18.0% | SHORT-TERM INSTRUMENTS 18.0% | SHORT-TERM INSTRUMENTS 18.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.0% |
|  PIMCO Short Asset Portfolio | 5737809 | $— | 56294 |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 7081878 |  | 68970 |
| Total Short-Term Instruments<br>(Cost $125,525) | Total Short-Term Instruments<br>(Cost $125,525) |  | 125264 |
| Total Investments in Affiliates<br>(Cost $125,525) | Total Investments in Affiliates<br>(Cost $125,525) |  | 125264 |
| Total Investments 106.4%<br>(Cost $725,093) | Total Investments 106.4%<br>(Cost $725,093) | $— | 741115 |
|  Financial Derivative<br>Instruments (l)(n) (2.2)%<br> (Cost or Premiums, net $(1066)) | Financial Derivative<br>Instruments (l)(n) (2.2)%<br> (Cost or Premiums, net $(1066)) |  | (15428) |
| Other Assets and Liabilities, net (4.2)% | Other Assets and Liabilities, net (4.2)% |  | (28954) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 696733 |

---

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

^ Security is in default.

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

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

(e) Zero coupon security.

(f) Coupon represents a yield to maturity.

(g) Security becomes interest bearing at a future date.

(h) Principal amount of security is adjusted for inflation.

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

(j) Coupon represents a 7-Day Yield.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 | 06/10/2022 | $0 | $0 | 0.00% |
|  Tib Finance PLC 7.111% due 11/15/2034 | 09/18/2024 | 800 | 799 | 0.11 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | 0.11% |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 65

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(265) at a weighted average interest rate of 4.600%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 34 | $3825 | $31 | $0 | $(1) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | 26 | 0 | (4) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1399) | $(32) | $3 | $0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 12 | (1381) | (19) | 1 | 0 |
|  |  |  |  | $(51) | $4 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### 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>September 30, 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>September 30, 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 | 0.246% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $1 | $(1) | $0 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.209 | $100 | 1 | 0 | 1 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 - 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/<br>(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/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-44 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $25300 | $(537) | $(45) | $(582) | $0 | $(2) |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | 39300 | (867) | (36) | (903) | 0 | (4) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1404) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1485) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### 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<sup>(6)</sup> | 1-Day INR-MIBOR Compounded-OIS | 5.750% | Semi-Annual | 03/18/2031 | 841090 | $14 | $1 | $15 | $2 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | $1700 | (6) | 19 | 13 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 24100 | 232 | (76) | 156 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 11800 | (29) | 96 | 67 | 0 | (7) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2028 | 7100 | (43) | 0 | (43) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 18300 | 170 | 131 | 301 | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 34700 | (828) | 263 | (565) | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 4200 | 90 | (154) | (64) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 3420 | 220 | (179) | 41 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 400 | (2) | (1) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 600 | (3) | (5) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 400 | (2) | 1 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 300 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2034 | 4800 | (312) | 168 | (144) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 800 | (3) | (26) | (29) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 1900 | 76 | (22) | 54 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 06/20/2034 | $8200 | $311 | $(394) | $(83) | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 700 | (2) | (19) | (21) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 800 | (3) | (25) | (28) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 1200 | (4) | (21) | (25) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 6100 | (77) | 44 | (33) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 12700 | 237 | (175) | 62 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 1200 | (79) | 35 | (44) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 3000 | 218 | (107) | 111 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 5100 | (55) | 96 | 41 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2036 | 800 | 14 | (12) | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 | 200 | (1) | (3) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 500 | 62 | 3 | 65 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.086 | Annual | 01/13/2055 | 1600 | 2 | (40) | (38) | 5 | 0 |
|  Pay | 1-Year BRL-CDI | 9.808 | Maturity | 01/02/2026 | 51600 | 0 | (485) | (485) | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 10.164 | Maturity | 01/02/2026 | 3390 | 0 | 34 | 34 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 10.529 | Maturity | 01/02/2026 | 37800 | 0 | 284 | 284 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 6.151 | Maturity | 01/04/2027 | 2720 | (28) | (104) | (132) | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 9.783 | Maturity | 01/04/2027 | 49800 | 0 | 719 | 719 | 3 | 0 |
|  Pay | 1-Year BRL-CDI | 9.795 | Maturity | 01/04/2027 | 21200 | 0 | (302) | (302) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 9.815 | Maturity | 01/04/2027 | 13500 | 0 | (187) | (187) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 9.832 | Maturity | 01/04/2027 | 12300 | 0 | (169) | (169) | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 9.840 | Maturity | 01/04/2027 | 25500 | 0 | 356 | 356 | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 9.840 | Maturity | 01/04/2027 | 16600 | 0 | (233) | (233) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 10.225 | Maturity | 01/04/2027 | 8700 | 0 | (104) | (104) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.235 | Maturity | 01/04/2027 | 8700 | 0 | (104) | (104) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.565 | Maturity | 01/04/2027 | 11300 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | (119) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.602 | Maturity | 01/04/2027 | 36500 | 0 | (461) | (461) | 0 | (2) |
|  Receive | 1-Year BRL-CDI | 10.671 | Maturity | 01/04/2027 | 21000 | 0 | 211 | 211 | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 10.768 | Maturity | 01/04/2027 | 10900 | 0 | 110 | 110 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 10.872 | Maturity | 01/04/2027 | 17800 | 0 | 171 | 171 | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 10.943 | Maturity | 01/04/2027 | 18700 | 0 | 168 | 168 | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 10.980 | Maturity | 01/04/2027 | 17600 | 0 | (154) | (154) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 11.064 | Maturity | 01/04/2027 | 16600 | 0 | (145) | (145) | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 11.133 | Maturity | 01/04/2027 | 21600 | 0 | 178 | 178 | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 11.513 | Maturity | 01/04/2027 | 13800 | 0 | 98 | 98 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 11.560 | Maturity | 01/04/2027 | 11400 | 0 | 79 | 79 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 11.736 | Maturity | 01/04/2027 | 59000 | 0 | 351 | 351 | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 12.033 | Maturity | 01/04/2027 | 64500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | (458) | (319) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 114700 | 0 | (102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
|  Receive | 1-Year BRL-CDI | 14.020 | Maturity | 01/04/2027 | 44500 | 0 | 21 | 21 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 14.350 | Maturity | 01/04/2027 | 97700 | 0 | (30) | (30) | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 11.575 | Maturity | 01/03/2028 | 7200 | 0 | 52 | 52 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 11.590 | Maturity | 01/03/2028 | 7200 | 0 | 52 | 52 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.695 | Maturity | 01/03/2028 | 13700 | 0 | (92) | (92) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.044 | Maturity | 01/02/2029 | 19400 | (41) | (293) | (334) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 11.490 | Maturity | 01/02/2029 | 22000 | 0 | (188) | (188) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 11.523 | Maturity | 01/02/2029 | 34800 | 0 | (285) | (285) | 3 | 0 |
|  Receive | 1-Year BRL-CDI | 11.655 | Maturity | 01/02/2029 | 11400 | 7 | 78 | 85 | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 11.928 | Maturity | 01/02/2029 | 19500 | (10) | 123 | 113 | 0 | (2) |
|  Receive | 1-Year BRL-CDI | 12.255 | Maturity | 01/02/2029 | 9200 | 0 | 44 | 44 | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 12.569 | Maturity | 01/02/2029 | 7700 | 0 | 15 | 15 | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 12.760 | Maturity | 01/02/2029 | 30900 | 0 | 70 | 70 | 0 | (3) |
|  Pay | 1-Year BRL-CDI | 13.055 | Maturity | 01/02/2029 | 40800 | 0 | (26) | (26) | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 13.056 | Maturity | 01/02/2029 | 48300 | 0 | (24) | (24) | 5 | 0 |
|  Receive | 1-Year BRL-CDI | 13.270 | Maturity | 01/02/2029 | 15100 | 0 | 1 | 1 | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 34300 | 0 | (10) | (10) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 3700 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 13.335 | Maturity | 01/02/2029 | 17800 | 0 | (3) | (3) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 13.405 | Maturity | 01/02/2029 | 37800 | 0 | 16 | 16 | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 13.425 | Maturity | 01/02/2029 | 11100 | 0 | 6 | 6 | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 13.430 | Maturity | 01/02/2029 | 21700 | 0 | 11 | 11 | 2 | 0 |
|  Receive | 1-Year BRL-CDI | 13.518 | Maturity | 01/02/2029 | 16400 | 0 | (13) | (13) | 0 | (2) |
|  Receive | 1-Year BRL-CDI | 13.545 | Maturity | 01/02/2029 | 16200 | 0 | (15) | (15) | 0 | (2) |
|  Receive | 1-Year BRL-CDI | 13.589 | Maturity | 01/02/2029 | 41900 | 0 | (47) | (47) | 0 | (5) |
|  Pay | 1-Year BRL-CDI | 13.680 | Maturity | 01/02/2029 | 53800 | 0 | 81 | 81 | 6 | 0 |
|  Receive | 1-Year BRL-CDI | 13.844 | Maturity | 01/02/2029 | 9500 | 0 | (20) | (20) | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 13.923 | Maturity | 01/02/2029 | 16500 | 0 | (40) | (40) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 13.998 | Maturity | 01/02/2029 | 29600 | 0 | 80 | 80 | 3 | 0 |
|  Receive | 1-Year BRL-CDI | 14.026 | Maturity | 01/02/2029 | 11600 | 0 | (33) | (33) | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 14.087 | Maturity | 01/02/2029 | 13400 | 0 | (48) | (48) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 14.185 | Maturity | 01/02/2029 | 27200 | 0 | 97 | 97 | 3 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **67** |

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Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **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-Year BRL-CDI | 14.213% | Maturity | 01/02/2029 | $14700 | $0 | $54 | $54 | $2 | $0 |
|  Receive | 1-Year BRL-CDI | 14.245 | Maturity | 01/02/2029 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 14.570 | Maturity | 01/02/2029 | 11100 | 0 | 57 | 57 | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 15.036 | Maturity | 01/02/2029 | 15800 | 0 | 115 | 115 | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 13.575 | Maturity | 01/02/2031 | 3100 | 0 | 4 | 4 | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 13.580 | Maturity | 01/02/2031 | 3000 | 0 | 4 | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 0 |
|  Pay<sup>(6)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | 13430 | (12) | 0 | (12) | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.500 | Quarterly | 04/09/2026 | 1568000 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.515 | Quarterly | 04/09/2026 | 750730 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.620 | Quarterly | 04/10/2026 | 2714600 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.470 | Quarterly | 06/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6139610 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.342 | Quarterly | 09/17/2027 | 13980000 | 0 | (10) | (10) | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.565 | Quarterly | 12/30/2027 | 5366000 | 0 | (2) | (2) | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.900 | Quarterly | 04/28/2028 | 1954400 | 0 | 8 | 8 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.970 | Quarterly | 04/28/2028 | 10167400 | 0 | 36 | 36 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.150 | Quarterly | 04/28/2028 | 12425000 | 0 | 29 | 29 | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.820 | Quarterly | 06/05/2028 | 5639500 | (42) | 31 | (11) | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.410 | Quarterly | 08/09/2028 | 8215400 | 0 | 63 | 63 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.960 | Quarterly | 09/01/2028 | 13156900 | 75 | (24) | 51 | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.215 | Quarterly | 11/14/2028 | 9635600 | 35 | (58) | (23) | 0 | (2) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.530 | Quarterly | 01/02/2029 | 3858500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | (17) | (32) | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.190 | Quarterly | 06/13/2029 | 13489500 | 0 | (44) | (44) | 0 | (3) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.770 | Quarterly | 07/18/2029 | 27700600 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204) | (204) | 0 | (7) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.400 | Quarterly | 09/09/2029 | 13247000 | 0 | (139) | (139) | 0 | (3) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.805 | Quarterly | 10/22/2029 | 17490700 | (77) | (56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.400 | Quarterly | 03/19/2030 | 4977260 | (1) | (11) | (12) | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.430 | Quarterly | 05/15/2030 | 2431900 | 0 | 6 | 6 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.498 | Quarterly | 05/16/2030 | 14012000 | 0 | 25 | 25 | 3 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.725 | Quarterly | 06/10/2030 | 1311000 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.770 | Quarterly | 06/10/2030 | 3936000 | 0 | 4 | 4 | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.790 | Quarterly | 06/10/2030 | 2624000 | 0 | 3 | 3 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.350 | Quarterly | 06/18/2030 | 7843600 | 6 | 20 | 26 | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.800 | Quarterly | 06/18/2030 | 9290000 | 1 | (12) | (11) | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.598 | Quarterly | 09/17/2030 | 1720000 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.630 | Quarterly | 09/17/2030 | 3765300 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.650 | Quarterly | 09/17/2030 | 3133000 | 0 | 2 | 2 | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.710 | Quarterly | 09/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12062100 | 0 | 1 | 1 | 0 | (3) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.755 | Quarterly | 09/17/2030 | 2508000 | 0 | 1 | 1 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.715 | Quarterly | 09/18/2030 | 6926100 | 0 | 71 | 71 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.020 | Quarterly | 12/04/2030 | 4283300 | 0 | 32 | 32 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 4.040 | Quarterly | 01/13/2031 | 1806700 | 0 | 96 | 96 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.705 | Quarterly | 03/26/2031 | 9224540 | 0 | 106 | 106 | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.410 | Quarterly | 03/26/2031 | 5352000 | 0 | (39) | (39) | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.540 | Quarterly | 08/09/2031 | 8000000 | 0 | 119 | 119 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.580 | Quarterly | 08/09/2031 | 8020000 | 0 | 115 | 115 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.650 | Quarterly | 08/12/2031 | 1950700 | 0 | 26 | 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.520 | Quarterly | 08/13/2031 | 2414800 | 0 | 36 | 36 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.690 | Quarterly | 12/26/2031 | 4861000 | 0 | (8) | (8) | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.045 | Quarterly | 12/30/2031 | 1787200 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.800 | Quarterly | 06/30/2032 | 806250 | 0 | 11 | 11 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.407 | Quarterly | 03/21/2033 | 3613140 | 0 | (23) | (23) | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.990 | Quarterly | 11/25/2034 | 6032900 | 16 | 91 | 107 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.525 | Quarterly | 06/18/2035 | 3410000 | 1 | (21) | (20) | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 3.554 | Annual | 06/11/2030 | 90300 | 10 | 55 | 65 | 0 | (2) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 3.575 | Annual | 07/03/2030 | 215200 | 158 | (9) | 149 | 0 | (4) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 1.025 | Annual | 07/29/2030 | 3200 | (19) | (1) | (20) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 3.735 | Annual | 08/05/2030 | 3300 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 3.736 | Annual | 08/12/2030 | 111000 | 0 | (41) | (41) | 3 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 3.708 | Annual | 08/13/2030 | 78700 | 0 | (34) | (34) | 2 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.680 | Annual | 04/25/2029 | 17800 | 0 | 86 | 86 | 9 | 0 |
|  Receive | 3-Month PLN-WIBOR | 5.000 | Annual | 04/25/2029 | 1800 | 0 | (15) | (15) | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.820 | Annual | 07/25/2029 | 11800 | 0 | (83) | (83) | 0 | (7) |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 | 3800 | 0 | (31) | (31) | 0 | (2) |
|  Receive | 3-Month PLN-WIBOR | 5.010 | Annual | 07/25/2029 | 1700 | 0 | (15) | (15) | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.794 | Annual | 10/25/2029 | 11800 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156) | (156) | 0 | (7) |
|  Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 | 13900 | 13 | 192 | 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.015 | Annual | 04/17/2030 | 4000 | 0 | 11 | 11 | 0 | (3) |
|  Receive | 3-Month PLN-WIBOR | 4.019 | Annual | 04/18/2030 | 3900 | 0 | 10 | 10 | 0 | (3) |
|  Receive | 3-Month PLN-WIBOR | 4.048 | Annual | 04/18/2030 | 2000 | 0 | 5 | 5 | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.049 | Annual | 04/18/2030 | 2800 | 0 | 6 | 6 | 0 | (2) |
|  Receive | 3-Month PLN-WIBOR | 4.065 | Annual | 04/18/2030 | 1900 | 0 | 4 | 4 | 0 | (1) |

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| | | |
|:---|:---|:---|
| **68** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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September 30, 2025 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Asset | Liability |
|  Receive | 3-Month PLN-WIBOR | 3.962% | Annual | 05/06/2030 | PLN | 23100 | $65 | $7 | $72 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  Receive | 3-Month PLN-WIBOR | 4.195 | Annual | 09/29/2030 |  | 2200 | 0 | (1) | (1) | 0 | (2) |
|  Pay | 3-Month PLN-WIBOR | 5.055 | Annual | 10/25/2033 |  | 3100 | 0 | 60 | 60 | 4 | 0 |
|  Receive | 3-Month SEK-STIBOR | 2.021 | Annual | 10/07/2029 | SEK | 57400 | (2) | (30) | (32) | 0 | (7) |
|  Pay | 3-Month SEK-STIBOR | 2.298 | Annual | 10/07/2029 |  | 57100 | 0 | 113 | 113 | 8 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.860 | Quarterly | 11/22/2025 | ZAR | 23900 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 6.855 | Quarterly | 02/11/2026 |  | 154200 | 0 | 6 | 6 | 0 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.565 | Quarterly | 03/22/2026 |  | 62800 | 0 | (11) | (11) | 0 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.100 | Quarterly | 06/05/2026 |  | 77900 | 0 | (39) | (39) | 0 | (1) |
|  Receive | 3-Month ZAR-JIBAR | 6.067 | Quarterly | 12/21/2026 |  | 13320 | 11 | (4) | 7 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.195 | Quarterly | 12/21/2026 |  | 207300 | 148 | 51 | 199 | 2 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.210 | Quarterly | 12/21/2026 |  | 25000 | (18) | (6) | (24) | 0 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 04/22/2027 |  | 33300 | 0 | (13) | (13) | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.500 | Quarterly | 10/17/2027 |  | 73400 | 18 | 137 | 155 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 9.290 | Quarterly | 05/26/2028 |  | 20900 | 38 | 40 | 78 | 1 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.440 | Quarterly | 11/02/2028 |  | 40300 | (47) | (68) | (115) | 0 | (1) |
|  Pay | 3-Month ZAR-JIBAR | 7.685 | Quarterly | 01/31/2030 |  | 65700 | 0 | 114 | 114 | 3 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.355 | Quarterly | 01/31/2030 |  | 53200 | (66) | (107) | (173) | 0 | (2) |
|  Receive | 3-Month ZAR-JIBAR | 8.700 | Quarterly | 01/31/2030 |  | 28200 | 0 | (114) | (114) | 0 | (1) |
|  Receive | 3-Month ZAR-JIBAR | 8.735 | Quarterly | 01/31/2030 |  | 9900 | 0 | (41) | (41) | 0 | (1) |
|  Pay | 3-Month ZAR-JIBAR | 7.730 | Quarterly | 03/12/2030 |  | 82400 | (10) | 159 | 149 | 4 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.775 | Quarterly | 03/18/2030 |  | 65000 | 0 | (124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) | 0 | (3) |
|  Receive | 3-Month ZAR-JIBAR | 7.810 | Quarterly | 03/27/2030 |  | 26400 | (5) | (47) | (52) | 0 | (1) |
|  Receive | 3-Month ZAR-JIBAR | 7.570 | Quarterly | 05/27/2030 |  | 226900 | (47) | (278) | (325) | 0 | (11) |
|  Receive | 3-Month ZAR-JIBAR | 7.700 | Quarterly | 06/18/2030 |  | 143960 | (43) | (205) | (248) | 0 | (8) |
|  Pay | 3-Month ZAR-JIBAR | 7.860 | Quarterly | 06/18/2030 |  | 65000 | 0 | 136 | 136 | 4 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.650 | Quarterly | 06/20/2030 |  | 36274 | (10) | (48) | (58) | 0 | (2) |
|  Pay | 3-Month ZAR-JIBAR | 7.810 | Quarterly | 06/20/2030 |  | 27616 | 0 | 54 | 54 | 2 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.270 | Quarterly | 08/26/2030 |  | 80000 | (19) | (33) | (52) | 0 | (4) |
|  Pay | 3-Month ZAR-JIBAR | 7.370 | Quarterly | 08/26/2030 |  | 36000 | 0 | 32 | 32 | 2 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.040 | Quarterly | 09/22/2030 |  | 79574 | 0 | (4) | (4) | 0 | (5) |
|  Receive | 3-Month ZAR-JIBAR | 7.560 | Quarterly | 09/22/2030 |  | 15620 | (20) | (1) | (21) | 0 | (1) |
|  Pay<sup>(6)</sup> | 3-Month ZAR-JIBAR | 7.410 | Quarterly | 10/02/2030 |  | 5170 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.710 | Quarterly | 08/13/2033 |  | 70300 | 0 | (28) | (28) | 0 | (7) |
|  Receive | 3-Month ZAR-JIBAR | 9.330 | Quarterly | 02/09/2034 |  | 51400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) | (159) | (311) | 0 | (6) |
|  Pay | 3-Month ZAR-JIBAR | 8.872 | Quarterly | 07/24/2034 |  | 28300 | 22 | 97 | 119 | 3 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.800 | Semi-Annual | 02/13/2026 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530400 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.775 | Semi-Annual | 02/23/2026 |  | 8263200 | 43 | (45) | (2) | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 3.000 | Semi-Annual | 06/14/2026 |  | 7364000 | 0 | 130 | 130 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 06/28/2026 |  | 8260000 | 0 | 57 | 57 | 1 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 03/20/2028 |  | 3048850 | 0 | 43 | 43 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.335 | Semi-Annual | 10/01/2028 |  | 870100 | 0 | 10 | 10 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.540 | Semi-Annual | 10/01/2028 |  | 708500 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.940 | Semi-Annual | 10/01/2028 |  | 165000 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.290 | Semi-Annual | 10/01/2028 |  | 659600 | 0 | 14 | 14 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.920 | Semi-Annual | 10/02/2028 |  | 784000 | 0 | (34) | (34) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 6.000 | Semi-Annual | 10/02/2028 |  | 1542000 | (1) | (70) | (71) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.780 | Semi-Annual | 10/03/2028 |  | 469000 | 0 | (18) | (18) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.500 | Semi-Annual | 11/13/2028 |  | 2040800 | 49 | 9 | 58 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.260 | Semi-Annual | 11/17/2028 |  | 391900 | 0 | (8) | (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.695 | Semi-Annual | 02/14/2029 |  | 1113400 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 6.370 | Semi-Annual | 06/29/2029 |  | 323000 | 0 | 21 | 21 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.000 | Semi-Annual | 07/19/2029 |  | 5091600 | 0 | 59 | 59 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Pay | 6-Month CLP-CHILIBOR | 5.050 | Semi-Annual | 07/19/2029 |  | 1338400 | 1 | 17 | 18 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.390 | Semi-Annual | 10/01/2029 |  | 451200 | 0 | 7 | 7 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.555 | Semi-Annual | 10/08/2029 |  | 630000 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.730 | Semi-Annual | 10/16/2029 |  | 1380800 | 0 | 1 | 1 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.280 | Semi-Annual | 02/28/2030 |  | 3912400 | (19) | (69) | (88) | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.750 | Semi-Annual | 04/10/2030 |  | 2650200 | 0 | 6 | 6 | 1 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.690 | Semi-Annual | 06/18/2030 |  | 879600 | 0 | (5) | (5) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.715 | Semi-Annual | 06/18/2030 |  | 1070200 | 0 | 4 | 4 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.350 | Semi-Annual | 09/01/2030 |  | 801600 | 0 | (20) | (20) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.690 | Semi-Annual | 09/01/2030 |  | 58400 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.070 | Semi-Annual | 06/24/2031 |  | 3104700 | 0 | 30 | 30 | 0 | (3) |
|  Pay | 6-Month CLP-CHILIBOR | 4.970 | Semi-Annual | 06/18/2032 |  | 805000 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 6.146 | Semi-Annual | 10/30/2032 |  | 3056500 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.030 | Semi-Annual | 03/20/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796610 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 04/01/2033 |  | 601500 | 0 | (16) | (16) | 0 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.250 | Annual | 05/13/2033 |  | 627300 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.855 | Semi-Annual | 10/05/2033 |  | 1103000 | 0 | (64) | (64) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.790 | Semi-Annual | 10/06/2033 |  | 447000 | 0 | (24) | (24) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **69** |

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------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Asset | Liability |
|  Receive | 6-Month CLP-CHILIBOR | 5.870% | Semi-Annual | 10/11/2033 | CLP | 395800 | $0 | $(24) | $(24) | $0 | $0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.940 | Semi-Annual | 10/20/2033 |  | 189900 | 0 | (12) | (12) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.990 | Semi-Annual | 10/20/2033 |  | 1831830 | 0 | (125) | (125) | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 6.235 | Semi-Annual | 10/26/2033 |  | 878100 | 0 | (76) | (76) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 11/16/2033 |  | 435200 | 0 | 10 | 10 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.230 | Semi-Annual | 11/17/2033 |  | 221600 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.920 | Semi-Annual | 02/13/2034 |  | 365400 | (1) | (4) | (5) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.030 | Semi-Annual | 02/23/2034 |  | 1946800 | (18) | 8 | (10) | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.313 | Semi-Annual | 04/25/2034 |  | 954600 | 0 | 15 | 15 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 04/26/2034 |  | 493900 | 0 | 10 | 10 | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.750 | Annual | 05/13/2034 |  | 642200 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.450 | Semi-Annual | 06/28/2034 |  | 2020000 | 0 | (51) | (51) | 1 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 07/03/2034 |  | 893400 | 0 | 19 | 19 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.440 | Semi-Annual | 02/28/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786000 | 0 | 38 | 38 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.120 | Semi-Annual | 06/18/2035 |  | 400700 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.611 | Annual | 06/06/2028 | CZK | 30160 | (25) | (11) | (36) | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.388 | Annual | 11/15/2028 |  | 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 153 | 453 | 0 | (2) |
|  Receive | 6-Month CZK-PRIBOR | 4.070 | Annual | 11/23/2028 |  | 36900 | 0 | (54) | (54) | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.765 | Annual | 01/09/2029 |  | 36800 | 10 | 22 | 32 | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.645 | Annual | 02/01/2029 |  | 105100 | 0 | 65 | 65 | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.534 | Annual | 03/21/2029 |  | 50300 | 0 | (21) | (21) | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.850 | Annual | 05/10/2029 |  | 5800 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.130 | Annual | 06/03/2029 |  | 20700 | 0 | (12) | (12) | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.605 | Annual | 07/12/2029 |  | 86800 | 0 | 35 | 35 | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.480 | Annual | 07/15/2029 |  | 112400 | 9 | 62 | 71 | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.580 | Annual | 10/25/2029 |  | 204900 | 110 | (37) | 73 | 2 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.130 | Annual | 04/09/2030 |  | 95500 | 27 | 129 | 156 | 0 | (1) |
|  Receive | 6-Month CZK-PRIBOR | 3.290 | Annual | 04/30/2030 |  | 16300 | 0 | 21 | 21 | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.258 | Annual | 05/05/2030 |  | 19800 | 0 | 27 | 27 | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.325 | Annual | 05/06/2030 |  | 55900 | 0 | 68 | 68 | 0 | (1) |
|  Receive | 6-Month CZK-PRIBOR | 3.410 | Annual | 05/14/2030 |  | 44400 | 0 | 45 | 45 | 0 | (1) |
|  Receive | 6-Month CZK-PRIBOR | 3.485 | Annual | 05/16/2030 |  | 3200 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.363 | Annual | 05/29/2030 |  | 30700 | 0 | (35) | (35) | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.100 | Annual | 09/20/2030 | EUR | 2300 | (98) | 7 | (91) | 0 | (4) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 200 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 6-Month HUF-BBR | 8.740 | Annual | 04/28/2028 | HUF | 606700 | (50) | (73) | (123) | 1 | 0 |
|  Pay | 6-Month HUF-BBR | 7.610 | Annual | 11/03/2028 |  | 327880 | 0 | 80 | 80 | 0 | (1) |
|  Pay | 6-Month HUF-BBR | 7.330 | Annual | 11/06/2028 |  | 1333600 | 132 | 150 | 282 | 0 | (3) |
|  Pay | 6-Month HUF-BBR | 6.090 | Annual | 10/21/2029 |  | 828800 | (36) | 95 | 59 | 0 | (2) |
|  Pay | 6-Month HUF-BBR | 6.363 | Annual | 01/31/2030 |  | 1208000 | 0 | 129 | 129 | 0 | (3) |
|  Pay | 6-Month HUF-BBR | 6.392 | Annual | 03/11/2030 |  | 635800 | 0 | 72 | 72 | 0 | (1) |
|  Pay | 6-Month HUF-BBR | 6.650 | Annual | 03/13/2030 |  | 277400 | 0 | 41 | 41 | 0 | (1) |
|  Receive | 6-Month HUF-BBR | 6.250 | Annual | 04/09/2030 |  | 360200 | 3 | (1) | 2 | 1 | 0 |
|  Pay | 6-Month HUF-BBR | 5.890 | Annual | 05/09/2030 |  | 789200 | 0 | (41) | (41) | 0 | (2) |
|  Pay | 6-Month HUF-BBR | 6.270 | Annual | 06/16/2030 |  | 719900 | 1 | (3) | (2) | 0 | (2) |
|  Receive | 6-Month HUF-BBR | 6.210 | Annual | 06/26/2030 |  | 1941900 | (3) | 22 | 19 | 6 | 0 |
|  Receive | 6-Month HUF-BBR | 7.840 | Annual | 02/07/2033 |  | 183000 | 0 | (67) | (67) | 0 | 0 |
|  Receive | 6-Month HUF-BBR | 6.580 | Annual | 05/16/2035 |  | 86700 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.520 | Annual | 03/20/2026 | PLN | 13100 | 0 | 115 | 115 | 0 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.620 | Annual | 03/21/2026 |  | 1500 | 0 | 14 | 14 | 0 | 0 |
|  Receive | 6-Month PLN-WIBOR | 2.950 | Annual | 12/13/2026 |  | 27100 | 0 | 50 | 50 | 0 | (5) |
|  Receive | 6-Month PLN-WIBOR | 4.075 | Annual | 03/07/2027 |  | 15600 | 0 | (81) | (81) | 0 | (3) |
|  Pay | 6-Month PLN-WIBOR | 7.310 | Annual | 06/30/2027 |  | 4500 | 20 | 52 | 72 | 2 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.430 | Annual | 03/16/2028 |  | 1600 | 13 | 13 | 26 | 1 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.735 | Annual | 10/09/2028 |  | 6200 | 0 | (67) | (67) | 0 | (3) |
|  Receive | 6-Month PLN-WIBOR | 4.560 | Annual | 11/06/2028 |  | 47500 | (7) | (448) | (455) | 0 | (22) |
|  Pay | 6-Month PLN-WIBOR | 4.660 | Annual | 02/19/2029 |  | 5100 | 0 | 58 | 58 | 3 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.923 | Annual | 03/22/2029 |  | 6400 | 0 | 91 | 91 | 3 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.105 | Annual | 07/12/2029 |  | 17200 | 0 | 170 | 170 | 11 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.865 | Annual | 07/18/2029 |  | 3500 | 0 | 26 | 26 | 2 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.750 | Annual | 08/02/2029 |  | 3100 | 0 | 20 | 20 | 2 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.259 | Annual | 08/08/2029 |  | 13300 | 0 | (20) | (20) | 0 | (8) |
|  Receive | 6-Month PLN-WIBOR | 4.388 | Annual | 08/09/2029 |  | 13600 | 0 | (38) | (38) | 0 | (8) |
|  Receive | 6-Month PLN-WIBOR | 4.415 | Annual | 08/12/2029 |  | 5600 | 0 | (17) | (17) | 0 | (3) |
|  Receive | 6-Month PLN-WIBOR | 0.980 | Annual | 06/09/2030 |  | 5400 | 0 | 215 | 215 | 0 | (3) |
|  Pay | 6-Month PLN-WIBOR | 0.925 | Annual | 10/16/2030 |  | 2000 | (81) | (7) | (88) | 1 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.295 | Lunar | 12/29/2025 | MXN | 13800 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.075 | Lunar | 03/17/2027 |  | 33500 | 0 | 28 | 28 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.550 | Lunar | 03/02/2028 |  | 230800 | 0 | (140) | (140) | 0 | (3) |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 9.295 | Lunar | 10/30/2028 |  | 13800 | 7 | 31 | 38 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 |  | 118700 | 0 | 121 | 121 | 4 | 0 |

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| | | |
|:---|:---|:---|
| **70** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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------

September 30, 2025 (Unaudited)

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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 | 28-Day MXN-TIIE | 8.250% | Lunar | 03/01/2029 | MXN | 30400 | $(23) | $(33) | $(56) | $0 | $(1) |
|  Pay | 28-Day MXN-TIIE | 9.065 | Lunar | 03/01/2029 |  | 2900 | 0 | 9 | 9 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.220 | Lunar | 09/17/2029 |  | 50000 | 0 | (97) | (97) | 0 | (2) |
|  Receive | 28-Day MXN-TIIE | 8.665 | Lunar | 12/11/2029 |  | 36300 | 0 | (104) | (104) | 0 | (2) |
|  Pay | 28-Day MXN-TIIE | 8.800 | Lunar | 12/12/2029 |  | 42200 | 26 | 107 | 133 | 2 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.950 | Lunar | 12/17/2029 |  | 9700 | 0 | (34) | (34) | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 9.180 | Lunar | 01/08/2030 |  | 83000 | (39) | (288) | (327) | 0 | (5) |
|  Pay | 28-Day MXN-TIIE | 8.650 | Lunar | 01/31/2030 |  | 69600 | 0 | 201 | 201 | 4 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.267 | Lunar | 02/28/2030 |  | 122200 | 0 | (259) | (259) | 0 | (7) |
|  Pay | 28-Day MXN-TIIE | 8.360 | Lunar | 03/13/2030 |  | 2000 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.480 | Lunar | 03/13/2030 |  | 55500 | 0 | (144) | (144) | 0 | (3) |
|  Receive | 28-Day MXN-TIIE | 8.595 | Lunar | 03/13/2030 |  | 74700 | 0 | (212) | (212) | 0 | (4) |
|  Pay | 28-Day MXN-TIIE | 7.720 | Lunar | 04/01/2030 |  | 12800 | 0 | 12 | 12 | 1 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 |  | 47800 | 2 | 48 | 50 | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.775 | Lunar | 04/01/2030 |  | 17900 | 0 | 20 | 20 | 1 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.790 | Lunar | 04/01/2030 |  | 7700 | 0 | 9 | 9 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.582 | Lunar | 04/02/2030 |  | 45800 | 0 | 31 | 31 | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.748 | Lunar | 04/02/2030 |  | 9800 | 0 | 10 | 10 | 1 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.753 | Lunar | 04/16/2030 |  | 64100 | 0 | 67 | 67 | 4 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.758 | Lunar | 06/12/2030 |  | 66400 | (9) | (61) | (70) | 0 | (4) |
|  Receive | 28-Day MXN-TIIE | 7.775 | Lunar | 06/12/2030 |  | 36200 | 0 | (39) | (39) | 0 | (2) |
|  Receive | 28-Day MXN-TIIE | 7.790 | Lunar | 06/12/2030 |  | 90300 | 0 | (101) | (101) | 0 | (6) |
|  Receive | 28-Day MXN-TIIE | 7.936 | Lunar | 06/12/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130700 | 0 | (189) | (189) | 0 | (8) |
|  Pay | 28-Day MXN-TIIE | 7.500 | Lunar | 09/11/2030 |  | 51600 | 0 | 23 | 23 | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.520 | Lunar | 09/11/2030 |  | 6200 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.610 | Lunar | 09/20/2030 |  | 48200 | (14) | (20) | (34) | 0 | (3) |
|  Pay | 28-Day MXN-TIIE | 7.740 | Lunar | 09/20/2030 |  | 19800 | 0 | 20 | 20 | 1 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.290 | Lunar | 02/27/2032 |  | 10600 | 0 | 25 | 25 | 1 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.545 | Lunar | 11/23/2034 |  | 12700 | 0 | 40 | 40 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.873 | Lunar | 11/23/2034 |  | 13400 | 0 | (58) | (58) | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 9.131 | Lunar | 12/11/2034 |  | 18000 | 0 | (95) | (95) | 0 | (1) |
|  Pay | 28-Day MXN-TIIE | 9.370 | Lunar | 12/21/2034 |  | 22500 | 0 | 138 | 138 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.550 | Lunar | 02/22/2035 |  | 28800 | 0 | (90) | (90) | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 8.640 | Lunar | 03/07/2035 |  | 38400 | 0 | (133) | (133) | 0 | (2) |
|  Receive | 28-Day MXN-TIIE | 8.655 | Lunar | 03/07/2035 |  | 30500 | 0 | (107) | (107) | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 8.740 | Lunar | 03/07/2035 |  | 90800 | 0 | (349) | (349) | 0 | (4) |
|  Pay | 28-Day MXN-TIIE | 8.365 | Lunar | 03/28/2035 |  | 79500 | 0 | 192 | 192 | 3 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.285 | Lunar | 06/06/2035 |  | 21600 | 0 | (46) | (46) | 0 | (1) |
|  |  |  |  |  |  |  | $604 | $(1889) | $(1285) | $243 | $(378) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $(798) | $(1971) | $(2769) | $243 | $(384) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(7)</sup> | Variation Margin<br>Asset<sup>(7)</sup> | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389) |

---

(m) Securities with an aggregate market value of $580 and cash of $6,156 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **71** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

<sup>(7)</sup> Unsettled variation margin asset of $3 for closed swap agreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 264 | $174 | $0 | $(1) |
|  | 10/2025 | $3248 | 4519 | 0 | (1) |
|  | 10/2025 | 9719 | 8332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | 0 |
|  | 11/2025 | 4511 | $3248 | 1 | 0 |
|  | 11/2025 | $174 | 264 | 1 | 0 |
|  BOA | 10/2025 | 5854 | $825 | 4 | 0 |
|  | 10/2025 | 1880592 | 483 | 3 | 0 |
|  | 10/2025 | 47708 | 770 | 10 | 0 |
|  | 10/2025 | 1317 | 9 | 0 | 0 |
|  | 10/2025 | 65653 | 15594 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  | 10/2025 | 2448 | 681 | 7 | 0 |
|  | 10/2025 | 174 | 136 | 0 | 0 |
|  | 10/2025 | 25950 | 867 | 14 | 0 |
|  | 10/2025 | $739 | 5260 | 0 | (1) |
|  | 10/2025 | 175 | 1250 | 1 | 0 |
|  | 10/2025 | 482 | 1880592 | 0 | (3) |
|  | 10/2025 | 3578 | 316496 | 0 | (18) |
|  | 10/2025 | 6 | 850 | 0 | 0 |
|  | 10/2025 | 398 | 1679 | 2 | 0 |
|  | 10/2025 | 30 | 52 | 0 | 0 |
|  | 10/2025 | 54 | 197 | 0 | 0 |
|  | 10/2025 | 7691 | 233454 | 0 | (20) |
|  | 11/2025 | 139011 | $2175 | 0 | (38) |
|  | 11/2025 | 52 | 30 | 0 | 0 |
|  | 11/2025 | $9 | 1313 | 0 | 0 |
|  | 11/2025 | 1057 | 19573 | 7 | 0 |
|  | 11/2025 | 3889 | 67759 | 21 | 0 |
|  | 11/2025 | 17028 | $973 | 0 | (10) |
|  | 12/2025 | 2143449 | 2222 | 0 | (7) |
|  | 12/2025 | 4669000 | 13935 | 0 | (56) |
|  | 12/2025 | 25521 | 1368 | 0 | (14) |
|  | 12/2025 | 50428 | 881 | 18 | 0 |
|  | 12/2025 | 4497035 | 619 | 0 | (19) |
|  | 01/2026 | 1540498 | 1087 | 158 | 0 |
|  | 01/2026 | $112 | 168623 | 0 | (10) |
|  | 02/2026 | 402928 | $8155 | 0 | (508) |
|  | 03/2026 | 13961 | 571 | 1 | 0 |
|  | 03/2026 | 1574 | 38602 | 4 | 0 |
|  | 04/2026 | $275 | 445581 | 0 | (22) |
|  | 08/2026 | 1301 | 23525 | 27 | 0 |
|  BPS | 10/2025 | 174 | $115 | 0 | 0 |
|  | 10/2025 | 391451 | 64850 | 3 | (8703) |
|  | 10/2025 | 2037 | 2190 | 0 | (205) |
|  | 10/2025 | 79540921 | 4741 | 0 | (26) |
|  | 10/2025 | 1526 | 10 | 0 | 0 |
|  | 10/2025 | 71809 | 17103 | 31 | 0 |
|  | 10/2025 | 19107 | 596 | 6 | 0 |
|  | 10/2025 | 62409 | 2076 | 25 | 0 |
|  | 10/2025 | $73121 | 391451 | 467 | (39) |
|  | 10/2025 | 9744 | 69397 | 0 | (4) |
|  | 10/2025 | 1420 | 10107 | 4 | 0 |
|  | 10/2025 | 12757 | 210677691 | 0 | (129) |
|  | 10/2025 | 2027 | 2809991 | 0 | (25) |
|  | 10/2025 | 6346 | 23098 | 9 | (2) |
|  | 10/2025 | 10889 | 345302 | 0 | (222) |
|  | 10/2025 | 47671 | 1449381 | 0 | (50) |

---

---

| | | |
|:---|:---|:---|
| **72** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 3555 | $501 | $0 | $0 |
|  | 11/2025 | $115 | 174 | 0 | 0 |
|  | 11/2025 | 765 | 4098 | 0 | (1) |
|  | 11/2025 | 4609 | 32589 | 0 | (15) |
|  | 11/2025 | 859 | 2875 | 9 | 0 |
|  | 11/2025 | 10 | 1521 | 0 | 0 |
|  | 12/2025 | 6304 | $889 | 0 | 0 |
|  | 12/2025 | 25214 | 1360 | 0 | (5) |
|  | 12/2025 | $515 | 489151 | 0 | (6) |
|  | 12/2025 | 889 | 6295 | 0 | 0 |
|  | 12/2025 | 8735 | 2901101 | 0 | (42) |
|  | 12/2025 | 4741 | 79769691 | 30 | 0 |
|  | 12/2025 | 1285 | 24491 | 42 | 0 |
|  | 01/2026 | 3596721 | $2482 | 312 | 0 |
|  | 01/2026 | $2389 | 3596461 | 0 | (220) |
|  | 03/2026 | 24612 | 1003 | 0 | (3) |
|  | 04/2026 | 676967 | $452 | 69 | 0 |
|  | 04/2026 | 178300 | 31589 | 0 | (484) |
|  | 05/2026 | $1736 | 529 | 4 | 0 |
|  | 06/2026 | 872701 | $476 | 8 | 0 |
|  | 06/2026 | $481 | 147 | 2 | 0 |
|  | 07/2026 | 270878 | $178 | 34 | 0 |
|  | 07/2026 | $183 | 310660 | 0 | (19) |
|  | 07/2026 | 777 | 237 | 4 | 0 |
|  | 06/2027 | 597 | 181 | 0 | (1) |
|  | 05/2029 | 2630 | $9040 | 335 | 0 |
|  | 07/2029 | 295 | 1015 | 37 | 0 |
|  | 05/2030 | 1713 | 5900 | 204 | 0 |
|  | 08/2030 | 265 | 893 | 12 | 0 |
|  BRC | 10/2025 | 28879 | 5416 | 3 | (13) |
|  | 10/2025 | 25 | 31 | 0 | 0 |
|  | 10/2025 | 2549 | 2992 | 0 | 0 |
|  | 10/2025 | 219754 | 52101 | 1 | (145) |
|  | 10/2025 | 17 | 2 | 0 | 0 |
|  | 10/2025 | 52798 | 1269 | 0 | (1) |
|  | 10/2025 | $5215 | 28879 | 211 | 0 |
|  | 10/2025 | 26 | 21 | 0 | 0 |
|  | 10/2025 | 326 | 278 | 0 | 0 |
|  | 10/2025 | 1469 | 27482 | 29 | 0 |
|  | 10/2025 | 622 | 2616 | 0 | 0 |
|  | 10/2025 | 511 | 1867 | 3 | 0 |
|  | 10/2025 | 20118 | 864293 | 445 | 0 |
|  | 11/2025 | 21 | $26 | 0 | 0 |
|  | 11/2025 | 278 | 327 | 0 | 0 |
|  | 11/2025 | $2 | 17 | 0 | 0 |
|  | 11/2025 | 6699 | 291573 | 93 | 0 |
|  | 11/2025 | 55538 | $3154 | 0 | (51) |
|  | 12/2025 | 12027 | 583 | 2 | 0 |
|  | 12/2025 | 2616 | 624 | 1 | 0 |
|  | 12/2025 | $2997 | 132967 | 43 | 0 |
|  | 02/2026 | 7403 | 352988 | 186 | 0 |
|  | 08/2026 | 184140 | $3377 | 0 | (89) |
|  BSH | 10/2025 | 175200 | 32941 | 23 | 0 |
|  | 10/2025 | $32218 | 175200 | 701 | 0 |
|  | 10/2025 | 9 | 15 | 0 | 0 |
|  | 11/2025 | 15 | $9 | 0 | 0 |
|  | 11/2025 | 6330 | 1750 | 0 | (71) |
|  | 12/2025 | 18439 | 5152 | 0 | (150) |
|  | 12/2025 | $23246 | 128985 | 644 | 0 |
|  | 12/2025 | 7218 | 25703 | 170 | 0 |
|  | 01/2026 | 10 | 36 | 0 | 0 |
|  | 02/2026 | 12502 | $3575 | 0 | (12) |
|  | 04/2026 | 187400 | 32995 | 0 | (714) |
|  | 05/2026 | 22528 | 6323 | 0 | (124) |
|  CBK | 10/2025 | 12811 | 2409 | 2 | 0 |
|  | 10/2025 | 44620 | 6285 | 6 | 0 |
|  | 10/2025 | 33918415 | 8409 | 0 | (216) |
|  | 10/2025 | 9072 | 10649 | 14 | (15) |
|  | 10/2025 | 5238 | 7069 | 25 | 0 |
|  | 10/2025 | 82149265 | 4902 | 0 | (21) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **73** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 610994 | $6902 | $30 | $0 |
|  | 10/2025 | 715751 | 448 | 0 | (34) |
|  | 10/2025 | 1641 | 164 | 0 | 0 |
|  | 10/2025 | 5863 | 1678 | 0 | (10) |
|  | 10/2025 | 23448 | 18327 | 150 | 0 |
|  | 10/2025 | 500887 | 15587 | 130 | 0 |
|  | 10/2025 | 14878 | 496 | 7 | 0 |
|  | 10/2025 | $2372 | 12811 | 35 | 0 |
|  | 10/2025 | 2675 | 19008 | 0 | (8) |
|  | 10/2025 | 7141 | 50841 | 17 | 0 |
|  | 10/2025 | 386 | 1880592 | 93 | 0 |
|  | 10/2025 | 3582 | 58916670 | 0 | (51) |
|  | 10/2025 | 15236 | 1338435 | 0 | (182) |
|  | 10/2025 | 23829 | 32918957 | 0 | (367) |
|  | 10/2025 | 13 | 129 | 0 | 0 |
|  | 10/2025 | 1312 | 1687 | 0 | (5) |
|  | 10/2025 | 2444 | 74216 | 0 | (6) |
|  | 10/2025 | 13776 | $795 | 0 | (2) |
|  | 11/2025 | 29577920 | 7103 | 0 | (409) |
|  | 11/2025 | 848 | 659 | 0 | 0 |
|  | 11/2025 | $2289 | 16209 | 0 | (5) |
|  | 11/2025 | 3099 | 275719 | 0 | (4) |
|  | 11/2025 | 165 | 1641 | 0 | 0 |
|  | 11/2025 | 15587 | 500188 | 0 | (112) |
|  | 11/2025 | 6521 | $376 | 0 | (1) |
|  | 12/2025 | 3704717 | 3843 | 0 | (10) |
|  | 12/2025 | 6192 | 873 | 0 | (1) |
|  | 12/2025 | 14908 | 496 | 4 | 0 |
|  | 12/2025 | $7941 | 56197 | 0 | (8) |
|  | 12/2025 | 126 | 2599 | 0 | 0 |
|  | 12/2025 | 1287 | 73395 | 193 | 0 |
|  | 12/2025 | 4902 | 82382129 | 25 | 0 |
|  | 12/2025 | 3790 | 335814 | 0 | (27) |
|  | 12/2025 | 2528 | 9052 | 74 | 0 |
|  | 12/2025 | 496 | 14781 | 0 | (8) |
|  | 01/2026 | 5060 | $926 | 0 | (4) |
|  | 01/2026 | 5994 | 846 | 0 | 0 |
|  | 01/2026 | 10568 | 2966 | 0 | (71) |
|  | 01/2026 | $544 | 852068 | 0 | (30) |
|  | 01/2026 | 846 | 5981 | 0 | 0 |
|  | 02/2026 | 1829 | $128 | 0 | (7) |
|  | 03/2026 | 22122 | 426 | 0 | (3) |
|  | 04/2026 | $106 | 169941 | 0 | (10) |
|  | 06/2026 | 554387 | $365 | 70 | 0 |
|  | 07/2026 | 1541228 | 977 | 161 | 0 |
|  DUB | 10/2025 | 7412 | 132 | 0 | (23) |
|  | 10/2025 | 29387 | 8601 | 0 | (271) |
|  | 10/2025 | 445233 | 5012 | 4 | 0 |
|  | 10/2025 | 20629 | 15 | 0 | 0 |
|  | 10/2025 | 2405 | 80 | 1 | 0 |
|  | 10/2025 | $20707 | 147235 | 0 | (42) |
|  | 10/2025 | 6898 | 609753 | 0 | (40) |
|  | 10/2025 | 7695 | 10668711 | 0 | (91) |
|  | 10/2025 | 212 | 118324 | 2 | 0 |
|  | 11/2025 | 54259 | $183 | 0 | (9) |
|  | 11/2025 | $904 | 6392 | 0 | (2) |
|  | 11/2025 | 8601 | 29372 | 267 | 0 |
|  | 11/2025 | 5012 | 446118 | 0 | (4) |
|  | 11/2025 | 345 | 192484 | 0 | 0 |
|  | 11/2025 | 134111 | $7662 | 0 | (77) |
|  | 12/2025 | 335814 | 3821 | 58 | 0 |
|  | 12/2025 | 1707486 | 457 | 0 | (29) |
|  | 12/2025 | $595 | 328849 | 0 | (10) |
|  | 02/2026 | 12658 | $3559 | 0 | (73) |
|  | 03/2026 | $723 | 417048 | 0 | (6) |
|  | 09/2026 | 23768 | $426 | 0 | (3) |
|  | 09/2026 | 92929 | 312 | 0 | (5) |
|  FAR | 10/2025 | 198 | 129 | 0 | (2) |
|  | 10/2025 | 8702304 | 520 | 0 | (2) |
|  | 10/2025 | 6400 | 1527 | 6 | 0 |

---

---

| | | |
|:---|:---|:---|
| **74** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 49407 | $38363 | $62 | $0 |
|  | 10/2025 | $513 | 791 | 10 | 0 |
|  | 10/2025 | 9042 | 64195 | 0 | (32) |
|  | 10/2025 | 495 | 3536 | 2 | 0 |
|  | 10/2025 | 3404 | 2531 | 0 | 0 |
|  | 10/2025 | 14467 | 1276011 | 0 | (116) |
|  | 10/2025 | 2296 | 337607 | 0 | (14) |
|  | 10/2025 | 4234 | 15444 | 15 | 0 |
|  | 10/2025 | 15 | 20 | 0 | 0 |
|  | 11/2025 | 2531 | $3404 | 0 | 0 |
|  | 11/2025 | $130 | 198 | 2 | 0 |
|  | 11/2025 | 38216 | 49094 | 0 | (58) |
|  | 12/2025 | 245 | $13 | 0 | 0 |
|  | 12/2025 | $20436 | 114614 | 792 | 0 |
|  | 12/2025 | 10351 | 196151 | 273 | 0 |
|  GLM | 10/2025 | 375527 | $65043 | 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5533) |
|  | 10/2025 | 5259 | 736 | 0 | (1) |
|  | 10/2025 | 78915615 | 4731 | 1 | 0 |
|  | 10/2025 | 2616 | 620 | 0 | (2) |
|  | 10/2025 | 705495 | 437 | 0 | (38) |
|  | 10/2025 | 12 | 0 | 0 | 0 |
|  | 10/2025 | $69139 | 375527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429 | (11) |
|  | 10/2025 | 712 | 5061 | 0 | (2) |
|  | 10/2025 | 3707 | 61261889 | 0 | (35) |
|  | 10/2025 | 4144 | 363622 | 0 | (54) |
|  | 10/2025 | 457 | 632328 | 0 | (7) |
|  | 10/2025 | 1638 | 30679 | 34 | 0 |
|  | 10/2025 | 35389 | 148981 | 60 | (29) |
|  | 10/2025 | 6346 | 27672 | 37 | 0 |
|  | 10/2025 | 4969 | 160102 | 0 | (28) |
|  | 10/2025 | 139 | 4207 | 0 | (1) |
|  | 11/2025 | 183622 | $2897 | 20 | (47) |
|  | 11/2025 | 499 | 15 | 0 | 0 |
|  | 11/2025 | $736 | 5249 | 1 | 0 |
|  | 11/2025 | 1039 | 7361 | 0 | (2) |
|  | 11/2025 | 5049 | 220292 | 32 | 0 |
|  | 12/2025 | 51813 | $888 | 2 | 0 |
|  | 12/2025 | 39813 | 854 | 0 | (50) |
|  | 12/2025 | $4731 | 79104861 | 0 | 0 |
|  | 12/2025 | 233 | 129783 | 0 | (2) |
|  | 01/2026 | 296010 | $204 | 26 | 0 |
|  | 01/2026 | 182622 | 2955 | 69 | 0 |
|  | 01/2026 | $160 | 236352 | 0 | (18) |
|  | 02/2026 | 134707 | $2151 | 29 | 0 |
|  | 03/2026 | 364977 | 5698 | 27 | (50) |
|  | 03/2026 | 23615 | 456 | 0 | (3) |
|  | 03/2026 | $1051 | 68372 | 22 | 0 |
|  | 04/2026 | 264180 | $177 | 27 | 0 |
|  | 04/2026 | 385300 | 67929 | 8 | (1387) |
|  | 06/2026 | 21991 | 408 | 0 | (3) |
|  | 07/2026 | 277135 | 184 | 36 | 0 |
|  IND | 10/2025 | 11456 | 380 | 4 | 0 |
|  | 11/2025 | 74760 | 17838 | 68 | 0 |
|  | 11/2025 | $17745 | 74760 | 26 | 0 |
|  JPM | 10/2025 | 7647 | $1417 | 0 | (20) |
|  | 10/2025 | 400146 | 102 | 0 | 0 |
|  | 10/2025 | 99674 | 1130 | 9 | 0 |
|  | 10/2025 | 704626 | 437 | 0 | (37) |
|  | 10/2025 | 4304 | 1229 | 0 | (10) |
|  | 10/2025 | 14395 | 339 | 0 | (5) |
|  | 10/2025 | 13596 | 457 | 10 | 0 |
|  | 10/2025 | $1407 | 7647 | 30 | 0 |
|  | 10/2025 | 196 | 271 | 0 | (1) |
|  | 10/2025 | 734 | 5213 | 0 | (3) |
|  | 10/2025 | 215 | 1524 | 0 | (1) |
|  | 10/2025 | 3863 | 63680577 | 0 | (46) |
|  | 10/2025 | 13319 | 18465291 | 0 | (159) |
|  | 10/2025 | 172 | 95139 | 0 | 0 |
|  | 10/2025 | 336 | 1236 | 4 | 0 |
|  | 10/2025 | 18829 | 606027 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **75** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $3257 | 139414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | $0 |
|  | 11/2025 | 8848 | $1650 | 1 | 0 |
|  | 11/2025 | 2193 | 155 | 0 | (17) |
|  | 11/2025 | 2754 | 826 | 0 | (6) |
|  | 11/2025 | 105968 | 358 | 0 | (17) |
|  | 11/2025 | 5732 | 130 | 0 | (3) |
|  | 11/2025 | $337 | 2382 | 0 | (1) |
|  | 11/2025 | 17825 | 74749 | 0 | (57) |
|  | 11/2025 | 127419 | $7266 | 0 | (86) |
|  | 12/2025 | $1727 | 6779569 | 0 | (16) |
|  | 12/2025 | 7911 | 150422 | 236 | 0 |
|  | 06/2026 | 20030 | $371 | 0 | (3) |
|  | 06/2026 | 152100 | 8583 | 0 | (48) |
|  MBC | 10/2025 | 65857 | 9248 | 4 | 0 |
|  | 10/2025 | 309 | 361 | 0 | (2) |
|  | 10/2025 | 2531 | 3382 | 0 | (22) |
|  | 10/2025 | 8777428 | 533 | 7 | 0 |
|  | 10/2025 | 756 | 5 | 0 | 0 |
|  | 10/2025 | 3441578 | 2469 | 17 | 0 |
|  | 10/2025 | 17 | 2 | 0 | 0 |
|  | 10/2025 | 2572 | 709 | 1 | 0 |
|  | 10/2025 | 861 | 668 | 1 | 0 |
|  | 10/2025 | $10541 | 74925 | 0 | (25) |
|  | 10/2025 | 9772 | 8272 | 0 | (60) |
|  | 10/2025 | 13027 | 18104951 | 0 | (123) |
|  | 10/2025 | 56342 | 72206 | 0 | (366) |
|  | 11/2025 | 99197 | $1114 | 1 | 0 |
|  | 11/2025 | $7557 | 53706 | 0 | (1) |
|  | 11/2025 | 1852 | 164960 | 0 | 0 |
|  | 11/2025 | 5 | 754 | 0 | 0 |
|  | 11/2025 | 2 | 17 | 0 | 0 |
|  | 12/2025 | 189500 | $26234 | 0 | (478) |
|  | 12/2025 | 150960 | 458 | 6 | 0 |
|  | 12/2025 | 2527 | 719 | 0 | (8) |
|  | 01/2026 | 6786 | 960 | 1 | 0 |
|  | 01/2026 | $960 | 6779 | 0 | (1) |
|  | 02/2026 | 4221 | $1154 | 0 | (121) |
|  | 09/2026 | 38927 | 699 | 0 | (5) |
|  MYI | 10/2025 | 12900 | 2121 | 0 | (302) |
|  | 10/2025 | 94200 | 24 | 0 | 0 |
|  | 10/2025 | 28851 | 193 | 0 | (2) |
|  | 10/2025 | 18207 | 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 0 |
|  | 10/2025 | $2425 | 12900 | 0 | (2) |
|  | 10/2025 | 10630 | 75643 | 0 | (14) |
|  | 10/2025 | 1443 | 10279 | 4 | 0 |
|  | 10/2025 | 851 | 2858 | 11 | 0 |
|  | 10/2025 | 25 | 3758 | 0 | 0 |
|  | 10/2025 | 18282 | 77172 | 66 | 0 |
|  | 10/2025 | 3463 | 12535 | 0 | (15) |
|  | 11/2025 | 23110 | $4135 | 0 | (165) |
|  | 11/2025 | $15455 | 1376101 | 0 | (9) |
|  | 11/2025 | 193 | 28751 | 2 | 0 |
|  | 12/2025 | 17764 | 704 | 0 | (28) |
|  | 12/2025 | 2948 | 72332 | 19 | 0 |
|  | 12/2025 | 43501 | $2316 | 0 | (40) |
|  | 12/2025 | $18861 | 388861 | 0 | (72) |
|  | 02/2026 | 23665 | 963 | 0 | (6) |
|  | 03/2026 | 49359 | $955 | 0 | (6) |
|  | 10/2026 | $685 | 1226 | 7 | 0 |
|  | 10/2027 | 1370 | 2521 | 0 | (14) |
|  NGF | 10/2025 | 3226 | 53398497 | 0 | (25) |
|  | 10/2025 | 17585 | 24457899 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154) |
|  | 10/2025 | 3457 | 149759 | 61 | 0 |
|  | 11/2025 | 313 | 13644 | 2 | 0 |
|  | 12/2025 | 126 | 5503 | 0 | 0 |
|  RYL | 10/2025 | 22 | $17 | 0 | 0 |
|  SCX | 10/2025 | 12725 | 2392 | 1 | 0 |
|  | 10/2025 | 64911391 | 3888 | 0 | (3) |
|  | 10/2025 | 283533 | 3189 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **76** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 21066 | $13 | $0 | $(1) |
|  | 10/2025 | $2393 | 12725 | 0 | (2) |
|  | 10/2025 | 7742 | 55012 | 0 | (21) |
|  | 10/2025 | 5787 | 41202 | 10 | 0 |
|  | 10/2025 | 9527 | 7122 | 52 | 0 |
|  | 10/2025 | 3603 | 59243258 | 0 | (52) |
|  | 10/2025 | 6704 | 591704 | 0 | (50) |
|  | 10/2025 | 131 | 19240 | 0 | (1) |
|  | 10/2025 | 412 | 721671 | 74 | 0 |
|  | 10/2025 | 3172 | 11064 | 13 | 0 |
|  | 11/2025 | 7122 | $9528 | 0 | (52) |
|  | 11/2025 | 74749 | 17745 | 0 | (23) |
|  | 11/2025 | 49332 | 171 | 0 | (3) |
|  | 11/2025 | $3189 | 284083 | 0 | 0 |
|  | 12/2025 | 13248 | $646 | 6 | 0 |
|  | 12/2025 | 371228 | 6505 | 155 | 0 |
|  | 12/2025 | 77364 | 269 | 0 | (3) |
|  | 12/2025 | 1707493 | 457 | 0 | (29) |
|  | 12/2025 | $2392 | 12907 | 0 | (1) |
|  | 12/2025 | 1554 | 10977 | 0 | (3) |
|  | 12/2025 | 4368 | 89603 | 0 | (39) |
|  | 12/2025 | 3888 | 65075448 | 4 | 0 |
|  | 01/2026 | 19624 | $2774 | 2 | 0 |
|  | 01/2026 | $2774 | 19595 | 0 | (1) |
|  | 04/2026 | 939344 | $543 | 0 | (61) |
|  SOG | 10/2025 | 155 | 102 | 0 | 0 |
|  | 10/2025 | 31415 | 5886 | 0 | (16) |
|  | 10/2025 | 4952 | 5824 | 10 | 0 |
|  | 10/2025 | 62830 | 422 | 0 | (3) |
|  | 10/2025 | 3365736 | 2441 | 42 | 0 |
|  | 10/2025 | 67 | 39 | 0 | 0 |
|  | 10/2025 | 1587 | 368 | 2 | 0 |
|  | 10/2025 | 27473 | 913 | 10 | 0 |
|  | 10/2025 | $5907 | 31415 | 0 | (4) |
|  | 10/2025 | 1198 | 176174 | 0 | (7) |
|  | 10/2025 | 5945 | 25896 | 29 | 0 |
|  | 11/2025 | 7573501 | $1858 | 0 | (64) |
|  | 11/2025 | $102 | 155 | 0 | 0 |
|  | 11/2025 | 5836 | 4952 | 0 | (10) |
|  | 11/2025 | 422 | 62612 | 3 | 0 |
|  | 12/2025 | 177748 | $532 | 0 | 0 |
|  | 12/2025 | $5886 | 31862 | 15 | 0 |
|  | 12/2025 | 2962 | 2812122 | 0 | (37) |
|  | 03/2026 | 1349 | 1307002 | 10 | 0 |
|  | 09/2026 | 162227 | $2913 | 0 | (26) |
|  SSB | 10/2025 | 1884 | 2540 | 6 | 0 |
|  | 10/2025 | 8307931 | 504 | 6 | 0 |
|  | 10/2025 | 138899 | 1578 | 16 | 0 |
|  | 10/2025 | 1721564 | 1228 | 1 | 0 |
|  | 10/2025 | 12080 | 395 | 0 | (2) |
|  | 10/2025 | $876 | 4814 | 29 | 0 |
|  | 10/2025 | 721 | 1010788 | 0 | (1) |
|  | 11/2025 | 416 | 1536 | 26 | 0 |
|  | 12/2025 | 1165 | 22076 | 31 | 0 |
|  | 03/2026 | 2806982 | $2960 | 43 | 0 |
|  UAG | 10/2025 | 4784 | 3479 | 41 | 0 |
|  | 10/2025 | 2951 | 862 | 0 | (29) |
|  | 10/2025 | 441800 | 2998 | 11 | 0 |
|  | 10/2025 | 2855 | 782 | 0 | (3) |
|  | 10/2025 | $8837 | 29482 | 63 | 0 |
|  | 10/2025 | 166 | 14696 | 0 | (1) |
|  | 10/2025 | 157 | 1601 | 3 | 0 |
|  | 10/2025 | 3448 | 12518 | 0 | (5) |
|  | 10/2025 | 797 | 13775 | 0 | 0 |
|  | 10/2025 | 13782 | $797 | 0 | 0 |
|  | 11/2025 | $18 | 74660 | 1 | 0 |
|  | 11/2025 | 862 | 2949 | 28 | 0 |
|  | 11/2025 | 112 | 5288 | 11 | 0 |
|  | 11/2025 | 60411 | $3427 | 0 | (59) |
|  | 12/2025 | 704 | 17763 | 28 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **77** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 12/2025 | $6224 | HUF | 2060327 | $0 | $(50) |
|  | 12/2025 | 819 | PHP | 47027 | 0 | (15) |
|  | 01/2026 | 1536 | TRY | 73225 | 89 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25550) |

---

#### PURCHASED 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> | Cost | Market<br>Value |
| GLM | Put - OTC CDX.IG-44 5-Year Index | Buy | 0.550% | 11/19/2025 | 34900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | CZK | 24.200 | 03/11/2026 | 4258 | $19 | $23 |
|  | Put - OTC EUR versus HUF | HUF | 386.000 | 12/18/2025 | 18104 | 103 | 74 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 8600 | 13 | 9 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 13400 | 19 | 14 |
|  | Put - OTC USD versus MXN | MXN | 18.250 | 11/19/2025 | 15163 | 114 | 128 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 11007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 |
| GLM | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 2100 | 3 | 2 |
|  | Put - OTC USD versus JPY | JPY | 144.000 | 11/12/2025 | 14757 | 181 | 77 |
| MBC | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 8100 | 11 | 8 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 4600 | 7 | 5 |
| MYI | Put - OTC EUR versus CZK | CZK | 24.200 | 02/10/2026 | 4011 | 17 | 19 |
|  | Put - OTC EUR versus CZK |  | 24.250 | 02/13/2026 | 2788 | 12 | 16 |
|  | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 7586 | 124 | 233 |
|  |  |  |  |  |  | $1163 | $1201 |
|  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;1221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222 |

---

#### 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 |
| GLM | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.750% | 11/19/2025 | 34900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | **Strike<br>Price** | **Strike<br>Price** | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 8600 | $(5) | $(6) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 13400 | (6) | (9) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 22015 | (546) | (570) |
| GLM | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 2100 | (1) | (1) |
|  | Put - OTC USD versus JPY | JPY | 140.000 | 11/12/2025 | 14757 | (86) | (23) |
|  | Call - OTC USD versus TRY | TRY | 53.500 | 12/11/2025 | 7423 | (241) | (56) |
| JPM | Put - OTC USD versus MXN | MXN | 18.250 | 11/19/2025 | 7942 | (38) | (67) |
| MBC | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 8100 | (4) | (5) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 4600 | (2) | (3) |
| MYI | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 7586 | (26) | (33) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 7586 | (97) | (14) |
| UAG | Put - OTC USD versus TRY | TRY | 41.600 | 11/12/2025 | 660 | (25) | (1) |
|  | Call - OTC USD versus TRY |  | 56.900 | 11/12/2025 | 660 | (18) | (2) |
|  | Put - OTC USD versus TRY |  | 42.635 | 01/07/2026 | 3085 | (105) | (7) |
|  | Call - OTC USD versus TRY |  | 56.750 | 01/07/2026 | 3085 | (70) | (30) |
|  | Put - OTC USD versus TRY |  | 42.800 | 01/08/2026 | 4768 | (163) | (13) |
|  | Call - OTC USD versus TRY |  | 56.750 | 01/08/2026 | 4768 | (109) | (47) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1542) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(887) |

---

78 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month PLN-WIRON | Receive | 4.065% | 11/20/2025 | 7550 | $(18) | $(8) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.065 | 11/20/2025 | 7550 | (18) | (13) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 7.035 | 12/10/2025 | 92200 | (36) | (29) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Pay | 7.035 | 12/10/2025 | 92200 | (36) | (34) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Receive | 4.475 | 11/24/2025 | 4200 | (16) | (9) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.475 | 11/24/2025 | 4200 | (16) | (13) |
| DBL Call - OTC 5-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Receive | 3.890 | 12/29/2025 | 16600 | (5) | (3) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Pay | 3.890 | 12/29/2025 | 16600 | (5) | (6) |
| GST Call - OTC 5-Year Interest Rate Swap  | 3-Month HUF-SOFR | Receive | 6.190 | 11/14/2025 | 450860 | (13) | (6) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month HUF-SOFR | Pay | 6.190 | 11/14/2025 | 450860 | (13) | (10) |
| JPM Call - OTC 5-Year Interest Rate Swap  | 6-Month HUF-BUBOR | Receive | 6.110 | 12/23/2025 | 125950 | (3) | (2) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month HUF-BUBOR | Pay | 6.110 | 12/23/2025 | 125950 | (3) | (4) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month ILS-TELBOR | Receive | 4.135 | 12/03/2025 | 2100 | (8) | (11) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month ILS-TELBOR | Pay | 4.135 | 12/03/2025 | 2100 | (9) | (6) |
| MYC Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 7.310 | 10/02/2025 | 13600 | (4) | (10) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 7.080 | 12/31/2025 | 6950 | (3) | (4) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Pay | 7.080 | 12/31/2025 | 6950 | (3) | (3) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month PLN-WIBOR | Receive | 4.445 | 12/18/2025 | 850 | (3) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month PLN-WIBOR | Pay | 4.445 | 12/18/2025 | 850 | (3) | (3) |
|  |  |  |  |  |  | $(215) | $(176) |
|  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;(1778) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1069) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BOA | Brazil Government International Bonds | (1.000)% | Quarterly | 06/20/2029 | 0.978% | $4600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | $0 | $(5) |
|  | Brazil Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 1.092 | 1900 | 57 | (51) | 6 | 0 |
|  | Chile Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 0.410 | 100 | (2) | 0 | 0 | (2) |
| BRC | Brazil Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 1.092 | 700 | 23 | (21) | 2 | 0 |
|  | Chile Government International Bonds | (1.000) | Quarterly | 12/20/2028 | 0.318 | 1200 | (24) | (1) | 0 | (25) |
|  | Chile Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 0.410 | 200 | (4) | (1) | 0 | (5) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2033 | 0.932 | 4100 | (10) | (11) | 0 | (21) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 0.963 | 1200 | (10) | 7 | 0 | (3) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2034 | 0.991 | 1110 | (4) | 3 | 0 | (1) |
| GST | Brazil Government International Bonds | (1.000) | Quarterly | 06/20/2029 | 0.978 | 1100 | 25 | (26) | 0 | (1) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2035 | 1.038 | 200 | 0 | 1 | 1 | 0 |
|  |  |  |  |  |  |  | $158 | $(212) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) |
| CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Peru Government International Bonds | 1.000% | Quarterly | 12/20/2029 | 0.561% | $100 | $1 | $1 | $2 | $0 |
| BPS | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.194 | 1350 | 7 | (4) | 3 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.406 | 600 | 1 | 7 | 8 | 0 |
|  | Romania Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.593 | 2150 | 3 | (1) | 2 | 0 |
| BRC | Peru Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.561 | 200 | 1 | 2 | 3 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.634 | 9600 | 135 | 20 | 155 | 0 |
|  | South Korea Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.133 | 1100 | 7 | (5) | 2 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.632 | 2400 | 1 | 2 | 3 | 0 |
| CBK | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.410 | 3700 | (21) | 59 | 38 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.745 | 50 | (1) | 2 | 1 | 0 |
| GST | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.299 | 2400 | 3 | 1 | 4 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.309 | 400 | 0 | 2 | 2 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.681 | 400 | 6 | 0 | 6 | 0 |
| JPM | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.745 | 75 | (1) | 2 | 1 | 0 |
|  | State Oil Company of Azerbaijan | 5.000 | Quarterly | 06/20/2026 | 1.611 | 200 | 2 | 3 | 5 | 0 |
|  |  |  |  |  |  |  | $144 | $91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | $0 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 79

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount<br>of Currency<br>Received | Notional<br>Amount<br>of Currency<br>Delivered | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount<br>of Currency<br>Received | Notional<br>Amount<br>of Currency<br>Delivered | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  BPS | Floating rate equal to 1-Day KRW-SOFR less 0.394% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 03/18/2029 | 5114470 | $3706 | $(28) | $4 | $3681 | $(3705) |
|  BRC | Floating rate equal to 1-Day INR-SOFR based on the notional amount of currency received | Floating rate equal to 1-Day INR-SOFR Compounded-OIS plus 0.640% based on the notional amount of currency delivered | Maturity | 03/18/2031 | $4512 | 404660 | 50 | (5) | 4556 | (4511) |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS plus 0.638% based on the notional amount of currency received | Floating rate equal to 1-Day PHP-SOFR based on the notional amount of currency delivered | Maturity | 03/18/2031 | 4913 | 280658 | (35) | 13 | 4913 | (4935) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13151) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GLM | Pay | 1-Year BRL-CDI | 7.728% | Maturity | 01/04/2027 | BRL | 21000 | $0 | $(529) | $0 | $(529) |
|  | Pay | 6-Month CLP-CHILIBOR | 3.265 | Semi-Annual | 06/14/2029 | CLP | 473800 | 0 | (27) | 0 | (27) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556) |

---

#### VOLATILITY SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Volatility | Reference Entity | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Volatility | Reference Entity | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| JPM | Receive | USD versus INR 1-Year ATM Realized Volatility | 3.600% | Maturity | 11/24/2025 | $14 | $0 | $(9) | $0 | $(9) |
|  | Receive | USD versus INR 1-Year ATM Realized Volatility | 3.725 | Maturity | 11/26/2025 | 8 | 0 | (4) | 0 | (4) |
| SCX | Receive | USD versus INR 1-Year ATM Realized Volatility | 3.450 | Maturity | 11/21/2025 | 9 | 0 | (7) | 0 | (7) |
|  |  |  |  |  |  |  | $0 | $(20) | $0 | $(20) |
|  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;289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13790) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(8)</sup> |
|  AZD | $66 | $0 | $0 | $66 | $(2) | $0 | $0 | $(2) | $64 | $0 | $64 |
|  BOA | 277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | 8 | 1126 | (740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(691) | (7) | (1438) | (312) | 158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154) |
|  BPS | 1647 | 0 | 3694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10201) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8496 | (69) |
|  BRC | 1017 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4721 | 5738 | (299) | 0 | (4566) | (4865) | 873 | (910) | (37) |
|  BSH | 1538 | 0 | 0 | 1538 | (1071) | 0 | 0 | (1071) | 467 | (300) | 167 |
|  CBK | 1036 | 0 | 39 | 1075 | (1627) | 0 | 0 | (1627) | (552) | 612 | 60 |
|  DBL | 0 | 0 | 0 | 0 | 0 | (9) | 0 | (9) | (9) | 0 | (9) |
|  DUB | 332 | 0 | 0 | 332 | (685) | 0 | 0 | (685) | (353) | 321 | (32) |
|  FAR | 1162 | 0 | 0 | 1162 | (224) | 0 | 0 | (224) | 938 | (790) | 148 |
|  GLM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878 | 100 | 4913 | 6891 | (7303) | (86) | (5491) | (12880) | (5989) | 5781 | (208) |
|  GST | 0 | 0 | 13 | 13 | 0 | (16) | (1) | (17) | (4) | 0 | (4) |
|  IND | 98 | 0 | 0 | 98 | 0 | 0 | 0 | 0 | 98 | 0 | 98 |
|  JPM | 359 | 0 | 6 | 365 | (655) | (90) | (13) | (758) | (393) | (210) | (603) |
|  MBC | 38 | 13 | 0 | 51 | (1212) | (8) | 0 | (1220) | (1169) | 1287 | 118 |

---

---

| | | |
|:---|:---|:---|
| **80** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(8)</sup>** |
|  MYC | $0 | $0 | $0 | $0 | $0 | $(22) | $0 | $(22) | $(22) | $0 | $(22) |
|  MYI | 122 | 268 | 0 | 390 | (675) | (47) | 0 | (722) | (332) | 323 | (9) |
|  NGF | 63 | 0 | 0 | 63 | (179) | 0 | 0 | (179) | (116) | 0 | (116) |
|  SCX | 317 | 0 | 0 | 317 | (345) | 0 | (7) | (352) | (35) | 0 | (35) |
|  SOG | 121 | 0 | 0 | 121 | (167) | 0 | 0 | (167) | (46) | 0 | (46) |
|  SSB | 158 | 0 | 0 | 158 | (3) | 0 | 0 | (3) | 155 | 0 | 155 |
|  UAG | 275 | 0 | 0 | 275 | (162) | (100) | 0 | (262) | 13 | 0 | 13 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25550) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1069) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13790) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40409) |  |  |  |

---

(o) Securities with an aggregate market value of $16,979 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> 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 September 30, 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 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 246 | 246 |
|  | $0 | $0 | $0 | $0 | $250 | $250 |
|  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 | $10504 | $0 | $10504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 21 | 0 | 1201 | 0 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 244 | 0 | 13150 | 0 | 13394 |
|  | $0 | $265 | $0 | $24855 | $0 | $25120 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24855 | $250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25370 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 81

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6 | 0 | 0 | 378 | 384 |
|  | $0 | $6 | $0 | $0 | $383 | $389 |
|  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 | $25550 | $0 | $25550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 6 | 0 | 887 | 176 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 63 | 0 | 13171 | 556 | 13790 |
|  | $0 | $69 | $0 | $39608 | $732 | $40409 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $75 | $0 | $39608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | $40798 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $249 | $249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (79) | 0 | 0 | (430) | (509) |
|  | $0 | $(79) | $0 | $0 | $(181) | $(260) |
|  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 | $23538 | $0 | $23538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (51) | 0 | 288 | 0 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 967 | (20) | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 152 | 19 | 0 | (54) | (73) | 44 |
|  | $152 | $(32) | $0 | $24739 | $(93) | $24766 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | $(111) | $0 | $24739 | $(274) | $24506 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(82) | $(82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (82) | 0 | 0 | (1955) | (2037) |
|  | $0 | $(82) | $0 | $0 | $(2037) | $(2119) |
|  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 | $(19077) | $0 | $(19077) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (36) | 0 | 346 | 0 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 15 | 0 | 511 | 32 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (196) | 0 | 25 | (116) | (287) |
|  | $0 | $(217) | $0 | $(18195) | $(84) | $(18496) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18195) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2121) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20615) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $4446 | $0 | $4446 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4167 | 0 | 4167 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 26 | 26 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 132218 | 0 | 132218 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 400 | 0 | 400 |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 56 | 0 | 56 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 814 | 1410 | 2224 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1399 | 1399 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>09/30/2025** |
|  Chile |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | $0 | $11143 | $0 | $11143 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 585 | 0 | 585 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 21418 | 0 | 21418 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2121 | 0 | 2121 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3182 | 0 | 3182 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 20588 | 0 | 20588 |

---

---

| | | |
|:---|:---|:---|
| **82** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>09/30/2025** |
|  Ecuador |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | $0 | $1373 | $0 | $1373 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 12863 | 0 | 12863 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 233 | 0 | 233 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | 3752 | 3752 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 2200 | 0 | 2200 |
|  Ghana | Ghana | Ghana | Ghana | Ghana |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1685 | 0 | 1685 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2470 | 0 | 2470 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 236 | 0 | 236 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 606 | 0 | 606 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 593 | 0 | 593 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3057 | 3057 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1250 | 0 | 1250 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3165 | 3165 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 675 | 0 | 675 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 74 | 0 | 74 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 741 | 0 | 741 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | 6900 | 0 | 0 | 6900 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 489 | 0 | 489 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 66417 | 0 | 66417 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 50027 | 0 | 50027 |
|  Namibia | Namibia | Namibia | Namibia | Namibia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3182 | 0 | 3182 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3324 | 0 | 3324 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1399 | 1399 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3717 | 0 | 3717 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7202 | 0 | 7202 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 17347 | 0 | 17347 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Sovereign Issues | 0 | 17897 | 0 | 17897 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 18069 | 0 | 18069 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 779 | 0 | 779 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 509 | 0 | 509 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1195 | 1195 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1883 | 0 | 1883 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 635 | 0 | 635 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5448 | 0 | 5448 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1059 | 1059 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 33226 | 0 | 33226 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>09/30/2025** |
|  Supranational |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $4819 | $0 | $4819 |
|  Turkey |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 4122 | 4122 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11290 | 0 | 11290 |
|  Uganda | Uganda | Uganda | Uganda | Uganda |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2355 | 0 | 2355 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Sovereign Issues | 0 | 770 | 0 | 770 |
|  United Kingdom |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5050 | 5029 | 10079 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 2417 | 0 | 2417 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 5086 | 0 | 5086 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | 7600 | 7600 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 10025 | 10025 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 3864 | 799 | 4663 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3863 | 0 | 3863 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 2367 | 0 | 2367 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1891 | 0 | 1891 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 355 | 0 | 355 |
|  Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |
| &nbsp;&nbsp; Sovereign Issues | 0 | 812 | 0 | 812 |
|  Zambia | Zambia | Zambia | Zambia | Zambia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1014 | 0 | 1014 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1113 | 0 | 1113 |
| &nbsp;&nbsp; Hungary Treasury Bills | 0 | 14224 | 0 | 14224 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 20095 | 0 | 20095 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 8418 | 0 | 8418 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 18823 | 0 | 18823 |
|  | $6900 | $564914 | $44037 | $615851 |
|  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 | $125264 | $0 | $0 | $125264 |
|  Total Investments | $132164 | $564914 | $44037 | $741115 |
|  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 | 247 | 0 | 247 |
|  Over the counter | 0 | 25120 | 0 | 25120 |
|  | $0 | $25367 | $0 | $25367 |
|  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 | (389) | 0 | (389) |
|  Over the counter | 0 | (40409) | 0 | (40409) |
|  | $0 | $(40798) | $0 | $(40798) |
|  Total Financial Derivative Instruments | $0 | $(15431) | $0 | $(15431) |
|  Totals | $132164 | $549483 | $44037 | $725684 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 83

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Loan Participations and Assignments | $26 | $0 | $0 | $39 | $0 | $(39) | $0 | $0 | $26 | $(39) |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1404 | 0 | 0 | 0 | 6 | 0 | 0 | 1410 | 6 |
| &nbsp;&nbsp; Loan Participations and Assignments<sup>(3)</sup> | 1367 | 0 | 0 | 0 | 0 | 32 | 0 | 0 | 1399 | 32 |
|  Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 3904 | 0 | 0 | 0 | 0 | (152) | 0 | 0 | 3752 | (152) |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Loan Participations and Assignments | 2806 | 0 | 0 | 1 | 0 | 250 | 0 | 0 | 3057 | 250 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 3724 | 0 | (874) | 3 | (26) | 338 | 0 | 0 | 3165 | 264 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Loan Participations and Assignments | 1379 | 0 | 0 | 5 | 0 | 15 | 0 | 0 | 1399 | 15 |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1165 | 0 | 0 | 0 | 30 | 0 | 0 | 1195 | 30 |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Loan Participations and Assignments | 1199 | 0 | (210) | 2 | 15 | 53 | 0 | 0 | 1059 | 58 |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | 1073 | 0 | 0 | 0 | 0 | 107 | 2942 | 0 | 4122 | 106 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 1924 | 3902 | (1043) | 138 | (25) | 133 | 0 | 0 | 5029 | 65 |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7600 | 0 | 0 | 0 | 0 | 0 | 0 | 7600 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 10025 | 0 | 0 | 0 | 0 | 0 | 0 | 10025 | 0 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 783 | 0 | 0 | 0 | 0 | 16 | 0 | 0 | 799 | 16 |
|  Totals | $18185 | $24096 | $(2127) | $188 | $(36) | $789 | $2942 | $0 | $44037 | $651 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation Technique | Unobservable Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation Technique | Unobservable Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Brazil | Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $26 | Other Valuation Techniques<sup>(2)</sup> |  |  |  |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1399 | Discounted Cash Flow | Discount Rate | 6.572 |  |
|  Germany | Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 3752 | Discounted Cash Flow | Discount Rate | 7.462 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3057 | Discounted Cash Flow | Discount Rate | 3.832 |  |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3165 | Discounted Cash Flow | Discount Rate | 5.531 |  |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1399 | Discounted Cash Flow | Discount Rate | 7.648 |  |

---

---

| | | |
|:---|:---|:---|
| **84** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation Technique** | **Unobservable Inputs** | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** |
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation Technique** | **Unobservable Inputs** | **Input Value(s)** | **Weighted<br>Average** |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $1195 | Discounted Cash Flow | Discount Rate | 8.730 |  |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1059 | Discounted Cash Flow | Discount Rate | 11.702 |  |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1180 | Discounted Cash Flow | Discount Rate | 4.794 |  |
|  | 2942 | Third Party Vendor | Broker Quote | 100.250 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 1011 | Other Valuation Techniques<sup>(2)</sup> |  |  |  |
|  | 4018 | Recent Transaction | Purchase Price | 100.000 |  |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 7600 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 10025 | Recent Transaction | Purchase Price | 100.250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 799 | Discounted Cash Flow | Discount Rate | 6.392 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44037 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(2)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **85** |

---

------

Schedule of Investments PIMCO Emerging Markets Full Spectrum Bond Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 4.3% | INVESTMENTS IN SECURITIES 4.3% | INVESTMENTS IN SECURITIES 4.3% |
| CAYMAN ISLANDS 0.4% | CAYMAN ISLANDS 0.4% | CAYMAN ISLANDS 0.4% |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2025 (c) | 38 | 1 |
|  0.000% due 12/31/2026 (c) | 50 | 1 |
|  0.000% due 12/31/2027 (c) | 63 | 2 |
|  0.000% due 12/31/2028 (c) | 100 | 2 |
|  0.000% due 12/31/2029 (c) | 100 | 2 |
|  0.000% due 12/31/2030 (c) | 125 | 3 |
|  0.000% due 12/31/2031 (c) | 125 | 3 |
|  0.000% due 12/31/2032 (c) | 236 | 6 |
|  |  | 20 |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. |
|  4.375% due 04/12/2027 ^(b) | 500 | 47 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 ^«(b) | 2 | 0 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (a) | 75 | 2 |
|  Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 12/28/2029 (a) | 125 | 3 |
|  Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 12/28/2030 (a) | 150 | 3 |
|  Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 12/28/2031 (a) | 226 | 3 |
|  Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 12/28/2032 (a) | 211 | 3 |
|  Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) |
|  6.721% due 12/28/2028 (a) | 50 | 1 |
|  Poinsettia Finance Ltd. SARL | Poinsettia Finance Ltd. SARL | Poinsettia Finance Ltd. SARL |
|  6.625% due 06/17/2031 | 591 | 580 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2049 ^(a)(b) | 69 | 10 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 ^(a)(b) | 69 | 11 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 ^(a)(b) | 139 | 21 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 ^(a)(b) | 209 | 32 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 ^(a)(b) | 209 | 33 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 ^(a)(b) | 99 | 15 |
|  |  | 764 |
|  Total Cayman Islands (Cost $1,322) | Total Cayman Islands (Cost $1,322) | 784 |
| PERU 0.3% | PERU 0.3% | PERU 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  6.950% due 08/12/2031 | 1761 | 562 |
|  Total Peru (Cost $496) | Total Peru (Cost $496) | 562 |
| UNITED STATES 3.4% | UNITED STATES 3.4% | UNITED STATES 3.4% |
| U.S. GOVERNMENT AGENCIES 3.4% | U.S. GOVERNMENT AGENCIES 3.4% | U.S. GOVERNMENT AGENCIES 3.4% |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 11/01/2055 | 1600 | 1508 |
|  4.500% due 11/01/2055 | 1600 | 1552 |
|  5.000% due 11/01/2055 | 1700 | 1685 |
|  5.500% due 11/01/2055 | 2000 | 2015 |
|  |  | 6760 |
|  Total United States (Cost $6,773) | Total United States (Cost $6,773) | 6760 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (e) | 341896 | 342 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Total Short-Term Instruments<br>(Cost $342) | Total Short-Term Instruments<br>(Cost $342) | $— | 342 |
| Total Investments in Securities<br>(Cost $8,933) | Total Investments in Securities<br>(Cost $8,933) |  | 8448 |
| INVESTMENTS IN AFFILIATES 98.6% | INVESTMENTS IN AFFILIATES 98.6% | INVESTMENTS IN AFFILIATES 98.6% | INVESTMENTS IN AFFILIATES 98.6% |
| UNITED STATES 95.7% | UNITED STATES 95.7% | UNITED STATES 95.7% | UNITED STATES 95.7% |
| MUTUAL FUNDS (d) 95.7% | MUTUAL FUNDS (d) 95.7% | MUTUAL FUNDS (d) 95.7% | MUTUAL FUNDS (d) 95.7% |
|  PIMCO Emerging Markets Bond Fund | 5286469 |  | 47208 |
|  PIMCO Emerging Markets Corporate Bond Fund | 4820626 |  | 45169 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 15701083 |  | 97975 |
|  |  |  | 190352 |
| Total United States (Cost $179,267) | Total United States (Cost $179,267) |  | 190352 |
| SHORT-TERM INSTRUMENTS 2.9% | SHORT-TERM INSTRUMENTS 2.9% | SHORT-TERM INSTRUMENTS 2.9% | SHORT-TERM INSTRUMENTS 2.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.9% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 597066 |  | 5815 |
| Total Short-Term Instruments<br>(Cost $5,813) | Total Short-Term Instruments<br>(Cost $5,813) |  | 5815 |
| Total Investments in Affiliates<br>(Cost $185,080) | Total Investments in Affiliates<br>(Cost $185,080) |  | 196167 |
| Total Investments 102.9%<br>(Cost $194,013) | Total Investments 102.9%<br>(Cost $194,013) | $— | 204615 |
|  Financial Derivative<br>Instruments (f)(g) (0.0)%<br> (Cost or Premiums, net $76) | Financial Derivative<br>Instruments (f)(g) (0.0)%<br> (Cost or Premiums, net $76) |  | (8) |
| Other Assets and Liabilities, net (2.9)% | Other Assets and Liabilities, net (2.9)% |  | (5851) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 198756 |

---

#### 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).

(a) Payment in-kind security.

(b) Security is not accruing income as of the date of this report.

(c) Zero coupon security.

(d) Institutional Class Shares of each Fund.

(e) Coupon represents a 7-Day Yield.

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13163 | $38 | $0 | $(2) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

86 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### SWAP AGREEMENTS:

#### 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 USD-SOFR Compounded-OIS | 3.500% | Annual | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | $161 | $(146) | $15 | $0 | $(2) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

Cash of $748 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | Currency to<br>be Received | Asset | Liability |
|  BSH | 12/2025 | PEN | 2210 | $621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
|  Total Forward Foreign Currency Contracts |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $15 |

---

#### 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>September 30, 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>September 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Brazil Government International Bonds | 1.000% | Quarterly | 12/20/2028 | 0.829% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $(85) | $96 | $11 | $0 |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  BPS | $0 | $0 | $11 | $11 | $0 | $0 | $0 | $0 | $11 | $0 | $11 |
|  BSH | 0 | 0 | 0 | 0 | (15) | 0 | 0 | (15) | (15) | 0 | (15) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&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;(15) |  |  |  |

---

<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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **87** |

---

------

Schedule of Investments PIMCO Emerging Markets Full Spectrum Bond Fund (Cont.)

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

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

#### 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 September 30, 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 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $0 | $0 | $0 | $11 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2 | 2 |
|  | $0 | $0 | $0 | $0 | $4 | $4 |
|  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 | $15 | $0 | $15 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $284 | $284 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(23) | $0 | $(23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 10 | 0 | 0 | 0 | 10 |
|  | $0 | $10 | $0 | $(23) | $0 | $(13) |
|  | $0 | $10 | $0 | $(23) | $284 | $271 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(140) | $(140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (55) | (55) |
|  | $0 | $0 | $0 | $0 | $(195) | $(195) |
|  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 | $(13) | $0 | $(13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 37 | 0 | 0 | 0 | 37 |
|  | $0 | $37 | $0 | $(13) | $0 | $24 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | $&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;(195) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171) |

---

88 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Convertible Bonds & Notes | $0 | $20 | $0 | $20 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 764 | 0 | 764 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 562 | 0 | 562 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 6760 | 0 | 6760 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 342 | 0 | 342 |
|  | $0 | $8448 | $0 | $8448 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Mutual Funds | 190352 | 0 | 0 | 190352 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 5815 | 0 | 0 | 5815 |
|  | $196167 | $0 | $0 | $196167 |
|  Total Investments | $196167 | $8448 | $0 | $204615 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $11 | $0 | $11 |
|  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 | (4) | 0 | (4) |
|  Over the counter | 0 | (15) | 0 | (15) |
|  | $0 | $(19) | $0 | $(19) |
|  Total Financial Derivative Instruments | $0 | $(8) | $0 | $(8) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204607 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **89** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 101.8% | INVESTMENTS IN SECURITIES 101.8% | INVESTMENTS IN SECURITIES 101.8% |
| ANGOLA 0.1% | ANGOLA 0.1% | ANGOLA 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Finance Ministry Angola | Finance Ministry Angola | Finance Ministry Angola |
|  13.250% (PRIME + 6.000%) due 12/11/2025 «~ | 1950 | 1954 |
|  Total Angola (Cost $1,950) | Total Angola (Cost $1,950) | 1954 |
| AZERBAIJAN 0.1% | AZERBAIJAN 0.1% | AZERBAIJAN 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC |
|  7.230% due 03/17/2026 | 1400 | 1399 |
|  Total Azerbaijan (Cost $1,400) | Total Azerbaijan (Cost $1,400) | 1399 |
| BRAZIL 7.1% | BRAZIL 7.1% | BRAZIL 7.1% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 | 135000 | 7424 |
|  Vale SA | Vale SA | Vale SA |
|  0.000% due 12/29/2049 ~(h) | 114743 | 7739 |
|  |  | 15163 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
|  Oi SA | Oi SA | Oi SA |
|  TBD% due 12/30/2050 « | 6394 | 64 |
| SOVEREIGN ISSUES 6.5% | SOVEREIGN ISSUES 6.5% | SOVEREIGN ISSUES 6.5% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 01/01/2026 (e) | 130900 | 23749 |
|  0.000% due 04/01/2026 (e) | 288100 | 50568 |
|  0.000% due 07/01/2026 (e) | 2600 | 442 |
|  0.000% due 07/01/2028 (e) | 83000 | 11093 |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
|  10.000% due 01/01/2027 | 84700 | 15249 |
|  10.000% due 01/01/2029 | 141000 | 24378 |
|  10.000% due 01/01/2031 | 235200 | 38710 |
|  10.000% due 01/01/2033 | 1300 | 206 |
|  |  | 164395 |
|  Total Brazil (Cost $180,773) | Total Brazil (Cost $180,773) | 179622 |
| CAYMAN ISLANDS 1.0% | CAYMAN ISLANDS 1.0% | CAYMAN ISLANDS 1.0% |
| ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  5.454% due 12/31/2035 •  | 1100 | 1100 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.667% due 04/20/2031 •  | 779 | 781 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.717% due 04/20/2032 •  | 2400 | 2405 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.491% due 04/17/2030 •  | 159 | 159 |
|  |  | 4445 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2025 (e) | 423 | 13 |
|  0.000% due 12/31/2026 (e) | 563 | 15 |
|  0.000% due 12/31/2027 (e) | 704 | 17 |
|  0.000% due 12/31/2028 (e) | 1127 | 27 |
|  0.000% due 12/31/2029 (e) | 1127 | 27 |
|  0.000% due 12/31/2030 (e) | 1409 | 33 |
|  0.000% due 12/31/2031 (e) | 1409 | 33 |
|  0.000% due 12/31/2032 (e) | 2657 | 63 |
|  |  | 228 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. |
|  7.924% (T-BILL 1MO + 4.020%) due 01/08/2027 ~ | 550 | 566 |
|  Interoceanica IV Finance Ltd. | Interoceanica IV Finance Ltd. | Interoceanica IV Finance Ltd. |
|  0.000% due 11/30/2025 (e) | 40 | 40 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 ^«(b) | 24 | 3 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (a) | 845 | 19 |
|  Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 12/28/2029 (a) | 1409 | 30 |
|  Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 12/28/2030 (a) | 1690 | 28 |
|  Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 12/28/2031 (a) | 2536 | 35 |
|  Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 12/28/2032 (a) | 2376 | 36 |
|  Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) |
|  6.721% due 12/28/2028 (a) | 563 | 16 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 7500 | 8805 |
|  Peru Payroll Deduction Finance Ltd. | Peru Payroll Deduction Finance Ltd. | Peru Payroll Deduction Finance Ltd. |
|  0.000% due 11/01/2029 «(e) | 1161 | 1028 |
|  Poinsettia Finance Ltd. SARL | Poinsettia Finance Ltd. SARL | Poinsettia Finance Ltd. SARL |
|  6.625% due 06/17/2031 | 2583 | 2539 |
|  Red Dorsal Finance Ltd. | Red Dorsal Finance Ltd. | Red Dorsal Finance Ltd. |
|  5.875% due 10/12/2031 | 1331 | 1322 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2026 ^(a)(b) | 138 | 21 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 ^(a)(b) | 139 | 21 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 ^(a)(b) | 278 | 42 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 ^(a)(b) | 418 | 65 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 ^(a)(b) | 419 | 65 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 ^(a)(b) | 197 | 30 |
|  |  | 14711 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Ziraat | Ziraat | Ziraat |
|  7.138% (TSFR3M + 3.100%) due 06/15/2034 «~ | 4300 | 4298 |
|  Total Cayman Islands (Cost $23,983) | Total Cayman Islands (Cost $23,983) | 23682 |
| CHILE 2.6% | CHILE 2.6% | CHILE 2.6% |
| SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% |
|  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 | 40335000 | 40884 |
|  5.000% due 10/01/2028 | 6780000 | 7043 |
|  5.000% due 03/01/2035 | 2910000 | 2906 |
|  5.800% due 10/01/2029 | 2585000 | 2740 |
|  6.000% due 04/01/2033 | 10330000 | 11040 |
|  Total Chile (Cost $65,842) | Total Chile (Cost $65,842) | 64613 |
| CHINA 2.7% | CHINA 2.7% | CHINA 2.7% |
| SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  1.650% due 05/15/2035 | 116250 | 16078 |
|  2.040% due 11/25/2034 | 49090 | 7018 |
|  2.190% due 09/25/2054 | 107940 | 14998 |
|  2.270% due 05/25/2034 | 48520 | 7059 |
|  2.600% due 09/01/2032 | 14730 | 2182 |
|  2.750% due 02/17/2032 | 15980 | 2385 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.800% due 11/15/2032 |  | 59300 | 8911 |
|  3.120% due 10/25/2052 |  | 5900 | 973 |
|  3.810% due 09/14/2050 |  | 48180 | 8786 |
|  |  |  | 68390 |
|  Total China (Cost $67,437) | Total China (Cost $67,437) | Total China (Cost $67,437) | 68390 |
| COLOMBIA 5.4% | COLOMBIA 5.4% | COLOMBIA 5.4% | COLOMBIA 5.4% |
| SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  6.000% due 04/28/2028 |  | 122087300 | 28521 |
|  6.500% due 01/22/2031 (g) |  | 41917312 | 10752 |
|  7.000% due 03/26/2031 |  | 31691700 | 6758 |
|  7.000% due 06/30/2032 |  | 7951500 | 1625 |
|  11.000% due 08/22/2029 |  | 100908100 | 25996 |
|  11.500% due 07/25/2046 |  | 17092700 | 4212 |
|  11.750% due 01/24/2035 |  | 29146600 | 7410 |
|  12.750% due 11/28/2040 |  | 119740200 | 32000 |
|  13.250% due 02/09/2033 |  | 68637200 | 18929 |
|  Total Colombia (Cost $127,719) | Total Colombia (Cost $127,719) | Total Colombia (Cost $127,719) | 136203 |
| CZECH REPUBLIC 4.2% | CZECH REPUBLIC 4.2% | CZECH REPUBLIC 4.2% | CZECH REPUBLIC 4.2% |
| SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% |
|  Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds |
|  1.750% due 06/23/2032 (l) |  | 100500 | 4145 |
|  2.000% due 10/13/2033 (l) |  | 60900 | 2459 |
|  3.600% due 06/03/2036 |  | 151300 | 6686 |
|  4.200% due 12/04/2036 (l) |  | 85700 | 3982 |
|  4.500% due 11/11/2032 (l) |  | 1221070 | 59535 |
|  4.900% due 04/14/2034 (l) |  | 169390 | 8419 |
|  5.000% due 09/30/2030 (l) |  | 393900 | 19793 |
|  Total Czech Republic (Cost $99,132) | Total Czech Republic (Cost $99,132) | Total Czech Republic (Cost $99,132) | 105019 |
| DENMARK 0.0% | DENMARK 0.0% | DENMARK 0.0% | DENMARK 0.0% |
|  Total Denmark (Cost $0) | Total Denmark (Cost $0) | Total Denmark (Cost $0) | 0 |
| DOMINICAN REPUBLIC 3.0% | DOMINICAN REPUBLIC 3.0% | DOMINICAN REPUBLIC 3.0% | DOMINICAN REPUBLIC 3.0% |
| SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% |
|  Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes |
|  13.000% due 12/05/2025 |  | 3920 | 63 |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  10.500% due 03/15/2037 |  | 3322600 | 57227 |
|  10.750% due 06/01/2036 |  | 574000 | 10001 |
|  11.250% due 09/15/2035 |  | 373100 | 6630 |
|  13.625% due 02/03/2033 |  | 92650 | 1797 |
|  13.625% due 02/10/2034 |  | 63300 | 1237 |
|  Total Dominican Republic (Cost $73,185) | Total Dominican Republic (Cost $73,185) | Total Dominican Republic (Cost $73,185) | 76955 |
| ECUADOR 0.2% | ECUADOR 0.2% | ECUADOR 0.2% | ECUADOR 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (e) | $— | 425 | 328 |
|  5.000% due 07/31/2040 þ |  | 60 | 40 |
|  6.900% due 07/31/2030 þ |  | 3832 | 3414 |
|  6.900% due 07/31/2035 þ |  | 1523 | 1142 |
|  Total Ecuador (Cost $3,064) | Total Ecuador (Cost $3,064) | Total Ecuador (Cost $3,064) | 4924 |
| EGYPT 1.1% | EGYPT 1.1% | EGYPT 1.1% | EGYPT 1.1% |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 |  | 1329100 | 27770 |
|  Total Egypt (Cost $25,368) | Total Egypt (Cost $25,368) | Total Egypt (Cost $25,368) | 27770 |
| FRANCE 0.0% | FRANCE 0.0% | FRANCE 0.0% | FRANCE 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  2.750% due 11/26/2026 |  | 300 | 349 |
|  Total France (Cost $299) | Total France (Cost $299) | Total France (Cost $299) | 349 |

---

90 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| GERMANY 1.0% | GERMANY 1.0% | GERMANY 1.0% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  8.010% due 07/18/2034 « | 1700000 | 19627 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  6.673% (EUR006M + 4.500%) due 04/26/2032 ~ | 4800 | 5558 |
|  Total Germany (Cost $24,889) | Total Germany (Cost $24,889) | 25185 |
| GHANA 0.2% | GHANA 0.2% | GHANA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Republic of Ghana Government Bonds | Republic of Ghana Government Bonds | Republic of Ghana Government Bonds |
|  8.350% due 02/16/2027 | 10433 | 760 |
|  8.650% due 02/13/2029 | 38197 | 2490 |
|  8.800% due 02/12/2030 | 17000 | 1068 |
|  8.950% due 02/11/2031 | 5528 | 333 |
|  9.250% due 02/08/2033 | 10430 | 598 |
|  Total Ghana (Cost $4,013) | Total Ghana (Cost $4,013) | 5249 |
| HUNGARY 1.7% | HUNGARY 1.7% | HUNGARY 1.7% |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds |
|  3.000% due 10/27/2038 (l) | 731300 | 1468 |
|  4.750% due 11/24/2032 (l) | 14986700 | 40346 |
|  7.000% due 10/24/2035 (l) | 273200 | 833 |
|  Total Hungary (Cost $40,629) | Total Hungary (Cost $40,629) | 42647 |
| INDONESIA 5.4% | INDONESIA 5.4% | INDONESIA 5.4% |
| SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
|  6.375% due 04/15/2032 | 31820000 | 1962 |
|  6.500% due 04/15/2036 | 119435000 | 7257 |
|  6.625% due 02/15/2034 | 86832000 | 5308 |
|  6.750% due 07/15/2035 | 900766000 | 55518 |
|  7.000% due 02/15/2033 | 208828000 | 13154 |
|  7.125% due 06/15/2038 | 86770000 | 5390 |
|  7.125% due 08/15/2040 | 178017000 | 11043 |
|  7.125% due 06/15/2042 | 6871000 | 424 |
|  7.125% due 06/15/2043 | 16028000 | 987 |
|  7.125% due 08/15/2045 | 319445000 | 19764 |
|  7.500% due 05/15/2038 | 91004000 | 5820 |
|  7.500% due 04/15/2040 | 88950000 | 5679 |
|  8.375% due 04/15/2039 | 62230000 | 4237 |
|  Total Indonesia (Cost $138,667) | Total Indonesia (Cost $138,667) | 136543 |
| IRELAND 0.4% | IRELAND 0.4% | IRELAND 0.4% |
| ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.786% due 11/15/2031 •  | 253 | 298 |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 (l) | 1646 | 1541 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 6300 | 7409 |
|  Total Ireland (Cost $8,642) | Total Ireland (Cost $8,642) | 9248 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| IVORY COAST 0.6% | IVORY COAST 0.6% | IVORY COAST 0.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  Republic of Cote d'Ivoire | Republic of Cote d'Ivoire | Republic of Cote d'Ivoire |
|  5.153% (EUR006M + 3.050%) due 03/09/2026 «~ | 7300 | 8558 |
|  5.159% (EUR003M + 2.850%) due 03/18/2026 «~ | 2600 | 3053 |
|  |  | 11611 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  4.875% due 01/30/2032 | 1317 | 1478 |
|  5.250% due 03/22/2030 | 400 | 469 |
|  |  | 1947 |
|  Total Ivory Coast (Cost $12,353) | Total Ivory Coast (Cost $12,353) | 13558 |
| JERSEY, CHANNEL ISLANDS 0.0% | JERSEY, CHANNEL ISLANDS 0.0% | JERSEY, CHANNEL ISLANDS 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. |
|  3.250% due 11/12/2025 | 253 | 296 |
|  Total Jersey, Channel Islands (Cost $263) | Total Jersey, Channel Islands (Cost $263) | 296 |
| KAZAKHSTAN 0.1% | KAZAKHSTAN 0.1% | KAZAKHSTAN 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  10.950% due 05/06/2026 | 611500 | 1077 |
|  13.489% due 05/23/2028 | 872000 | 1429 |
|  Total Kazakhstan (Cost $2,958) | Total Kazakhstan (Cost $2,958) | 2506 |
| KENYA 0.1% | KENYA 0.1% | KENYA 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
|  12.650% (PRIME + 5.400%) due 04/05/2028 «~ | 2700 | 2706 |
|  Total Kenya (Cost $2,687) | Total Kenya (Cost $2,687) | 2706 |
|  | SHARES |  |
| LUXEMBOURG 0.1% | LUXEMBOURG 0.1% | LUXEMBOURG 0.1% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Drillco Holdings Luxembourg SA «(j) | 10272 | 222 |
|  Foresea Holdings SA « | 10634 | 231 |
|  |  | 453 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 260 | 255 |
|  Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA |
|  6.250% due 07/08/2032 | 1300 | 1271 |
|  |  | 1526 |
|  Total Luxembourg (Cost $1,761) | Total Luxembourg (Cost $1,761) | 1979 |
| MALAYSIA 8.1% | MALAYSIA 8.1% | MALAYSIA 8.1% |
| SOVEREIGN ISSUES 8.1% | SOVEREIGN ISSUES 8.1% | SOVEREIGN ISSUES 8.1% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  2.632% due 04/15/2031 | 119040 | 27375 |
|  3.828% due 07/05/2034 | 29430 | 7200 |
|  3.844% due 04/15/2033 | 2500 | 610 |
|  3.899% due 11/16/2027 | 28990 | 7012 |
|  4.054% due 04/18/2039 | 131160 | 32530 |
|  4.065% due 06/15/2050 | 13699 | 3334 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.180% due 05/16/2044 |  | 6660 | 1664 |
|  4.254% due 05/31/2035 |  | 8030 | 2033 |
|  4.457% due 03/31/2053 |  | 61910 | 15906 |
|  4.642% due 11/07/2033 |  | 18450 | 4758 |
|  4.696% due 10/15/2042 |  | 6078 | 1608 |
|  4.762% due 04/07/2037 |  | 9554 | 2523 |
|  4.893% due 06/08/2038 |  | 30070 | 8051 |
|  Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue |
|  3.422% due 09/30/2027 |  | 157580 | 37697 |
|  3.612% due 04/30/2035 |  | 9470 | 2279 |
|  3.804% due 10/08/2031 |  | 7800 | 1898 |
|  4.070% due 09/30/2026 |  | 50530 | 12146 |
|  4.119% due 11/30/2034 |  | 27970 | 6975 |
|  4.130% due 07/09/2029 |  | 65000 | 15968 |
|  4.193% due 10/07/2032 |  | 13630 | 3400 |
|  4.291% due 08/14/2043 |  | 20870 | 5283 |
|  4.417% due 09/30/2041 |  | 2714 | 699 |
|  4.662% due 03/31/2038 |  | 12800 | 3364 |
|  5.357% due 05/15/2052 |  | 5700 | 1655 |
|  Total Malaysia (Cost $199,218) | Total Malaysia (Cost $199,218) | Total Malaysia (Cost $199,218) | 205968 |
|  | **SHARES** | **SHARES** |  |
| MEXICO 12.3% | MEXICO 12.3% | MEXICO 12.3% | MEXICO 12.3% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Hipotecaria Su Casita SA «(c) |  | 742577 | 0 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SOVEREIGN ISSUES 12.3% | SOVEREIGN ISSUES 12.3% | SOVEREIGN ISSUES 12.3% | SOVEREIGN ISSUES 12.3% |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  7.500% due 05/26/2033 |  | 137000 | 7056 |
|  7.750% due 05/29/2031 |  | 338900 | 18066 |
|  7.750% due 11/23/2034 |  | 53900 | 2783 |
|  7.750% due 11/13/2042 |  | 812300 | 38587 |
|  8.000% due 11/07/2047 |  | 195900 | 9379 |
|  8.000% due 07/31/2053 |  | 526870 | 24983 |
|  8.500% due 03/02/2028 |  | 1163600 | 64502 |
|  8.500% due 03/01/2029 |  | 723500 | 40089 |
|  8.500% due 05/31/2029 |  | 340800 | 18879 |
|  8.500% due 02/28/2030 |  | 1512100 | 83459 |
|  8.500% due 11/18/2038 |  | 71400 | 3745 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (g) |  | 7820 | 409 |
|  |  |  | 311937 |
|  Total Mexico (Cost $289,311) | Total Mexico (Cost $289,311) | Total Mexico (Cost $289,311) | 311937 |
| NETHERLANDS 0.1% | NETHERLANDS 0.1% | NETHERLANDS 0.1% | NETHERLANDS 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  8.548% (TSFR3M + 4.250%) due 03/25/2027 «~ | $— | 3400 | 3398 |
|  Total Netherlands (Cost $3,362) | Total Netherlands (Cost $3,362) | Total Netherlands (Cost $3,362) | 3398 |
| NIGERIA 0.1% | NIGERIA 0.1% | NIGERIA 0.1% | NIGERIA 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  3.803% (EUR003M + 1.700%) due 08/23/2027 ~ |  | 3100 | 3623 |
|  Total Nigeria (Cost $3,253) | Total Nigeria (Cost $3,253) | Total Nigeria (Cost $3,253) | 3623 |
| PARAGUAY 0.4% | PARAGUAY 0.4% | PARAGUAY 0.4% | PARAGUAY 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  7.900% due 02/09/2031 |  | 40344000 | 5553 |
|  8.500% due 03/04/2035 |  | 42776000 | 5832 |
|  Total Paraguay (Cost $10,806) | Total Paraguay (Cost $10,806) | Total Paraguay (Cost $10,806) | 11385 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 91

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| PERU 6.8% | PERU 6.8% | PERU 6.8% | PERU 6.8% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | PEN | 15000 | 4579 |
|  10.100% due 12/15/2043 |  | 56200 | 17441 |
|  |  |  | 22020 |
| SOVEREIGN ISSUES 5.9% | SOVEREIGN ISSUES 5.9% | SOVEREIGN ISSUES 5.9% | SOVEREIGN ISSUES 5.9% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  5.350% due 08/12/2040 |  | 9000 | 2301 |
|  5.400% due 08/12/2034 |  | 9500 | 2650 |
|  6.150% due 08/12/2032 |  | 24000 | 7328 |
|  6.850% due 08/12/2035 |  | 82500 | 25131 |
|  7.300% due 08/12/2033 |  | 74300 | 23865 |
|  7.600% due 08/12/2039 |  | 500 | 158 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 74800 | 20867 |
|  6.150% due 08/12/2032 |  | 147500 | 45035 |
|  6.850% due 02/12/2042 |  | 3800 | 1133 |
|  6.900% due 08/12/2037 |  | 2700 | 814 |
|  6.950% due 08/12/2031 |  | 50400 | 16078 |
|  7.300% due 08/12/2033 |  | 15800 | 5011 |
|  |  |  | 150371 |
|  Total Peru (Cost $157,193) | Total Peru (Cost $157,193) | Total Peru (Cost $157,193) | 172391 |
| PHILIPPINES 4.5% | PHILIPPINES 4.5% | PHILIPPINES 4.5% | PHILIPPINES 4.5% |
| SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% |
|  Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds |
|  6.250% due 02/28/2029 | PHP | 6004360 | 104779 |
|  6.500% due 05/19/2029 |  | 96070 | 1695 |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
|  6.250% due 01/14/2036 |  | 369000 | 6297 |
|  Total Philippines (Cost $113,344) | Total Philippines (Cost $113,344) | Total Philippines (Cost $113,344) | 112771 |
| POLAND 5.8% | POLAND 5.8% | POLAND 5.8% | POLAND 5.8% |
| SOVEREIGN ISSUES 5.8% | SOVEREIGN ISSUES 5.8% | SOVEREIGN ISSUES 5.8% | SOVEREIGN ISSUES 5.8% |
|  Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds |
|  1.750% due 04/25/2032 (l) | PLN | 58100 | 13084 |
|  2.750% due 10/25/2029 (l) |  | 36800 | 9424 |
|  4.500% due 07/25/2030 (l) |  | 288200 | 78112 |
|  4.750% due 07/25/2029 (l) |  | 85800 | 23699 |
|  5.000% due 01/25/2030 |  | 15200 | 4220 |
|  6.000% due 10/25/2033 (l) |  | 67500 | 19465 |
|  Total Poland (Cost $140,028) | Total Poland (Cost $140,028) | Total Poland (Cost $140,028) | 148004 |
| ROMANIA 2.2% | ROMANIA 2.2% | ROMANIA 2.2% | ROMANIA 2.2% |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds |
|  4.250% due 04/28/2036 | RON | 82100 | 14861 |
|  4.750% due 10/11/2034 |  | 9700 | 1881 |
|  5.000% due 02/12/2029 |  | 10300 | 2218 |
|  6.750% due 04/25/2035 |  | 5900 | 1319 |
|  6.850% due 07/29/2030 |  | 43100 | 9759 |
|  7.100% due 07/31/2034 |  | 7100 | 1623 |
|  7.350% due 04/28/2031 |  | 49400 | 11408 |
|  7.650% due 07/27/2031 |  | 19100 | 4472 |
|  8.000% due 04/29/2030 |  | 30500 | 7215 |
|  Total Romania (Cost $52,632) | Total Romania (Cost $52,632) | Total Romania (Cost $52,632) | 54756 |
| SERBIA 0.7% | SERBIA 0.7% | SERBIA 0.7% | SERBIA 0.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Tesler | Tesler | Tesler | Tesler |
|  7.884% (EUR003M + 5.850%) due 05/21/2028 «~ | EUR | 3900 | 4660 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Serbia Treasury Bonds | Serbia Treasury Bonds | Serbia Treasury Bonds | Serbia Treasury Bonds |
|  4.500% due 08/20/2032 | RSD | 345400 | 3403 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.250% due 07/27/2035 |  | 884800 | 8983 |
|  |  |  | 12386 |
|  Total Serbia (Cost $16,182) | Total Serbia (Cost $16,182) | Total Serbia (Cost $16,182) | 17046 |
| SINGAPORE 0.1% | SINGAPORE 0.1% | SINGAPORE 0.1% | SINGAPORE 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | $— | 1800 | 1906 |
|  Total Singapore (Cost $1,772) | Total Singapore (Cost $1,772) | Total Singapore (Cost $1,772) | 1906 |
| SOUTH AFRICA 9.6% | SOUTH AFRICA 9.6% | SOUTH AFRICA 9.6% | SOUTH AFRICA 9.6% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Eskom Holdings | Eskom Holdings | Eskom Holdings | Eskom Holdings |
|  0.000% due 08/18/2027 (e) |  | 143600 | 6388 |
|  0.000% due 12/31/2032 (e) |  | 363100 | 7410 |
|  Transnet | Transnet | Transnet | Transnet |
|  10.000% due 03/30/2029 |  | 103000 | 5830 |
|  |  |  | 19628 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  11.125% due 03/02/2028 «~ |  | 44429 | 2542 |
| SOVEREIGN ISSUES 8.7% | SOVEREIGN ISSUES 8.7% | SOVEREIGN ISSUES 8.7% | SOVEREIGN ISSUES 8.7% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 |  | 318700 | 14649 |
|  6.500% due 02/28/2041 |  | 11100 | 466 |
|  7.000% due 02/28/2031 |  | 573627 | 31508 |
|  8.000% due 01/31/2030 |  | 415250 | 24132 |
|  8.250% due 03/31/2032 |  | 85900 | 4910 |
|  8.500% due 01/31/2037 |  | 873200 | 46588 |
|  8.750% due 01/31/2044 |  | 89000 | 4486 |
|  8.750% due 02/28/2048 |  | 134700 | 6742 |
|  8.875% due 02/28/2035 |  | 995500 | 56632 |
|  9.000% due 01/31/2040 |  | 557400 | 29556 |
|  |  |  | 219669 |
|  Total South Africa (Cost $230,184) | Total South Africa (Cost $230,184) | Total South Africa (Cost $230,184) | 241839 |
| SUPRANATIONAL 0.6% | SUPRANATIONAL 0.6% | SUPRANATIONAL 0.6% | SUPRANATIONAL 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank |
|  2.875% due 11/15/2029 |  | 58700 | 15046 |
|  Total Supranational (Cost $13,580) | Total Supranational (Cost $13,580) | Total Supranational (Cost $13,580) | 15046 |
| TANZANIA 0.1% | TANZANIA 0.1% | TANZANIA 0.1% | TANZANIA 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  United Republic of Tanzania | United Republic of Tanzania | United Republic of Tanzania | United Republic of Tanzania |
|  7.541% (EUR006M + 5.400%) due 04/26/2028 «~ |  | 2400 | 2839 |
|  Total Tanzania (Cost $2,816) | Total Tanzania (Cost $2,816) | Total Tanzania (Cost $2,816) | 2839 |
| THAILAND 1.4% | THAILAND 1.4% | THAILAND 1.4% | THAILAND 1.4% |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  2.000% due 06/17/2042 |  | 103190 | 3258 |
|  2.875% due 06/17/2046 |  | 23000 | 807 |
|  2.980% due 06/17/2045 |  | 111595 | 3997 |
|  3.400% due 06/17/2036 |  | 96040 | 3517 |
|  3.450% due 06/17/2043 |  | 622630 | 23640 |
|  Total Thailand (Cost $31,673) | Total Thailand (Cost $31,673) | Total Thailand (Cost $31,673) | 35219 |
| TURKEY 2.3% | TURKEY 2.3% | TURKEY 2.3% | TURKEY 2.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS |
|  5.535% (EUR006M + 3.450%) due 08/11/2026 «~ |  | 8300 | 9769 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.014% (EUR003M + 3.000%) due 12/15/2028 «~ | 1600 | 1887 |
|  |  | 11656 |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  27.700% due 09/27/2034 | 781900 | 17873 |
|  34.100% due 07/10/2030 | 494500 | 12040 |
|  42.493% (BISTREFI) due 05/20/2026 ~ | 16300 | 397 |
|  42.493% (BISTREFI) due 08/19/2026 ~ | 27000 | 657 |
|  42.493% (BISTREFI) due 05/17/2028 ~ | 643400 | 15228 |
|  |  | 46195 |
|  Total Turkey (Cost $62,358) | Total Turkey (Cost $62,358) | 57851 |
| UGANDA 0.2% | UGANDA 0.2% | UGANDA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Republic of Uganda Government Bonds | Republic of Uganda Government Bonds | Republic of Uganda Government Bonds |
|  14.375% due 02/03/2033 | 8336000 | 2190 |
|  15.000% due 06/18/2043 | 1633700 | 404 |
|  15.800% due 06/23/2039 | 12602600 | 3350 |
|  Total Uganda (Cost $5,623) | Total Uganda (Cost $5,623) | 5944 |
| UKRAINE 0.1% | UKRAINE 0.1% | UKRAINE 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2034 þ(f) | 1045 | 435 |
|  4.500% due 02/01/2029 þ(l) | 529 | 362 |
|  4.500% due 02/01/2035 þ | 1441 | 796 |
|  4.500% due 02/01/2036 þ | 1600 | 872 |
|  Total Ukraine (Cost $2,159) | Total Ukraine (Cost $2,159) | 2465 |
| UNITED KINGDOM 1.4% | UNITED KINGDOM 1.4% | UNITED KINGDOM 1.4% |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
|  ICBC Standard Bank PLC | ICBC Standard Bank PLC | ICBC Standard Bank PLC |
|  20.000% due 09/18/2029 « | 165827000 | 13741 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 19470 | 14674 |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  0.000% due 11/03/2025 «(e) | 382500 | 1237 |
|  0.000% due 12/01/2025 «(e) | 425600 | 1370 |
|  |  | 31022 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% |
|  Canada Square Funding 6 PLC | Canada Square Funding 6 PLC | Canada Square Funding 6 PLC |
|  4.913% due 01/17/2059 •  | 1338 | 1804 |
|  Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC |
|  4.686% due 12/18/2044 •  | 874 | 1176 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  4.706% due 12/20/2063 •  | 299 | 403 |
|  Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC |
|  0.000% due 12/21/2049 (e) | 0 | 739 |
|  |  | 4122 |
|  Total United Kingdom (Cost $32,573) | Total United Kingdom (Cost $32,573) | 35144 |
| UNITED STATES 4.6% | UNITED STATES 4.6% | UNITED STATES 4.6% |
| ASSET-BACKED SECURITIES 0.7% | ASSET-BACKED SECURITIES 0.7% | ASSET-BACKED SECURITIES 0.7% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.112% due 08/25/2036 •  | 1096 | 1078 |
|  5.185% due 03/25/2034 •  | 396 | 418 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.392% due 07/25/2037 •  | 9 | 6 |

---

---

| | | |
|:---|:---|:---|
| **92** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.362% due 01/25/2037 •  | 869 | 533 |
|  4.572% due 12/25/2036 •  | 854 | 849 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.987% due 01/25/2036 þ | 2614 | 2343 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.022% due 09/25/2035 •  | 1570 | 1569 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.752% due 12/25/2036 •  | 2950 | 1007 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.592% due 08/25/2036 •  | 934 | 929 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  4.130% due 05/14/2035 | 4675 | 4671 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.492% due 04/25/2037 •  | 342 | 233 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  2.825% due 01/25/2036 þ | 1599 | 1378 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.512% due 05/25/2037 •  | 4223 | 3761 |
|  |  | 18775 |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 « | 23400 | 23400 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  9.750% due 01/06/2027 | 172 | 178 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(j) | 5000 | 5158 |
|  |  | 28736 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  TBD% due 04/12/2029 «µ | 10000 | 10025 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  6.750% due 11/25/2046 þ | 334 | 300 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  0.909% due 01/25/2066 ~ | 2529 | 2212 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.371% due 03/20/2036 ~ | 10 | 10 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.148% due 05/26/2037 ~ | 1915 | 1716 |
|  4.612% due 01/25/2037 •  | 144 | 135 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  3.970% due 04/25/2037 ~ | 5522 | 3813 |
|  4.126% due 08/25/2036 ~ | 234 | 156 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.475% due 02/25/2036 ~ | 30 | 27 |
|  5.302% due 01/25/2035 ~ | 2 | 2 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.593% due 09/25/2047 ~ | 13 | 12 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.815% due 11/25/2034 •  | 111 | 106 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.487% due 09/25/2037 ~ | 2179 | 2017 |
|  5.094% due 07/25/2046 ~ | 21 | 20 |
|  6.751% due 03/25/2034 ~ | 4 | 4 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 | 41 | 36 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.712% due 06/25/2045 •  | 37 | 34 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.622% due 01/25/2036 •  | 168 | 136 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.232% due 11/25/2035 ~ | 56 | 26 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  5.509% due 08/19/2036 ~ | 1 | 1 |
|  6.153% due 10/19/2035 •  | 289 | 135 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.912% due 03/25/2035 •  | 60 | 58 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.730% due 01/25/2033 þ | $| 129 | 130 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.632% due 02/25/2037 •  |  | 789 | 748 |
|  4.912% due 07/25/2045 •  |  | 83 | 63 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.060% due 06/25/2036 ~ |  | 151 | 102 |
|  JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
|  2.500% due 03/25/2056 |  | 118 | 115 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.632% due 12/25/2036 •  |  | 8 | 8 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.035% due 06/25/2036 ~ |  | 6 | 6 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  6.340% due 06/25/2036 þ |  | 7621 | 1969 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  5.139% due 10/25/2037 ~ |  | 785 | 629 |
|  5.818% due 02/25/2036 ~ |  | 74 | 63 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.672% due 01/25/2046 •  |  | 128 | 34 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.699% due 01/20/2047 ~ |  | 14 | 10 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.216% due 03/25/2036 ~ |  | 31 | 25 |
|  5.553% due 01/25/2035 •  |  | 24 | 22 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.572% due 02/25/2037 •  |  | 866 | 836 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.540% due 01/25/2037 þ |  | 1245 | 264 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.583% due 06/25/2047 •  |  | 128 | 112 |
|  Tib Finance PLC | Tib Finance PLC | Tib Finance PLC | Tib Finance PLC |
|  7.111% due 11/15/2034 «(j) |  | 2200 | 2198 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.714% due 01/25/2037 ~ |  | 36 | 31 |
|  4.357% due 12/25/2036 ~ |  | 24 | 22 |
|  4.498% due 09/25/2036 ~ |  | 31 | 28 |
|  4.642% due 05/25/2034 •  |  | 161 | 151 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.792% due 10/25/2036 ~ |  | 344 | 331 |
|  |  |  | 18853 |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Republic of Colombia | Republic of Colombia | Republic of Colombia | Republic of Colombia |
|  1.000% due 04/28/2028 ~ | COP | 150665500 | 35257 |
|  1.000% due 08/22/2029 ~ |  | 26067000 | 6707 |
|  |  |  | 41964 |
|  |  | **SHARES** |  |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 (j) | Constellation Oil Services Holding SA - Exp. 06/10/2071 (j) | 1 | 0 |
|  Total United States (Cost $123,274) | Total United States (Cost $123,274) | Total United States (Cost $123,274) | 118353 |
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| UZBEKISTAN 0.2% | UZBEKISTAN 0.2% | UZBEKISTAN 0.2% | UZBEKISTAN 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |
|  8.950% due 07/24/2029 |  | 1300 | 1412 |
|  21.000% due 07/24/2027 | UZS | 43460000 | 3771 |
|  |  |  | 5183 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
|  16.625% due 05/29/2027 |  | 9770000 | 844 |
|  Total Uzbekistan (Cost $5,515) | Total Uzbekistan (Cost $5,515) | Total Uzbekistan (Cost $5,515) | 6027 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| VENEZUELA 0.1% | VENEZUELA 0.1% | VENEZUELA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  7.750% due 10/13/2029 ^(b) | 5300 | 1002 |
|  9.250% due 09/15/2027 ^(b) | 4300 | 1049 |
|  Total Venezuela (Cost $1,291) | Total Venezuela (Cost $1,291) | 2051 |
| ZAMBIA 0.1% | ZAMBIA 0.1% | ZAMBIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Zambia Government Bonds | Zambia Government Bonds | Zambia Government Bonds |
|  12.000% due 05/03/2028 | 3600 | 140 |
|  19.000% due 05/27/2035 | 19400 | 830 |
|  19.000% due 06/23/2035 | 29600 | 1262 |
|  22.000% due 01/22/2029 | 3100 | 151 |
|  23.000% due 01/22/2031 | 26200 | 1294 |
|  Total Zambia (Cost $3,312) | Total Zambia (Cost $3,312) | 3677 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 2.9% | SHORT-TERM INSTRUMENTS 2.9% | SHORT-TERM INSTRUMENTS 2.9% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (i) | 1178749 | 1179 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| REPURCHASE AGREEMENTS (k) 0.0% | REPURCHASE AGREEMENTS (k) 0.0% | REPURCHASE AGREEMENTS (k) 0.0% |
|  |  | 306 |
| NIGERIA TREASURY BILLS 2.2% | NIGERIA TREASURY BILLS 2.2% | NIGERIA TREASURY BILLS 2.2% |
|  30.366% due 10/07/2025 - 06/29/2026 ~(d)(e) | 92483389 | 56766 |
| U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% |
|  4.052% due 10/16/2025 - 01/27/2026 (d)(e)(n)(p) | 17241 | 17103 |
| Total Short-Term Instruments (Cost $71,087) | Total Short-Term Instruments (Cost $71,087) | 75354 |
| Total Investments in Securities (Cost $2,479,560) | Total Investments in Securities (Cost $2,479,560) | 2575791 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 9.9% | INVESTMENTS IN AFFILIATES 9.9% | INVESTMENTS IN AFFILIATES 9.9% |
| SHORT-TERM INSTRUMENTS 9.9% | SHORT-TERM INSTRUMENTS 9.9% | SHORT-TERM INSTRUMENTS 9.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.9% |
|  PIMCO Short Asset Portfolio | 3596095 | 35281 |
|  PIMCO Short-Term Floating NAV Portfolio III | 22178458 | 215996 |
| Total Short-Term Instruments (Cost $251,856) | Total Short-Term Instruments (Cost $251,856) | 251277 |
| Total Investments in Affiliates (Cost $251,856) | Total Investments in Affiliates (Cost $251,856) | 251277 |
| Total Investments 111.7% (Cost $2,731,416) | Total Investments 111.7% (Cost $2,731,416) | 2827068 |
|  Financial Derivative Instruments (m)(o) (0.3)%<br> (Cost or Premiums, net $(7498)) | Financial Derivative Instruments (m)(o) (0.3)%<br> (Cost or Premiums, net $(7498)) | (6890) |
| Other Assets and Liabilities, net (11.4)% | Other Assets and Liabilities, net (11.4)% | (290022) |
| Net Assets 100.0% | Net Assets 100.0% | 2530156 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 93

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

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

^ Security is in default.

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Payment in-kind security.

(b) Security is not accruing income as of the date of this report.

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

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

(e) Zero coupon security.

(f) Security becomes interest bearing at a future date.

(g) Principal amount of security is adjusted for inflation.

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

(i) Coupon represents a 7-Day Yield.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 | 06/10/2022 | $0 | $0 | 0.00% |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | 206 | 222 | 0.01 |
|  Tib Finance PLC7.111% due 11/15/2034 | 09/18/2024 | 2200 | 2198 | 0.09 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 5000 | 5158 | 0.20 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7578 | 0.30% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(k) 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 | 4.000% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | U.S. Treasury Bills 0.000% due 12/09/2025 | $(306) | $306 | $306 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 |

---

#### 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 |
|  BPS | 4.850% | 09/19/2025 | TBD<sup>(3)</sup> | (206931) | $(57025) |
|  | 4.950 | 09/04/2025 | TBD<sup>(3)</sup> | (78392) | (21648) |
|  | 6.500 | 09/04/2025 | TBD<sup>(3)</sup> | (272214) | (823) |
|  BRC | 3.500 | 06/27/2025 | TBD<sup>(3)</sup> | (505498) | (24604) |
|  | 4.300 | 09/19/2025 | TBD<sup>(3)</sup> | $(1451) | (1453) |
|  | 4.950 | 09/04/2025 | TBD<sup>(3)</sup> | (44507) | (12291) |
|  GSC | 5.050 | 09/04/2025 | TBD<sup>(3)</sup> | (24500) | (6766) |
|  | 5.050 | 09/04/2025 | TBD<sup>(3)</sup> | (14913) | (4118) |
|  MBC | 3.500 | 07/18/2025 | TBD<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1394174) | (67724) |
|  | 4.900 | 09/04/2025 | TBD<sup>(3)</sup> | (22460) | (6202) |
|  | 4.950 | 09/04/2025 | TBD<sup>(3)</sup> | (35135) | (9703) |
|  | 6.430 | 06/24/2025 | TBD<sup>(3)</sup> | (459747) | (1408) |
|  | 6.500 | 09/26/2025 | TBD<sup>(3)</sup> | (8400596) | (25312) |
|  MYI | 2.750 | 09/19/2025 | TBD<sup>(3)</sup> | $(269) | (269) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239346) |

---

94 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 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 |
|  BPS | $0 | $(79496) | $0 | $(79496) | $83057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3561 |
|  BRC | 0 | (38348) | 0 | (38348) | 39091 | 743 |
|  DEU | 306 | 0 | 0 | 306 | (306) | 0 |
|  GSC | 0 | (10884) | 0 | (10884) | 10670 | (214) |
|  JML | 0 | 0 | 0 | 0 | (40) | (40) |
|  MBC | 0 | (110349) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111243 | 894 |
|  MYI | 0 | (269) | 0 | (269) | 274 | 5 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239346) | $&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 | $(1453) | $(1453) |
|  Sovereign Issues | 0 | 0 | 0 | (237893) | (237893) |
|  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;(239346) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239346) |
|  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  | $(239346) |

---

(l) Securities with an aggregate market value of $244,067 and cash of $268 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(175344) at a weighted average interest rate of 4.970%. 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;(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 156 | $— | 17550 | $78 | $0 | $(2) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 21 |  | 2521 | 75 | 0 | (12) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 19 |  | 2186 | 25 | 0 | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 5 | $— | (583) | $(13) | $1 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $165 | $1 | $(15) |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 95

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Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

#### SWAP AGREEMENTS:

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/<br>(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>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.246% | 600 | $3 | $(2) | $1 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.209 | $100 | 1 | 0 | 1 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.272 | 4900 | 54 | (10) | 44 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2027 | 0.323 | 200 | 2 | 0 | 2 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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#### 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/<br>(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/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-44 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $76000 | $(1612) | $(135) | $(1747) | $0 | $(6) |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | 117600 | (2595) | (108) | (2703) | 0 | (13) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4207) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4450) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |

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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 |
|  Receive<sup>(6)</sup> | 1-Day INR-MIBOR Compounded-OIS | 5.750% | Semi-Annual | 03/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377150 | $8 | $17 | $25 | $3 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | $7400 | (27) | 82 | 55 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 27500 | 280 | (100) | 180 | 11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148 | (867) | 281 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 40600 | 93 | (382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289) | 0 | (27) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 65150 | (816) | 235 | (581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 7600 | (71) | (54) | (125) | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 1100 | (14) | 30 | 16 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 42300 | 905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1546) | (641) | 0 | (16) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 5660 | (123) | 55 | (68) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 790 | 1 | (8) | (7) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 900 | (3) | (9) | (12) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 1100 | 8 | (12) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 1200 | 12 | (13) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 500 | 7 | (5) | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2034 | 9800 | (678) | 385 | (293) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 2300 | (9) | (74) | (83) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 700 | 28 | (8) | 20 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 48520 | 1815 | (2310) | (495) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 1800 | (6) | (47) | (53) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 1500 | (5) | (47) | (52) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 3500 | (11) | (61) | (72) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 6000 | (119) | 87 | (32) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 30450 | 737 | (589) | 148 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 19600 | 1319 | (598) | 721 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 12300 | (133) | 231 | 98 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2036 | 1900 | 33 | (28) | 5 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 10/16/2053 | 400 | 17 | (24) | (7) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 | 1200 | 47 | (70) | (23) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 1600 | 109 | 97 | 206 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.086 | Annual | 01/13/2055 | 3100 | 7 | (81) | (74) | 9 | 0 |
|  Pay | 1-Year BRL-CDI | 9.808 | Maturity | 01/02/2026 | 259400 | (11) | (2427) | (2438) | 0 | (2) |
|  Receive | 1-Year BRL-CDI | 10.164 | Maturity | 01/02/2026 | 12690 | 8 | 121 | 129 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 10.529 | Maturity | 01/02/2026 | 156500 | (237) | 1414 | 1177 | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 10.691 | Maturity | 01/02/2026 | 210800 | 476 | (1871) | (1395) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 6.151 | Maturity | 01/04/2027 | 245300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2421) | (9455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11875) | 0 | (39) |
|  Pay | 1-Year BRL-CDI | 8.654 | Maturity | 01/04/2027 | 66920 | 50 | (936) | (886) | 0 | (3) |
|  Receive | 1-Year BRL-CDI | 9.783 | Maturity | 01/04/2027 | 259000 | 63 | 3678 | 3741 | 14 | 0 |
|  Pay | 1-Year BRL-CDI | 9.795 | Maturity | 01/04/2027 | 89400 | 0 | (1272) | (1272) | 0 | (5) |
|  Pay | 1-Year BRL-CDI | 9.815 | Maturity | 01/04/2027 | 75600 | 0 | (1047) | (1047) | 0 | (4) |
|  Pay | 1-Year BRL-CDI | 9.832 | Maturity | 01/04/2027 | 68800 | 0 | (947) | (947) | 0 | (3) |
|  Receive | 1-Year BRL-CDI | 9.840 | Maturity | 01/04/2027 | 116900 | 0 | 1631 | 1631 | 6 | 0 |
|  Pay | 1-Year BRL-CDI | 9.840 | Maturity | 01/04/2027 | 96900 | 0 | (1359) | (1359) | 0 | (5) |
|  Pay | 1-Year BRL-CDI | 9.842 | Maturity | 01/04/2027 | 129700 | 0 | (1781) | (1781) | 0 | (7) |

---

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| | | |
|:---|:---|:---|
| **96** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

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September 30, 2025 (Unaudited)

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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** |
|  Pay | 1-Year BRL-CDI | 10.076% | Maturity | 01/04/2027 | BRL | 214200 | $(187) | $(3072) | $(3259) | $0 | $(12) |
|  Pay | 1-Year BRL-CDI | 10.225 | Maturity | 01/04/2027 |  | 49450 | 0 | (591) | (591) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 10.235 | Maturity | 01/04/2027 |  | 49450 | 0 | (589) | (589) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 10.565 | Maturity | 01/04/2027 |  | 66900 | 0 | (702) | (702) | 0 | (3) |
|  Pay | 1-Year BRL-CDI | 10.602 | Maturity | 01/04/2027 |  | 59400 | 74 | (824) | (750) | 0 | (3) |
|  Receive | 1-Year BRL-CDI | 10.671 | Maturity | 01/04/2027 |  | 137300 | 0 | 1380 | 1380 | 5 | 0 |
|  Receive | 1-Year BRL-CDI | 10.768 | Maturity | 01/04/2027 |  | 34200 | (113) | 459 | 346 | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 10.792 | Maturity | 01/04/2027 |  | 147400 | 470 | (1984) | (1514) | 0 | (6) |
|  Receive | 1-Year BRL-CDI | 10.880 | Maturity | 01/04/2027 |  | 227600 | 0 | 2089 | 2089 | 8 | 0 |
|  Receive | 1-Year BRL-CDI | 10.943 | Maturity | 01/04/2027 |  | 104900 | 0 | 941 | 941 | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 10.980 | Maturity | 01/04/2027 |  | 113500 | 0 | (995) | (995) | 0 | (4) |
|  Pay | 1-Year BRL-CDI | 11.064 | Maturity | 01/04/2027 |  | 81100 | 359 | (1069) | (710) | 0 | (3) |
|  Receive | 1-Year BRL-CDI | 11.133 | Maturity | 01/04/2027 |  | 96200 | 0 | 794 | 794 | 3 | 0 |
|  Pay | 1-Year BRL-CDI | 11.169 | Maturity | 01/04/2027 |  | 148000 | 97 | (2073) | (1976) | 0 | (7) |
|  Receive | 1-Year BRL-CDI | 11.513 | Maturity | 01/04/2027 |  | 83900 | 0 | 593 | 593 | 3 | 0 |
|  Receive | 1-Year BRL-CDI | 11.560 | Maturity | 01/04/2027 |  | 66300 | 0 | 458 | 458 | 2 | 0 |
|  Receive | 1-Year BRL-CDI | 11.600 | Maturity | 01/04/2027 |  | 139600 | 0 | 907 | 907 | 4 | 0 |
|  Receive | 1-Year BRL-CDI | 11.603 | Maturity | 01/04/2027 |  | 162200 | 0 | 1052 | 1052 | 5 | 0 |
|  Receive | 1-Year BRL-CDI | 11.736 | Maturity | 01/04/2027 |  | 210100 | 0 | 1251 | 1251 | 5 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 565900 | 3 | (506) | (503) | 0 | (103) |
|  Receive | 1-Year BRL-CDI | 14.020 | Maturity | 01/04/2027 |  | 149400 | 0 | 70 | 70 | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 14.350 | Maturity | 01/04/2027 |  | 254500 | 0 | (78) | (78) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 14.995 | Maturity | 01/04/2027 |  | 121900 | 0 | 249 | 249 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.695 | Maturity | 01/03/2028 |  | 51000 | 0 | (342) | (342) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 10.044 | Maturity | 01/02/2029 |  | 68500 | (230) | (949) | (1179) | 5 | 0 |
|  Pay | 1-Year BRL-CDI | 10.386 | Maturity | 01/02/2029 |  | 3500 | 1 | (58) | (57) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.490 | Maturity | 01/02/2029 |  | 51300 | 0 | (437) | (437) | 5 | 0 |
|  Pay | 1-Year BRL-CDI | 11.523 | Maturity | 01/02/2029 |  | 97000 | 0 | (793) | (793) | 9 | 0 |
|  Pay | 1-Year BRL-CDI | 11.655 | Maturity | 01/02/2029 |  | 155200 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | 0 |
|  Pay | 1-Year BRL-CDI | 11.730 | Maturity | 01/02/2029 |  | 58600 | 0 | (430) | (430) | 5 | 0 |
|  Receive | 1-Year BRL-CDI | 12.243 | Maturity | 01/02/2029 |  | 123300 | 0 | 582 | 582 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
|  Receive | 1-Year BRL-CDI | 12.255 | Maturity | 01/02/2029 |  | 55700 | 0 | 265 | 265 | 0 | (5) |
|  Receive | 1-Year BRL-CDI | 12.760 | Maturity | 01/02/2029 |  | 157200 | 0 | 354 | 354 | 0 | (16) |
|  Pay | 1-Year BRL-CDI | 13.055 | Maturity | 01/02/2029 |  | 316400 | 0 | (206) | (206) | 34 | 0 |
|  Pay | 1-Year BRL-CDI | 13.056 | Maturity | 01/02/2029 |  | 315300 | 0 | (158) | (158) | 34 | 0 |
|  Pay | 1-Year BRL-CDI | 13.175 | Maturity | 01/02/2029 |  | 60300 | (4) | (24) | (28) | 7 | 0 |
|  Receive | 1-Year BRL-CDI | 13.270 | Maturity | 01/02/2029 |  | 78500 | 0 | 7 | 7 | 0 | (9) |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 166200 | 0 | (51) | (51) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 17800 | 0 | (2) | (2) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 13.405 | Maturity | 01/02/2029 |  | 131600 | 0 | 54 | 54 | 14 | 0 |
|  Pay | 1-Year BRL-CDI | 13.425 | Maturity | 01/02/2029 |  | 52800 | 0 | 27 | 27 | 6 | 0 |
|  Pay | 1-Year BRL-CDI | 13.430 | Maturity | 01/02/2029 |  | 103400 | 0 | 54 | 54 | 11 | 0 |
|  Pay | 1-Year BRL-CDI | 13.500 | Maturity | 01/02/2029 |  | 92500 | 0 | 61 | 61 | 10 | 0 |
|  Receive | 1-Year BRL-CDI | 13.518 | Maturity | 01/02/2029 |  | 81600 | 0 | (63) | (63) | 0 | (9) |
|  Receive | 1-Year BRL-CDI | 13.545 | Maturity | 01/02/2029 |  | 81500 | 0 | (74) | (74) | 0 | (9) |
|  Receive | 1-Year BRL-CDI | 13.589 | Maturity | 01/02/2029 |  | 168800 | 0 | (190) | (190) | 0 | (19) |
|  Pay | 1-Year BRL-CDI | 13.615 | Maturity | 01/02/2029 |  | 57000 | 30 | 37 | 67 | 6 | 0 |
|  Pay | 1-Year BRL-CDI | 13.680 | Maturity | 01/02/2029 |  | 140100 | 0 | 211 | 211 | 16 | 0 |
|  Receive | 1-Year BRL-CDI | 13.844 | Maturity | 01/02/2029 |  | 53800 | 0 | (112) | (112) | 0 | (6) |
|  Receive | 1-Year BRL-CDI | 13.923 | Maturity | 01/02/2029 |  | 75900 | 0 | (183) | (183) | 0 | (9) |
|  Pay | 1-Year BRL-CDI | 13.998 | Maturity | 01/02/2029 |  | 245400 | 0 | 665 | 665 | 28 | 0 |
|  Receive | 1-Year BRL-CDI | 14.026 | Maturity | 01/02/2029 |  | 53200 | 0 | (151) | (151) | 0 | (6) |
|  Receive | 1-Year BRL-CDI | 14.087 | Maturity | 01/02/2029 |  | 34300 | 0 | (123) | (123) | 0 | (4) |
|  Pay | 1-Year BRL-CDI | 14.185 | Maturity | 01/02/2029 |  | 125300 | 0 | 448 | 448 | 15 | 0 |
|  Pay | 1-Year BRL-CDI | 14.213 | Maturity | 01/02/2029 |  | 67300 | 0 | 249 | 249 | 8 | 0 |
|  Receive | 1-Year BRL-CDI | 14.245 | Maturity | 01/02/2029 |  | 32200 | 0 | (121) | (121) | 0 | (4) |
|  Receive | 1-Year BRL-CDI | 14.524 | Maturity | 01/02/2029 |  | 130000 | 0 | (660) | (660) | 0 | (16) |
|  Pay | 1-Year BRL-CDI | 14.570 | Maturity | 01/02/2029 |  | 53500 | 0 | 275 | 275 | 7 | 0 |
|  Pay | 1-Year BRL-CDI | 15.036 | Maturity | 01/02/2029 |  | 75300 | 0 | 550 | 550 | 10 | 0 |
|  Pay | 1-Year BRL-CDI | 13.470 | Maturity | 01/02/2031 |  | 51400 | (3) | 47 | 44 | 8 | 0 |
|  Pay | 1-Year BRL-CDI | 13.575 | Maturity | 01/02/2031 |  | 18300 | 0 | 23 | 23 | 3 | 0 |
|  Pay | 1-Year BRL-CDI | 13.580 | Maturity | 01/02/2031 |  | 17300 | 0 | 22 | 22 | 3 | 0 |
|  Receive | 1-Year BRL-CDI | 11.900 | Maturity | 01/03/2033 |  | 26000 | 0 | 228 | 228 | 0 | (8) |
|  Pay | 1-Year BRL-CDI | 11.940 | Maturity | 01/03/2033 |  | 19900 | 0 | (168) | (168) | 6 | 0 |
|  Pay<sup>(6)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | CNY | 662400 | (353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583) | 89 | 0 |
|  Pay<sup>(6)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 03/18/2031 |  | 565320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(627) | (41) | (668) | 75 | (8) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.600 | Quarterly | 04/11/2026 | COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16564270 | 0 | (5) | (5) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.150 | Quarterly | 03/19/2027 |  | 60504410 | 0 | (84) | (84) | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.342 | Quarterly | 09/17/2027 |  | 56202000 | 0 | (41) | (41) | 0 | (5) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.260 | Quarterly | 12/26/2027 |  | 84358600 | 0 | 102 | 102 | 9 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.280 | Quarterly | 12/26/2027 |  | 48932400 | 0 | 54 | 54 | 5 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **97** |

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Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/<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 | 3-Month COP-IBR Compounded-OIS | 8.565% | Quarterly | 12/30/2027 | COP | 28972200 | $0 | $(12) | $(12) | $3 | $0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.900 | Quarterly | 04/28/2028 |  | 59264300 | 0 | 234 | 234 | 8 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.970 | Quarterly | 04/28/2028 |  | 24095100 | 0 | 84 | 84 | 3 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.150 | Quarterly | 04/28/2028 |  | 24059200 | 0 | 57 | 57 | 3 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.820 | Quarterly | 06/05/2028 |  | 30026100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | (312) | 58 | 0 | (4) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.360 | Quarterly | 09/17/2028 |  | 84272900 | 0 | 95 | 95 | 14 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.400 | Quarterly | 09/17/2028 |  | 67784700 | 0 | 58 | 58 | 11 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.050 | Quarterly | 10/03/2028 |  | 1151860 | 18 | (14) | 4 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.215 | Quarterly | 11/14/2028 |  | 4936200 | 4 | (16) | (12) | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.290 | Quarterly | 01/22/2029 |  | 5197340 | (1) | (51) | (52) | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.152 | Quarterly | 04/25/2029 |  | 50802100 | 0 | (184) | (184) | 0 | (12) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.770 | Quarterly | 07/18/2029 |  | 77771500 | 0 | (572) | (572) | 0 | (19) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.110 | Quarterly | 10/02/2029 |  | 39060000 | 0 | (549) | (549) | 0 | (10) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.760 | Quarterly | 11/21/2029 |  | 34948500 | 0 | (279) | (279) | 0 | (9) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.430 | Quarterly | 05/15/2030 |  | 11935200 | 0 | 29 | 29 | 3 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.498 | Quarterly | 05/16/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42921000 | 0 | 77 | 77 | 10 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.725 | Quarterly | 06/10/2030 |  | 2349000 | 0 | 1 | 1 | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.770 | Quarterly | 06/10/2030 |  | 7049000 | 0 | 6 | 6 | 0 | (2) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.790 | Quarterly | 06/10/2030 |  | 4699000 | 0 | 5 | 5 | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.140 | Quarterly | 06/18/2030 |  | 17415000 | 0 | (93) | (93) | 0 | (4) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.210 | Quarterly | 06/18/2030 |  | 9939000 | 0 | (46) | (46) | 0 | (2) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.250 | Quarterly | 06/18/2030 |  | 4969000 | 0 | (21) | (21) | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.260 | Quarterly | 06/18/2030 |  | 4993000 | 0 | (21) | (21) | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.300 | Quarterly | 06/18/2030 |  | 315100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.310 | Quarterly | 06/18/2030 |  | 34943700 | 0 | (128) | (128) | 0 | (8) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.350 | Quarterly | 06/18/2030 |  | 34143800 | 22 | 90 | 112 | 8 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.535 | Quarterly | 06/18/2030 |  | 30470700 | 0 | (44) | (44) | 0 | (7) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.800 | Quarterly | 06/18/2030 |  | 47582000 | 6 | (62) | (56) | 11 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.598 | Quarterly | 09/17/2030 |  | 6914000 | 0 | (7) | (7) | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.630 | Quarterly | 09/17/2030 |  | 3230600 | 0 | (2) | (2) | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.650 | Quarterly | 09/17/2030 |  | 14657000 | (1) | 9 | 8 | 3 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.700 | Quarterly | 09/17/2030 |  | 11921000 | (1) | 1 | 0 | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.710 | Quarterly | 09/17/2030 |  | 62323900 | 0 | 5 | 5 | 0 | (13) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.755 | Quarterly | 09/17/2030 |  | 11232900 | 0 | 6 | 6 | 0 | (2) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.020 | Quarterly | 12/04/2030 |  | 2958600 | (24) | 46 | 22 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 4.155 | Quarterly | 01/15/2031 |  | 34133000 | 1326 | 439 | 1765 | 5 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 4.115 | Quarterly | 02/01/2031 |  | 13423000 | 527 | 171 | 698 | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 5.950 | Quarterly | 03/26/2031 |  | 6198160 | 108 | 84 | 192 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.705 | Quarterly | 03/26/2031 |  | 14268750 | (63) | 227 | 164 | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.540 | Quarterly | 08/09/2031 |  | 13200000 | 0 | 196 | 196 | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.580 | Quarterly | 08/09/2031 |  | 13275200 | 0 | 191 | 191 | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.650 | Quarterly | 08/12/2031 |  | 12195800 | 0 | 165 | 165 | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.520 | Quarterly | 08/13/2031 |  | 11596300 | 0 | 175 | 175 | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.410 | Quarterly | 09/30/2031 |  | 16549600 | 205 | 66 | 271 | 3 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.690 | Quarterly | 12/26/2031 |  | 52936000 | 0 | (84) | (84) | 0 | (10) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.045 | Quarterly | 12/30/2031 |  | 14556100 | 0 | 40 | 40 | 0 | (3) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.800 | Quarterly | 06/30/2032 |  | 9011400 | (47) | 172 | 125 | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.490 | Quarterly | 06/30/2032 |  | 231550 | (3) | 1 | (2) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.490 | Quarterly | 06/30/2032 |  | 231550 | 3 | (1) | 2 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.990 | Quarterly | 11/25/2034 |  | 42551500 | 62 | 695 | 757 | 4 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.525 | Quarterly | 06/18/2035 |  | 17280000 | 3 | (106) | (103) | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.110 | Quarterly | 09/17/2035 |  | 27551200 | 0 | (34) | (34) | 0 | (2) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.155 | Quarterly | 09/17/2035 |  | 34573500 | 0 | (16) | (16) | 0 | (2) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 3.554 | Annual | 06/11/2030 |  | 462900 | 49 | 285 | 334 | 0 | (9) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 3.575 | Annual | 07/03/2030 |  | 1343800 | 983 | (56) | 927 | 0 | (23) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 3.735 | Annual | 08/05/2030 |  | 41100 | 0 | (15) | (15) | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 3.705 | Annual | 08/12/2030 |  | 682600 | 0 | (299) | (299) | 15 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 3.708 | Annual | 08/13/2030 |  | 485400 | 5 | (215) | (210) | 11 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 3.513 | Annual | 09/30/2030 |  | 156900 | (68) | (73) | (141) | 4 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.680 | Annual | 04/25/2029 | PLN | 7700 | 0 | 37 | 37 | 4 | 0 |
|  Receive | 3-Month PLN-WIBOR | 5.000 | Annual | 04/25/2029 |  | 33400 | 0 | (270) | (270) | 0 | (18) |
|  Receive | 3-Month PLN-WIBOR | 4.820 | Annual | 07/25/2029 |  | 33200 | 0 | (234) | (234) | 0 | (20) |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 |  | 23200 | 0 | (189) | (189) | 0 | (14) |
|  Receive | 3-Month PLN-WIBOR | 5.010 | Annual | 07/25/2029 |  | 31600 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
|  Pay | 3-Month PLN-WIBOR | 4.794 | Annual | 10/25/2029 |  | 1200 | 0 | 16 | 16 | 1 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 |  | 51000 | 46 | 705 | 751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.075 | Annual | 04/11/2030 |  | 27700 | 36 | (95) | (59) | 18 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.015 | Annual | 04/17/2030 |  | 21900 | 0 | 60 | 60 | 0 | (15) |
|  Receive | 3-Month PLN-WIBOR | 4.019 | Annual | 04/18/2030 |  | 21600 | 0 | 57 | 57 | 0 | (14) |
|  Receive | 3-Month PLN-WIBOR | 4.048 | Annual | 04/18/2030 |  | 10800 | 0 | 25 | 25 | 0 | (7) |
|  Receive | 3-Month PLN-WIBOR | 4.049 | Annual | 04/18/2030 |  | 15600 | 0 | 36 | 36 | 0 | (10) |

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| | | |
|:---|:---|:---|
| **98** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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September 30, 2025 (Unaudited)

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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 | 3-Month PLN-WIBOR | 4.065% | Annual | 04/18/2030 | PLN | 10800 | $0 | $23 | $23 | $0 | $(7) |
|  Pay | 3-Month PLN-WIBOR | 3.962 | Annual | 05/06/2030 |  | 46900 | (94) | (52) | (146) | 32 | 0 |
|  Pay | 3-Month PLN-WIBOR | 3.952 | Annual | 07/29/2030 |  | 22400 | (37) | (21) | (58) | 17 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.195 | Annual | 09/29/2030 |  | 14800 | 0 | (10) | (10) | 0 | (11) |
|  Pay | 3-Month PLN-WIBOR | 4.760 | Annual | 10/25/2033 |  | 7100 | 0 | 82 | 82 | 9 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.850 | Annual | 10/25/2033 |  | 16000 | 0 | 214 | 214 | 21 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.970 | Annual | 10/25/2033 |  | 2900 | 0 | 46 | 46 | 4 | 0 |
|  Pay | 3-Month PLN-WIBOR | 5.055 | Annual | 10/25/2033 |  | 19100 | 0 | 367 | 367 | 25 | 0 |
|  Pay | 3-Month PLN-WIBOR | 5.155 | Annual | 10/25/2034 |  | 23900 | 0 | 507 | 507 | 34 | 0 |
|  Receive | 3-Month SEK-STIBOR | 2.021 | Annual | 10/07/2029 | SEK | 293900 | (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) | (166) | 0 | (37) |
|  Pay | 3-Month SEK-STIBOR | 2.298 | Annual | 10/07/2029 |  | 291800 | 1 | 578 | 579 | 38 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.100 | Quarterly | 06/05/2026 | ZAR | 94500 | 0 | (47) | (47) | 0 | (1) |
|  Pay | 3-Month ZAR-JIBAR | 6.690 | Quarterly | 11/04/2026 |  | 257500 | (362) | 333 | (29) | 2 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 9.290 | Quarterly | 05/26/2028 |  | 138000 | (352) | (162) | (514) | 0 | (4) |
|  Pay | 3-Month ZAR-JIBAR | 8.440 | Quarterly | 11/02/2028 |  | 101700 | 79 | 211 | 290 | 3 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 11/10/2028 |  | 145200 | (103) | (303) | (406) | 0 | (4) |
|  Receive | 3-Month ZAR-JIBAR | 8.140 | Quarterly | 11/16/2028 |  | 41400 | (6) | (91) | (97) | 0 | (1) |
|  Pay | 3-Month ZAR-JIBAR | 7.560 | Quarterly | 08/23/2029 |  | 238000 | (62) | 408 | 346 | 9 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.980 | Quarterly | 01/31/2030 |  | 263400 | 0 | 632 | 632 | 12 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.355 | Quarterly | 01/31/2030 |  | 45700 | (26) | 174 | 148 | 2 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.820 | Quarterly | 01/31/2030 |  | 312300 | (722) | (620) | (1342) | 0 | (15) |
|  Pay | 3-Month ZAR-JIBAR | 7.730 | Quarterly | 03/12/2030 |  | 131400 | (16) | 253 | 237 | 6 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.775 | Quarterly | 03/18/2030 |  | 154000 | 0 | (294) | (294) | 0 | (7) |
|  Receive | 3-Month ZAR-JIBAR | 7.810 | Quarterly | 03/27/2030 |  | 125500 | (24) | (222) | (246) | 0 | (6) |
|  Pay | 3-Month ZAR-JIBAR | 7.570 | Quarterly | 05/27/2030 |  | 64800 | 0 | 93 | 93 | 3 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.700 | Quarterly | 06/18/2030 |  | 338710 | (102) | (481) | (583) | 0 | (18) |
|  Pay | 3-Month ZAR-JIBAR | 7.860 | Quarterly | 06/18/2030 |  | 242800 | (6) | 515 | 509 | 13 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.650 | Quarterly | 06/20/2030 |  | 142543 | 158 | 68 | 226 | 8 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.810 | Quarterly | 06/20/2030 |  | 65896 | 0 | 129 | 129 | 4 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.270 | Quarterly | 08/26/2030 |  | 190800 | (45) | (79) | (124) | 0 | (10) |
|  Pay | 3-Month ZAR-JIBAR | 7.370 | Quarterly | 08/26/2030 |  | 381400 | 202 | 140 | 342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.220 | Quarterly | 09/02/2030 |  | 384100 | (96) | (104) | (200) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
|  Pay | 3-Month ZAR-JIBAR | 7.310 | Quarterly | 09/02/2030 |  | 169000 | 0 | 125 | 125 | 9 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 6.880 | Quarterly | 09/17/2030 |  | 165800 | 0 | (54) | (54) | 9 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.040 | Quarterly | 09/22/2030 |  | 189878 | 0 | (10) | (10) | 0 | (11) |
|  Pay | 3-Month ZAR-JIBAR | 7.560 | Quarterly | 09/22/2030 |  | 83950 | 0 | 111 | 111 | 5 | 0 |
|  Pay<sup>(6)</sup> | 3-Month ZAR-JIBAR | 7.410 | Quarterly | 10/02/2030 |  | 127700 | 0 | 121 | 121 | 8 | 0 |
|  Pay<sup>(6)</sup> | 3-Month ZAR-JIBAR | 7.155 | Quarterly | 11/26/2030 |  | 20700 | 0 | 5 | 5 | 1 | 0 |
|  Pay<sup>(6)</sup> | 3-Month ZAR-JIBAR | 7.180 | Quarterly | 12/04/2030 |  | 69510 | 0 | 21 | 21 | 4 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.160 | Quarterly | 03/31/2032 |  | 24200 | 0 | 61 | 61 | 2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.190 | Quarterly | 03/31/2032 |  | 69900 | 0 | 181 | 181 | 6 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.872 | Quarterly | 07/24/2034 |  | 35600 | 28 | 122 | 150 | 4 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.800 | Semi-Annual | 02/13/2026 | CLP | 4399100 | 1 | (4) | (3) | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 4.775 | Semi-Annual | 02/23/2026 |  | 23512800 | 121 | (126) | (5) | 0 | (3) |
|  Pay | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 06/28/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23540000 | 0 | 162 | 162 | 3 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.960 | Semi-Annual | 03/19/2027 |  | 5258800 | 0 | (32) | (32) | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 3.731 | Semi-Annual | 07/20/2028 |  | 7185000 | 491 | (301) | 190 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 4.540 | Semi-Annual | 10/01/2028 |  | 2719700 | 0 | (13) | (13) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.160 | Semi-Annual | 10/01/2028 |  | 1343200 | (28) | 6 | (22) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.220 | Semi-Annual | 10/01/2028 |  | 2906700 | (68) | 13 | (55) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.920 | Semi-Annual | 10/02/2028 |  | 3855000 | (204) | 38 | (166) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 6.000 | Semi-Annual | 10/02/2028 |  | 7589000 | (427) | 79 | (348) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.780 | Semi-Annual | 10/03/2028 |  | 2718600 | (128) | 24 | (104) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.500 | Semi-Annual | 11/13/2028 |  | 4461100 | 87 | 40 | 127 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.050 | Semi-Annual | 07/19/2029 |  | 4076800 | 2 | 53 | 55 | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 5.280 | Semi-Annual | 02/28/2030 |  | 21446500 | (271) | (202) | (473) | 8 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.285 | Semi-Annual | 03/19/2030 |  | 2552200 | 0 | 52 | 52 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.500 | Semi-Annual | 03/19/2030 |  | 1651000 | 0 | 47 | 47 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.550 | Semi-Annual | 03/19/2030 |  | 156550 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.750 | Semi-Annual | 04/10/2030 |  | 12581900 | 0 | 26 | 26 | 5 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.690 | Semi-Annual | 06/18/2030 |  | 5426900 | 0 | (28) | (28) | 0 | (2) |
|  Receive | 6-Month CLP-CHILIBOR | 4.715 | Semi-Annual | 06/18/2030 |  | 5081300 | 0 | 20 | 20 | 2 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.150 | Semi-Annual | 06/18/2030 |  | 6054800 | 1 | 100 | 101 | 0 | (3) |
|  Pay | 6-Month CLP-CHILIBOR | 5.180 | Semi-Annual | 06/18/2030 |  | 4571400 | 0 | 83 | 83 | 0 | (2) |
|  Pay | 6-Month CLP-CHILIBOR | 5.070 | Semi-Annual | 06/24/2031 |  | 9480000 | 0 | 91 | 91 | 0 | (8) |
|  Pay | 6-Month CLP-CHILIBOR | 4.970 | Semi-Annual | 06/18/2032 |  | 3919500 | 0 | (2) | (2) | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 6.146 | Semi-Annual | 10/30/2032 |  | 18995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132) | (1335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1466) | 2 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 04/01/2033 |  | 2078800 | (77) | 23 | (54) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.560 | Semi-Annual | 04/01/2033 |  | 1651000 | 0 | 62 | 62 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.660 | Semi-Annual | 04/01/2033 |  | 1555000 | 0 | 69 | 69 | 0 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.250 | Annual | 05/13/2033 |  | 3525300 | 0 | 14 | 14 | 0 | (1) |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **99** |

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Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/<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 | 6-Month CLP-CHILIBOR | 5.300% | Semi-Annual | 05/18/2033 | CLP | 2201210 | $(63) | $24 | $(39) | $0 | $0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 05/18/2033 |  | 1393000 | (46) | 15 | (31) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.790 | Semi-Annual | 10/06/2033 |  | 5204000 | (343) | 64 | (279) | 2 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.940 | Semi-Annual | 10/20/2033 |  | 1185100 | (92) | 16 | (76) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.990 | Semi-Annual | 10/20/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11005540 | (896) | 145 | (751) | 3 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 6.235 | Semi-Annual | 10/26/2033 |  | 3462700 | (349) | 50 | (299) | 1 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 11/16/2033 |  | 2437000 | 84 | (27) | 57 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.230 | Semi-Annual | 11/17/2033 |  | 4836500 | 102 | (50) | 52 | 0 | (2) |
|  Pay | 6-Month CLP-CHILIBOR | 4.920 | Semi-Annual | 02/13/2034 |  | 1050300 | (2) | (12) | (14) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.030 | Semi-Annual | 02/23/2034 |  | 5540500 | (51) | 21 | (30) | 0 | (2) |
|  Pay | 6-Month CLP-CHILIBOR | 5.313 | Semi-Annual | 04/25/2034 |  | 5249900 | 0 | 82 | 82 | 0 | (2) |
|  Pay | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 04/26/2034 |  | 5158800 | 0 | 100 | 100 | 0 | (2) |
|  Pay<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.750 | Annual | 05/13/2034 |  | 3609000 | 0 | (4) | (4) | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 5.450 | Semi-Annual | 06/28/2034 |  | 5759000 | 0 | (145) | (145) | 2 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 07/03/2034 |  | 3768300 | 0 | 79 | 79 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 4.890 | Semi-Annual | 10/01/2034 |  | 2141900 | 0 | (44) | (44) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.440 | Semi-Annual | 02/28/2035 |  | 6101000 | 0 | 130 | 130 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.120 | Semi-Annual | 06/18/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953200 | 0 | (13) | (13) | 0 | 0 |
|  Receive | 06-Month CLP-CHILIBOR | 4.580 | Semi-Annual | 10/01/2028 |  | 1680800 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.611 | Annual | 06/06/2028 | CZK | 318230 | 465 | (82) | 383 | 0 | (2) |
|  Pay | 6-Month CZK-PRIBOR | 4.388 | Annual | 11/15/2028 |  | 479700 | 644 | 343 | 987 | 0 | (3) |
|  Pay | 6-Month CZK-PRIBOR | 3.765 | Annual | 01/09/2029 |  | 215600 | 60 | 125 | 185 | 0 | (1) |
|  Pay | 6-Month CZK-PRIBOR | 3.645 | Annual | 02/01/2029 |  | 615200 | 0 | 378 | 378 | 0 | (3) |
|  Receive | 6-Month CZK-PRIBOR | 3.534 | Annual | 03/21/2029 |  | 140600 | 0 | (57) | (57) | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.250 | Annual | 04/18/2029 |  | 166500 | 205 | (71) | 134 | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.130 | Annual | 06/03/2029 |  | 174800 | 1 | (102) | (101) | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.530 | Annual | 07/15/2029 |  | 320500 | 0 | 173 | 173 | 0 | (1) |
|  Pay | 6-Month CZK-PRIBOR | 3.580 | Annual | 10/25/2029 |  | 417000 | (5) | 154 | 149 | 3 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.365 | Annual | 11/28/2029 |  | 239200 | (165) | 131 | (34) | 2 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.550 | Annual | 01/24/2030 |  | 160300 | (23) | (13) | (36) | 0 | (2) |
|  Pay | 6-Month CZK-PRIBOR | 3.470 | Annual | 02/05/2030 |  | 401200 | 16 | (4) | 12 | 5 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.130 | Annual | 04/09/2030 |  | 445700 | 125 | 605 | 730 | 0 | (6) |
|  Pay | 6-Month CZK-PRIBOR | 3.145 | Annual | 04/09/2030 |  | 156700 | (27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.290 | Annual | 04/30/2030 |  | 79900 | 0 | 103 | 103 | 0 | (1) |
|  Receive | 6-Month CZK-PRIBOR | 3.258 | Annual | 05/05/2030 |  | 97300 | 0 | 132 | 132 | 0 | (2) |
|  Receive | 6-Month CZK-PRIBOR | 3.315 | Annual | 05/06/2030 |  | 108800 | 0 | 134 | 134 | 0 | (2) |
|  Receive | 6-Month CZK-PRIBOR | 3.325 | Annual | 05/06/2030 |  | 274100 | 0 | 332 | 332 | 0 | (4) |
|  Receive | 6-Month CZK-PRIBOR | 3.405 | Annual | 05/14/2030 |  | 124300 | 0 | 127 | 127 | 0 | (2) |
|  Receive | 6-Month CZK-PRIBOR | 3.485 | Annual | 05/16/2030 |  | 95700 | 0 | 81 | 81 | 0 | (2) |
|  Pay | 6-Month CZK-PRIBOR | 3.363 | Annual | 05/29/2030 |  | 312800 | 0 | (352) | (352) | 5 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.220 | Annual | 03/21/2033 |  | 271100 | 559 | (132) | 427 | 13 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.524 | Annual | 02/16/2034 |  | 364200 | (2) | 404 | 402 | 0 | (18) |
|  Receive | 6-Month CZK-PRIBOR | 3.528 | Annual | 07/29/2034 |  | 114700 | 0 | 241 | 241 | 0 | (6) |
|  Receive | 6-Month CZK-PRIBOR | 3.566 | Annual | 07/30/2034 |  | 44300 | 0 | 87 | 87 | 0 | (2) |
|  Receive | 6-Month CZK-PRIBOR | 3.475 | Annual | 07/31/2034 |  | 44300 | 0 | 102 | 102 | 0 | (2) |
|  Receive | 6-Month CZK-PRIBOR | 3.445 | Annual | 08/01/2034 |  | 74700 | 0 | 180 | 180 | 0 | (4) |
|  Receive | 6-Month EUR-EURIBOR | 2.287 | Annual | 11/25/2029 | EUR | 2400 | 0 | (29) | (29) | 0 | (3) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 500 | 2 | 0 | 2 | 1 | 0 |
|  Pay | 6-Month HUF-BBR | 2.420 | Annual | 08/02/2026 | HUF | 5709600 | (1283) | 603 | (680) | 0 | (8) |
|  Pay | 6-Month HUF-BBR | 4.790 | Annual | 01/17/2027 |  | 11376280 | (797) | 797 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
|  Receive | 6-Month HUF-BBR | 8.700 | Annual | 01/16/2028 |  | 6147700 | (5) | (1825) | (1830) | 5 | 0 |
|  Pay | 6-Month HUF-BBR | 7.330 | Annual | 11/06/2028 |  | 2500100 | 504 | 25 | 529 | 0 | (6) |
|  Receive | 6-Month HUF-BBR | 5.440 | Annual | 01/15/2029 |  | 1473600 | 9 | (18) | (9) | 5 | 0 |
|  Receive | 6-Month HUF-BBR | 6.450 | Annual | 06/06/2029 |  | 519900 | 0 | (11) | (11) | 2 | 0 |
|  Receive | 6-Month HUF-BBR | 6.299 | Annual | 06/10/2029 |  | 941300 | 0 | (4) | (4) | 3 | 0 |
|  Pay | 6-Month HUF-BBR | 6.090 | Annual | 10/21/2029 |  | 8084100 | (385) | 957 | 572 | 0 | (20) |
|  Pay | 6-Month HUF-BBR | 6.079 | Annual | 10/22/2029 |  | 1089100 | (60) | 135 | 75 | 0 | (3) |
|  Pay | 6-Month HUF-BBR | 1.760 | Annual | 01/21/2030 |  | 1937700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1030) | 64 | (966) | 0 | (7) |
|  Pay | 6-Month HUF-BBR | 6.363 | Annual | 01/31/2030 |  | 4291500 | 0 | 457 | 457 | 0 | (12) |
|  Pay | 6-Month HUF-BBR | 6.430 | Annual | 02/04/2030 |  | 2715500 | 0 | 313 | 313 | 0 | (7) |
|  Pay | 6-Month HUF-BBR | 6.511 | Annual | 02/05/2030 |  | 7483800 | 95 | 848 | 943 | 0 | (20) |
|  Pay | 6-Month HUF-BBR | 6.392 | Annual | 03/11/2030 |  | 3054800 | 0 | 344 | 344 | 0 | (7) |
|  Pay | 6-Month HUF-BBR | 6.650 | Annual | 03/13/2030 |  | 1331700 | 0 | 196 | 196 | 0 | (3) |
|  Receive | 6-Month HUF-BBR | 6.265 | Annual | 04/08/2030 |  | 1040000 | 0 | 4 | 4 | 2 | 0 |
|  Receive | 6-Month HUF-BBR | 6.250 | Annual | 04/09/2030 |  | 1710300 | 13 | (3) | 10 | 4 | 0 |
|  Pay | 6-Month HUF-BBR | 5.875 | Annual | 05/09/2030 |  | 3322000 | (83) | (96) | (179) | 0 | (8) |
|  Pay | 6-Month HUF-BBR | 5.890 | Annual | 05/09/2030 |  | 5849900 | (43) | (260) | (303) | 0 | (15) |
|  Pay | 6-Month HUF-BBR | 6.270 | Annual | 06/16/2030 |  | 3926900 | 3 | (12) | (9) | 0 | (11) |
|  Receive | 6-Month HUF-BBR | 6.210 | Annual | 06/26/2030 |  | 13871800 | 9 | 128 | 137 | 39 | 0 |
|  Pay | 6-Month HUF-BBR | 2.680 | Annual | 06/29/2031 |  | 1905500 | (946) | (94) | (1040) | 0 | (6) |
|  Receive | 6-Month HUF-BBR | 6.265 | Annual | 04/28/2032 |  | 83600 | 0 | 2 | 2 | 0 | 0 |

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|:---|:---|:---|
| **100** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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September 30, 2025 (Unaudited)

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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 | 6-Month HUF-BBR | 6.270% | Annual | 04/28/2032 | HUF | 3200000 | $0 | $66 | $66 | $5 | $0 |
|  Receive | 6-Month HUF-BBR | 6.100 | Annual | 02/08/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362200 | 0 | (18) | (18) | 4 | 0 |
|  Receive | 6-Month HUF-BBR | 6.580 | Annual | 05/16/2035 |  | 167500 | 0 | 0 | 0 | 1 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.520 | Annual | 03/20/2026 | PLN | 7500 | 22 | 44 | 66 | 0 | 0 |
|  Pay | 6-Month PLN-WIBOR | 1.460 | Annual | 05/28/2026 |  | 16700 | (308) | 161 | (147) | 1 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.158 | Annual | 03/22/2027 |  | 155800 | (121) | 1827 | 1706 | 30 | 0 |
|  Receive | 6-Month PLN-WIBOR | 5.175 | Annual | 03/24/2027 |  | 48900 | (183) | (361) | (544) | 0 | (10) |
|  Receive | 6-Month PLN-WIBOR | 5.470 | Annual | 04/08/2027 |  | 76800 | (464) | 69 | (395) | 0 | (15) |
|  Receive | 6-Month PLN-WIBOR | 5.960 | Annual | 04/25/2027 |  | 82900 | (815) | 122 | (693) | 0 | (19) |
|  Receive | 6-Month PLN-WIBOR | 4.910 | Annual | 07/25/2027 |  | 6320 | (15) | (9) | (24) | 0 | (2) |
|  Receive | 6-Month PLN-WIBOR | 4.735 | Annual | 10/09/2028 |  | 38600 | (91) | (324) | (415) | 0 | (16) |
|  Receive | 6-Month PLN-WIBOR | 4.560 | Annual | 11/06/2028 |  | 59900 | (25) | (549) | (574) | 0 | (27) |
|  Pay | 6-Month PLN-WIBOR | 4.440 | Annual | 01/09/2029 |  | 52900 | (12) | 480 | 468 | 29 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.730 | Annual | 02/16/2029 |  | 23000 | 0 | 278 | 278 | 12 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.810 | Annual | 02/16/2029 |  | 27800 | 0 | 358 | 358 | 14 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.660 | Annual | 02/19/2029 |  | 22200 | 0 | 252 | 252 | 11 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.970 | Annual | 03/21/2029 |  | 45900 | 9 | 672 | 681 | 23 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.020 | Annual | 03/21/2029 |  | 12500 | 0 | 192 | 192 | 6 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.923 | Annual | 03/22/2029 |  | 54800 | (21) | 802 | 781 | 28 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.510 | Annual | 04/25/2029 |  | 63600 | 0 | (198) | (198) | 0 | (33) |
|  Receive | 6-Month PLN-WIBOR | 4.545 | Annual | 04/25/2029 |  | 33300 | 0 | (116) | (116) | 0 | (17) |
|  Pay | 6-Month PLN-WIBOR | 5.105 | Annual | 07/12/2029 |  | 6800 | 0 | 67 | 67 | 4 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.865 | Annual | 07/18/2029 |  | 18300 | 0 | 136 | 136 | 11 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.750 | Annual | 08/02/2029 |  | 17600 | 0 | 112 | 112 | 11 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.259 | Annual | 08/08/2029 |  | 16100 | 0 | (24) | (24) | 0 | (9) |
|  Receive | 6-Month PLN-WIBOR | 4.388 | Annual | 08/09/2029 |  | 23800 | 0 | (67) | (67) | 0 | (14) |
|  Receive | 6-Month PLN-WIBOR | 4.415 | Annual | 08/12/2029 |  | 29100 | 0 | (90) | (90) | 0 | (17) |
|  Pay | 6-Month PLN-WIBOR | 4.560 | Annual | 09/02/2029 |  | 13700 | (16) | 80 | 64 | 8 | 0 |
|  Receive | 6-Month PLN-WIBOR | 5.220 | Annual | 03/20/2033 |  | 14700 | (166) | (172) | (338) | 0 | (19) |
|  Receive | 6-Month PLN-WIBOR | 5.310 | Annual | 03/21/2033 |  | 29200 | (379) | (340) | (719) | 0 | (37) |
|  Receive | 6-Month PLN-WIBOR | 4.740 | Annual | 10/25/2033 |  | 16800 | (38) | (179) | (217) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |
|  Pay<sup>(6)</sup> | 6-Month THB-THBFIX | 1.000 | Quarterly | 03/18/2031 | THB | 6214060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.295 | Lunar | 12/29/2025 | MXN | 41400 | 0 | 10 | 10 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.075 | Lunar | 03/17/2027 |  | 334900 | 0 | 275 | 275 | 6 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.360 | Lunar | 03/02/2028 |  | 324000 | 0 | 120 | 120 | 4 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.430 | Lunar | 03/02/2028 |  | 79600 | 0 | (36) | (36) | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 7.550 | Lunar | 03/02/2028 |  | 682000 | 0 | (414) | (414) | 0 | (8) |
|  Receive | 28-Day MXN-TIIE | 7.560 | Lunar | 03/02/2028 |  | 312000 | 0 | (193) | (193) | 0 | (4) |
|  Receive | 28-Day MXN-TIIE | 7.580 | Lunar | 03/02/2028 |  | 372400 | 0 | (240) | (240) | 0 | (4) |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 9.295 | Lunar | 10/30/2028 |  | 41400 | 21 | 92 | 113 | 1 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 |  | 162000 | 0 | 166 | 166 | 6 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.250 | Lunar | 03/01/2029 |  | 79000 | (59) | (87) | (146) | 0 | (3) |
|  Pay | 28-Day MXN-TIIE | 9.065 | Lunar | 03/01/2029 |  | 428400 | 0 | 1379 | 1379 | 16 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.790 | Lunar | 05/31/2029 |  | 189000 | 0 | 207 | 207 | 7 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.820 | Lunar | 05/31/2029 |  | 195900 | 0 | 225 | 225 | 8 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.825 | Lunar | 05/31/2029 |  | 186200 | 0 | 215 | 215 | 7 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.485 | Lunar | 05/31/2029 |  | 163200 | (185) | (195) | (380) | 0 | (7) |
|  Receive | 28-Day MXN-TIIE | 8.495 | Lunar | 05/31/2029 |  | 486700 | 0 | (1142) | (1142) | 0 | (19) |
|  Pay | 28-Day MXN-TIIE | 8.620 | Lunar | 12/05/2029 |  | 256800 | 0 | 713 | 713 | 13 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.665 | Lunar | 12/11/2029 |  | 179900 | 0 | (516) | (516) | 0 | (9) |
|  Pay | 28-Day MXN-TIIE | 8.800 | Lunar | 12/12/2029 |  | 284900 | 120 | 773 | 893 | 15 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.950 | Lunar | 12/17/2029 |  | 96700 | 0 | (337) | (337) | 0 | (5) |
|  Pay | 28-Day MXN-TIIE | 9.135 | Lunar | 12/27/2029 |  | 83900 | 0 | 323 | 323 | 5 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.150 | Lunar | 12/31/2029 |  | 27600 | 0 | 107 | 107 | 2 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.180 | Lunar | 01/08/2030 |  | 117800 | 0 | (464) | (464) | 0 | (6) |
|  Pay | 28-Day MXN-TIIE | 8.650 | Lunar | 01/31/2030 |  | 28000 | 0 | 81 | 81 | 2 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.267 | Lunar | 02/28/2030 |  | 679400 | 0 | (1440) | (1440) | 0 | (38) |
|  Pay | 28-Day MXN-TIIE | 8.360 | Lunar | 03/13/2030 |  | 21200 | 0 | 50 | 50 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.480 | Lunar | 03/13/2030 |  | 51300 | 0 | (133) | (133) | 0 | (3) |
|  Receive | 28-Day MXN-TIIE | 8.595 | Lunar | 03/13/2030 |  | 357000 | 0 | (1013) | (1013) | 0 | (21) |
|  Pay | 28-Day MXN-TIIE | 7.720 | Lunar | 04/01/2030 |  | 100400 | 0 | 98 | 98 | 6 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 |  | 162000 | 7 | 161 | 168 | 9 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.775 | Lunar | 04/01/2030 |  | 140300 | 0 | 153 | 153 | 8 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.790 | Lunar | 04/01/2030 |  | 60100 | 0 | 68 | 68 | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.582 | Lunar | 04/02/2030 |  | 294100 | 0 | 201 | 201 | 17 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.748 | Lunar | 04/02/2030 |  | 63100 | 0 | 65 | 65 | 4 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.753 | Lunar | 04/16/2030 |  | 304700 | 0 | 318 | 318 | 18 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.775 | Lunar | 06/12/2030 |  | 171700 | 0 | (187) | (187) | 0 | (11) |
|  Receive | 28-Day MXN-TIIE | 7.790 | Lunar | 06/12/2030 |  | 147000 | 0 | (165) | (165) | 0 | (9) |
|  Receive | 28-Day MXN-TIIE | 7.800 | Lunar | 06/12/2030 |  | 464400 | 0 | (531) | (531) | 0 | (28) |
|  Receive | 28-Day MXN-TIIE | 7.936 | Lunar | 06/12/2030 |  | 389600 | (33) | (530) | (563) | 0 | (24) |

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|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **101** |

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Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/<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** |
|  Pay | 28-Day MXN-TIIE | 7.460% | Lunar | 08/27/2030 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205500 | $0 | $73 | $73 | $13 | $0 |
|  Pay | 28-Day MXN-TIIE | 7.500 | Lunar | 09/11/2030 |  | 207700 | 0 | 93 | 93 | 13 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.610 | Lunar | 09/20/2030 |  | 290300 | (84) | (119) | (203) | 0 | (19) |
|  Pay | 28-Day MXN-TIIE | 7.740 | Lunar | 09/20/2030 |  | 119000 | 0 | 119 | 119 | 8 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.290 | Lunar | 02/27/2032 |  | 53500 | 0 | 125 | 125 | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.545 | Lunar | 11/23/2034 |  | 60700 | 0 | 189 | 189 | 2 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.820 | Lunar | 11/23/2034 |  | 78800 | 0 | (324) | (324) | 0 | (3) |
|  Receive | 28-Day MXN-TIIE | 9.131 | Lunar | 12/11/2034 |  | 88600 | 0 | (467) | (467) | 0 | (3) |
|  Pay | 28-Day MXN-TIIE | 9.370 | Lunar | 12/21/2034 |  | 88800 | 0 | 544 | 544 | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.340 | Lunar | 12/27/2034 |  | 124400 | 0 | 748 | 748 | 5 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.295 | Lunar | 12/28/2034 |  | 84000 | 0 | 491 | 491 | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.295 | Lunar | 12/29/2034 |  | 128100 | 0 | 748 | 748 | 5 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.855 | Lunar | 02/09/2035 |  | 212900 | 0 | (907) | (907) | 0 | (8) |
|  Receive | 28-Day MXN-TIIE | 8.515 | Lunar | 02/22/2035 |  | 138300 | 0 | (413) | (413) | 0 | (5) |
|  Pay | 28-Day MXN-TIIE | 8.270 | Lunar | 03/07/2035 |  | 33000 | 1 | 68 | 69 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.640 | Lunar | 03/07/2035 |  | 92000 | 0 | (319) | (319) | 0 | (4) |
|  Receive | 28-Day MXN-TIIE | 8.655 | Lunar | 03/07/2035 |  | 68900 | 0 | (243) | (243) | 0 | (3) |
|  Receive | 28-Day MXN-TIIE | 8.740 | Lunar | 03/07/2035 |  | 34400 | 0 | (132) | (132) | 0 | (1) |
|  Pay | 28-Day MXN-TIIE | 8.365 | Lunar | 03/28/2035 |  | 35500 | 0 | 86 | 86 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.285 | Lunar | 06/06/2035 |  | 102400 | 0 | (216) | (216) | 0 | (4) |
|  |  |  |  |  |  |  | $(4190) | $(15977) | $(20167) | $1796 | $(1637) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8336) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16233) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24569) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1656) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(7)</sup> | Variation Margin<br>Asset<sup>(7)</sup> | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1656) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1671) |

---

(n) Securities with an aggregate market value of $420 and cash of $37,969 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

<sup>(7)</sup> Unsettled variation margin asset of $18 for closed swap agreements is outstanding at period end. 

---

| | | |
|:---|:---|:---|
| **102** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 480 | $316 | $0 | $(1) |
|  | 10/2025 | $10612 | 14763 | 0 | (3) |
|  | 10/2025 | 41243 | 35361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | 0 |
|  | 11/2025 | 14740 | $10612 | 3 | 0 |
|  | 11/2025 | $316 | 480 | 1 | 0 |
|  BOA | 10/2025 | 32885 | $4622 | 7 | (1) |
|  | 10/2025 | 11648952 | 2990 | 20 | 0 |
|  | 10/2025 | 321562 | 5190 | 67 | 0 |
|  | 10/2025 | 6599537 | 400 | 5 | 0 |
|  | 10/2025 | 9115 | 61 | 0 | (1) |
|  | 10/2025 | 224975 | 53368 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) |
|  | 10/2025 | 23424 | 6340 | 0 | (401) |
|  | 10/2025 | $151 | 1073 | 0 | 0 |
|  | 10/2025 | 2984 | 11648952 | 0 | (20) |
|  | 10/2025 | 9086 | 150507061 | 0 | (65) |
|  | 10/2025 | 7884 | 697375 | 0 | (41) |
|  | 10/2025 | 19 | 2722 | 0 | 0 |
|  | 10/2025 | 384 | 667 | 3 | 0 |
|  | 10/2025 | 59239 | 213018 | 0 | (647) |
|  | 11/2025 | 309019 | $4835 | 0 | (83) |
|  | 11/2025 | 667 | 385 | 0 | (3) |
|  | 11/2025 | $61 | 9084 | 1 | 0 |
|  | 11/2025 | 3620 | 67062 | 23 | 0 |
|  | 11/2025 | 18770 | 327943 | 154 | 0 |
|  | 11/2025 | 12092 | $692 | 0 | (6) |
|  | 12/2025 | 9063814 | 9384 | 0 | (43) |
|  | 12/2025 | 182213 | 9731 | 0 | (139) |
|  | 12/2025 | 1431205 | 197 | 0 | (6) |
|  | 12/2025 | $103 | 414949 | 1 | 0 |
|  | 01/2026 | 4425827 | $3121 | 453 | 0 |
|  | 01/2026 | $264 | 399501 | 0 | (24) |
|  | 03/2026 | 33496 | 1370 | 2 | 0 |
|  | 03/2026 | 3778 | 92655 | 9 | 0 |
|  | 04/2026 | $500 | 811429 | 0 | (41) |
|  | 08/2026 | 4161 | 75246 | 85 | 0 |
|  BPS | 10/2025 | 315 | $208 | 0 | (1) |
|  | 10/2025 | 96654 | 15993 | 2 | (2169) |
|  | 10/2025 | 5166 | 5554 | 0 | (519) |
|  | 10/2025 | 336901990 | 20082 | 0 | (110) |
|  | 10/2025 | 93193 | 1054 | 6 | 0 |
|  | 10/2025 | 10560 | 71 | 0 | 0 |
|  | 10/2025 | 42660 | 10159 | 17 | 0 |
|  | 10/2025 | 35940 | 847 | 0 | (14) |
|  | 10/2025 | $18036 | 96654 | 133 | (9) |
|  | 10/2025 | 23666 | 168552 | 0 | (9) |
|  | 10/2025 | 2568 | 18283 | 6 | 0 |
|  | 10/2025 | 2403 | 2041 | 0 | (7) |
|  | 10/2025 | 57578 | 950818867 | 1 | (590) |
|  | 10/2025 | 8262 | 11449943 | 0 | (106) |
|  | 10/2025 | 21047 | 88496 | 0 | (7) |
|  | 10/2025 | 16950 | 61691 | 25 | (6) |
|  | 10/2025 | 46592 | 1477521 | 0 | (949) |
|  | 10/2025 | 16912 | 513971 | 0 | (26) |
|  | 11/2025 | 977 | $22 | 0 | (1) |
|  | 11/2025 | $208 | 315 | 1 | 0 |
|  | 11/2025 | 8618 | 60960 | 0 | (23) |
|  | 11/2025 | 113 | 379 | 2 | 0 |
|  | 11/2025 | 71 | 10524 | 0 | 0 |
|  | 12/2025 | 29669 | $4184 | 0 | (1) |
|  | 12/2025 | 10698981 | 2726 | 24 | 0 |
|  | 12/2025 | 36627 | 1976 | 0 | (8) |
|  | 12/2025 | $2465 | 2341274 | 0 | (30) |
|  | 12/2025 | 4184 | 29626 | 2 | 0 |
|  | 12/2025 | 22323 | 7413556 | 0 | (108) |
|  | 12/2025 | 20082 | 337870965 | 125 | 0 |
|  | 01/2026 | 11780387 | $8114 | 1007 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **103** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Received** | **Currency to<br>be Delivered** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Received** | **Currency to<br>be Delivered** | **Asset** | **Liability** |
|  | 01/2026 | $7705 | 11586038 | $0 | $(716) |
|  | 03/2026 | 59089 | 2408 | 0 | (7) |
|  | 04/2026 | 1900827 | $1268 | 193 | 0 |
|  | 04/2026 | 288100 | 51793 | 0 | (30) |
|  | 05/2026 | $4420 | 1347 | 10 | 0 |
|  | 06/2026 | 3960615 | $2161 | 35 | 0 |
|  | 06/2026 | $1501 | 458 | 6 | 0 |
|  | 07/2026 | 757200 | $498 | 96 | 0 |
|  | 07/2026 | $532 | 900962 | 0 | (55) |
|  | 06/2027 | 1645 | 499 | 0 | (2) |
|  | 05/2029 | 7247 | $24915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 | 0 |
|  | 07/2029 | 806 | 2774 | 102 | 0 |
|  | 05/2030 | 4241 | 14605 | 505 | 0 |
|  | 08/2030 | 1440 | 4856 | 63 | 0 |
|  BRC | 10/2025 | 88576 | 16654 | 11 | 0 |
|  | 10/2025 | 712 | 888 | 0 | (7) |
|  | 10/2025 | 8459 | 9930 | 0 | (1) |
|  | 10/2025 | 88425 | 21047 | 24 | 0 |
|  | 10/2025 | 89 | 9 | 0 | 0 |
|  | 10/2025 | 621 | 15 | 0 | 0 |
|  | 10/2025 | $15995 | 88576 | 648 | 0 |
|  | 10/2025 | 757 | 604 | 2 | 0 |
|  | 10/2025 | 4513 | 84432 | 88 | 0 |
|  | 10/2025 | 14197 | 51909 | 82 | 0 |
|  | 10/2025 | 1941 | 8410 | 0 | (1) |
|  | 10/2025 | 16750 | 717675 | 426 | 0 |
|  | 11/2025 | 601 | $757 | 0 | (2) |
|  | 11/2025 | $9 | 89 | 0 | 0 |
|  | 11/2025 | 9159 | 399889 | 50 | 0 |
|  | 11/2025 | 117884 | $6695 | 0 | (108) |
|  | 12/2025 | $3429 | 63409 | 5 | 0 |
|  | 12/2025 | 1721 | 79457 | 85 | 0 |
|  BSH | 10/2025 | 3411633 | $3580 | 31 | 0 |
|  | 10/2025 | 555 | 653 | 1 | 0 |
|  | 10/2025 | $113 | 196 | 0 | 0 |
|  | 11/2025 | 196 | $113 | 0 | 0 |
|  | 11/2025 | 16456 | 4549 | 0 | (184) |
|  | 11/2025 | $1743 | 6440 | 111 | 0 |
|  | 12/2025 | 54451 | $15416 | 0 | (235) |
|  | 01/2026 | 9706 | 2712 | 0 | (75) |
|  | 03/2026 | 8156 | 2335 | 0 | (4) |
|  | 05/2026 | 49584 | 13851 | 0 | (334) |
|  CBK | 10/2025 | 32301 | 6052 | 0 | (17) |
|  | 10/2025 | 17 | 12 | 0 | 0 |
|  | 10/2025 | 44288 | 6238 | 6 | 0 |
|  | 10/2025 | 31959 | 37523 | 52 | (51) |
|  | 10/2025 | 18341 | 24754 | 87 | 0 |
|  | 10/2025 | 347949889 | 20764 | 0 | (91) |
|  | 10/2025 | 2304537 | 26063 | 144 | 0 |
|  | 10/2025 | 1504567 | 942 | 0 | (71) |
|  | 10/2025 | 8744 | 877 | 0 | 0 |
|  | 10/2025 | 40012 | 11449 | 0 | (71) |
|  | 10/2025 | 70539 | 55147 | 464 | 0 |
|  | 10/2025 | 2437257 | 75844 | 632 | 0 |
|  | 10/2025 | 86 | 3 | 0 | 0 |
|  | 10/2025 | $5968 | 32301 | 102 | (1) |
|  | 10/2025 | 10636 | 75728 | 8 | (16) |
|  | 10/2025 | 12272 | 87385 | 31 | 0 |
|  | 10/2025 | 2391 | 11648952 | 579 | 0 |
|  | 10/2025 | 12630 | 207743619 | 0 | (179) |
|  | 10/2025 | 30935 | 2718026 | 0 | (365) |
|  | 10/2025 | 2785 | 406800 | 0 | (34) |
|  | 10/2025 | 68 | 690 | 1 | 0 |
|  | 10/2025 | 3937 | 14382 | 19 | 0 |
|  | 10/2025 | 13 | 16 | 0 | 0 |
|  | 10/2025 | 1151 | 46673 | 18 | 0 |
|  | 10/2025 | 29241 | $1688 | 0 | (5) |
|  | 11/2025 | 196065024 | 47887 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1916) |
|  | 11/2025 | 16 | 13 | 0 | 0 |
|  | 11/2025 | $12 | 17 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **104** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Received** | **Currency to<br>be Delivered** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Received** | **Currency to<br>be Delivered** | **Asset** | **Liability** |
|  | 11/2025 | $11260 | 79627 | $0 | $(33) |
|  | 11/2025 | 6170 | 549043 | 0 | (7) |
|  | 11/2025 | 877 | 8742 | 0 | 0 |
|  | 11/2025 | 75844 | 2433860 | 0 | (543) |
|  | 11/2025 | 831 | 14428 | 2 | 0 |
|  | 12/2025 | 7828016 | $8120 | 0 | (22) |
|  | 12/2025 | 29152 | 4110 | 0 | (2) |
|  | 12/2025 | 54889 | 15050 | 0 | (727) |
|  | 12/2025 | 270099 | 4709 | 88 | 0 |
|  | 12/2025 | $3000 | 16204 | 1 | 0 |
|  | 12/2025 | 11455 | 81070 | 1 | (9) |
|  | 12/2025 | 4028 | 83564 | 10 | 0 |
|  | 12/2025 | 714 | 40739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | 0 |
|  | 12/2025 | 20764 | 348936200 | 105 | 0 |
|  | 12/2025 | 19824 | 1756568 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) |
|  | 12/2025 | 6591 | 23597 | 193 | 0 |
|  | 12/2025 | 970 | 39237 | 6 | 0 |
|  | 01/2026 | 28191 | $3979 | 0 | (1) |
|  | 01/2026 | 67127 | 18790 | 0 | (488) |
|  | 01/2026 | $1590 | 2485362 | 0 | (91) |
|  | 01/2026 | 3051 | 16678 | 13 | 0 |
|  | 01/2026 | 3979 | 28132 | 0 | (1) |
|  | 02/2026 | 4864 | $340 | 0 | (17) |
|  | 02/2026 | 44302 | 12527 | 0 | (185) |
|  | 03/2026 | 34122 | 35 | 0 | 0 |
|  | 03/2026 | 76608 | 1477 | 0 | (11) |
|  | 03/2026 | 47053 | 13386 | 0 | (106) |
|  | 04/2026 | $600 | 960000 | 0 | (57) |
|  | 05/2026 | 9215 | $2599 | 0 | (38) |
|  | 06/2026 | 1564831 | 1029 | 198 | 0 |
|  | 07/2026 | 4422913 | 2802 | 462 | 0 |
|  CIB | 10/2025 | 16361 | 3076 | 2 | 0 |
|  | 10/2025 | $3054 | 16361 | 20 | 0 |
|  DUB | 10/2025 | 19709 | $351 | 0 | (60) |
|  | 10/2025 | 2215 | 648 | 0 | (20) |
|  | 10/2025 | 886599 | 9980 | 9 | 0 |
|  | 10/2025 | 732 | 24 | 0 | 0 |
|  | 10/2025 | $50796 | 361175 | 0 | (104) |
|  | 10/2025 | 18950 | 1674845 | 0 | (113) |
|  | 10/2025 | 6 | 7792 | 0 | 0 |
|  | 10/2025 | 1453 | 805699 | 7 | (4) |
|  | 10/2025 | 16294 | 68573 | 9 | 0 |
|  | 10/2025 | 1332 | 132235 | 0 | (8) |
|  | 11/2025 | 25922 | $7398 | 0 | (57) |
|  | 11/2025 | 139779 | 472 | 0 | (22) |
|  | 11/2025 | $9695 | 68542 | 0 | (28) |
|  | 11/2025 | 648 | 2214 | 20 | 0 |
|  | 11/2025 | 13726 | 1221917 | 0 | (10) |
|  | 11/2025 | 783 | 436564 | 0 | 0 |
|  | 11/2025 | 283213 | $16180 | 0 | (163) |
|  | 12/2025 | 5529844 | 330 | 0 | (1) |
|  | 12/2025 | 1756568 | 19988 | 305 | 0 |
|  | 12/2025 | 4393722 | 1175 | 0 | (75) |
|  | 12/2025 | $3004 | 11640590 | 0 | (65) |
|  | 12/2025 | 2892 | 1604949 | 0 | (36) |
|  | 02/2026 | 4219 | 15006 | 87 | 0 |
|  | 03/2026 | 3123 | 1801676 | 0 | (24) |
|  | 09/2026 | 82308 | $1477 | 0 | (11) |
|  | 09/2026 | 335665 | 1126 | 0 | (16) |
|  FAR | 10/2025 | 360 | 235 | 0 | (3) |
|  | 10/2025 | 7617 | 1828 | 17 | 0 |
|  | 10/2025 | $932 | 1436 | 19 | 0 |
|  | 10/2025 | 136 | 108 | 0 | 0 |
|  | 10/2025 | 22179 | 157473 | 0 | (77) |
|  | 10/2025 | 492 | 3510 | 2 | 0 |
|  | 10/2025 | 12401 | 9221 | 0 | 0 |
|  | 10/2025 | 29875 | 2635005 | 0 | (239) |
|  | 10/2025 | 7357 | 1081561 | 0 | (43) |
|  | 10/2025 | 5571 | 23369 | 0 | (15) |
|  | 10/2025 | 25595 | 93470 | 117 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **105** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Received** | **Currency to<br>be Delivered** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Received** | **Currency to<br>be Delivered** | **Asset** | **Liability** |
|  | 10/2025 | $54361 | 70012 | $0 | $(86) |
|  | 11/2025 | 108 | $136 | 0 | 0 |
|  | 11/2025 | 9221 | 12403 | 0 | 0 |
|  | 11/2025 | 69834 | 54361 | 82 | 0 |
|  | 11/2025 | $235 | 360 | 3 | 0 |
|  | 11/2025 | 48636 | 268093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 | 0 |
|  | 11/2025 | 3903 | 14325 | 219 | 0 |
|  | 12/2025 | 1695163 | $89454 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2364) |
|  | 12/2025 | $112 | 2118 | 3 | 0 |
|  GLM | 10/2025 | 101500 | $16924 | 0 | (2147) |
|  | 10/2025 | 356422660 | 21368 | 5 | 0 |
|  | 10/2025 | 68573 | 16302 | 0 | (1) |
|  | 10/2025 | 1912404 | 1184 | 0 | (102) |
|  | 10/2025 | 61 | 2 | 0 | 0 |
|  | 10/2025 | $18879 | 101500 | 198 | (7) |
|  | 10/2025 | 2891 | 20547 | 0 | (7) |
|  | 10/2025 | 10471 | 173062329 | 0 | (98) |
|  | 10/2025 | 107 | 360 | 1 | 0 |
|  | 10/2025 | 7876 | 691075 | 0 | (103) |
|  | 10/2025 | 5033 | 94253 | 104 | 0 |
|  | 10/2025 | 41556 | 175368 | 136 | 0 |
|  | 10/2025 | 11892 | 51855 | 70 | 0 |
|  | 10/2025 | 25031 | 806151 | 0 | (149) |
|  | 11/2025 | 164662 | $2661 | 57 | (19) |
|  | 11/2025 | 2427 | 76 | 0 | 0 |
|  | 11/2025 | $289 | 2047 | 0 | (1) |
|  | 11/2025 | 3685 | 160908 | 23 | 0 |
|  | 11/2025 | 1050 | 42147 | 0 | 0 |
|  | 12/2025 | 100186 | $2149 | 0 | (126) |
|  | 12/2025 | $21368 | 357277391 | 0 | 0 |
|  | 01/2026 | 828633 | $571 | 74 | 0 |
|  | 01/2026 | $540 | 797688 | 0 | (59) |
|  | 02/2026 | 1867304 | $29028 | 106 | (438) |
|  | 03/2026 | 579057 | 8988 | 24 | (116) |
|  | 03/2026 | 34003 | 657 | 0 | (4) |
|  | 04/2026 | 743695 | 497 | 77 | 0 |
|  | 06/2026 | 64195 | 1191 | 0 | (9) |
|  | 07/2026 | 778588 | 516 | 102 | 0 |
|  | 09/2026 | 1103965 | 580 | 21 | 0 |
|  JPM | 10/2025 | 25381 | 4764 | 3 | (8) |
|  | 10/2025 | 1810053 | 1884 | 1 | 0 |
|  | 10/2025 | 9281818 | 2366 | 4 | 0 |
|  | 10/2025 | 250598 | 2838 | 19 | 0 |
|  | 10/2025 | 1910037 | 1184 | 0 | (101) |
|  | 10/2025 | 29373 | 8386 | 0 | (70) |
|  | 10/2025 | 35714 | 1115 | 12 | 0 |
|  | 10/2025 | $4670 | 25381 | 99 | 0 |
|  | 10/2025 | 1237 | 1710 | 0 | (9) |
|  | 10/2025 | 4726 | 33447 | 0 | (18) |
|  | 10/2025 | 17597 | 290735109 | 0 | (171) |
|  | 10/2025 | 10 | 13490 | 0 | 0 |
|  | 10/2025 | 656 | 363085 | 1 | 0 |
|  | 10/2025 | 10691 | 44857 | 0 | (26) |
|  | 10/2025 | 9355 | 34379 | 102 | 0 |
|  | 10/2025 | 110281 | 3544770 | 0 | (835) |
|  | 10/2025 | 1972 | 84187 | 45 | 0 |
|  | 11/2025 | 5448 | $385 | 0 | (41) |
|  | 11/2025 | 273208 | 923 | 0 | (43) |
|  | 11/2025 | 888 | 20 | 0 | (1) |
|  | 11/2025 | $77946 | 429226 | 2059 | (4) |
|  | 11/2025 | 6660 | 47055 | 0 | (27) |
|  | 11/2025 | 280227 | $15977 | 0 | (193) |
|  | 12/2025 | 5738640 | 1446 | 0 | (3) |
|  | 12/2025 | $21964 | 86276224 | 0 | (181) |
|  | 12/2025 | 18747 | 355463 | 506 | 0 |
|  | 12/2025 | 2627 | 9119 | 0 | (6) |
|  | 12/2025 | 983 | 56271 | 0 | (20) |
|  | 06/2026 | 41140 | $762 | 0 | (7) |
|  MBC | 10/2025 | 135705 | 19050 | 4 | 0 |
|  | 10/2025 | 3816 | 4482 | 2 | 0 |

---

---

| | | |
|:---|:---|:---|
| **106** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Received** | **Currency to<br>be Delivered** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Received** | **Currency to<br>be Delivered** | **Asset** | **Liability** |
|  | 10/2025 | 9221 | $12320 | $0 | $(81) |
|  | 10/2025 | 5234 | 35 | 0 | 0 |
|  | 10/2025 | 11447479 | 8211 | 57 | 0 |
|  | 10/2025 | 91 | 9 | 0 | 0 |
|  | 10/2025 | 7987 | 833 | 0 | (15) |
|  | 10/2025 | 3347 | 2595 | 1 | 0 |
|  | 10/2025 | $25858 | 183796 | 0 | (62) |
|  | 10/2025 | 31459 | 26603 | 0 | (225) |
|  | 10/2025 | 13 | 1936 | 0 | 0 |
|  | 10/2025 | 8219 | 11451623 | 0 | (57) |
|  | 10/2025 | 399 | 511 | 0 | (3) |
|  | 11/2025 | 19050 | 135383 | 0 | (3) |
|  | 11/2025 | 5785 | 19567 | 123 | 0 |
|  | 11/2025 | 27462 | 2442773 | 0 | (42) |
|  | 11/2025 | 61 | 8948 | 0 | 0 |
|  | 11/2025 | 9 | 91 | 0 | 0 |
|  | 12/2025 | 462452 | $64020 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1166) |
|  | 12/2025 | $3535 | 65725 | 25 | 0 |
|  | 01/2026 | 31928 | $4517 | 5 | 0 |
|  | 01/2026 | $4517 | 31897 | 0 | (3) |
|  | 02/2026 | 19999 | $5470 | 0 | (574) |
|  | 03/2026 | $1483 | 87590 | 222 | 0 |
|  | 09/2026 | 54346 | $976 | 0 | (7) |
|  MYI | 10/2025 | 2166600 | 552 | 1 | 0 |
|  | 10/2025 | 566 | 668 | 4 | 0 |
|  | 10/2025 | 199665 | 1337 | 0 | (13) |
|  | 10/2025 | 3 | 0 | 0 | 0 |
|  | 10/2025 | 50979 | 1610 | 35 | 0 |
|  | 10/2025 | $26077 | 185556 | 0 | (33) |
|  | 10/2025 | 4527 | 32240 | 11 | 0 |
|  | 10/2025 | 82 | 12038 | 0 | 0 |
|  | 10/2025 | 44153 | 186418 | 167 | 0 |
|  | 10/2025 | 9278 | 33586 | 0 | (40) |
|  | 10/2025 | 3230 | 102716 | 0 | (57) |
|  | 11/2025 | 70866 | $12680 | 0 | (504) |
|  | 11/2025 | $3395 | 24014 | 0 | (7) |
|  | 11/2025 | 9822 | 874494 | 0 | (6) |
|  | 11/2025 | 1337 | 198974 | 13 | 0 |
|  | 11/2025 | 0 | 3 | 0 | 0 |
|  | 12/2025 | 39136 | 1551 | 0 | (62) |
|  | 12/2025 | 7082 | 173762 | 46 | 0 |
|  | 12/2025 | 35769 | $1896 | 0 | (41) |
|  | 12/2025 | $77514 | 1598142 | 0 | (297) |
|  | 02/2026 | 56847 | 2312 | 0 | (15) |
|  | 10/2026 | $1723 | 3083 | 18 | 0 |
|  | 10/2027 | 3446 | 6341 | 0 | (36) |
|  NGF | 10/2025 | 9353 | 154807637 | 0 | (74) |
|  | 10/2025 | 13 | 17865 | 0 | 0 |
|  | 12/2025 | 540 | 23679 | 2 | 0 |
|  SCX | 10/2025 | 269122613 | $16118 | 0 | (12) |
|  | 10/2025 | 564603 | 6350 | 0 | 0 |
|  | 10/2025 | 22132 | 6320 | 0 | (49) |
|  | 10/2025 | 87 | 3 | 0 | 0 |
|  | 10/2025 | $18991 | 134948 | 0 | (51) |
|  | 10/2025 | 5744 | 40895 | 10 | 0 |
|  | 10/2025 | 28945 | 21640 | 158 | 0 |
|  | 10/2025 | 12704 | 208895161 | 0 | (184) |
|  | 10/2025 | 14773 | 1303777 | 0 | (109) |
|  | 10/2025 | 419 | 61636 | 0 | (2) |
|  | 10/2025 | 867 | 1517012 | 155 | 0 |
|  | 10/2025 | 12781 | 44579 | 52 | 0 |
|  | 11/2025 | 21640 | $28950 | 0 | (158) |
|  | 11/2025 | 2670725 | 29989 | 10 | 0 |
|  | 11/2025 | 115236 | 400 | 0 | (7) |
|  | 11/2025 | 3338 | 2595 | 1 | 0 |
|  | 11/2025 | $1612 | 11423 | 0 | (2) |
|  | 11/2025 | 6350 | 565698 | 0 | 0 |
|  | 11/2025 | 0 | 43 | 0 | 0 |
|  | 12/2025 | 6659260 | $116684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772 | 0 |
|  | 12/2025 | 210922 | 735 | 0 | (9) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **107** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Received** | **Currency to<br>be Delivered** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Received** | **Currency to<br>be Delivered** | **Asset** | **Liability** |
|  | 12/2025 | 4393737 | $1175 | $0 | $(75) |
|  | 12/2025 | $2197 | 15525 | 0 | (4) |
|  | 12/2025 | 18039 | 370043 | 0 | (160) |
|  | 12/2025 | 16118 | 269802794 | 18 | 0 |
|  | 12/2025 | 138 | 7886 | 0 | (3) |
|  | 01/2026 | 92290 | $13046 | 8 | 0 |
|  | 01/2026 | $13046 | 92153 | 0 | (7) |
|  | 04/2026 | 939306 | $543 | 0 | (61) |
|  SOG | 10/2025 | 281 | 186 | 0 | 0 |
|  | 10/2025 | 17565 | 3291 | 0 | (9) |
|  | 10/2025 | 18650 | 21933 | 36 | 0 |
|  | 10/2025 | 434820 | 2922 | 0 | (18) |
|  | 10/2025 | 296 | 30 | 0 | 0 |
|  | 10/2025 | 863 | 503 | 2 | 0 |
|  | 10/2025 | $3274 | 17565 | 27 | 0 |
|  | 10/2025 | 3838 | 564394 | 0 | (21) |
|  | 10/2025 | 11141 | 48528 | 53 | 0 |
|  | 11/2025 | 90013484 | $22239 | 0 | (627) |
|  | 11/2025 | $186 | 281 | 0 | 0 |
|  | 11/2025 | 21977 | 18650 | 0 | (37) |
|  | 11/2025 | 2922 | 433316 | 18 | 0 |
|  | 11/2025 | 30 | 296 | 0 | 0 |
|  | 12/2025 | 3291 | 17815 | 8 | 0 |
|  | 12/2025 | 9496 | 9015070 | 0 | (120) |
|  | 12/2025 | 954 | 19747 | 1 | 0 |
|  | 12/2025 | 152 | 50747 | 0 | 0 |
|  | 03/2026 | 13922222 | $14365 | 0 | (105) |
|  SSB | 10/2025 | 3299 | 4446 | 10 | 0 |
|  | 10/2025 | 30660221 | 1860 | 22 | 0 |
|  | 10/2025 | 162659 | 1850 | 21 | 0 |
|  | 10/2025 | $3945 | 348998 | 0 | (20) |
|  | 10/2025 | 13 | 49 | 1 | 0 |
|  | 11/2025 | 9627 | $2609 | 0 | (161) |
|  | 12/2025 | 17270 | 911 | 0 | (24) |
|  | 03/2026 | 9759626 | 10292 | 149 | 0 |
|  UAG | 10/2025 | 16456 | 11966 | 141 | 0 |
|  | 10/2025 | 222 | 65 | 0 | (2) |
|  | 10/2025 | 1467900 | 9962 | 36 | 0 |
|  | 10/2025 | $4026 | 67722111 | 33 | 0 |
|  | 10/2025 | 623 | 2078 | 4 | 0 |
|  | 10/2025 | 367 | 32381 | 0 | (3) |
|  | 10/2025 | 838 | 8531 | 17 | 0 |
|  | 10/2025 | 9210 | 33434 | 0 | (14) |
|  | 10/2025 | 1692 | 29239 | 1 | 0 |
|  | 10/2025 | 29253 | $1692 | 0 | (1) |
|  | 11/2025 | $65 | 222 | 2 | 0 |
|  | 11/2025 | 291 | 13701 | 28 | 0 |
|  | 11/2025 | 128228 | $7274 | 0 | (126) |
|  | 12/2025 | 1551 | 39135 | 62 | 0 |
|  | 12/2025 | $15906 | 5265016 | 0 | (129) |
|  | 12/2025 | 2610 | 48345 | 9 | 0 |
|  | 01/2026 | 3734 | 178008 | 216 | 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;20201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27920) |

---

#### PURCHASED 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> | Cost | Market<br>Value |
|  GLM | Put - OTC CDX.IG-44 5-Year Index | Buy | 0.550% | 11/19/2025 | 224400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | CZK | 24.200 | 03/11/2026 | 10221 | $46 | $55 |
|  | Put - OTC EUR versus HUF | HUF | 386.000 | 12/18/2025 | 62908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 54800 | 81 | 55 |

---

---

| | | |
|:---|:---|:---|
| **108** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/24/2026 | 86100 | $119 | $86 |
|  | Put - OTC USD versus MXN | MXN | 18.250 | 11/19/2025 | 44712 | 337 | 379 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 35209 | 1729 | 1898 |
| GLM | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 13700 | 18 | 14 |
|  | Put - OTC USD versus JPY | JPY | 144.000 | 11/12/2025 | 46677 | 572 | 245 |
| MBC | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 51600 | 68 | 52 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 29800 | 44 | 30 |
| MYI | Put - OTC EUR versus CZK | CZK | 24.200 | 02/10/2026 | 9635 | 41 | 47 |
|  | Put - OTC EUR versus CZK |  | 24.250 | 02/13/2026 | 6143 | 26 | 35 |
|  | Put - OTC USD versus BRL | BRL | 5.500 | 11/07/2025 | 23265 | 382 | 713 |
|  |  |  |  |  |  | $3822 | $3866 |
|  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;4192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001 |

---

#### 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 |
|  GLM | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.750% | 11/19/2025 | 224400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 54800 | $(30) | $(36) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 86100 | (40) | (55) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 70418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1824) |
| GLM | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 13700 | (6) | (9) |
|  | Put - OTC USD versus JPY | JPY | 140.000 | 11/12/2025 | 46677 | (271) | (74) |
|  | Call - OTC USD versus TRY | TRY | 53.500 | 12/11/2025 | 18689 | (607) | (140) |
| JPM | Put - OTC USD versus MXN | MXN | 18.250 | 11/19/2025 | 19972 | (96) | (169) |
| MBC | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 51600 | (23) | (34) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 29800 | (15) | (19) |
| MYI | Put - OTC USD versus BRL | BRL | 5.250 | 11/07/2025 | 23265 | (79) | (101) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/07/2025 | 23265 | (296) | (43) |
| UAG | Put - OTC USD versus TRY | TRY | 41.600 | 11/12/2025 | 1710 | (65) | (1) |
|  | Call - OTC USD versus TRY |  | 56.900 | 11/12/2025 | 1710 | (48) | (6) |
|  | Put - OTC USD versus TRY |  | 42.635 | 01/07/2026 | 7530 | (255) | (16) |
|  | Call - OTC USD versus TRY |  | 56.750 | 01/07/2026 | 7530 | (171) | (73) |
|  | Put - OTC USD versus TRY |  | 42.800 | 01/08/2026 | 11554 | (396) | (32) |
|  | Call - OTC USD versus TRY |  | 56.750 | 01/08/2026 | 11554 | (265) | (114) |
|  |  |  |  |  |  | $(4411) | $(2746) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month PLN-WIRON | Receive | 4.065% | 11/20/2025 | 48290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.065 | 11/20/2025 | 48290 | (114) | (84) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 7.040 | 12/23/2025 | 122200 | (48) | (41) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Pay | 7.040 | 12/23/2025 | 122200 | (48) | (50) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Receive | 4.475 | 11/24/2025 | 27000 | (104) | (61) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.475 | 11/24/2025 | 27000 | (104) | (85) |
| CKL Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 7.070 | 12/04/2025 | 147900 | (42) | (51) |
| DBL Call - OTC 5-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Receive | 3.890 | 12/29/2025 | 118650 | (37) | (23) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Pay | 3.890 | 12/29/2025 | 118650 | (37) | (41) |
| GST Call - OTC 5-Year Interest Rate Swap  | 3-Month HUF-SOFR | Receive | 6.190 | 11/14/2025 | 2883080 | (84) | (35) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month HUF-SOFR | Pay | 6.190 | 11/14/2025 | 2883080 | (84) | (63) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 7.160 | 11/26/2025 | 143100 | (62) | (65) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Pay | 7.160 | 11/26/2025 | 143100 | (62) | (28) |
| JPM Call - OTC 5-Year Interest Rate Swap  | 6-Month HUF-BUBOR | Receive | 6.110 | 12/23/2025 | 1040550 | (25) | (16) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month HUF-BUBOR | Pay | 6.110 | 12/23/2025 | 1040550 | (26) | (36) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month ILS-TELBOR | Receive | 4.135 | 12/03/2025 | 13800 | (56) | (72) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **109** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond 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** |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month ILS-TELBOR | Pay | 4.135% | 12/03/2025 | 13800 | $(56) | $(39) |
| MYC Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 7.310 | 10/02/2025 | 335800 | (91) | (236) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 7.080 | 12/31/2025 | 96500 | (37) | (49) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Pay | 7.080 | 12/31/2025 | 96500 | (37) | (47) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month PLN-WIBOR | Receive | 4.445 | 12/18/2025 | 7700 | (27) | (19) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month PLN-WIBOR | Pay | 4.445 | 12/18/2025 | 7700 | (27) | (31) |
|  |  |  |  |  |  | $(1322) | $(1220) |
|  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;(5867) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4006) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BOA | Brazil Government International Bonds | (1.000)% | Quarterly | 06/20/2029 | 0.978% | $12100 | $281 | $(293) | $0 | $(12) |
| BPS | Brazil Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 1.092 | 1400 | 48 | (44) | 4 | 0 |
| BRC | Brazil Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 1.092 | 10800 | 330 | (294) | 36 | 0 |
|  | Chile Government International Bonds | (1.000) | Quarterly | 12/20/2028 | 0.318 | 3400 | (67) | (5) | 0 | (72) |
|  | Chile Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 0.410 | 400 | (8) | (1) | 0 | (9) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2033 | 0.932 | 10600 | (26) | (27) | 0 | (53) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 0.963 | 6500 | (57) | 38 | 0 | (19) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2034 | 0.991 | 2960 | (11) | 8 | 0 | (3) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2035 | 1.038 | 300 | 0 | 1 | 1 | 0 |
| GST | Brazil Government International Bonds | (1.000) | Quarterly | 06/20/2029 | 0.978 | 17800 | 398 | (416) | 0 | (18) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2035 | 1.038 | 1300 | 3 | 1 | 4 | 0 |
| JPM | Chile Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 0.410 | 1000 | (19) | (5) | 0 | (24) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1037) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Mexico Government International Bonds | 1.000% | Quarterly | 12/20/2025 | 0.194 | $— | 3250 | $16 | $(9) | $7 | $0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.406 |  | 3000 | 6 | 33 | 39 | 0 |
|  | Romania Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.593 |  | 7625 | 12 | (3) | 9 | 0 |
| BRC | Peru Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.561 |  | 400 | 3 | 4 | 7 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.634 |  | 30100 | 425 | 60 | 485 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.681 |  | 500 | 8 | 0 | 8 | 0 |
|  | South Korea Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.133 |  | 2700 | 18 | (12) | 6 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.632 |  | 7000 | 2 | 5 | 7 | 0 |
| CBK | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.410 |  | 11100 | (64) | 177 | 113 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.745 |  | 275 | (4) | 7 | 3 | 0 |
| DUB | Eskom « | 4.650 | Quarterly | 06/30/2029 |  |  | 8000 | 0 | 482 | 482 | 0 |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  |  | 3882 | 0 | 50 | 50 | 0 |
| GST | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.299 |  | 6800 | 8 | 4 | 12 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.309 |  | 1000 | 0 | 5 | 5 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.681 |  | 2200 | 33 | 1 | 34 | 0 |
| JPM | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.745 |  | 375 | (4) | 8 | 4 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.561 |  | 1000 | 6 | 12 | 18 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

110 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Floating rate equal to 1-Day IDR-SOFR plus 0.540% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 03/18/2031 | 93607840 | $5634 | $37 | $(20) | $5650 | $(5633) |
|  BPS | Floating rate equal to 1-Day KRW-SOFR less 0.394% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 03/18/2029 | 28739000 | 20823 | (158) | 25 | 20686 | (20819) |
|  BRC | Floating rate equal to 1-Day IDR-SOFR plus 0.546% based on the notional amount of currency received | Floating rate equal to 1-Day INR-SOFR based on the notional amount of currency delivered | Maturity | 03/18/2031 | 99331320 | 1451280 | (10512) | 24 | 5946 | (16434) |
|  | Floating rate equal to 1-Day INR-SOFR Compounded-OIS plus 0.638% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 03/18/2031 | 16250 | $5921 | 10328 | (2) | 16246 | (5920) |
|  CBK | Floating rate equal to 1-Day IDR-SOFR plus 0.562% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 09/15/2028 | 749270180 | 44236 | 1605 | 105 | 45931 | (44221) |
|  DUB | Floating rate equal to 1-Day IDR-SOFR plus 0.544% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 03/18/2031 | 74200210 | 4463 | 33 | (11) | 4485 | (4463) |
|  GLM | Floating rate equal to 1-Day IDR-SOFR plus 0.528% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 03/18/2029 | 525438080 | 31115 | 273 | 99 | 31481 | (31109) |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS plus 0.638% based on the notional amount of currency received | Floating rate equal to 1-Day PHP-SOFR based on the notional amount of currency delivered | Maturity | 03/18/2031 | $24789 | 1415924 | (177) | 64 | 24784 | (24897) |
|  SCX | Floating rate equal to 1-Day IDR-SOFR plus 0.539% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 03/18/2031 | 91307200 | $5512 | 20 | (23) | 5508 | (5511) |
|  | Floating rate equal to 1-Day IDR-SOFR plus 0.545% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 03/18/2031 | 103506040 | 6192 | 41 | (9) | 6223 | (6191) |
|  |  |  |  |  |  |  | $1490 | $252 | $166940 | $(165198) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 111

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 90200 | $(85) | $(22) | $0 | $(107) |
|  | Receive | 3-Month COP-IBR Compounded-OIS | 5.610 | Quarterly | 02/11/2026 | COP | 16064000 | 0 | 65 | 65 | 0 |
|  | Pay | 3-Month MYR-KLIBOR<sup>(8)</sup> | 3.000 | Quarterly | 03/18/2031 | MYR | 10600 | (18) | (12) | 0 | (30) |
| BSH | Pay | 6-Month CLP-CHILIBOR | 3.790 | Semi-Annual | 03/14/2026 | CLP | 15998900 | 0 | (76) | 0 | (76) |
|  | Receive | 6-Month CLP-CHILIBOR | 3.300 | Semi-Annual | 06/21/2029 |  | 3550000 | 0 | 194 | 194 | 0 |
| CBK | Receive | 6-Month CLP-CHILIBOR | 3.763 | Semi-Annual | 05/24/2029 |  | 2445900 | (38) | 128 | 90 | 0 |
| GLM | Receive | 6-Month CLP-CHILIBOR | 3.015 | Semi-Annual | 06/20/2026 |  | 5445000 | 0 | 95 | 95 | 0 |
|  | Pay | 6-Month CLP-CHILIBOR | 4.095 | Semi-Annual | 06/01/2027 |  | 15023700 | 0 | (155) | 0 | (155) |
|  | Pay | 6-Month CLP-CHILIBOR | 3.830 | Semi-Annual | 05/22/2029 |  | 6734700 | 0 | (232) | 0 | (232) |
|  | Pay | 6-Month CLP-CHILIBOR | 4.319 | Semi-Annual | 05/22/2029 |  | 10120000 | 0 | (155) | 0 | (155) |
|  | Pay | 6-Month CLP-CHILIBOR | 3.265 | Semi-Annual | 06/14/2029 |  | 1715500 | 0 | (96) | 0 | (96) |
|  | Receive | 6-Month CLP-CHILIBOR | 6.620 | Semi-Annual | 09/20/2032 |  | 3100000 | 0 | (287) | 0 | (287) |
| GST | Pay | 3-Month MYR-KLIBOR<sup>(8)</sup> | 3.000 | Quarterly | 03/18/2028 | MYR | 355500 | (21) | (212) | 0 | (233) |
|  | Pay | 3-Month MYR-KLIBOR<sup>(8)</sup> | 3.000 | Quarterly | 03/18/2031 |  | 96460 | (152) | (120) | 0 | (272) |
| JPM | Receive | 6-Month CLP-CHILIBOR | 3.540 | Semi-Annual | 06/04/2029 | CLP | 4085000 | 0 | 187 | 187 | 0 |
|  |  |  |  |  |  |  |  | $(314) | $(698) | $631 | $(1643) |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(9)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(9)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| SCX | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.850 | Semi-Annual | 11/19/2025 | INR | 3487440 | $0 | $(396) | $0 | $(396) |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.850 | Semi-Annual | 12/19/2025 |  | 5371550 | 0 | (678) | 0 | (678) |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.850 | Semi-Annual | 12/24/2025 |  | 2459750 | 0 | (41) | 0 | (41) |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.850 | Semi-Annual | 12/31/2025 |  | 129760 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  |  | $0 | $(1115) | $0 | $(1115) |

---

#### VOLATILITY SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Pay/Receive<br>Volatility | **Reference Entity** | **Volatility<br>Strike** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | Pay/Receive<br>Volatility | **Reference Entity** | **Volatility<br>Strike** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  JPM | Receive | USD versus INR 1-Year ATM Realized Volatility | 3.600% | Maturity | 11/24/2025 | $37 | $0 | $(23) | $0 | $(23) |
|  | Receive | USD versus INR 1-Year ATM Realized Volatility | 3.725 | Maturity | 11/26/2025 | 19 | 0 | (9) | 0 | (9) |
|  SCX | Receive | USD versus INR 1-Year ATM Realized Volatility | 3.450 | Maturity | 11/21/2025 | 22 | 0 | (17) | 0 | (17) |
|  |  |  |  |  |  |  | $0 | $(49) | $0 | $(49) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $2513 | $(1823) | $168905 | $(168215) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(10)</sup> |
|  AZD | $276 | $0 | $0 | $276 | $(4) | $0 | $0 | $(4) | $272 | $(330) | $(58) |
|  BOA | 830 | 2730 | 5650 | 9210 | (1639) | (2284) | (5645) | (9568) | (358) | 1499 | 1141 |
|  BPS | 3283 | 0 | 20810 | 24093 | (5503) | 0 | (20956) | (26459) | (2366) | 2707 | 341 |
|  BRC | 1421 | 0 | 22742 | 24163 | (119) | 0 | (22510) | (22629) | 1534 | (1660) | (126) |
|  BSH | 143 | 0 | 194 | 337 | (832) | 0 | (76) | (908) | (571) | 272 | (299) |
|  CBK | 3329 | 0 | 46137 | 49466 | (5296) | 0 | (44221) | (49517) | (51) | 1758 | 1707 |
|  CIB | 22 | 0 | 0 | 22 | 0 | 0 | 0 | 0 | 22 | 0 | 22 |

---

---

| | | |
|:---|:---|:---|
| **112** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(10)</sup>** |
|  CKL | $0 | $0 | $0 | $0 | $0 | $(51) | $0 | $(51) | $(51) | $0 | $(51) |
|  DBL | 0 | 0 | 0 | 0 | 0 | (64) | 0 | (64) | (64) | 0 | (64) |
|  DUB | 437 | 0 | 5017 | 5454 | (817) | 0 | (4463) | (5280) | 174 | (430) | (256) |
|  FAR | 1794 | 0 | 0 | 1794 | (2827) | 0 | 0 | (2827) | (1033) | 1068 | 35 |
|  GLM | 998 | 394 | 56360 | 57752 | (3386) | (263) | (56931) | (60580) | (2828) | 2907 | 79 |
|  GST | 0 | 0 | 55 | 55 | 0 | (191) | (523) | (714) | (659) | 472 | (187) |
|  JPM | 2851 | 0 | 209 | 3060 | (1764) | (332) | (56) | (2152) | 908 | (1391) | (483) |
|  MBC | 439 | 82 | 0 | 521 | (2238) | (53) | 0 | (2291) | (1770) | 1686 | (84) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (382) | 0 | (382) | (382) | 318 | (64) |
|  MYI | 295 | 795 | 0 | 1090 | (1111) | (144) | 0 | (1255) | (165) | 148 | (17) |
|  NGF | 2 | 0 | 0 | 2 | (74) | 0 | 0 | (74) | (72) | 0 | (72) |
|  SCX | 3184 | 0 | 11731 | 14915 | (893) | 0 | (12834) | (13727) | 1188 | (920) | 268 |
|  SOG | 145 | 0 | 0 | 145 | (937) | 0 | 0 | (937) | (792) | 932 | 140 |
|  SSB | 203 | 0 | 0 | 203 | (205) | 0 | 0 | (205) | (2) | 0 | (2) |
|  UAG | 549 | 0 | 0 | 549 | (275) | (242) | 0 | (517) | 32 | 0 | 32 |
|  Total Over the Counter | $20201 | $4001 | $168905 | $193107 | $(27920) | $(4006) | $(168215) | $(200141) |  |  |  |

---

(p) Securities with an aggregate market value of $13,767 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> 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>(9)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(10)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **113** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1814 | 1814 |
|  | $0 | $0 | $0 | $0 | $1815 | $1815 |
|  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 | $20201 | $0 | $20201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 135 | 0 | 3866 | 0 | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1334 | 0 | 166940 | 631 | 168905 |
|  | $0 | $1469 | $0 | $191007 | $631 | $193107 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191007 | $2446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194922 |
|  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 | $15 | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 19 | 0 | 0 | 1637 | 1656 |
|  | $0 | $19 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652 | $1671 |
|  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  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $27920 | $0 | $27920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 40 | 0 | 2746 | 1220 | 4006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 210 | 0 | 165247 | 2758 | 168215 |
|  | $0 | $250 | $0 | $195913 | $3978 | $200141 |
|  | $0 | $269 | $0 | $195913 | $5630 | $201812 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2333 | $2333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (29) | 0 | 0 | (4803) | (4832) |
|  | $0 | $(29) | $0 | $0 | $(2470) | $(2499) |
|  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 | $25550 | $0 | $25550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 557 | (121) | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 2239 | (48) | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 373 | 226 | 0 | (643) | (253) | (297) |
|  | $373 | $226 | $0 | $27703 | $(422) | $27880 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | $197 | $0 | $27703 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2892) | $25381 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(1575) | $(1575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (246) | 0 | 0 | 251 | 5 |
|  | $0 | $(246) | $0 | $0 | $(1324) | $(1570) |
|  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;(11805) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (234) | 0 | 878 | 0 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 94 | 0 | 1225 | 86 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (859) | 0 | 499 | (3906) | (4266) |
|  | $0 | $(999) | $0 | $(9203) | $(3820) | $(14022) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1245) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(9203) | $(5144) | $(15592) |

---

114 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp; Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $1954 | $1954 |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1399 | 0 | 1399 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 15163 | 0 | 15163 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 64 | 64 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164395 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164395 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 4445 | 0 | 4445 |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 228 | 0 | 228 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4875 | 9836 | 14711 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 4298 | 4298 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 64613 | 0 | 64613 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 68390 | 0 | 68390 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 136203 | 0 | 136203 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 105019 | 0 | 105019 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 76955 | 0 | 76955 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4924 | 0 | 4924 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 27770 | 0 | 27770 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 349 | 0 | 349 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19627 | 19627 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 5558 | 0 | 5558 |
|  Ghana | Ghana | Ghana | Ghana | Ghana |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5249 | 0 | 5249 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 42647 | 0 | 42647 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 136543 | 0 | 136543 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 298 | 0 | 298 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1541 | 0 | 1541 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 7409 | 7409 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 11611 | 11611 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1947 | 0 | 1947 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 296 | 0 | 296 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2506 | 0 | 2506 |
|  Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2706 | 2706 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 453 | 453 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1526 | 0 | 1526 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 205968 | 0 | 205968 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 311937 | 0 | 311937 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3398 | 3398 |
|  Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 3623 | 0 | 3623 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11385 | 0 | 11385 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $22020 | $0 | $22020 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 150371 | 0 | 150371 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Sovereign Issues | 0 | 112771 | 0 | 112771 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148004 | 0 | 148004 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 54756 | 0 | 54756 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660 | 4660 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 12386 | 0 | 12386 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1906 | 0 | 1906 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 19628 | 0 | 19628 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2542 | 2542 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 219669 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219669 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 15046 | 0 | 15046 |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2839 | 2839 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 35219 | 0 | 35219 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 11656 | 11656 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 46195 | 0 | 46195 |
|  Uganda | Uganda | Uganda | Uganda | Uganda |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5944 | 0 | 5944 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2465 | 0 | 2465 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 14674 | 16348 | 31022 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 4122 | 0 | 4122 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 18775 | 0 | 18775 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 178 | 28558 | 28736 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 10025 | 10025 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 16655 | 2198 | 18853 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 41964 | 0 | 41964 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5183 | 0 | 5183 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 844 | 0 | 844 |
|  Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2051 | 0 | 2051 |
|  Zambia | Zambia | Zambia | Zambia | Zambia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3677 | 0 | 3677 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1179 | 0 | 1179 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 306 | 0 | 306 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 56766 | 0 | 56766 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 17103 | 0 | 17103 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575791 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 115

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  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 | $251277 | $0 | $0 | $251277 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827068 |
|  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 | 1797 | 0 | 1797 |
|  Over the counter | 0 | 192575 | 532 | 193107 |
|  | $0 | $194372 | $532 | $194904 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  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 | $0 | $(1671) | $0 | $(1671) |
|  Over the counter | 0 | (200141) | 0 | (200141) |
|  | $0 | $(201812) | $0 | $(201812) |
|  Total Financial Derivative Instruments | $0 | $(7440) | $532 | $(6908) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140714 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820160 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Angola | Angola | Angola | Angola | Angola | Angola | Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp; Loan Participations and Assignments | $3900 | $0 | $(1950) | $0 | $0 | $4 | $0 | $0 | $1954 | $4 |
|  Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Loan Participations and Assignments | 64 | 0 | 0 | 96 | 0 | (96) | 0 | 0 | 64 | (96) |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 1124 | 8774 | (139) | 17 | 18 | 42 | 0 | 0 | 9836 | 42 |
| &nbsp;&nbsp; Loan Participations and Assignments | 4199 | 0 | 0 | 0 | 0 | 99 | 0 | 0 | 4298 | 99 |
|  Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 20421 | 0 | 0 | 0 | 0 | (794) | 0 | 0 | 19627 | (794) |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Loan Participations and Assignments | 6799 | 0 | 0 | 4 | 0 | 606 | 0 | 0 | 7409 | 606 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 14937 | 2934 | (7602) | 5 | 237 | 1100 | 0 | 0 | 11611 | 821 |
|  Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Loan Participations and Assignments | 2661 | 0 | 0 | 2 | 0 | 43 | 0 | 0 | 2706 | 42 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 527 | 0 | 0 | 0 | 0 | (74) | 0 | 0 | 453 | (74) |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Loan Participations and Assignments | 3349 | 0 | 0 | 13 | 0 | 36 | 0 | 0 | 3398 | 36 |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 3785 | 4543 | (4278) | 1 | 616 | (7) | 0 | 0 | 4660 | 116 |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Loan Participations and Assignments | 2879 | 0 | (505) | 4 | 36 | 128 | 0 | 0 | 2542 | 138 |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp; Loan Participations and Assignments | 3040 | 0 | (455) | 1 | (14) | 267 | 0 | 0 | 2839 | 232 |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | 1717 | 0 | 0 | 0 | 0 | 170 | 9769 | 0 | 11656 | 170 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Loan Participations and Assignments | 2559 | 0 | (2556) | (8) | (29) | 34 | 0 | 0 | 0 | 0 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 4959 | 13344 | (2688) | 353 | (64) | 444 | 0 | 0 | 16348 | 266 |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Corporate Bonds & Notes | 5101 | 23400 | 0 | 0 | 0 | 57 | 0 | 0 | 28558 | 57 |

---

---

| | | |
|:---|:---|:---|
| **116** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Beginning<br>Balance<br>at 03/31/2025** | **Net<br>Purchases<sup>(1)</sup>** | **Net<br>Sales/<br>Settlements<sup>(1)</sup>** | **Accrued<br>Discounts/<br>(Premiums)** | **Realized<br>Gain/(Loss)** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Transfers into<br>Level 3** | **Transfers out<br>of Level 3** | **Ending<br>Balance<br>at 09/30/2025** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup>** |
| &nbsp;&nbsp; Loan Participations and Assignments | $0 | $10025 | $0 | $0 | $0 | $0 | $0 | $0 | $10025 | $0 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 2154 | 0 | 0 | 0 | 0 | 44 | 0 | 0 | 2198 | 44 |
|  | $84175 | $63020 | $(20173) | $488 | $800 | $2103 | $9769 | $0 | $140182 | $1709 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $500 | $0 | $(8) | $0 | $0 | $40 | $0 | $0 | $532 | $40 |
|  Totals | $84675 | $63020 | $(20181) | $488 | $800 | $2143 | $9769 | $0 | $140714 | $1749 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Angola | Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $1954 | Discounted Cash Flow | Discount Rate | 8.700 |  |
|  Brazil | Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 64 | Other Valuation Techniques<sup>(3)</sup> |  |  |  |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 1028 | Discounted Cash Flow | Discount Rate | 3.340 |  |
|  | 8805 | Recent Transaction | Purchase Price | 100.000 |  |
|  | 3 | Indicative Market Quotation | Broker Quote | 10.500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 4298 | Discounted Cash Flow | Discount Rate | 6.572 |  |
|  Germany | Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 19627 | Discounted Cash Flow | Discount Rate | 7.462 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 7409 | Discounted Cash Flow | Discount Rate | 3.832 |  |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 11611 | Discounted Cash Flow | Discount Rate | 5.084-5.531 | 5.413 |
|  Kenya | Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2706 | Discounted Cash Flow | Discount Rate | 8.514 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 453 | Indicative Market Quotation | Broker Quote | $21.667 |  |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3398 | Discounted Cash Flow | Discount Rate | 7.648 |  |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 4660 | Discounted Cash Flow | Discount Rate | 8.730 |  |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2542 | Discounted Cash Flow | Discount Rate | 11.702 |  |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2839 | Third Party Vendor | Broker Quote | 100.750 |  |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1887 | Discounted Cash Flow | Discount Rate | 4.794 |  |
|  | 9769 | Third Party Vendor | Broker Quote | 100.250 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 2607 | Other Valuation Techniques<sup>(3)</sup> |  |  |  |
|  | 13741 | Recent Transaction | Purchase Price | 100.000 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **117** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** |
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | **Input Value(s)** | **Weighted<br>Average** |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $5158 | Discounted Cash Flow | Discount Rate | 6.208 |  |
|  | 23400 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 10025 | Recent Transaction | Purchase Price | 100.250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 2198 | Discounted Cash Flow | Discount Rate | 6.392 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 481 | Indicative Market Quotation | Broker Quote | 6.009 |  |
|  | 51 | Indicative Market Quotation | Broker Quote | 0.939 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140714 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

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

---

| | | |
|:---|:---|:---|
| **118** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 135.0% | INVESTMENTS IN SECURITIES 135.0% | INVESTMENTS IN SECURITIES 135.0% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ | 34 | 17 |
|  4.125% due 07/09/2035 þ | 29 | 14 |
|  Total Argentina (Cost $36) | Total Argentina (Cost $36) | 31 |
| AUSTRALIA 2.1% | AUSTRALIA 2.1% | AUSTRALIA 2.1% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.971% due 01/22/2030 | 1200 | 1248 |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 900 | 473 |
|  2.000% due 03/08/2033 | 400 | 223 |
|  4.750% due 09/20/2035 | 500 | 328 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 500 | 273 |
|  1.750% due 07/20/2034 | 300 | 155 |
|  2.000% due 08/22/2033 | 800 | 437 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 600 | 305 |
|  |  | 2194 |
|  Total Australia (Cost $3,245) | Total Australia (Cost $3,245) | 3442 |
| BULGARIA 0.3% | BULGARIA 0.3% | BULGARIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.375% due 07/18/2035 | 300 | 346 |
|  4.125% due 07/18/2045 | 200 | 227 |
|  Total Bulgaria (Cost $567) | Total Bulgaria (Cost $567) | 573 |
| CANADA 3.2% | CANADA 3.2% | CANADA 3.2% |
| CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 128 | 122 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  0.010% due 09/14/2029 | 300 | 318 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 | 900 | 932 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 300 | 352 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.851% due 12/14/2026 | 800 | 809 |
|  |  | 2533 |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  3.000% due 12/01/2036 (f) | 640 | 540 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  7.130% due 03/11/2029 | 22900 | 261 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 250 | 187 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 500 | 366 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 1300 | 947 |
|  4.450% due 09/01/2034 | 700 | 536 |
|  |  | 2837 |
|  Total Canada (Cost $5,327) | Total Canada (Cost $5,327) | 5370 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CAYMAN ISLANDS 3.4% | CAYMAN ISLANDS 3.4% | CAYMAN ISLANDS 3.4% |
| ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  5.408% due 04/15/2035 •  | 600 | 601 |
|  Atlas Senior Loan Fund X Ltd. | Atlas Senior Loan Fund X Ltd. | Atlas Senior Loan Fund X Ltd. |
|  5.669% due 01/15/2031 •  | 18 | 18 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  5.439% due 01/18/2035 •  | 500 | 502 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.600% due 12/16/2036 •  | 413 | 413 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.508% due 10/25/2030 •  | 418 | 418 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.530% due 10/24/2030 •  | 209 | 210 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.600% due 12/15/2036 •  | 526 | 515 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.667% due 04/20/2031 •  | 356 | 357 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  5.582% due 10/22/2034 •  | 700 | 701 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.450% due 04/18/2038 •  | 358 | 359 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.793% due 02/15/2039 •  | 652 | 653 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.505% due 04/20/2034 •  | 500 | 501 |
|  |  | 5248 |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 98 | 94 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 300 | 307 |
|  |  | 401 |
|  Total Cayman Islands (Cost $5,647) | Total Cayman Islands (Cost $5,647) | 5649 |
| CHILE 0.6% | CHILE 0.6% | CHILE 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | 645000 | 654 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.850% due 01/22/2029 | 300 | 307 |
|  Total Chile (Cost $1,261) | Total Chile (Cost $1,261) | 961 |
| CHINA 1.5% | CHINA 1.5% | CHINA 1.5% |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  1.650% due 05/15/2035 | 2900 | 401 |
|  1.920% due 01/15/2055 | 4300 | 563 |
|  2.040% due 11/25/2034 | 2900 | 415 |
|  2.190% due 09/25/2054 | 7400 | 1028 |
|  Total China (Cost $2,511) | Total China (Cost $2,511) | 2407 |
| COLOMBIA 0.6% | COLOMBIA 0.6% | COLOMBIA 0.6% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  8.375% due 01/19/2036 | 500 | 517 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  7.500% due 02/02/2034 | 550 | 579 |
|  Total Colombia (Cost $1,045) | Total Colombia (Cost $1,045) | 1096 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CZECH REPUBLIC 0.2% | CZECH REPUBLIC 0.2% | CZECH REPUBLIC 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds |
|  0.950% due 05/15/2030 | 5600 | 236 |
|  2.500% due 08/25/2028 | 900 | 42 |
|  Total Czech Republic (Cost $259) | Total Czech Republic (Cost $259) | 278 |
| DENMARK 0.6% | DENMARK 0.6% | DENMARK 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.000% due 10/01/2050 | 47 | 6 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 2156 | 278 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.500% due 10/01/2053 | 627 | 80 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 4488 | 575 |
|  Total Denmark (Cost $1,113) | Total Denmark (Cost $1,113) | 939 |
| DOMINICAN REPUBLIC 0.4% | DOMINICAN REPUBLIC 0.4% | DOMINICAN REPUBLIC 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  4.875% due 09/23/2032 | 200 | 191 |
|  6.600% due 06/01/2036 | 500 | 525 |
|  Total Dominican Republic (Cost $682) | Total Dominican Republic (Cost $682) | 716 |
| FRANCE 5.7% | FRANCE 5.7% | FRANCE 5.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  | 375 | 388 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 700 | 736 |
|  |  | 1124 |
| SOVEREIGN ISSUES 5.0% | SOVEREIGN ISSUES 5.0% | SOVEREIGN ISSUES 5.0% |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.100% due 07/25/2031 (f) | 612 | 681 |
|  0.750% due 02/25/2028 | 1800 | 2040 |
|  2.750% due 10/25/2027 | 700 | 831 |
|  2.750% due 02/25/2030 | 3810 | 4493 |
|  3.000% due 06/25/2049 | 200 | 194 |
|  |  | 8239 |
|  Total France (Cost $8,504) | Total France (Cost $8,504) | 9363 |
| GUATEMALA 0.3% | GUATEMALA 0.3% | GUATEMALA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
|  6.250% due 08/15/2036 | 500 | 517 |
|  Total Guatemala (Cost $495) | Total Guatemala (Cost $495) | 517 |
| HUNGARY 1.1% | HUNGARY 1.1% | HUNGARY 1.1% |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  5.375% due 09/12/2033 | 400 | 510 |
|  5.500% due 03/26/2036 | 200 | 202 |
|  6.000% due 09/26/2035 | 400 | 419 |
|  Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt |
|  6.125% due 12/04/2027 | 700 | 724 |
|  Total Hungary (Cost $1,698) | Total Hungary (Cost $1,698) | 1855 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 119

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INDIA 0.2% | INDIA 0.2% | INDIA 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. |
|  7.110% due 03/11/2032 | 300 | 312 |
|  Total India (Cost $300) | Total India (Cost $300) | 312 |
| INDONESIA 0.4% | INDONESIA 0.4% | INDONESIA 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
|  8.375% due 03/15/2034 | 9105000 | 622 |
|  Total Indonesia (Cost $634) | Total Indonesia (Cost $634) | 622 |
| IRELAND 3.7% | IRELAND 3.7% | IRELAND 3.7% |
| ASSET-BACKED SECURITIES 2.9% | ASSET-BACKED SECURITIES 2.9% | ASSET-BACKED SECURITIES 2.9% |
|  Accunia European CLO I DAC | Accunia European CLO I DAC | Accunia European CLO I DAC |
|  2.976% due 07/15/2030 •  | 43 | 51 |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  0.000% due 07/25/2039 •  | 500 | 589 |
|  BlackRock European CLO III DAC | BlackRock European CLO III DAC | BlackRock European CLO III DAC |
|  2.904% due 07/19/2035 •  | 500 | 586 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  3.059% due 10/15/2031 •  | 233 | 274 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 700 | 823 |
|  CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC |
|  2.676% due 10/15/2031 •  | 192 | 226 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.686% due 04/15/2033 •  | 179 | 210 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.676% due 04/15/2031 •  | 284 | 333 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.704% due 12/15/2031 •  | 119 | 140 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.006% due 05/15/2033 •  | 421 | 494 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.292% due 08/29/2036 •  | 500 | 589 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  | 400 | 469 |
|  |  | 4784 |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 300 | 295 |
|  3.000% due 10/29/2028 | 300 | 289 |
|  |  | 584 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 500 | 588 |
|  Total Ireland (Cost $5,847) | Total Ireland (Cost $5,847) | 5956 |
| ISRAEL 0.8% | ISRAEL 0.8% | ISRAEL 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 | 400 | 411 |
|  5.500% due 03/12/2034 | 200 | 206 |
|  5.625% due 02/19/2035 | 700 | 725 |
|  Total Israel (Cost $1,293) | Total Israel (Cost $1,293) | 1342 |
| ITALY 2.7% | ITALY 2.7% | ITALY 2.7% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 | 600 | 695 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 200 | 228 |
|  |  | 923 |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 400 | 404 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  2.100% due 08/26/2027 | 2600 | 3045 |
|  |  | 3449 |
|  Total Italy (Cost $4,371) | Total Italy (Cost $4,371) | 4372 |
| IVORY COAST 0.2% | IVORY COAST 0.2% | IVORY COAST 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  5.875% due 10/17/2031 | 300 | 351 |
|  Total Ivory Coast (Cost $291) | Total Ivory Coast (Cost $291) | 351 |
| JAPAN 6.5% | JAPAN 6.5% | JAPAN 6.5% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.159% due 04/24/2031 •  | 800 | 825 |
|  Olympus Corp. | Olympus Corp. | Olympus Corp. |
|  2.143% due 12/08/2026 | 200 | 195 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.350% due 09/11/2030 | 300 | 301 |
|  |  | 1321 |
| SOVEREIGN ISSUES 5.7% | SOVEREIGN ISSUES 5.7% | SOVEREIGN ISSUES 5.7% |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (f) | 259244 | 1783 |
|  0.100% due 03/10/2029 (f) | 472185 | 3260 |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  0.400% due 06/20/2029 | 60000 | 395 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 120000 | 622 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  0.700% due 12/20/2048 | 5000 | 22 |
|  0.700% due 12/20/2050 | 40000 | 163 |
|  0.700% due 03/20/2051 | 40000 | 162 |
|  0.700% due 06/20/2051 | 168000 | 673 |
|  2.200% due 06/20/2054 | 6000 | 34 |
|  2.300% due 12/20/2054 | 9000 | 52 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  0.400% due 06/20/2040 | 250000 | 1312 |
|  2.400% due 03/20/2045 | 142000 | 935 |
|  |  | 9413 |
|  Total Japan (Cost $12,131) | Total Japan (Cost $12,131) | 10734 |
| KAZAKHSTAN 0.5% | KAZAKHSTAN 0.5% | KAZAKHSTAN 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  3.500% due 04/14/2033 | 550 | 497 |
|  5.750% due 04/19/2047 | 200 | 187 |
|  6.375% due 10/24/2048 | 200 | 199 |
|  Total Kazakhstan (Cost $787) | Total Kazakhstan (Cost $787) | 883 |
| KUWAIT 0.5% | KUWAIT 0.5% | KUWAIT 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.016% due 10/09/2028 (b) | 400 | 400 |
|  4.136% due 10/09/2030 (b) | 200 | 200 |
|  4.652% due 10/09/2035 (b) | 300 | 300 |
|  Total Kuwait (Cost $900) | Total Kuwait (Cost $900) | 900 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| LUXEMBOURG 1.8% | LUXEMBOURG 1.8% | LUXEMBOURG 1.8% |
| COMMON STOCKS 0.7% | COMMON STOCKS 0.7% | COMMON STOCKS 0.7% |
|  Drillco Holdings Luxembourg SA «(h) | 35766 | 775 |
|  Foresea Holdings SA « | 14931 | 323 |
|  |  | 1098 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL |
|  6.010% due 01/20/2033 | 313 | 330 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 632 | 619 |
|  |  | 949 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 800 | 813 |
|  Total Luxembourg (Cost $2,256) | Total Luxembourg (Cost $2,256) | 2860 |
| MALAYSIA 0.9% | MALAYSIA 0.9% | MALAYSIA 0.9% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  2.480% due 01/28/2032 | 200 | 181 |
|  4.550% due 04/21/2050 | 200 | 177 |
|  |  | 358 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  2.632% due 04/15/2031 | 1400 | 322 |
|  3.519% due 04/20/2028 | 3431 | 820 |
|  |  | 1142 |
|  Total Malaysia (Cost $1,434) | Total Malaysia (Cost $1,434) | 1500 |
| MEXICO 0.6% | MEXICO 0.6% | MEXICO 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.750% due 10/12/2110 | 200 | 171 |
|  5.850% due 07/02/2032 | 500 | 517 |
|  6.625% due 01/29/2038 | 300 | 316 |
|  Total Mexico (Cost $1,009) | Total Mexico (Cost $1,009) | 1004 |
| NETHERLANDS 1.1% | NETHERLANDS 1.1% | NETHERLANDS 1.1% |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.515% due 12/03/2035 •  | 400 | 416 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.447% due 03/05/2030 •  | 450 | 466 |
|  5.710% due 01/21/2033 •  | 400 | 421 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.525% due 03/25/2036 •  | 200 | 208 |
|  Prosus NV | Prosus NV | Prosus NV |
|  1.207% due 01/19/2026 | 200 | 234 |
|  |  | 1745 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% |
|  EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV |
|  2.842% due 04/17/2041 •  | 26 | 31 |
|  Total Netherlands (Cost $1,711) | Total Netherlands (Cost $1,711) | 1776 |

---

120 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NEW ZEALAND 0.1% | NEW ZEALAND 0.1% | NEW ZEALAND 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds |
|  1.500% due 05/15/2031 | 400 | 208 |
|  Total New Zealand (Cost $275) | Total New Zealand (Cost $275) | 208 |
| NORWAY 0.2% | NORWAY 0.2% | NORWAY 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  1.900% due 01/19/2027 | 400 | 258 |
|  Total Norway (Cost $291) | Total Norway (Cost $291) | 258 |
| PERU 2.2% | PERU 2.2% | PERU 2.2% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 2900 | 900 |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | 4000 | 1285 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.375% due 02/08/2035 | 400 | 408 |
|  5.875% due 08/08/2054 | 350 | 352 |
|  6.900% due 08/12/2037 | 2600 | 784 |
|  |  | 2829 |
|  Total Peru (Cost $3,365) | Total Peru (Cost $3,365) | 3729 |
| PHILIPPINES 0.2% | PHILIPPINES 0.2% | PHILIPPINES 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
|  6.250% due 01/14/2036 | 20000 | 341 |
|  Total Philippines (Cost $483) | Total Philippines (Cost $483) | 341 |
| POLAND 0.4% | POLAND 0.4% | POLAND 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.875% due 02/12/2030 | 200 | 206 |
|  4.875% due 10/04/2033 | 300 | 304 |
|  5.375% due 02/12/2035 | 200 | 208 |
|  Total Poland (Cost $696) | Total Poland (Cost $696) | 718 |
| QATAR 0.1% | QATAR 0.1% | QATAR 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 200 | 180 |
|  Total Qatar (Cost $199) | Total Qatar (Cost $199) | 180 |
| REPUBLIC OF KOREA 0.2% | REPUBLIC OF KOREA 0.2% | REPUBLIC OF KOREA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  2.765% due 09/02/2030 | 300 | 352 |
|  Total Republic of Korea (Cost $349) | Total Republic of Korea (Cost $349) | 352 |
| ROMANIA 1.3% | ROMANIA 1.3% | ROMANIA 1.3% |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 | 200 | 207 |
|  2.000% due 04/14/2033 | 450 | 416 |
|  5.125% due 09/24/2031 | 500 | 586 |
|  5.250% due 03/10/2030 | 600 | 726 |
|  6.250% due 09/10/2034 | 100 | 121 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.375% due 09/18/2033 |  | 100 | 123 |
|  Total Romania (Cost $2,059) | Total Romania (Cost $2,059) | Total Romania (Cost $2,059) | 2179 |
| SAUDI ARABIA 2.3% | SAUDI ARABIA 2.3% | SAUDI ARABIA 2.3% | SAUDI ARABIA 2.3% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.500% due 04/16/2029 | $— | 450 | 440 |
|  6.375% due 06/02/2055 |  | 200 | 213 |
|  |  |  | 653 |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.250% due 10/22/2030 |  | 200 | 191 |
|  3.375% due 03/05/2032 |  | 300 | 356 |
|  3.750% due 03/05/2037 |  | 300 | 349 |
|  5.000% due 01/16/2034 | $— | 1800 | 1846 |
|  5.375% due 01/13/2031 |  | 400 | 420 |
|  |  |  | 3162 |
|  Total Saudi Arabia (Cost $3,654) | Total Saudi Arabia (Cost $3,654) | Total Saudi Arabia (Cost $3,654) | 3815 |
| SENEGAL 0.4% | SENEGAL 0.4% | SENEGAL 0.4% | SENEGAL 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |
|  4.750% due 03/13/2028 |  | 700 | 718 |
|  Total Senegal (Cost $726) | Total Senegal (Cost $726) | Total Senegal (Cost $726) | 718 |
| SERBIA 1.5% | SERBIA 1.5% | SERBIA 1.5% | SERBIA 1.5% |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.650% due 03/03/2033 |  | 600 | 589 |
|  3.125% due 05/15/2027 |  | 1400 | 1644 |
|  6.000% due 06/12/2034 | $— | 300 | 313 |
|  Total Serbia (Cost $2,358) | Total Serbia (Cost $2,358) | Total Serbia (Cost $2,358) | 2546 |
| SINGAPORE 0.6% | SINGAPORE 0.6% | SINGAPORE 0.6% | SINGAPORE 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds |
|  3.250% due 06/01/2054 |  | 995 | 971 |
|  Total Singapore (Cost $732) | Total Singapore (Cost $732) | Total Singapore (Cost $732) | 971 |
| SOUTH AFRICA 2.3% | SOUTH AFRICA 2.3% | SOUTH AFRICA 2.3% | SOUTH AFRICA 2.3% |
| SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 |  | 500 | 23 |
|  8.000% due 01/31/2030 |  | 33400 | 1941 |
|  8.875% due 02/28/2035 |  | 28400 | 1616 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  5.375% due 07/24/2044 | $— | 200 | 163 |
|  Total South Africa (Cost $3,557) | Total South Africa (Cost $3,557) | Total South Africa (Cost $3,557) | 3743 |
| SOUTH KOREA 0.9% | SOUTH KOREA 0.9% | SOUTH KOREA 0.9% | SOUTH KOREA 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
|  1.375% due 06/10/2030 |  | 355110 | 238 |
|  2.625% due 06/10/2028 |  | 1708930 | 1219 |
|  Total South Korea (Cost $1,469) | Total South Korea (Cost $1,469) | Total South Korea (Cost $1,469) | 1457 |
| SPAIN 1.8% | SPAIN 1.8% | SPAIN 1.8% | SPAIN 1.8% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.684% due 09/13/2027 •  | $— | 200 | 204 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 | 200 | 242 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  0.000% due 01/31/2028 (d) | 950 | 1061 |
|  3.200% due 10/31/2035 | 100 | 117 |
|  3.450% due 10/31/2034 | 1090 | 1310 |
|  |  | 2730 |
|  Total Spain (Cost $2,820) | Total Spain (Cost $2,820) | 2934 |
| SUPRANATIONAL 1.3% | SUPRANATIONAL 1.3% | SUPRANATIONAL 1.3% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  6.150% due 02/25/2030 | 86850 | 962 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  European Union | European Union | European Union |
|  3.750% due 10/12/2045 | 950 | 1104 |
|  Total Supranational (Cost $2,266) | Total Supranational (Cost $2,266) | 2066 |
| SWITZERLAND 0.6% | SWITZERLAND 0.6% | SWITZERLAND 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.869% due 01/12/2029 •  | 500 | 496 |
|  6.537% due 08/12/2033 •  | 500 | 552 |
|  Total Switzerland (Cost $1,042) | Total Switzerland (Cost $1,042) | 1048 |
| THAILAND 0.4% | THAILAND 0.4% | THAILAND 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  2.410% due 03/17/2035 | 6300 | 212 |
|  2.500% due 11/17/2029 | 13900 | 451 |
|  Total Thailand (Cost $601) | Total Thailand (Cost $601) | 663 |
| UNITED ARAB EMIRATES 0.2% | UNITED ARAB EMIRATES 0.2% | UNITED ARAB EMIRATES 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.500% due 05/06/2030 | 300 | 304 |
|  Total United Arab Emirates (Cost $298) | Total United Arab Emirates (Cost $298) | 304 |
| UNITED KINGDOM 3.9% | UNITED KINGDOM 3.9% | UNITED KINGDOM 3.9% |
| CORPORATE BONDS & NOTES 2.4% | CORPORATE BONDS & NOTES 2.4% | CORPORATE BONDS & NOTES 2.4% |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  2.375% due 10/14/2030 | 400 | 363 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.887% due 08/14/2027 •  | 300 | 304 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.778% due 03/01/2035 •  | 550 | 580 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) | 400 | 301 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.534% due 01/10/2029 •  | 700 | 733 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  6.187% due 07/06/2027 •  | 700 | 709 |
|  6.296% due 07/06/2034 •  | 300 | 326 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 | 500 | 604 |
|  |  | 3920 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% |
|  Alba PLC | Alba PLC | Alba PLC |
|  4.295% due 11/25/2042 •  | 108 | 144 |
|  Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC |
|  4.826% due 05/17/2067 •  | 500 | 676 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **121** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  2.614% due 12/15/2050 •  | 143 | 166 |
|  |  | 986 |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.375% due 07/31/2054 | 800 | 901 |
|  5.375% due 01/31/2056 | 200 | 264 |
|  U.K. Inflation-Linked Gilts | U.K. Inflation-Linked Gilts | U.K. Inflation-Linked Gilts |
|  0.625% due 11/22/2042 (f) | 268 | 280 |
|  |  | 1445 |
|  Total United Kingdom (Cost $6,374) | Total United Kingdom (Cost $6,374) | 6351 |
| UNITED STATES 71.9% | UNITED STATES 71.9% | UNITED STATES 71.9% |
| ASSET-BACKED SECURITIES 2.3% | ASSET-BACKED SECURITIES 2.3% | ASSET-BACKED SECURITIES 2.3% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.592% due 01/25/2037 •  | 361 | 203 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.172% due 12/25/2034 •  | 87 | 80 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.572% due 07/25/2036 •  | 616 | 168 |
|  4.752% due 07/25/2036 •  | 770 | 210 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.072% due 09/25/2046 •  | 51 | 49 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.423% due 07/25/2036 ~ | 7 | 7 |
|  4.712% due 09/25/2037 •  | 35 | 37 |
|  4.992% due 07/25/2034 •  | 13 | 14 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.168% due 01/25/2032 •  | 6 | 6 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.492% due 07/25/2037 •  | 154 | 102 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.547% due 07/25/2034 •  | 15 | 15 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  5.172% due 08/25/2037 •  | 7 | 7 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.362% due 01/25/2037 •  | 124 | 76 |
|  4.812% due 04/25/2036 •  | 530 | 360 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.712% due 12/25/2036 •  | 475 | 113 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.432% due 08/25/2036 •  | 3 | 1 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.552% due 04/25/2038 •  | 9 | 9 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.752% due 03/25/2036 •  | 441 | 266 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.492% due 08/25/2037 •  | 416 | 205 |
|  4.792% due 04/25/2037 •  | 524 | 249 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.362% due 01/25/2037 •  | 441 | 204 |
|  4.412% due 10/25/2036 •  | 494 | 217 |
|  4.412% due 11/25/2036 •  | 171 | 82 |
|  4.492% due 11/25/2036 •  | 171 | 82 |
|  4.502% due 10/25/2036 •  | 648 | 338 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.797% due 08/25/2036 þ | 478 | 168 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.822% due 02/16/2055 •  | 356 | 359 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  3.687% due 02/25/2037 þ | 444 | 144 |
|  |  | 3771 |
| CORPORATE BONDS & NOTES 7.8% | CORPORATE BONDS & NOTES 7.8% | CORPORATE BONDS & NOTES 7.8% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.511% due 01/24/2036 •  | 500 | 523 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 1700 | 1700 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  6.388% due 05/01/2031 | $| 300 | 327 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  5.100% due 02/22/2031 |  | 300 | 312 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 |  | 100 | 102 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  4.412% due 03/31/2031 •  |  | 1400 | 1398 |
|  5.449% due 06/11/2035 •  |  | 550 | 571 |
|  Credit Suisse AG AT1 Claim |  | 400 | 52 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 |  | 810 | 864 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 |  | 100 | 89 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 |  | 400 | 399 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 |  | 200 | 195 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.016% due 10/23/2035 •  |  | 400 | 403 |
|  5.218% due 04/23/2031 •  |  | 400 | 414 |
|  5.536% due 01/28/2036 •  |  | 800 | 835 |
|  6.484% due 10/24/2029 •  |  | 100 | 106 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.336% due 01/23/2035 •  |  | 800 | 832 |
|  6.087% due 10/23/2029 •  |  | 100 | 106 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.955% due 03/21/2035 •  | EUR | 900 | 1085 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | $| 100 | 96 |
|  4.550% due 07/01/2030 |  | 100 | 99 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  5.450% due 02/15/2034 |  | 300 | 307 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  5.125% due 02/13/2031 |  | 300 | 311 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.078% due 09/15/2029 •  |  | 380 | 379 |
|  4.892% due 09/15/2036 •  |  | 300 | 300 |
|  5.211% due 12/03/2035 •  |  | 500 | 511 |
|  5.389% due 04/24/2034 •  |  | 450 | 468 |
|  |  |  | 12784 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 |  | 177 | 182 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.320% due 01/25/2035 ~ |  | 6 | 5 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.670% due 04/20/2047 •  |  | 42 | 35 |
|  4.692% due 04/25/2037 •  |  | 41 | 34 |
|  5.334% due 05/25/2035 ~ |  | 32 | 30 |
|  6.000% due 07/25/2037 |  | 135 | 114 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  6.000% due 10/25/2036 |  | 35 | 30 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  5.640% due 05/25/2065 þ |  | 1053 | 1063 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.692% due 05/25/2047 •  |  | 127 | 123 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.652% due 09/25/2035 ~ |  | 187 | 63 |
|  5.425% due 05/25/2035 ~ |  | 33 | 31 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.912% due 04/25/2034 ~ |  | 50 | 49 |
|  5.777% due 02/25/2034 ~ |  | 3 | 3 |
|  6.530% due 02/25/2036 •  |  | 12 | 11 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.994% due 10/15/2036 •  |  | 268 | 268 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.375% due 04/25/2065 ~ |  | 589 | 535 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.933% due 07/25/2037 ~ | 19 | 15 |
|  5.007% due 03/25/2037 ~ | 99 | 96 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  6.000% due 02/25/2037 | 103 | 45 |
|  6.250% due 09/25/2036 | 191 | 67 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.612% due 06/25/2035 •  | 51 | 49 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.469% due 05/25/2035 ~ | 14 | 14 |
|  4.822% due 04/25/2037 ~ | 85 | 76 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.182% due 06/25/2037 ~ | 88 | 71 |
|  4.670% due 07/20/2046 •  | 52 | 44 |
|  5.500% due 10/25/2035 | 12 | 8 |
|  5.500% due 02/25/2036 | 30 | 17 |
|  6.000% due 01/25/2037 | 210 | 173 |
|  6.000% due 02/25/2037 | 491 | 175 |
|  6.000% due 05/25/2037 | 420 | 174 |
|  6.250% due 12/25/2036 •  | 377 | 152 |
|  6.500% due 08/25/2037 | 307 | 129 |
|  8.000% due 10/25/2036 | 20 | 14 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.509% due 07/25/2070 ~ | 676 | 682 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  2.500% due 07/25/2056 ~ | 138 | 115 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  6.445% due 02/25/2036 þ | 143 | 131 |
|  GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates |
|  7.107% due 10/25/2033 ~ | 2 | 2 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 ~ | 149 | 124 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.162% due 05/25/2037 ~ | 10 | 5 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  6.920% due 02/25/2036 ~ | 23 | 6 |
|  Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust |
|  6.314% due 07/25/2035 ~ | 36 | 34 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.037% due 06/25/2036 ~ | 117 | 104 |
|  4.580% due 12/25/2034 ~ | 2 | 2 |
|  4.752% due 07/25/2035 •  | 4 | 4 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.647% due 12/25/2036 ~ | 10 | 9 |
|  4.779% due 05/25/2037 ~ | 140 | 123 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  2.500% due 12/25/2051 ~ | 604 | 501 |
|  5.424% due 10/25/2035 ~ | 128 | 97 |
|  5.583% due 02/25/2035 ~ | 1 | 1 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  6.000% due 09/25/2037 | 55 | 54 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.440% due 03/25/2036 ~ | 60 | 29 |
|  4.692% due 02/25/2036 •  | 9 | 9 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.963% due 05/25/2036 ~ | 120 | 64 |
|  4.641% due 09/25/2035 ~ | 94 | 23 |
|  5.172% due 02/25/2036 •  | 11 | 10 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  5.443% due 07/25/2070 þ | 596 | 601 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  2.500% due 07/25/2051 ~ | 675 | 562 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.772% due 02/25/2035 •  | 19 | 19 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.472% due 05/25/2037 •  | 223 | 203 |
|  4.612% due 12/25/2036 •  | 122 | 110 |
|  4.652% due 07/25/2036 •  | 161 | 148 |
|  4.672% due 11/25/2036 •  | 118 | 85 |
|  5.000% due 09/25/2036 | 34 | 26 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  6.000% due 06/25/2037 | 11 | 9 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  6.614% due 02/25/2037 ~ | 44 | 41 |

---

---

| | | |
|:---|:---|:---|
| **122** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.059% due 04/25/2036 ~ | 94 | 49 |
|  4.592% due 10/25/2035 •  | 44 | 43 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.672% due 05/25/2036 •  | 183 | 151 |
|  4.692% due 05/25/2036 •  | 16 | 11 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.552% due 01/25/2036 •  | 121 | 101 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.562% due 10/25/2036 •  | 257 | 215 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.012% due 09/25/2034 •  | 11 | 10 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ | 313 | 287 |
|  2.710% due 01/25/2060 ~ | 231 | 223 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.866% due 10/25/2036 ~ | 201 | 178 |
|  4.206% due 12/25/2036 ~ | 134 | 120 |
|  4.832% due 11/25/2045 •  | 42 | 40 |
|  5.052% due 10/25/2044 •  | 34 | 34 |
|  5.553% due 08/25/2042 •  | 2 | 2 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  4.592% due 02/25/2037 •  | 264 | 206 |
|  5.500% due 11/25/2035 | 52 | 49 |
|  6.500% due 08/25/2035 | 38 | 36 |
|  |  | 9401 |
| SOVEREIGN ISSUES 3.6% | SOVEREIGN ISSUES 3.6% | SOVEREIGN ISSUES 3.6% |
|  Republic of Colombia | Republic of Colombia | Republic of Colombia |
|  1.000% due 04/28/2028 ~ | 16448000 | 3857 |
|  Republic of Colombia | Republic of Colombia | Republic of Colombia |
|  1.000% due 09/18/2030 ~ | 8930600 | 2016 |
|  |  | 5873 |
| U.S. GOVERNMENT AGENCIES 46.3% | U.S. GOVERNMENT AGENCIES 46.3% | U.S. GOVERNMENT AGENCIES 46.3% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  6.000% due 12/01/2053 - 06/01/2054 | 1152 | 1180 |
|  6.500% due 02/01/2054 | 45 | 47 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.815% due 01/15/2038 ~(a) | 180 | 9 |
|  4.810% due 01/15/2038 •  | 180 | 177 |
|  5.296% due 11/25/2054 •  | 911 | 912 |
|  5.756% due 03/25/2055 •  | 1102 | 1111 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 02/01/2027 - 03/01/2060 | 252 | 222 |
|  3.500% due 01/01/2059 | 549 | 499 |
|  4.000% due 01/01/2037 - 06/01/2050 | 252 | 242 |
|  4.500% due 11/01/2025 - 08/01/2041 | 83 | 83 |
|  5.000% due 08/01/2033 - 10/01/2041 | 53 | 54 |
|  5.500% due 07/01/2035 - 02/01/2041 | 53 | 55 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 06/01/2026 - 10/01/2053 | $— | 345 | 354 |
|  6.500% due 12/01/2053 |  | 1125 | 1163 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.871% due 06/25/2036 •  |  | 14 | 14 |
|  5.145% due 01/25/2051 •  |  | 361 | 361 |
|  5.516% due 03/25/2055 •  |  | 648 | 650 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 01/20/2052 - 12/20/2052 |  | 1557 | 1392 |
|  3.500% due 10/20/2052 - 04/20/2055 |  | 4324 | 3952 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.000% due 07/20/2046 - 05/20/2047 |  | 5 | 5 |
|  4.689% due 01/20/2068 •  |  | 377 | 375 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 11/01/2055 |  | 3400 | 2928 |
|  3.000% due 11/01/2055 |  | 4100 | 3661 |
|  6.500% due 11/01/2055 |  | 3600 | 3698 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 10/01/2055 |  | 400 | 351 |
|  3.500% due 10/01/2040 - 11/01/2055 |  | 868 | 796 |
|  4.000% due 11/01/2055 |  | 865 | 816 |
|  4.500% due 10/01/2055 |  | 300 | 291 |
|  5.000% due 11/01/2055 |  | 20700 | 20518 |
|  5.500% due 11/01/2055 |  | 500 | 504 |
|  6.000% due 11/01/2055 |  | 8400 | 8580 |
|  6.500% due 10/01/2055 - 11/01/2055 |  | 20700 | 21396 |
|  |  |  | 76396 |
| U.S. TREASURY OBLIGATIONS 6.1% | U.S. TREASURY OBLIGATIONS 6.1% | U.S. TREASURY OBLIGATIONS 6.1% | U.S. TREASURY OBLIGATIONS 6.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.000% due 02/15/2048 (m) |  | 800 | 604 |
|  3.375% due 11/15/2048 (m) |  | 980 | 788 |
|  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) |
|  2.500% due 01/15/2029 |  | 3385 | 3538 |
|  3.875% due 04/15/2029 |  | 157 | 172 |
|  0.125% due 07/15/2030 (k) |  | 630 | 599 |
|  0.125% due 07/15/2031 |  | 3375 | 3152 |
|  0.125% due 01/15/2032 |  | 583 | 537 |
|  0.625% due 07/15/2032 |  | 778 | 737 |
|  |  |  | 10127 |
|  Total United States (Cost $121,435) | Total United States (Cost $121,435) | Total United States (Cost $121,435) | 118534 |
| SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% |
| COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.450% due 10/22/2025 | $— | 300 | 299 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.620% due 10/21/2025 |  | 250 | 249 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.600% due 10/24/2025 |  | 450 | 449 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.450% due 10/15/2025 | 250 | 250 |
|  |  | 1247 |
|  | **SHARES** |  |
| MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (g) | 502748 | 503 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (i) 0.4% | REPURCHASE AGREEMENTS (i) 0.4% | REPURCHASE AGREEMENTS (i) 0.4% |
|  |  | 700 |
| NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% |
|  31.275% due 11/04/2025 - 06/29/2026 (c)(d) | 1436080 | 855 |
| SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% |
|  7.505% due 06/17/2026 (d)(e) | 1500 | 83 |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  4.319% due 10/21/2025 (d)(e)(m) | 286 | 285 |
| Total Short-Term Instruments<br>(Cost $3,598) | Total Short-Term Instruments<br>(Cost $3,598) | 3673 |
| Total Investments in Securities<br>(Cost $224,001) | Total Investments in Securities<br>(Cost $224,001) | 222597 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 5.6% | INVESTMENTS IN AFFILIATES 5.6% | INVESTMENTS IN AFFILIATES 5.6% |
| SHORT-TERM INSTRUMENTS 5.6% | SHORT-TERM INSTRUMENTS 5.6% | SHORT-TERM INSTRUMENTS 5.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 952220 | 9274 |
| Total Short-Term Instruments<br>(Cost $9,273) | Total Short-Term Instruments<br>(Cost $9,273) | 9274 |
| Total Investments in Affiliates<br>(Cost $9,273) | Total Investments in Affiliates<br>(Cost $9,273) | 9274 |
| Total Investments 140.6%<br>(Cost $233,274) | Total Investments 140.6%<br>(Cost $233,274) | 231871 |
|  Financial Derivative<br>Instruments (j)(l) (0.3)%<br> (Cost or Premiums, net $(197)) |  | (589) |
| Other Assets and Liabilities, net (40.3)% | Other Assets and Liabilities, net (40.3)% | (66396) |
| Net Assets 100.0% | Net Assets 100.0% | 164886 |

---

#### 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **123** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

(b) When-issued security.

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

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

(g) Coupon represents a 7-Day Yield.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | $715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | 0.47% |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BRC | 1.980% | 07/10/2025 | TBD<sup>(2)</sup> | EUR 170 | France Government International Bonds 3.000% due 06/25/2049 | $(167) | $200 | $201 |
| MEI | 1.960 | 07/11/2025 | TBD<sup>(2)</sup> | 426 | France Government International Bonds 3.000% due 06/25/2049 | (416) | 500 | 503 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  France (0.5)% | France (0.5)% | France (0.5)% | France (0.5)% | France (0.5)% | France (0.5)% |
|  Sovereign Issues (0.5)% | Sovereign Issues (0.5)% | Sovereign Issues (0.5)% | Sovereign Issues (0.5)% | Sovereign Issues (0.5)% | Sovereign Issues (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | 3.000% | 06/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | $(900) | $(880) |
|  United States (7.1)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (7.1)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (7.1)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (7.1)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (7.1)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (7.1)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (7.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 10/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | (3613) | (3586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 11/01/2055 | 9590 | (7729) | (7732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 475 | (392) | (400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States |  |  |  | (11734) | (11718) |
|  Total Short Sales (7.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12634) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12598) |

---

#### 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 September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BRC | $201 | $0 | $0 | $0 | $201 | $(167) | $34 |
|  MEI | 503 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416) | 87 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BPS | 0 | 0 | 0 | (880) | (880) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(880) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(880) |  |  |  |

---

<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. 

---

| | | |
|:---|:---|:---|
| **124** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(4,456) at a weighted average interest rate of 4.355%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | **Strike<br>Price** | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $(2) | $(1) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 7 | 7 | (1) | (2) |
|  Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 10/24/2025 | 4 | 4 | (2) | (1) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 1 | 1 | 0 | 0 |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 3 | 3 | (1) | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $(1) | $(1) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 7 | 7 | (2) | (1) |
|  |  |  |  |  | $(3) | $(2) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 3-Year Bond December Futures  | 12/2025 | 23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626 | $(5) | $2 | $0 |
|  Canada Government 5-Year Bond December Futures  | 12/2025 | 10 | 829 | 10 | 2 | 0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 30 | 2640 | 55 | 12 | 0 |
|  Euro-BTP Future December Futures  | 12/2025 | 54 | 7598 | 70 | 24 | 0 |
|  Long Guilt December Futures  | 12/2025 | 17 | 2077 | 4 | 9 | (1) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 40 | 4368 | 17 | 2 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 37 | 4163 | 34 | 0 | (1) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 51 | 6123 | 183 | 0 | (29) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 69 | 7940 | 76 | 0 | (4) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 116 | $(8701) | $20 | $0 | $(60) |
|  Euro-Bobl December Futures  | 12/2025 | 35 | (4841) | (1) | 0 | (7) |
|  Euro-Bund December Futures  | 12/2025 | 26 | (3925) | (23) | 1 | (10) |
|  Euro-Oat December Futures  | 12/2025 | 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | 0 | (29) |
|  Euro-Schatz December Futures  | 12/2025 | 119 | (14946) | 17 | 0 | (3) |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 26 | (23874) | 227 | 19 | (19) |
|  |  |  |  | $128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) |
|  Total Futures Contracts |  |  |  | $572 | $71 | $(163) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.IG-43 10-Year Index | (1.000)% | Quarterly | 12/20/2034 | $4200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 3940 | (86) | (5) | (91) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **125** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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-44 10-Year Index | (1.000) % | Quarterly | 06/20/2035 | $6000 | $(8) | $(50) | $(58) | $0 | $(1) |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | 3700 | (82) | (3) | (85) | 0 | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.IG-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 | 3.000% | Annual | 06/17/2027 | 8700 | $(20) | $(168) | $(188) | $2 | $0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/17/2027 | 7300 | 47 | 4 | 51 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 9700 | 35 | 35 | 70 | 6 | 0 |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2028 | 900 | (3) | (2) | (5) | 1 | 0 |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 6900 | (9) | (35) | (44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 0 |
|  Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 1200 | 24 | 2 | 26 | 0 | (4) |
|  Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 300 | 7 | 3 | 10 | 0 | (2) |
|  Pay<sup>(6)</sup> | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/18/2031 | 256350 | 0 | (5) | (5) | 0 | (1) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2027 | 306700 | (11) | 5 | (6) | 1 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 09/17/2027 | 240000 | (3) | (3) | (6) | 0 | (1) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 | 118500 | (10) | 15 | 5 | 1 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290000 | (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | 0 | (11) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 580000 | (60) | (92) | (152) | 0 | (7) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 829900 | (39) | (91) | (130) | 0 | (11) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399) | (574) | (973) | 0 | (13) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | 60000 | 2 | 130 | 132 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/18/2054 | 180000 | 17 | 230 | 247 | 2 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 12/18/2054 | 60000 | 10 | 70 | 80 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 80000 | (5) | 57 | 52 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.250 | Annual | 09/17/2055 | 90000 | 17 | 11 | 28 | 1 | 0 |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 09/17/2030 | 9200 | (34) | 39 | 5 | 0 | (17) |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.000 | Semi-Annual | 09/17/2035 | 2000 | 2 | (32) | (30) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $3100 | 23 | (20) | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.020 | Annual | 05/15/2026 | 2400 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 14300 | 141 | (148) | (7) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 3300 | 0 | (4) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 08/22/2026 | 500 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 8900 | 62 | (34) | 28 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 12300 | 75 | 4 | 79 | 5 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 4078 | (6) | 11 | 5 | 0 | (2) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 3188 | (19) | 20 | 1 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 5800 | 117 | (22) | 95 | 2 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 4500 | (75) | (4) | (79) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 4009 | (4) | (61) | (65) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 1600 | (5) | (29) | (34) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 6000 | 409 | (190) | 219 | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 5595 | (99) | 64 | (35) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 2600 | 126 | (34) | 92 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 600 | (2) | 7 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 2300 | (45) | 27 | (18) | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 4640 | (28) | (9) | (37) | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 | 1498 | (38) | (1) | (39) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 | 600 | 0 | 16 | 16 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 500 | 0 | 13 | 13 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 | 600 | 0 | 19 | 19 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 620 | 78 | 0 | 78 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 | 590 | 2 | (1) | 1 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 | 390 | (7) | (2) | (9) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 | 420 | 0 | (2) | (2) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 600 | 60 | (14) | 46 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 | 248 | (3) | 0 | (3) | 1 | 0 |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 1860 | (62) | 5 | (57) | 0 | (6) |
|  Pay | 1-Year BRL-CDI | 13.402 | Maturity | 01/02/2029 | 10200 | 1 | 3 | 4 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **126** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.500% | Annual | 09/15/2026 | CHF | 2500 | $(19) | $5 | $(14) | $0 | $0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 |  | 1600 | (3) | 15 | 12 | 0 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.300 | Annual | 02/15/2027 |  | 1100 | 0 | 9 | 9 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.665 | Quarterly | 09/18/2030 | COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7131200 | 0 | 3 | 3 | 1 | 0 |
|  Pay<sup>(6)</sup> | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | KRW | 1026080 | 7 | (10) | (3) | 1 | 0 |
|  Pay | 3-Month SEK-STIBOR | 2.265 | Annual | 01/10/2030 | SEK | 6300 | (3) | 10 | 7 | 1 | 0 |
|  Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 |  | 7060 | 0 | 15 | 15 | 1 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | AUD | 1700 | (5) | (26) | (31) | 1 | 0 |
|  Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 |  | 12600 | (67) | (90) | (157) | 18 | 0 |
|  Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/18/2031 |  | 1100 | (1) | (5) | (6) | 1 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 |  | 200 | 0 | 0 | 0 | 1 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 |  | 3600 | 10 | 45 | 55 | 12 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 700 | 4 | 7 | 11 | 2 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 |  | 1900 | 10 | (9) | 1 | 7 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 |  | 2400 | 37 | (3) | 34 | 8 | 0 |
|  Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 |  | 2600 | 2 | (10) | (8) | 9 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | EUR | 800 | (3) | (18) | (21) | 0 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 |  | 900 | 4 | 0 | 4 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 |  | 600 | 0 | (9) | (9) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 |  | 2450 | 0 | (22) | (22) | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 |  | 4200 | (1) | (24) | (25) | 4 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 |  | 3300 | 3 | 46 | 49 | 4 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 8820 | 41 | (14) | 27 | 15 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 |  | 4090 | (61) | 4 | (57) | 0 | (8) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 9020 | 3 | 10 | 13 | 30 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 |  | 1140 | (62) | (10) | (72) | 4 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 |  | 500 | (35) | (226) | (261) | 2 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 |  | 100 | 7 | 57 | 64 | 0 | (1) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 |  | 5500 | 107 | 291 | 398 | 0 | (13) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 260 | 3 | 2 | 5 | 2 | 0 |
|  Pay | 6-Month PLN-WIBOR | 2.585 | Annual | 10/14/2029 | PLN | 3500 | 0 | (53) | (53) | 2 | 0 |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 06/18/2027 | CAD | 1700 | 13 | 2 | 15 | 1 | 0 |
|  Pay | CAONREPO | 2.850 | Semi-Annual | 09/01/2029 |  | 2500 | (4) | 31 | 27 | 2 | 0 |
|  Pay | CAONREPO | 1.500 | Semi-Annual | 06/17/2030 |  | 1300 | (112) | 67 | (45) | 1 | 0 |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 06/18/2030 |  | 100 | 1 | 1 | 2 | 0 | 0 |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 |  | 1900 | 30 | (81) | (51) | 0 | (4) |
|  Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 |  | 2000 | (2) | (46) | (48) | 0 | (4) |
|  Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 |  | 600 | 0 | (4) | (4) | 0 | (1) |
|  Pay<sup>(6)</sup> | CAONREPO | 3.000 | Semi-Annual | 03/18/2036 |  | 700 | (10) | 13 | 3 | 2 | 0 |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 |  | 500 | 15 | (18) | (3) | 0 | (3) |
|  |  |  |  |  |  |  | $159 | $(941) | $(782) | $189 | $(127) |
|  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;(37) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1029) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1066) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(7)</sup> | Variation Margin<br>Asset<sup>(7)</sup> | |  | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</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;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | $(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300) |

---

(k) Securities with an aggregate market value of $318 and cash of $3,446 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $1 is outstanding at period end. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **127** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

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

<sup>(6)</sup> 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 $2 and liability of $(1) for closed swap agreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 25875 | $30179 | $0 | $(199) |
|  | 10/2025 | $4193 | 5833 | 0 | (1) |
|  | 11/2025 | 5824 | $4193 | 1 | 0 |
|  BOA | 10/2025 | 2307 | 324 | 1 | 0 |
|  | 10/2025 | 10065 | 69 | 1 | 0 |
|  | 10/2025 | $132 | 113 | 1 | 0 |
|  | 10/2025 | 60 | 203 | 1 | 0 |
|  | 10/2025 | 468 | 41362 | 0 | (2) |
|  | 10/2025 | 90 | 13408 | 1 | 0 |
|  | 10/2025 | 90 | 125036 | 0 | (1) |
|  | 10/2025 | 164 | 286 | 1 | 0 |
|  | 10/2025 | 20 | 72 | 0 | 0 |
|  | 10/2025 | 201 | 867 | 0 | (1) |
|  | 11/2025 | 13361 | $90 | 0 | (1) |
|  | 11/2025 | 286 | 165 | 0 | (1) |
|  | 11/2025 | $30 | 100 | 0 | 0 |
|  | 11/2025 | 96 | 8549 | 0 | 0 |
|  | 11/2025 | 3829 | $220 | 0 | (1) |
|  | 12/2025 | $10 | 438 | 0 | 0 |
|  | 03/2026 | 856 | 35 | 0 | 0 |
|  | 03/2026 | 99 | 2428 | 0 | 0 |
|  BPS | 10/2025 | 5600 | $924 | 0 | (128) |
|  | 10/2025 | 152 | 775 | 0 | 0 |
|  | 10/2025 | 1277 | $1505 | 6 | 0 |
|  | 10/2025 | 9741073 | 587 | 4 | (1) |
|  | 10/2025 | 10657 | 121 | 1 | 0 |
|  | 10/2025 | 2308 | 54 | 0 | (2) |
|  | 10/2025 | 13321 | 442 | 5 | (1) |
|  | 10/2025 | $1047 | 5600 | 6 | (1) |
|  | 10/2025 | 1670 | 11892 | 0 | (1) |
|  | 10/2025 | 304 | 2164 | 1 | 0 |
|  | 10/2025 | 882 | 14569619 | 0 | (9) |
|  | 10/2025 | 105 | 15533 | 1 | 0 |
|  | 10/2025 | 705 | 975533 | 0 | (10) |
|  | 10/2025 | 175 | 635 | 0 | 0 |
|  | 10/2025 | 114 | 3440 | 0 | (1) |
|  | 10/2025 | 555 | 14589654 | 0 | (3) |
|  | 11/2025 | 1336909 | $80 | 0 | 0 |
|  | 11/2025 | 8011 | 90 | 0 | 0 |
|  | 11/2025 | 15479 | 105 | 0 | (1) |
|  | 11/2025 | 70091 | 50 | 0 | 0 |
|  | 11/2025 | $1030 | 7292 | 0 | (2) |
|  | 11/2025 | 90 | 303 | 1 | 0 |
|  | 12/2025 | 2438 | $81 | 1 | 0 |
|  | 12/2025 | $184 | 61118 | 0 | (1) |
|  | 12/2025 | 263 | 4425383 | 2 | 0 |
|  | 12/2025 | 106 | 1960 | 0 | 0 |
|  | 03/2026 | 1571 | 64 | 0 | 0 |
|  BRC | 10/2025 | 423 | $530 | 0 | (1) |
|  | 10/2025 | 448 | 106 | 0 | 0 |
|  | 10/2025 | 4 | 0 | 0 | 0 |
|  | 10/2025 | 388 | 9 | 0 | 0 |
|  | 10/2025 | $563 | 451 | 4 | 0 |
|  | 10/2025 | 591 | 2162 | 3 | 0 |
|  | 10/2025 | 605 | 26019 | 13 | 0 |
|  | 11/2025 | 98 | $65 | 0 | 0 |
|  | 11/2025 | $530 | 422 | 1 | 0 |
|  | 11/2025 | 0 | 4 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **128** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | $876 | 38238 | $6 | $0 |
|  | 11/2025 | 4680 | $266 | 0 | (4) |
|  | 12/2025 | 1192 | 284 | 0 | 0 |
|  | 12/2025 | $111 | 464 | 0 | 0 |
|  | 12/2025 | 179 | 7964 | 3 | 0 |
|  | 01/2026 | 241 | 1239 | 0 | 0 |
|  BSH | 10/2025 | $49 | 84 | 0 | 0 |
|  | 11/2025 | 84 | $49 | 0 | 0 |
|  | 11/2025 | 5401 | 1470 | 0 | (83) |
|  | 12/2025 | $2439 | 8683 | 58 | 0 |
|  | 02/2026 | 3653 | $1045 | 0 | (4) |
|  CBK | 10/2025 | 195 | 128 | 0 | (1) |
|  | 10/2025 | 391 | 74 | 0 | 0 |
|  | 10/2025 | 3182 | 497 | 0 | (4) |
|  | 10/2025 | 451 | 530 | 0 | 0 |
|  | 10/2025 | 7122520 | 429 | 3 | (1) |
|  | 10/2025 | 43169 | 486 | 1 | 0 |
|  | 10/2025 | 400 | 40 | 0 | 0 |
|  | 10/2025 | 2912 | 2274 | 17 | 0 |
|  | 10/2025 | 5137 | 173 | 5 | 0 |
|  | 10/2025 | $69 | 391 | 4 | 0 |
|  | 10/2025 | 193 | 265 | 0 | (3) |
|  | 10/2025 | 273 | 1938 | 0 | (1) |
|  | 10/2025 | 1234 | 8776 | 2 | 0 |
|  | 10/2025 | 530 | 454 | 3 | 0 |
|  | 10/2025 | 426 | 3310 | 0 | 0 |
|  | 10/2025 | 238 | 3907880 | 0 | (3) |
|  | 10/2025 | 1930 | 169553 | 0 | (23) |
|  | 10/2025 | 101 | 960 | 1 | 0 |
|  | 10/2025 | 115 | 148 | 0 | 0 |
|  | 10/2025 | 62 | 2003 | 0 | 0 |
|  | 10/2025 | 154 | 4700 | 0 | 0 |
|  | 10/2025 | 2689568 | $103 | 1 | 0 |
|  | 10/2025 | 1161 | 67 | 0 | 0 |
|  | 11/2025 | 148 | 115 | 0 | 0 |
|  | 11/2025 | $643 | 4556 | 0 | (1) |
|  | 11/2025 | 335 | 1396836 | 19 | 0 |
|  | 11/2025 | 51 | 171 | 1 | 0 |
|  | 11/2025 | 486 | 43253 | 0 | (1) |
|  | 11/2025 | 40 | 400 | 0 | 0 |
|  | 11/2025 | 793 | $46 | 0 | 0 |
|  | 12/2025 | 2965 | 828 | 0 | (24) |
|  | 12/2025 | 12541 | 412 | 0 | (2) |
|  | 12/2025 | $63 | 447 | 0 | 0 |
|  | 12/2025 | 272 | 4570320 | 1 | 0 |
|  | 12/2025 | 15 | 8409 | 0 | 0 |
|  | 12/2025 | 159 | 3030 | 6 | 0 |
|  | 12/2025 | 84 | 311 | 5 | 0 |
|  | 12/2025 | 4 | 187 | 0 | 0 |
|  | 01/2026 | 70000 | $516 | 38 | 0 |
|  | 01/2026 | 3635 | 121 | 0 | 0 |
|  | 02/2026 | 1282 | 350 | 0 | (18) |
|  | 03/2026 | 5479 | 707 | 1 | 0 |
|  | 03/2026 | 5010 | 1423 | 0 | (14) |
|  DUB | 10/2025 | 466 | 87 | 0 | (1) |
|  | 10/2025 | 210 | 1072 | 0 | 0 |
|  | 10/2025 | 2628041 | $160 | 3 | 0 |
|  | 10/2025 | 949 | 278 | 0 | (9) |
|  | 10/2025 | 69923 | 787 | 1 | 0 |
|  | 10/2025 | 20006 | 14 | 0 | 0 |
|  | 10/2025 | 1 | 0 | 0 | 0 |
|  | 10/2025 | 64 | 50 | 0 | 0 |
|  | 10/2025 | $88 | 466 | 0 | 0 |
|  | 10/2025 | 3584 | 25483 | 0 | (7) |
|  | 10/2025 | 270 | 4398307 | 0 | (6) |
|  | 10/2025 | 921 | 81452 | 0 | (5) |
|  | 10/2025 | 7 | 3914 | 0 | 0 |
|  | 11/2025 | 1769 | $20 | 0 | 0 |
|  | 11/2025 | $257 | 1817 | 0 | (1) |
|  | 11/2025 | 278 | 949 | 9 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **129** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | $787 | 70062 | $0 | $(1) |
|  | 11/2025 | 7 | 3902 | 0 | 0 |
|  | 11/2025 | 11300 | $646 | 0 | (7) |
|  | 12/2025 | $42 | 2124 | 1 | 0 |
|  | 12/2025 | 269 | 142985 | 0 | (15) |
|  | 03/2026 | 218 | 125766 | 0 | (2) |
|  FAR | 10/2025 | 6048 | $3923 | 0 | (79) |
|  | 10/2025 | 53728 | 10102 | 7 | 0 |
|  | 10/2025 | 76 | 95 | 0 | 0 |
|  | 10/2025 | 518181 | 3525 | 21 | 0 |
|  | 10/2025 | $4082 | 6252 | 55 | 0 |
|  | 10/2025 | 9722 | 53728 | 373 | 0 |
|  | 10/2025 | 1565 | 11111 | 0 | (5) |
|  | 10/2025 | 527 | 451 | 3 | 0 |
|  | 10/2025 | 1832 | 161590 | 0 | (15) |
|  | 10/2025 | 759 | 2774 | 4 | 0 |
|  | 10/2025 | 4380 | 5641 | 0 | (7) |
|  | 11/2025 | 6252 | $4084 | 0 | (55) |
|  | 11/2025 | 451 | 528 | 0 | (3) |
|  | 11/2025 | 5627 | 4380 | 7 | 0 |
|  | 11/2025 | $95 | 76 | 0 | 0 |
|  | 12/2025 | 2672 | 50667 | 72 | 0 |
|  GLM | 10/2025 | 21300 | $3482 | 0 | (520) |
|  | 10/2025 | 15 | 19 | 0 | 0 |
|  | 10/2025 | 4424360 | 265 | 0 | 0 |
|  | 10/2025 | 138 | 40 | 0 | (1) |
|  | 10/2025 | 440 | 104 | 0 | 0 |
|  | 10/2025 | 870 | 171 | 0 | 0 |
|  | 10/2025 | $4005 | 21300 | 0 | (3) |
|  | 10/2025 | 239 | 1695 | 0 | (1) |
|  | 10/2025 | 239 | 3943478 | 0 | (2) |
|  | 10/2025 | 521 | 45691 | 0 | (7) |
|  | 10/2025 | 124 | 541 | 1 | 0 |
|  | 11/2025 | 110 | 566 | 1 | 0 |
|  | 11/2025 | $316 | 2237 | 0 | (1) |
|  | 11/2025 | 20 | 67 | 0 | 0 |
|  | 11/2025 | 280 | 12200 | 2 | 0 |
|  | 11/2025 | 493 | $28 | 0 | 0 |
|  | 12/2025 | 1155 | 208 | 0 | (5) |
|  | 12/2025 | 187 | 10 | 0 | 0 |
|  | 12/2025 | 849 | 202 | 0 | 0 |
|  | 12/2025 | 1305 | 28 | 0 | (2) |
|  | 12/2025 | $28 | 1416 | 1 | 0 |
|  | 12/2025 | 262 | 4388498 | 0 | 0 |
|  | 01/2026 | 171 | 880 | 0 | 0 |
|  | 01/2026 | 190000 | $1412 | 114 | 0 |
|  IND | 10/2025 | 107 | 70 | 0 | (1) |
|  | 10/2025 | $542 | 3463 | 3 | 0 |
|  | 11/2025 | 3455 | $542 | 0 | (3) |
|  JPM | 10/2025 | 2020 | 380 | 0 | 0 |
|  | 10/2025 | 5874 | 4251 | 30 | 0 |
|  | 10/2025 | 209 | 244 | 0 | (1) |
|  | 10/2025 | 22172 | 55 | 0 | (2) |
|  | 10/2025 | 5240261 | $314 | 0 | 0 |
|  | 10/2025 | 256206 | 184 | 2 | 0 |
|  | 10/2025 | 187 | 145 | 1 | 0 |
|  | 10/2025 | 2590 | 85 | 0 | 0 |
|  | 10/2025 | $370 | 2020 | 9 | 0 |
|  | 10/2025 | 12 | 82 | 0 | 0 |
|  | 10/2025 | 377 | 2402 | 1 | 0 |
|  | 10/2025 | 164 | 139 | 0 | 0 |
|  | 10/2025 | 570 | 9461544 | 0 | (3) |
|  | 10/2025 | 60 | 202 | 1 | 0 |
|  | 10/2025 | 4 | 2215 | 0 | 0 |
|  | 10/2025 | 9 | 13708 | 1 | 0 |
|  | 10/2025 | 390 | 1432 | 4 | 0 |
|  | 10/2025 | 2816100 | $108 | 1 | 0 |
|  | 11/2025 | 2396 | 377 | 0 | (1) |
|  | 11/2025 | 18248 | 46 | 0 | (1) |
|  | 11/2025 | $18 | 128 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **130** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 10007 | $571 | $0 | $(7) |
|  | 12/2025 | 22173 | 66 | 0 | 0 |
|  | 06/2026 | 1500 | 85 | 0 | (1) |
|  MBC | 10/2025 | 217 | 158 | 2 | 0 |
|  | 10/2025 | 16 | 20 | 0 | 0 |
|  | 10/2025 | 10388 | 1458 | 0 | 0 |
|  | 10/2025 | 25 | 126 | 0 | 0 |
|  | 10/2025 | 335 | $397 | 3 | 0 |
|  | 10/2025 | 260141 | 16 | 0 | 0 |
|  | 10/2025 | 54356 | 367 | 0 | (1) |
|  | 10/2025 | 876222 | 628 | 4 | 0 |
|  | 10/2025 | 4 | 0 | 0 | 0 |
|  | 10/2025 | 2553 | 266 | 0 | (5) |
|  | 10/2025 | 2627 | 2049 | 13 | 0 |
|  | 10/2025 | 1 | 0 | 0 | 0 |
|  | 10/2025 | $100 | 79 | 0 | (1) |
|  | 10/2025 | 3317 | 23574 | 0 | (9) |
|  | 10/2025 | 3142 | 2674 | 0 | (3) |
|  | 10/2025 | 236 | 176 | 1 | 0 |
|  | 10/2025 | 52 | 7698 | 0 | 0 |
|  | 10/2025 | 608 | 848358 | 0 | (4) |
|  | 10/2025 | 100 | 955 | 2 | 0 |
|  | 10/2025 | 217 | 6992 | 0 | (1) |
|  | 11/2025 | 2241 | $315 | 0 | 0 |
|  | 11/2025 | 13162 | 89 | 0 | 0 |
|  | 11/2025 | $1458 | 10364 | 0 | 0 |
|  | 11/2025 | 160 | 136 | 0 | 0 |
|  | 11/2025 | 0 | 4 | 0 | 0 |
|  | 12/2025 | 42 | 2127 | 1 | 0 |
|  | 03/2026 | 697 | $90 | 0 | 0 |
|  MYI | 10/2025 | 336 | 242 | 0 | 0 |
|  | 10/2025 | 1052383 | 64 | 1 | 0 |
|  | 10/2025 | 5768 | 39 | 0 | 0 |
|  | 10/2025 | $121 | 168 | 0 | 0 |
|  | 10/2025 | 1840 | 13092 | 0 | (2) |
|  | 10/2025 | 21 | 148 | 0 | 0 |
|  | 10/2025 | 1967 | 293684 | 19 | 0 |
|  | 10/2025 | 95 | 345 | 0 | 0 |
|  | 10/2025 | 27 | 825 | 0 | 0 |
|  | 11/2025 | 292668 | $1967 | 0 | (19) |
|  | 11/2025 | $238 | 1685 | 0 | (1) |
|  | 12/2025 | 3053 | 121 | 0 | (5) |
|  | 12/2025 | 211 | 5181 | 1 | 0 |
|  | 12/2025 | 453 | $108 | 0 | 0 |
|  | 12/2025 | 819 | 27 | 0 | 0 |
|  | 12/2025 | $73 | 1496 | 0 | 0 |
|  | 02/2026 | 1693 | 69 | 0 | 0 |
|  NGF | 10/2025 | 45863 | $33 | 0 | 0 |
|  | 10/2025 | $214 | 3541871 | 0 | (2) |
|  | 10/2025 | 94 | 4064 | 2 | 0 |
|  | 11/2025 | 29 | 1249 | 0 | 0 |
|  | 12/2025 | 117 | 5133 | 0 | 0 |
|  SCX | 10/2025 | 2683 | $418 | 0 | (4) |
|  | 10/2025 | 4351622 | 261 | 0 | 0 |
|  | 10/2025 | 46246 | 520 | 0 | 0 |
|  | 10/2025 | 116699 | 795 | 5 | 0 |
|  | 10/2025 | 5135 | 172 | 4 | 0 |
|  | 10/2025 | $1340 | 9522 | 0 | (4) |
|  | 10/2025 | 1486 | 1111 | 8 | 0 |
|  | 10/2025 | 239 | 3929548 | 0 | (3) |
|  | 10/2025 | 1374 | 121313 | 0 | (10) |
|  | 10/2025 | 84 | 2508 | 0 | (1) |
|  | 11/2025 | 7332 | $1035 | 1 | 0 |
|  | 11/2025 | 1111 | 1486 | 0 | (8) |
|  | 11/2025 | 63 | 0 | 0 | 0 |
|  | 11/2025 | $500 | 44565 | 0 | 0 |
|  | 12/2025 | 125 | 886 | 0 | 0 |
|  | 12/2025 | 17 | 345 | 0 | 0 |
|  | 12/2025 | 261 | 4362621 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **131** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  SOG | 10/2025 | 29950 | $5612 | $0 | $(16) |
|  | 10/2025 | 270404 | 1839 | 10 | 0 |
|  | 10/2025 | 369 | 215 | 1 | 0 |
|  | 10/2025 | $5631 | 29950 | 0 | (4) |
|  | 10/2025 | 28596 | 24316 | 0 | (47) |
|  | 10/2025 | 4298 | 639571 | 27 | 0 |
|  | 10/2025 | 116 | 506 | 1 | 0 |
|  | 11/2025 | 454 | 2325 | 2 | 0 |
|  | 11/2025 | 24316 | $28653 | 48 | 0 |
|  | 11/2025 | 637359 | 4298 | 0 | (27) |
|  | 12/2025 | 116 | 594 | 0 | 0 |
|  | 12/2025 | $5612 | 30376 | 14 | 0 |
|  | 03/2026 | 478476 | $494 | 0 | (4) |
|  SSB | 10/2025 | 1287 | 1735 | 4 | 0 |
|  UAG | 10/2025 | 95 | 28 | 0 | (1) |
|  | 10/2025 | 966 | 30 | 0 | 0 |
|  | 10/2025 | $233 | 778 | 2 | 0 |
|  | 10/2025 | 22 | 1921 | 0 | 0 |
|  | 10/2025 | 41 | 422 | 1 | 0 |
|  | 10/2025 | 95 | 344 | 0 | 0 |
|  | 10/2025 | 70 | 2265 | 0 | 0 |
|  | 10/2025 | 67 | 1161 | 0 | 0 |
|  | 10/2025 | 1161 | $67 | 0 | 0 |
|  | 11/2025 | $28 | 95 | 1 | 0 |
|  | 11/2025 | 5090 | $289 | 0 | (5) |
|  | 12/2025 | 121 | 3053 | 5 | 0 |
|  | 12/2025 | 845 | $18 | 0 | (1) |
|  | 12/2025 | $131 | 43406 | 0 | (1) |
|  | 12/2025 | 209 | 12007 | 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;1142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1529) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | **Strike<br>Price** | **Strike<br>Price** | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | CZK | 24.200 | 03/11/2026 | 269 | $1 | $1 |
|  | Put - OTC EUR versus CZK |  | 24.200 | 03/12/2026 | 96 | 1 | 1 |
|  | Put - OTC EUR versus HUF | HUF | 387.000 | 12/17/2025 | 246 | 1 | 1 |
|  | Put - OTC USD versus BRL | BRL | 5.470 | 11/18/2025 | 300 | 5 | 8 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 381 | 1 | 0 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 597 | 1 | 1 |
| BPS | Put - OTC EUR versus USD | $— | 1.122 | 10/14/2025 | 17 | 2 | 0 |
| BRC | Put - OTC AUD versus USD |  | 0.623 | 10/14/2025 | 76 | 0 | 0 |
|  | Put - OTC EUR versus USD |  | 1.132 | 10/10/2025 | 705 | 3 | 0 |
|  | Call - OTC USD versus SEK | SEK | 10.200 | 11/26/2025 | 307 | 2 | 0 |
| GLM | Put - OTC AUD versus USD | $— | 0.625 | 10/08/2025 | 389 | 2 | 0 |
|  | Put - OTC EUR versus USD |  | 1.129 | 10/14/2025 | 749 | 3 | 0 |
|  | Put - OTC EUR versus USD |  | 1.100 | 12/17/2025 | 38 | 4 | 1 |
|  | Put - OTC USD versus BRL | BRL | 5.475 | 12/10/2025 | 426 | 7 | 12 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 93 | 0 | 0 |
| JPM | Put - OTC EUR versus CZK | CZK | 24.200 | 03/05/2026 | 214 | 1 | 1 |
|  | Put - OTC EUR versus HUF | HUF | 393.000 | 11/12/2025 | 189 | 1 | 2 |
|  | Put - OTC EUR versus HUF |  | 386.000 | 12/16/2025 | 228 | 1 | 1 |
| MBC | Put - OTC AUD versus USD | $— | 0.618 | 10/10/2025 | 457 | 1 | 0 |
|  | Put - OTC EUR versus USD |  | 1.098 | 12/23/2025 | 38 | 4 | 1 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 343 | 0 | 0 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 178 | 0 | 0 |
| MYI | Put - OTC EUR versus CZK | CZK | 24.200 | 02/10/2026 | 287 | 1 | 1 |
|  | Put - OTC EUR versus CZK |  | 24.250 | 02/13/2026 | 480 | 2 | 3 |
|  | Put - OTC EUR versus CZK |  | 24.100 | 03/13/2026 | 127 | 1 | 1 |
|  | Put - OTC EUR versus USD | $— | 1.145 | 10/08/2025 | 796 | 5 | 0 |
|  | Put - OTC EUR versus USD |  | 1.110 | 11/24/2025 | 959 | 5 | 0 |
|  | Put - OTC USD versus BRL | BRL | 5.480 | 11/07/2025 | 500 | 9 | 14 |
|  | Call - OTC USD versus SEK | SEK | 10.125 | 10/14/2025 | 77 | 0 | 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;64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |

---

132 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus BRL | BRL | 5.250 | 11/18/2025 | 300 | $(1) | $(2) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/18/2025 | 300 | (4) | (1) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 381 | 0 | 0 |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 597 | 0 | 0 |
| GLM | Put - OTC USD versus BRL | BRL | 5.275 | 12/10/2025 | 426 | (2) | (4) |
|  | Call - OTC USD versus BRL |  | 5.800 | 12/10/2025 | 426 | (5) | (2) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 93 | 0 | 0 |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 343 | 0 | 0 |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 178 | 0 | 0 |
| MYI | Put - OTC USD versus BRL | BRL | 5.220 | 11/07/2025 | 500 | (2) | (2) |
|  | Call - OTC USD versus BRL |  | 5.770 | 11/07/2025 | 500 | (6) | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 200 | $(1) | $0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 600 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 600 | (1) | (2) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.610 | 10/02/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.850 | 10/02/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 300 | (1) | (1) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 400 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 400 | (1) | (1) |
|  |  |  |  |  |  | $(8) | $(5) |
|  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;(28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Reference Entity** | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | **Reference Entity** | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2030 | N/A | $900 | $(32) | $(1) | $0 | $(33) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | 0.248% | 100 | (4) | 0 | 0 | (4) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | $&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;(37) |
| CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 | — <sup>¨</sup> | $647 | $0 | $9 | $9 | $0 |
| GST | Indonesia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.819% | 2300 | 18 | 2 | 20 | 0 |
|  |  |  |  |  |  |  | $18 | $11 | $29 | $0 |

---

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount<br>of Currency<br>Received | Notional<br>Amount<br>of Currency<br>Delivered | Notional<br>Amount<br>of Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount<br>of Currency<br>Received | Notional<br>Amount<br>of Currency<br>Delivered | Notional<br>Amount<br>of Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/17/2026 | $6619 | JPY | 980000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6597) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **133** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(8)</sup>** | **Notional<br>Amount<br>of Currency<br>Received** | **Notional<br>Amount<br>of Currency<br>Delivered** | **Notional<br>Amount<br>of Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(8)</sup>** | **Notional<br>Amount<br>of Currency<br>Received** | **Notional<br>Amount<br>of Currency<br>Delivered** | **Notional<br>Amount<br>of Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | $5646 | JPY | 830000 | $6 | $5 | $5645 | $(5634) |
|  GST | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2026 | 14263 |  | 2257800 | (184) | 20 | 14258 | (14422) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26653) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/ Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/ Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 9500 | $(8) | $(3) | $0 | $(11) |
| CBK | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 |  | 30200 | 0 | (36) | 0 | (36) |
| JPM | Receive | 3-Month COP-IBR Compounded-OIS | 5.960 | Quarterly | 02/11/2029 | COP | 7400 | 0 | 0 | 0 | 0 |
| SCX | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 | CNY | 6700 | 3 | (11) | 0 | (8) |
|  |  |  |  |  |  |  |  | $(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | $0 | $(55) |
|  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;(187) | $(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26745) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(9)</sup> |
|  AZD | $1 | $0 | $0 | $1 | $(200) | $0 | $0 | $(200) | $(199) | $359 | $160 |
|  BOA | 6 | 12 | 0 | 18 | (7) | (5) | 0 | (12) | 6 | 0 | 6 |
|  BPS | 28 | 0 | 0 | 28 | (161) | 0 | (11) | (172) | (144) | 0 | (144) |
|  BRC | 30 | 0 | 0 | 30 | (5) | (1) | 0 | (6) | 24 | 0 | 24 |
|  BSH | 58 | 0 | 0 | 58 | (87) | 0 | 0 | (87) | (29) | 0 | (29) |
|  CBK | 108 | 0 | 6617 | 6725 | (96) | 0 | (6633) | (6729) | (4) | 0 | (4) |
|  DUB | 14 | 0 | 9 | 23 | (54) | 0 | 0 | (54) | (31) | 0 | (31) |
|  FAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | 0 | 0 | 542 | (164) | 0 | 0 | (164) | 378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280) | 98 |
|  GLM | 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 5645 | 5777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | (5634) | (6184) | (407) | 282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) |
|  GST | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14278 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) | 0 | (144) |
|  IND | 3 | 0 | 0 | 3 | (4) | 0 | 0 | (4) | (1) | 0 | (1) |
|  JPM | 50 | 4 | 0 | 54 | (16) | 0 | 0 | (16) | 38 | 0 | 38 |
|  MBC | 26 | 1 | 0 | 27 | (24) | 0 | 0 | (24) | 3 | 0 | 3 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (37) | (37) | (37) | 0 | (37) |
|  MYI | 21 | 19 | 0 | 40 | (27) | (3) | 0 | (30) | 10 | (10) | 0 |
|  NGF | 2 | 0 | 0 | 2 | (2) | 0 | 0 | (2) | 0 | 0 | 0 |
|  SCX | 18 | 0 | 0 | 18 | (30) | 0 | (8) | (38) | (20) | 0 | (20) |
|  SOG | 103 | 0 | 0 | 103 | (98) | 0 | 0 | (98) | 5 | 0 | 5 |
|  SSB | 4 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  UAG | 9 | 0 | 0 | 9 | (12) | 0 | 0 | (12) | (3) | 0 | (3) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1529) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26745) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28291) |  |  |  |

---

(m) Securities with an aggregate market value of $641 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

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

<sup>(3)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | |
|:---|:---|:---|
| **134** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(4)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(5)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(7)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(8)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(9)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 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 | $71 | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 191 | 191 |
|  | $0 | $0 | $0 | $0 | $262 | $262 |
|  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 | $1142 | $0 | $1142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 49 | 0 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 29 | 0 | 26520 | 0 | 26549 |
|  | $0 | $29 | $0 | $27711 | $0 | $27740 |
|  | $0 | $29 | $0 | $27711 | $262 | $28002 |
|  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 | $6 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 163 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 128 | 131 |
|  | $0 | $3 | $0 | $0 | $297 | $300 |
|  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 | $1529 | $0 | $1529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 12 | 5 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 37 | 0 | 26653 | 55 | 26745 |
|  | $0 | $37 | $0 | $28194 | $60 | $28291 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28591 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 135

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 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 | 0 | 0 | (78) | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (220) | 0 | 0 | (274) | (494) |
|  | $0 | $(220) | $0 | $0 | $(337) | $(557) |
|  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 | $(3621) | $0 | $(3621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 29 | (82) | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 15 | 228 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 112 | 0 | (184) | (37) | (109) |
|  | $0 | $112 | $0 | $(3761) | $109 | $(3540) |
|  | $0 | $(108) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3761) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4097) |
|  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 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 344 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (56) | 0 | 0 | 498 | 442 |
|  | $0 | $(56) | $0 | $0 | $845 | $789 |
|  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 | $597 | $0 | $597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 5 | (148) | (143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 8 | 80 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (47) | 0 | 34 | 49 | 36 |
|  | $0 | $(47) | $0 | $644 | $(19) | $578 |
|  | $&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;0 | $644 | $826 | $1367 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $31 | $0 | $31 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2194 | 0 | 2194 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 573 | 0 | 573 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2533 | 0 | 2533 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2837 | 0 | 2837 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 5248 | 0 | 5248 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 401 | 0 | 401 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 961 | 0 | 961 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2407 | 0 | 2407 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 517 | 0 | 517 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 579 | 0 | 579 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 278 | 0 | 278 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 939 | 0 | 939 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 716 | 0 | 716 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1124 | 0 | 1124 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Sovereign Issues | $0 | $8239 | $0 | $8239 |
|  Guatemala | Guatemala | Guatemala | Guatemala | Guatemala |
| &nbsp;&nbsp; Sovereign Issues | 0 | 517 | 0 | 517 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1855 | 0 | 1855 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 312 | 0 | 312 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 622 | 0 | 622 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 4784 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4784 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 584 | 0 | 584 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | 588 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1342 | 0 | 1342 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 923 | 0 | 923 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3449 | 0 | 3449 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Sovereign Issues | 0 | 351 | 0 | 351 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1321 | 0 | 1321 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9413 | 0 | 9413 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 883 | 0 | 883 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | 0 | 0 | 900 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 1098 | 1098 |

---

---

| | | |
|:---|:---|:---|
| **136** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $949 | $0 | $949 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 813 | 0 | 813 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 358 | 0 | 358 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1142 | 0 | 1142 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1004 | 0 | 1004 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1745 | 0 | 1745 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 31 | 0 | 31 |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 208 | 0 | 208 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 258 | 0 | 258 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 900 | 0 | 900 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Sovereign Issues | 0 | 341 | 0 | 341 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 718 | 0 | 718 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 180 | 0 | 180 |
|  Republic of Korea | Republic of Korea | Republic of Korea | Republic of Korea | Republic of Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 352 | 0 | 352 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2179 | 0 | 2179 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 653 | 0 | 653 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3162 | 0 | 3162 |
|  Senegal | Senegal | Senegal | Senegal | Senegal |
| &nbsp;&nbsp; Sovereign Issues | 0 | 718 | 0 | 718 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2546 | 0 | 2546 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Sovereign Issues | 0 | 971 | 0 | 971 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3743 | 0 | 3743 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1457 | 0 | 1457 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 204 | 0 | 204 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2730 | 0 | 2730 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 962 | 0 | 962 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1104 | 0 | 1104 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1048 | 0 | 1048 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 663 | 0 | 663 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 304 | 0 | 304 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3920 | 0 | 3920 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $0 | $986 | $0 | $986 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1445 | 0 | 1445 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 3771 | 0 | 3771 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 11084 | 1700 | 12784 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 182 | 0 | 182 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 9401 | 0 | 9401 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5873 | 0 | 5873 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 76396 | 0 | 76396 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 10127 | 0 | 10127 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 1247 | 0 | 1247 |
| &nbsp;&nbsp; Mutual Funds | 0 | 503 | 0 | 503 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 700 | 0 | 700 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 855 | 0 | 855 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 83 | 0 | 83 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 285 | 0 | 285 |
|  | $900 | $218311 | $3386 | $222597 |
|  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 | $9274 | $0 | $0 | $9274 |
|  Total Investments | $10174 | $218311 | $3386 | $231871 |
|  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 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Sovereign Issues | 0 | (880) | 0 | (880) |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | (11718) | 0 | (11718) |
|  | $0 | $(12598) | $0 | $(12598) |
|  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 | 69 | 191 | 0 | 260 |
|  Over the counter | 0 | 27731 | 9 | 27740 |
|  | $69 | $27922 | $9 | $28000 |
|  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 | (130) | (169) | 0 | (299) |
|  Over the counter | (33) | (28258) | 0 | (28291) |
|  | $(163) | $(28427) | $0 | $(28590) |
|  Total Financial Derivative Instruments | $(94) | $(505) | $9 | $(590) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218683 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases <sup>(1)</sup> | Net<br>Sales/<br>Settlements <sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation) <sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025 <sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Loan Participations and Assignments | $540 | $0 | $0 | $0 | $0 | $48 | $0 | $0 | $588 | $48 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | &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;1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **137** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Beginning<br>Balance<br>at 03/31/2025** | **Net<br>Purchases <sup>(1)</sup>** | **Net<br>Sales/<br>Settlements <sup>(1)</sup>** | **Accrued<br>Discounts/<br>(Premiums)** | **Realized<br>Gain/(Loss)** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation) <sup>(2)</sup>** | **Transfers into<br>Level 3** | **Transfers out<br>of Level 3** | **Ending<br>Balance<br>at 09/30/2025** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025 <sup>(2)</sup>** |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $1700 | $0 | $0 | $0 | $0 | $0 | $0 | $1700 | $0 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | $&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;(131) | $&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;3386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $7 | $0 | $(1) | $0 | $0 | $3 | $0 | $0 | $9 | $3 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | $&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;3395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $588 | Discounted Cash Flow | Discount Rate | 3.832 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 1098 | Indicative Market Quotation | Broker Quote | $21.667 |  |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 1700 | Recent Transaction | Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.000 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 9 | Indicative Market Quotation | Broker Quote | 0.939 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **138** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 135.1% | INVESTMENTS IN SECURITIES 135.1% | INVESTMENTS IN SECURITIES 135.1% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ | 147 | 76 |
|  4.125% due 07/09/2035 þ | 122 | 57 |
|  Total Argentina (Cost $155) | Total Argentina (Cost $155) | 133 |
| AUSTRALIA 2.1% | AUSTRALIA 2.1% | AUSTRALIA 2.1% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  4.675% due 06/15/2026 | 3600 | 3617 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  3.950% (BBSW3M + 0.370%) due 09/14/2026 ~ | 3200 | 2118 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  5.071% due 09/14/2028 | 2600 | 2685 |
|  National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. |
|  5.134% due 11/28/2028 | 2600 | 2698 |
|  |  | 11118 |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  1.750% due 06/21/2051 | 250 | 88 |
|  2.500% due 05/21/2030 | 2300 | 1446 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 4400 | 2311 |
|  2.000% due 03/08/2033 | 3300 | 1838 |
|  4.750% due 09/20/2035 | 1600 | 1050 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 2100 | 1148 |
|  1.750% due 07/20/2034 | 3400 | 1758 |
|  2.000% due 08/22/2033 | 2400 | 1311 |
|  4.500% due 08/22/2035 | 3200 | 2047 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 11300 | 5733 |
|  2.250% due 09/15/2033 | 4300 | 2390 |
|  4.250% due 12/20/2032 | 3200 | 2086 |
|  |  | 23206 |
|  Total Australia (Cost $33,362) | Total Australia (Cost $33,362) | 34324 |
| BRAZIL 1.9% | BRAZIL 1.9% | BRAZIL 1.9% |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 178200 | 31278 |
|  Total Brazil (Cost $30,849) | Total Brazil (Cost $30,849) | 31278 |
| BULGARIA 0.3% | BULGARIA 0.3% | BULGARIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.375% due 07/18/2035 | 2000 | 2304 |
|  4.125% due 07/18/2045 | 2100 | 2385 |
|  Total Bulgaria (Cost $4,692) | Total Bulgaria (Cost $4,692) | 4689 |
| CANADA 4.3% | CANADA 4.3% | CANADA 4.3% |
| CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.299% due 03/20/2028 | 7400 | 7484 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 1000 | 1172 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.322% (BBSW3M + 0.730%) due 06/30/2026 ~ | 3500 | 2323 |
|  4.851% due 12/14/2026 | 2400 | 2427 |
|  5.150% (SOFRINDX + 0.880%) due 08/06/2029 ~ | 4700 | 4712 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.550% (BBSW3M + 0.970%) due 09/15/2028 ~ | 6300 | 4214 |
|  4.701% due 06/05/2027 | 4800 | 4824 |
|  4.814% due 07/16/2027 | 4600 | 4677 |
|  |  | 31833 |
| SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  2.750% due 03/01/2030 | 500 | 360 |
|  3.250% due 12/01/2033 | 14500 | 10573 |
|  4.000% due 03/01/2029 | 18700 | 14053 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  1.500% due 12/01/2044 (f) | 571 | 403 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 2300 | 1726 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 4000 | 2930 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 7000 | 5098 |
|  4.450% due 09/01/2034 | 5500 | 4212 |
|  |  | 39355 |
|  Total Canada (Cost $70,321) | Total Canada (Cost $70,321) | 71188 |
| CAYMAN ISLANDS 3.5% | CAYMAN ISLANDS 3.5% | CAYMAN ISLANDS 3.5% |
| ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.627% due 10/20/2031 •  | 559 | 559 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.525% due 01/20/2035 •  | 2300 | 2305 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.822% due 01/15/2037 •  | 1138 | 1140 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.585% due 01/20/2035 •  | 3900 | 3905 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  5.539% due 10/23/2032 •  | 4010 | 4015 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  5.439% due 01/18/2035 •  | 2700 | 2710 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.469% due 10/23/2034 •  | 2500 | 2503 |
|  5.548% due 07/16/2034 •  | 2100 | 2103 |
|  5.565% due 07/19/2034 •  | 3500 | 3505 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.530% due 10/24/2030 •  | 550 | 551 |
|  Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. |
|  5.555% due 10/20/2031 •  | 578 | 579 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.669% due 07/15/2031 •  | 1010 | 1011 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.600% due 12/15/2036 •  | 1402 | 1373 |
|  5.750% due 07/16/2035 •  | 299 | 298 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.550% due 04/17/2034 •  | 1726 | 1729 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 4200 | 4204 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  5.582% due 10/22/2034 •  | 2300 | 2304 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 737 | 738 |
|  Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. |
|  5.550% due 07/25/2030 •  | 265 | 265 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.428% due 07/15/2034 •  | 4100 | 4103 |
|  Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. |
|  5.707% due 01/21/2031 •  | 160 | 160 |
|  Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. |
|  5.829% due 10/15/2030 •  | 162 | 162 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.484% due 08/16/2034 •  | 4000 | 4006 |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  5.405% due 10/20/2034 •  | 3700 | 3704 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  5.648% due 01/25/2034 •  | 2900 | 2900 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.793% due 02/15/2039 •  | 1792 | 1797 |
|  Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. |
|  5.463% due 09/07/2030 •  | 303 | 304 |
|  |  | 52933 |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 758 | 729 |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  5.250% due 01/29/2034 | 1400 | 1445 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1400 | 1644 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 800 | 819 |
|  |  | 4637 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.268% due 10/25/2028 | 500 | 516 |
|  Total Cayman Islands (Cost $57,985) | Total Cayman Islands (Cost $57,985) | 58086 |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.850% due 01/22/2029 | 1000 | 1024 |
|  Total Chile (Cost $999) | Total Chile (Cost $999) | 1024 |
| CHINA 0.0% | CHINA 0.0% | CHINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  1.650% due 05/15/2035 | 1000 | 139 |
|  2.040% due 11/25/2034 | 1100 | 157 |
|  Total China (Cost $297) | Total China (Cost $297) | 296 |
| DENMARK 0.5% | DENMARK 0.5% | DENMARK 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 1437 | 185 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 04/01/2026 | 38100 | 5967 |
|  1.500% due 10/01/2053 | 8330 | 1068 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.000% due 04/01/2026 | 7600 | 1190 |
|  1.500% due 10/01/2053 | 1526 | 196 |
|  Total Denmark (Cost $7,977) | Total Denmark (Cost $7,977) | 8606 |
| FRANCE 6.5% | FRANCE 6.5% | FRANCE 6.5% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.738% due 02/20/2035 •  | 1100 | 1158 |
|  5.786% due 01/13/2033 •  | 1000 | 1050 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.612% due 10/19/2027 •  | 2200 | 2250 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  6.316% due 10/03/2029 •  | 1800 | 1898 |
|  |  | 6356 |
| SOVEREIGN ISSUES 6.1% | SOVEREIGN ISSUES 6.1% | SOVEREIGN ISSUES 6.1% |
|  Caisse des Depots et Consignations | Caisse des Depots et Consignations | Caisse des Depots et Consignations |
|  4.250% due 02/28/2028 | 6700 | 9008 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.750% due 02/25/2028 | 16400 | 18587 |
|  2.750% due 10/25/2027 | 15000 | 17812 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **139** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.750% due 02/25/2030 |  | 48100 | 56717 |
|  |  |  | 102124 |
|  Total France (Cost $98,689) | Total France (Cost $98,689) | Total France (Cost $98,689) | 108480 |
| GERMANY 0.2% | GERMANY 0.2% | GERMANY 0.2% | GERMANY 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.750% due 11/19/2030 •  |  | 300 | 333 |
|  2.129% due 11/24/2026 •  | $— | 400 | 399 |
|  3.547% due 09/18/2031 •  |  | 1400 | 1327 |
|  5.706% due 02/08/2028 •  |  | 1600 | 1629 |
|  Total Germany (Cost $3,697) | Total Germany (Cost $3,697) | Total Germany (Cost $3,697) | 3688 |
| HUNGARY 0.0% | HUNGARY 0.0% | HUNGARY 0.0% | HUNGARY 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  5.375% due 09/26/2030 | $— | 100 | 103 |
|  Total Hungary (Cost $99) | Total Hungary (Cost $99) | Total Hungary (Cost $99) | 103 |
| IRELAND 3.5% | IRELAND 3.5% | IRELAND 3.5% | IRELAND 3.5% |
| ASSET-BACKED SECURITIES 3.3% | ASSET-BACKED SECURITIES 3.3% | ASSET-BACKED SECURITIES 3.3% | ASSET-BACKED SECURITIES 3.3% |
|  Accunia European CLO I DAC | Accunia European CLO I DAC | Accunia European CLO I DAC | Accunia European CLO I DAC |
|  2.976% due 07/15/2030 •  |  | 87 | 102 |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.054% due 10/21/2034 •  |  | 2847 | 3346 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.267% due 01/22/2038 •  |  | 2700 | 3180 |
|  BlackRock European CLO III DAC | BlackRock European CLO III DAC | BlackRock European CLO III DAC | BlackRock European CLO III DAC |
|  2.904% due 07/19/2035 •  |  | 2500 | 2930 |
|  Bosphorus CLO VI DAC | Bosphorus CLO VI DAC | Bosphorus CLO VI DAC | Bosphorus CLO VI DAC |
|  2.876% due 05/25/2034 •  |  | 4400 | 5164 |
|  Cairn CLO VII DAC | Cairn CLO VII DAC | Cairn CLO VII DAC | Cairn CLO VII DAC |
|  2.696% due 01/31/2030 •  |  | 897 | 1053 |
|  Capital Four CLO I DAC | Capital Four CLO I DAC | Capital Four CLO I DAC | Capital Four CLO I DAC |
|  3.046% due 10/15/2034 •  |  | 2600 | 3056 |
|  CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC |
|  2.676% due 10/15/2031 •  |  | 337 | 395 |
|  CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC | CVC Cordatus Loan Fund XXIV DAC |
|  3.144% due 10/23/2034 •  |  | 823 | 967 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.876% due 08/15/2033 •  |  | 1015 | 1192 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.686% due 04/15/2033 •  |  | 573 | 672 |
|  Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC |
|  0.000% due 10/18/2039 •(b) |  | 3600 | 4233 |
|  Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC |
|  3.205% due 01/22/2039 •  |  | 6200 | 7298 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  0.000% due 07/15/2035 «•(b) |  | 3900 | 4579 |
|  3.006% due 05/15/2033 •  |  | 2105 | 2469 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  2.904% due 01/24/2035 •  |  | 2900 | 3404 |
|  3.292% due 08/29/2036 •  |  | 4100 | 4829 |
|  Sculptor European CLO VI DAC | Sculptor European CLO VI DAC | Sculptor European CLO VI DAC | Sculptor European CLO VI DAC |
|  3.076% due 10/15/2034 •  |  | 4700 | 5525 |
|  |  |  | 54394 |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  3.000% due 10/29/2028 | $— | 550 | 530 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% (EUR006M + 1.750%) due 03/05/2027 «~ |  | 2600 | 3057 |
|  Total Ireland (Cost $54,500) | Total Ireland (Cost $54,500) | Total Ireland (Cost $54,500) | 57981 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ISRAEL 0.4% | ISRAEL 0.4% | ISRAEL 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  4.500% due 01/17/2033 | 600 | 587 |
|  5.375% due 02/19/2030 | 1600 | 1652 |
|  5.500% due 03/12/2034 | 3700 | 3806 |
|  5.625% due 02/19/2035 | 600 | 621 |
|  Total Israel (Cost $6,455) | Total Israel (Cost $6,455) | 6666 |
| ITALY 2.3% | ITALY 2.3% | ITALY 2.3% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 | 1200 | 1391 |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  4.375% due 10/01/2030 (b) | 3700 | 3722 |
|  5.750% due 05/05/2026 | 1400 | 1412 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  2.100% due 08/26/2027 | 26800 | 31390 |
|  Republic of Italy Government International Bonds | Republic of Italy Government International Bonds | Republic of Italy Government International Bonds |
|  6.000% due 08/04/2028 | 600 | 835 |
|  |  | 37359 |
|  Total Italy (Cost $38,961) | Total Italy (Cost $38,961) | 38750 |
| JAPAN 5.0% | JAPAN 5.0% | JAPAN 5.0% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  4.527% due 09/12/2031 •  | 3200 | 3214 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.329% due 01/22/2027 | 600 | 585 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.413% (SOFRRATE + 1.080%) due 07/16/2028 ~ | 3900 | 3943 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.969% (SOFRRATE + 0.750%) due 09/11/2028 ~ | 2400 | 2409 |
|  |  | 10151 |
| SOVEREIGN ISSUES 4.4% | SOVEREIGN ISSUES 4.4% | SOVEREIGN ISSUES 4.4% |
|  Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. |
|  4.000% due 08/28/2027 | 2700 | 2706 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (f) | 1212447 | 8338 |
|  0.100% due 03/10/2029 (f) | 393488 | 2717 |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  0.400% due 06/20/2029 | 450000 | 2964 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 574000 | 2976 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  0.700% due 12/20/2048 | 201000 | 876 |
|  0.700% due 06/20/2051 | 30000 | 120 |
|  1.300% due 06/20/2052 | 50000 | 232 |
|  2.200% due 06/20/2054 | 489000 | 2764 |
|  2.300% due 12/20/2054 | 3226000 | 18611 |
|  2.400% due 03/20/2055 | 447000 | 2634 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  0.400% due 06/20/2040 | 1070000 | 5616 |
|  2.000% due 12/20/2044 | 970000 | 6012 |
|  2.400% due 03/20/2045 | 892000 | 5876 |
|  Japan Government Two Year Bonds | Japan Government Two Year Bonds | Japan Government Two Year Bonds |
|  0.100% due 01/01/2026 | 1550000 | 10470 |
|  |  | 72912 |
|  Total Japan (Cost $91,078) | Total Japan (Cost $91,078) | 83063 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| JERSEY, CHANNEL ISLANDS 0.0% | JERSEY, CHANNEL ISLANDS 0.0% | JERSEY, CHANNEL ISLANDS 0.0% |
| ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.439% due 08/13/2031 •  | 474 | 475 |
|  Total Jersey, Channel Islands (Cost $474) | Total Jersey, Channel Islands (Cost $474) | 475 |
| KUWAIT 0.6% | KUWAIT 0.6% | KUWAIT 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.016% due 10/09/2028 (b) | 4100 | 4100 |
|  4.136% due 10/09/2030 (b) | 2000 | 2000 |
|  4.652% due 10/09/2035 (b) | 3000 | 3000 |
|  Total Kuwait (Cost $9,100) | Total Kuwait (Cost $9,100) | 9100 |
| LUXEMBOURG 0.6% | LUXEMBOURG 0.6% | LUXEMBOURG 0.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Project Fenno | Project Fenno | Project Fenno |
|  TBD% - 0.500% due 07/10/2028 «µ(h) | 566 | 665 |
|  4.366% (EUR003M + 2.350%) due 07/10/2028 «~(h) | 568 | 667 |
|  |  | 1332 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 8800 | 8939 |
|  Total Luxembourg (Cost $10,094) | Total Luxembourg (Cost $10,094) | 10271 |
| MALAYSIA 0.1% | MALAYSIA 0.1% | MALAYSIA 0.1% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  4.550% due 04/21/2050 | 300 | 266 |
|  4.800% due 04/21/2060 | 300 | 273 |
|  |  | 539 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  2.632% due 04/15/2031 | 6000 | 1380 |
|  Total Malaysia (Cost $1,889) | Total Malaysia (Cost $1,889) | 1919 |
| MEXICO 0.0% | MEXICO 0.0% | MEXICO 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.000% due 04/27/2051 | 500 | 411 |
|  Total Mexico (Cost $466) | Total Mexico (Cost $466) | 411 |
| MULTINATIONAL 0.0% | MULTINATIONAL 0.0% | MULTINATIONAL 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. | Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. | Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. |
|  4.599% (US0003M + 0.300%) due 09/22/2037 ~ | 518 | 479 |
|  Total Multinational (Cost $414) | Total Multinational (Cost $414) | 479 |
| NETHERLANDS 0.3% | NETHERLANDS 0.3% | NETHERLANDS 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.515% due 12/03/2035 •  | 2800 | 2910 |
|  6.575% due 10/13/2026 •  | 2600 | 2602 |
|  Total Netherlands (Cost $5,400) | Total Netherlands (Cost $5,400) | 5512 |

---

140 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NORWAY 0.1% | NORWAY 0.1% | NORWAY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  1.900% due 01/19/2027 | 2200 | 1419 |
|  Total Norway (Cost $1,602) | Total Norway (Cost $1,602) | 1419 |
| PERU 1.6% | PERU 1.6% | PERU 1.6% |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 10300 | 2873 |
|  6.150% due 08/12/2032 | 15300 | 4672 |
|  6.900% due 08/12/2037 | 10200 | 3074 |
|  6.950% due 08/12/2031 | 48561 | 15491 |
|  Total Peru (Cost $23,578) | Total Peru (Cost $23,578) | 26110 |
| POLAND 0.4% | POLAND 0.4% | POLAND 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.625% due 03/18/2029 | 1400 | 1428 |
|  4.875% due 02/12/2030 | 1000 | 1030 |
|  5.125% due 09/18/2034 | 3300 | 3381 |
|  5.375% due 02/12/2035 | 700 | 728 |
|  Total Poland (Cost $6,365) | Total Poland (Cost $6,365) | 6567 |
| QATAR 0.0% | QATAR 0.0% | QATAR 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 300 | 270 |
|  Total Qatar (Cost $298) | Total Qatar (Cost $298) | 270 |
| ROMANIA 0.8% | ROMANIA 0.8% | ROMANIA 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 | 800 | 826 |
|  2.000% due 04/14/2033 | 2000 | 1845 |
|  2.125% due 03/07/2028 | 600 | 683 |
|  2.750% due 04/14/2041 | 400 | 303 |
|  2.875% due 04/13/2042 | 1000 | 755 |
|  5.125% due 09/24/2031 | 1900 | 2228 |
|  5.250% due 03/10/2030 | 1400 | 1695 |
|  5.625% due 02/22/2036 | 1100 | 1258 |
|  6.250% due 09/10/2034 | 400 | 484 |
|  6.625% due 09/27/2029 | 2600 | 3306 |
|  Total Romania (Cost $12,956) | Total Romania (Cost $12,956) | 13383 |
| SAUDI ARABIA 1.6% | SAUDI ARABIA 1.6% | SAUDI ARABIA 1.6% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  2.250% due 11/24/2030 | 200 | 181 |
|  4.750% due 06/02/2030 | 1500 | 1521 |
|  5.375% due 06/02/2035 | 3200 | 3312 |
|  6.375% due 06/02/2055 | 700 | 747 |
|  |  | 5761 |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.250% due 10/22/2030 | 200 | 191 |
|  3.375% due 03/05/2032 | 1800 | 2135 |
|  3.750% due 03/05/2037 | 500 | 581 |
|  4.750% due 01/18/2028 | 2400 | 2436 |
|  4.750% due 01/16/2030 | 8900 | 9098 |
|  4.875% due 07/18/2033 | 1300 | 1320 |
|  5.125% due 01/13/2028 | 3400 | 3475 |
|  5.375% due 01/13/2031 | 1900 | 1998 |
|  |  | 21234 |
|  Total Saudi Arabia (Cost $25,980) | Total Saudi Arabia (Cost $25,980) | 26995 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SERBIA 0.2% | SERBIA 0.2% | SERBIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 | 700 | 766 |
|  2.050% due 09/23/2036 | 600 | 551 |
|  6.000% due 06/12/2034 | 1100 | 1148 |
|  Total Serbia (Cost $2,584) | Total Serbia (Cost $2,584) | 2465 |
| SINGAPORE 0.4% | SINGAPORE 0.4% | SINGAPORE 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds |
|  2.375% due 07/01/2039 | 496 | 402 |
|  3.250% due 06/01/2054 | 7060 | 6887 |
|  Total Singapore (Cost $5,611) | Total Singapore (Cost $5,611) | 7289 |
| SLOVAKIA 0.3% | SLOVAKIA 0.3% | SLOVAKIA 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  365 bank AS | 365 bank AS | 365 bank AS |
|  7.125% due 07/04/2028 •  | 3700 | 4663 |
|  Total Slovakia (Cost $4,421) | Total Slovakia (Cost $4,421) | 4663 |
| SOUTH AFRICA 2.4% | SOUTH AFRICA 2.4% | SOUTH AFRICA 2.4% |
| SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 25400 | 1168 |
|  8.000% due 01/31/2030 | 118000 | 6857 |
|  8.750% due 01/31/2044 | 74900 | 3776 |
|  8.750% due 02/28/2048 | 21900 | 1096 |
|  8.875% due 02/28/2035 | 481500 | 27391 |
|  Total South Africa (Cost $38,393) | Total South Africa (Cost $38,393) | 40288 |
| SOUTH KOREA 0.5% | SOUTH KOREA 0.5% | SOUTH KOREA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Korea Development Bank | Korea Development Bank | Korea Development Bank |
|  5.375% due 10/23/2026 | 2500 | 2535 |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  4.875% due 08/27/2027 | 2400 | 2440 |
|  5.375% due 11/15/2026 | 2700 | 2741 |
|  Total South Korea (Cost $7,592) | Total South Korea (Cost $7,592) | 7716 |
| SPAIN 4.9% | SPAIN 4.9% | SPAIN 4.9% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.208% due 01/18/2029 •  | 3500 | 3641 |
| SOVEREIGN ISSUES 4.7% | SOVEREIGN ISSUES 4.7% | SOVEREIGN ISSUES 4.7% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 | 300 | 362 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  0.000% due 01/31/2028 (d) | 18300 | 20441 |
|  2.400% due 05/31/2028 | 12200 | 14382 |
|  2.500% due 05/31/2027 | 3400 | 4018 |
|  3.150% due 04/30/2035 | 2000 | 2339 |
|  3.450% due 10/31/2034 | 29970 | 36024 |
|  |  | 77566 |
|  Total Spain (Cost $77,041) | Total Spain (Cost $77,041) | 81207 |
| SUPRANATIONAL 0.8% | SUPRANATIONAL 0.8% | SUPRANATIONAL 0.8% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
|  2.500% due 04/14/2027 | 1800 | 1170 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  European Union | European Union | European Union |
|  3.750% due 10/12/2045 | 9900 | 11505 |
|  Total Supranational (Cost $12,864) | Total Supranational (Cost $12,864) | 12675 |
| SWITZERLAND 0.5% | SWITZERLAND 0.5% | SWITZERLAND 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1100 | 1018 |
|  4.194% due 04/01/2031 •  | 600 | 593 |
|  5.617% due 09/13/2030 •  | 900 | 940 |
|  6.246% due 09/22/2029 •  | 2600 | 2744 |
|  6.537% due 08/12/2033 •  | 3350 | 3697 |
|  Total Switzerland (Cost $8,254) | Total Switzerland (Cost $8,254) | 8992 |
| UNITED ARAB EMIRATES 0.3% | UNITED ARAB EMIRATES 0.3% | UNITED ARAB EMIRATES 0.3% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.500% due 05/06/2030 | 300 | 304 |
|  5.000% due 05/06/2035 | 900 | 920 |
|  |  | 1224 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  5.500% due 04/30/2054 | 3300 | 3457 |
|  Total United Arab Emirates (Cost $4,436) | Total United Arab Emirates (Cost $4,436) | 4681 |
| UNITED KINGDOM 5.5% | UNITED KINGDOM 5.5% | UNITED KINGDOM 5.5% |
| ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% |
|  Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC |
|  0.000% due 08/15/2066 ~ | 3000 | 4043 |
| CORPORATE BONDS & NOTES 3.1% | CORPORATE BONDS & NOTES 3.1% | CORPORATE BONDS & NOTES 3.1% |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.476% due 11/11/2029 •  | 3900 | 3907 |
|  5.851% due 03/21/2035 •  | 1600 | 2180 |
|  6.224% due 05/09/2034 •  | 1300 | 1399 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  3.973% due 05/22/2030 •  | 1900 | 1872 |
|  4.041% due 03/13/2028 •  | 900 | 898 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  5.264% due 11/10/2026 | 3200 | 3250 |
|  6.557% due 10/18/2027 •  | 2800 | 2864 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.076% due 01/27/2030 •  | 1700 | 1737 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.789% due 03/21/2028 | 4100 | 4175 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) | 2500 | 1884 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  5.223% (SOFRINDX + 1.070%) due 09/22/2029 ~ | 6200 | 6210 |
|  6.534% due 01/10/2029 •  | 2300 | 2408 |
|  Santander U.K. PLC | Santander U.K. PLC | Santander U.K. PLC |
|  4.496% due 12/12/2027 | 4800 | 4867 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.608% due 01/12/2028 •  | 900 | 880 |
|  2.678% due 06/29/2032 •  | 2100 | 1879 |
|  6.750% due 02/08/2028 •  | 4900 | 5051 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 | 5300 | 6402 |
|  |  | 51863 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
|  Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp |
|  4.117% (EUR003M + 2.100%) due 02/27/2026 «~(h) | 284 | 333 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **141** |

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------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Project Nova | Project Nova | Project Nova |
|  7.250% (PRIME) due 08/31/2026 «~ | 400 | 400 |
|  |  | 733 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8% |
|  Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC |
|  4.826% due 05/17/2067 •  | 700 | 946 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.255% due 06/15/2044 •  | 122 | 163 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.055% due 06/13/2045 •  | 161 | 217 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  5.105% due 12/15/2050 •  | 267 | 353 |
|  5.355% due 12/15/2050 •  | 133 | 175 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  4.265% due 12/15/2043 •  | 641 | 848 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  4.887% due 06/28/2050 •  | 1101 | 1482 |
|  5.137% due 06/20/2060 •  | 4908 | 6612 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  4.867% due 05/20/2066 •  | 2180 | 2938 |
|  |  | 13734 |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  1.250% due 07/31/2051 | 3300 | 1854 |
|  4.375% due 07/31/2054 | 8800 | 9909 |
|  5.375% due 01/31/2056 | 9100 | 12024 |
|  |  | 23787 |
|  Total United Kingdom (Cost $94,601) | Total United Kingdom (Cost $94,601) | 94160 |
| UNITED STATES 80.4% | UNITED STATES 80.4% | UNITED STATES 80.4% |
| ASSET-BACKED SECURITIES 2.3% | ASSET-BACKED SECURITIES 2.3% | ASSET-BACKED SECURITIES 2.3% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.172% due 08/25/2035 •  | 1074 | 1068 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.972% due 10/25/2031 •  | 1 | 1 |
|  AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust |
|  5.212% due 06/25/2029 •  | 6 | 6 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.032% due 02/25/2036 •  | 780 | 636 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.592% due 12/25/2036 •  | 363 | 205 |
|  4.632% due 01/25/2037 •  | 1532 | 1129 |
|  4.792% due 03/25/2036 •  | 651 | 597 |
|  5.262% due 07/25/2035 •  | 2108 | 2034 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.772% due 02/25/2036 •  | 41 | 41 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.532% due 12/25/2036 •  | 483 | 447 |
|  4.552% due 06/25/2037 •  | 355 | 335 |
|  4.552% due 06/25/2047 •  | 382 | 347 |
|  4.672% due 06/25/2037 •  | 1202 | 1213 |
|  5.012% due 08/25/2047 •  | 196 | 192 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.168% due 01/25/2032 •  | 1 | 1 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.387% due 07/25/2036 •  | 595 | 569 |
|  5.217% due 03/25/2035 •  | 289 | 310 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.393% due 11/25/2034 •  | 165 | 159 |
|  4.752% due 09/25/2036 •  | 3095 | 1071 |
|  4.772% due 05/25/2046 •  | 1317 | 1271 |
|  4.792% due 02/25/2046 •  | 41 | 38 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.752% due 06/25/2036 •  | 2844 | 968 |
|  5.022% due 10/25/2035 •  | 651 | 635 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  5.012% due 01/25/2037 •  | 798 | 312 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  4.932% due 07/25/2036 •  | 3099 | 2983 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.402% due 01/25/2037 •  | 1561 | 720 |
|  4.412% due 05/25/2037 •  | 1178 | 912 |
|  4.522% due 07/25/2036 •  | 122 | 112 |
|  4.752% due 06/25/2036 •  | 1204 | 607 |
|  5.202% due 02/25/2035 •  | 2866 | 2673 |
|  5.232% due 09/25/2034 •  | 890 | 944 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.502% due 04/25/2037 •  | 1107 | 576 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.419% due 09/25/2046 þ | 1573 | 328 |
|  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 |
|  4.707% due 03/25/2036 •  | 178 | 178 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.532% due 03/25/2037 •  | 893 | 583 |
|  4.812% due 05/25/2036 •  | 2800 | 2726 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.294% due 01/25/2037 þ | 545 | 163 |
|  5.731% due 11/25/2036 þ | 1934 | 634 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.522% due 11/25/2036 •  | 3780 | 3307 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.582% due 09/25/2037 •  | 628 | 607 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 418 | 400 |
|  5.365% due 07/15/2053 •  | 116 | 117 |
|  5.822% due 02/16/2055 •  | 965 | 975 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.772% due 11/25/2036 •  | 1441 | 1371 |
|  4.832% due 05/25/2036 •  | 274 | 269 |
|  5.222% due 10/25/2037 •  | 1064 | 826 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.572% due 06/25/2037 •  | 315 | 187 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.617% due 07/25/2036 •  | 863 | 501 |
|  4.952% due 01/25/2033 •  | 278 | 278 |
|  5.172% due 09/25/2034 •  | 37 | 35 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.364% due 02/25/2035 •  | 1893 | 2027 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  5.212% due 11/25/2033 •  | 24 | 21 |
|  |  | 38645 |
| CORPORATE BONDS & NOTES 5.3% | CORPORATE BONDS & NOTES 5.3% | CORPORATE BONDS & NOTES 5.3% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.468% due 01/23/2035 •  | 1500 | 1567 |
|  5.511% due 01/24/2036 •  | 1500 | 1569 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.250% due 12/15/2025 | 400 | 400 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 16600 | 16600 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.298% due 05/01/2029 | 1000 | 1062 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.350% due 12/15/2030 | 1134 | 1093 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.125% due 09/10/2026 | 5600 | 6572 |
|  Credit Suisse AG AT1 Claim | 1700 | 221 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 200 | 178 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.522% (SOFRRATE + 1.325%) due 09/08/2028 ~ | 4100 | 4134 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 | 1000 | 998 |
|  3.815% due 11/02/2027 | 400 | 390 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 600 | 585 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.300% due 01/15/2029 | 700 | 713 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.536% due 01/28/2036 •  | $| 1500 | 1566 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  4.900% due 09/11/2028 |  | 4000 | 3980 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.505% due 10/22/2028 •  |  | 3200 | 3228 |
|  5.040% due 01/23/2028 •  |  | 2900 | 2933 |
|  5.140% due 01/24/2031 •  |  | 3100 | 3202 |
|  Kraton Corp. | Kraton Corp. | Kraton Corp. | Kraton Corp. |
|  5.000% due 07/15/2027 |  | 2300 | 2337 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.406% due 10/29/2027 •  | EUR | 4300 | 4948 |
|  3.955% due 03/21/2035 •  |  | 300 | 362 |
|  5.164% due 04/20/2029 •  | $| 2300 | 2355 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  5.099% (SOFRRATE + 0.770%) due 07/06/2028 ~ |  | 3900 | 3914 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.250% due 09/24/2027 |  | 1900 | 1903 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 |  | 100 | 96 |
|  4.000% due 12/01/2046 |  | 100 | 76 |
|  4.250% due 03/15/2046 |  | 100 | 79 |
|  4.300% due 03/15/2045 |  | 100 | 80 |
|  4.550% due 07/01/2030 |  | 500 | 497 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  5.100% due 02/15/2029 |  | 1100 | 1129 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  4.875% due 02/13/2029 |  | 1000 | 1022 |
|  5.125% due 02/13/2031 |  | 1000 | 1035 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.078% due 09/15/2029 •  |  | 4100 | 4088 |
|  5.056% (SOFRRATE + 0.880%) due 09/15/2029 ~ |  | 4000 | 4007 |
|  5.211% due 12/03/2035 •  |  | 3100 | 3169 |
|  5.244% due 01/24/2031 •  |  | 1200 | 1242 |
|  5.499% due 01/23/2035 •  |  | 1700 | 1774 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.036% (SOFRRATE + 0.710%) due 01/15/2026 ~ |  | 3800 | 3804 |
|  |  |  | 88908 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.541% (TSFR3M + 2.250%) due 12/15/2031 ~ |  | 1186 | 1187 |
|  Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III |
|  6.043% (TSFR3M + 2.000%) due 03/26/2026 «~(h) |  | 500 | 500 |
|  Project Hudson II | Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « |  | 600 | 608 |
|  |  |  | 2295 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 |
|  6.655% due 04/01/2057 |  | 369 | 402 |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 |  | 441 | 455 |
|  |  |  | 857 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.4% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.462% due 05/25/2046 •  |  | 68 | 61 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.500% due 03/25/2047 þ |  | 830 | 528 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.333% due 06/25/2035 ~ |  | 17 | 16 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  5.640% due 05/25/2065 þ |  | 10527 | 10630 |

---

---

| | | |
|:---|:---|:---|
| **142** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust |
|  3.000% due 11/25/2051 ~ | 1599 | 1387 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  5.135% due 01/26/2047 •  | 6 | 6 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.164% due 08/25/2036 ~ | 81 | 37 |
|  4.592% due 02/25/2034 •  | 10 | 9 |
|  4.850% due 11/25/2035 ~ | 117 | 89 |
|  5.425% due 05/25/2035 ~ | 2 | 2 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.000% due 05/25/2034 ~ | 1 | 1 |
|  4.057% due 09/25/2034 ~ | 13 | 12 |
|  4.208% due 05/25/2047 ~ | 45 | 41 |
|  5.033% due 08/25/2033 ~ | 1 | 1 |
|  5.862% due 10/25/2033 ~ | 1 | 1 |
|  5.912% due 11/25/2034 ~ | 1 | 1 |
|  6.896% due 05/25/2034 ~ | 2 | 2 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.972% due 01/26/2036 ~ | 22 | 15 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ | 953 | 867 |
|  3.250% due 09/25/2063 ~ | 945 | 858 |
|  3.375% due 04/25/2065 ~ | 3142 | 2853 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.933% due 07/25/2037 ~ | 32 | 26 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.422% due 01/25/2036 •  | 363 | 348 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.672% due 04/25/2046 •  | 125 | 121 |
|  4.812% due 04/25/2046 •  | 3246 | 934 |
|  5.032% due 09/25/2034 •  | 5 | 5 |
|  6.000% due 07/25/2036 | 711 | 341 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.612% due 06/25/2035 •  | 21 | 20 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  2.500% due 05/25/2051 ~ | 1267 | 1052 |
|  4.487% due 09/25/2037 ~ | 47 | 44 |
|  4.717% due 08/25/2036 •  | 4923 | 1995 |
|  4.857% due 08/25/2035 ~ | 268 | 248 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.622% due 05/25/2037 •  | 77 | 24 |
|  4.670% due 07/20/2046 •  | 65 | 55 |
|  4.692% due 07/25/2046 •  | 639 | 586 |
|  4.753% due 02/25/2037 ~ | 13 | 12 |
|  4.832% due 02/25/2037 •  | 95 | 81 |
|  4.856% due 11/25/2035 ~ | 55 | 52 |
|  4.932% due 09/25/2035 •  | 157 | 114 |
|  5.250% due 06/25/2035 | 6 | 4 |
|  5.403% due 11/25/2047 •  | 266 | 238 |
|  5.653% due 11/25/2035 •  | 11 | 10 |
|  6.193% due 11/25/2035 •  | 4 | 3 |
|  6.250% due 12/25/2036 | 2208 | 904 |
|  6.250% due 08/25/2037 | 16 | 8 |
|  6.500% due 06/25/2036 | 38 | 17 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.549% due 12/25/2069 ~ | 2720 | 2742 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.079% due 04/25/2037 þ | 126 | 35 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  2.500% due 07/25/2056 ~ | 276 | 230 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.552% due 07/25/2047 •  | 231 | 217 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  | 1771 | 1772 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.812% due 11/25/2045 •  | 3 | 3 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 ~ | 373 | 309 |
|  3.000% due 09/25/2052 ~ | 3528 | 3039 |
|  GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust |
|  4.632% due 05/25/2036 •  | 673 | 648 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.622% due 01/25/2036 •  | 1261 | 1021 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.844% due 06/25/2034 ~ | 4 | 4 |
|  5.880% due 03/25/2033 •  | 1 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.625% due 01/25/2035 ~ | $— | 4 | $— | 3 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.930% due 06/20/2035 •  |  | 9 |  | 9 |
|  5.003% due 12/19/2036 •  |  | 37 |  | 34 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.992% due 10/25/2034 •  |  | 31 |  | 31 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.049% due 09/25/2035 ~ |  | 29 |  | 24 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 01/25/2052 ~ |  | 3190 |  | 2763 |
|  3.000% due 03/25/2052 ~ |  | 3170 |  | 2753 |
|  3.000% due 04/25/2052 ~ |  | 3076 |  | 2679 |
|  3.000% due 05/25/2052 ~ |  | 4064 |  | 3527 |
|  5.669% due 10/25/2035 ~ |  | 3 |  | 2 |
|  5.945% due 11/25/2033 ~ |  | 1 |  | 1 |
|  6.000% due 06/25/2037 |  | 1394 |  | 484 |
|  JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust |
|  4.415% due 01/25/2063 ~ |  | 2776 |  | 2674 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.682% due 08/25/2046 •  |  | 992 |  | 897 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.652% due 05/25/2046 •  |  | 888 |  | 777 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 |  | 2000 |  | 1907 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.672% due 03/25/2036 •  |  | 44 |  | 4 |
|  6.000% due 02/25/2036 |  | 498 |  | 208 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.601% due 02/25/2036 ~ |  | 31 |  | 30 |
|  6.054% due 02/25/2033 ~ |  | 2 |  | 1 |
|  7.000% due 05/25/2033 ~ |  | 4 |  | 4 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.201% due 02/25/2047 þ |  | 142 |  | 48 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ |  | 929 |  | 899 |
|  2.750% due 11/25/2059 ~ |  | 747 |  | 719 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.360% due 11/15/2038 •  |  | 2300 |  | 2294 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ |  | 461 |  | 399 |
|  4.922% due 06/25/2057 •  |  | 183 |  | 179 |
|  6.465% due 10/25/2063 þ |  | 1277 |  | 1293 |
|  7.159% due 10/25/2063 þ |  | 1523 |  | 1550 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  2.500% due 07/25/2051 ~ |  | 1649 |  | 1373 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.632% due 06/25/2046 •  |  | 272 |  | 57 |
|  5.139% due 10/25/2037 ~ |  | 253 |  | 203 |
|  5.653% due 08/25/2035 •  |  | 102 |  | 80 |
|  6.250% due 02/25/2037 |  | 1035 |  | 863 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.672% due 01/25/2046 •  |  | 46 |  | 12 |
|  5.750% due 02/25/2036 |  | 709 |  | 484 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.650% due 07/20/2036 •  |  | 44 |  | 38 |
|  4.950% due 07/20/2033 •  |  | 8 |  | 8 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.529% due 08/25/2035 ~ |  | 45 |  | 39 |
|  4.944% due 09/25/2035 ~ |  | 37 |  | 33 |
|  6.336% due 02/25/2034 ~ |  | 1 |  | 1 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.392% due 08/25/2036 •  |  | 579 |  | 513 |
|  4.692% due 05/25/2036 •  |  | 24 |  | 17 |
|  4.712% due 05/25/2036 •  |  | 65 |  | 53 |
|  4.712% due 09/25/2047 •  |  | 105 |  | 93 |
|  4.828% due 07/19/2034 •  |  | 1 |  | 1 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.552% due 01/25/2036 •  |  | 966 |  | 808 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.562% due 10/25/2036 •  |  | 497 |  | 417 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.130% due 01/25/2037 þ |  | 144 |  | 32 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.522% due 06/25/2037 •  |  | 38 |  | 36 |
|  5.533% due 06/25/2037 •  |  | 94 |  | 80 |
|  5.583% due 06/25/2047 •  |  | 21 |  | 19 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ | 835 | 765 |
|  2.710% due 01/25/2060 ~ | 554 | 536 |
|  2.900% due 10/25/2059 ~ | 2946 | 2834 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  7.070% due 10/25/2068 þ | 1102 | 1120 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.159% due 09/25/2036 ~ | 105 | 90 |
|  4.198% due 02/27/2034 •  | 3 | 3 |
|  4.357% due 12/25/2036 ~ | 249 | 228 |
|  4.640% due 12/25/2035 ~ | 82 | 75 |
|  4.852% due 07/25/2045 •  | 248 | 239 |
|  4.892% due 01/25/2045 •  | 4 | 4 |
|  4.992% due 10/25/2045 •  | 299 | 295 |
|  5.771% due 06/25/2033 ~ | 1 | 1 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  5.093% due 07/25/2046 •  | 28 | 17 |
|  6.500% due 03/25/2036 | 1262 | 862 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  5.750% due 07/25/2037 | 39 | 34 |
|  6.000% due 06/25/2037 | 65 | 60 |
|  |  | 73296 |
| U.S. GOVERNMENT AGENCIES 58.7% | U.S. GOVERNMENT AGENCIES 58.7% | U.S. GOVERNMENT AGENCIES 58.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 02/01/2051 | 530 | 448 |
|  3.500% due 10/01/2039 | 160 | 154 |
|  5.500% due 06/01/2053 - 08/01/2053 | 4599 | 4653 |
|  6.000% due 12/01/2053 - 06/01/2054 | 5781 | 5921 |
|  6.500% due 09/01/2053 - 05/01/2055 | 42111 | 43644 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.815% due 01/15/2038 ~(a) | 133 | 7 |
|  4.810% due 01/15/2038 •  | 133 | 131 |
|  5.087% due 12/15/2037 •  | 4 | 4 |
|  5.296% due 11/25/2054 •  | 6466 | 6477 |
|  5.306% due 03/25/2055 •  | 3120 | 3107 |
|  5.356% due 02/25/2055 •  | 2790 | 2797 |
|  5.456% due 07/25/2055 •  | 2999 | 3007 |
|  5.756% due 03/25/2055 •  | 4492 | 4529 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.353% due 10/25/2044 •  | 29 | 26 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 10/01/2049 - 03/01/2060 | 2234 | 1965 |
|  3.500% due 10/01/2034 - 01/01/2059 | 2940 | 2706 |
|  4.000% due 06/01/2048 - 07/01/2053 | 4862 | 4600 |
|  5.500% due 06/01/2053 - 07/01/2053 | 5895 | 5969 |
|  6.000% due 06/01/2054 - 08/01/2054 | 9901 | 10127 |
|  6.007% due 12/01/2034 •  | 4 | 5 |
|  6.500% due 10/01/2053 - 06/01/2055 | 47603 | 49303 |
|  6.526% due 11/01/2034 •  | 8 | 9 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  6.000% due 02/25/2044 | 6 | 6 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.871% due 06/25/2036 •  | 10 | 10 |
|  5.456% due 07/25/2055 •  | 2280 | 2286 |
|  6.000% due 04/25/2043 | 6 | 6 |
|  6.500% due 11/25/2042 | 46 | 47 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.000% due 07/25/2044 | 28 | 29 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 01/20/2052 - 04/20/2052 | 4114 | 3678 |
|  3.500% due 05/20/2052 - 04/20/2055 | 114812 | 104865 |
|  5.625% due 05/20/2028 - 06/20/2030 •  | 6 | 6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **143** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.000% due 07/20/2046 - 05/20/2047 | 13 | 12 |
|  5.316% due 07/20/2066 - 11/20/2066 •  | 1046 | 1051 |
|  6.000% due 08/20/2034 | 120 | 121 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 11/01/2055 | 5100 | 4392 |
|  3.000% due 10/01/2055 - 11/01/2055 | 44100 | 39375 |
|  6.500% due 10/01/2055 - 11/01/2055 | 54400 | 55874 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.600% due 09/01/2028 | 19 | 19 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 11/01/2055 | 13100 | 11509 |
|  5.000% due 11/01/2055 | 301500 | 298843 |
|  6.000% due 11/01/2055 - 12/01/2055 | 129300 | 132011 |
|  6.500% due 11/01/2055 | 170100 | 175905 |
|  |  | 979634 |
| U.S. TREASURY OBLIGATIONS 9.5% | U.S. TREASURY OBLIGATIONS 9.5% | U.S. TREASURY OBLIGATIONS 9.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (m) | 500 | 326 |
|  2.000% due 08/15/2051 (m) | 200 | 117 |
|  2.250% due 08/15/2049 (k) | 4425 | 2826 |
|  2.375% due 11/15/2049 (k) | 1575 | 1031 |
|  3.000% due 02/15/2048 (k)(m) | 3800 | 2870 |
|  3.000% due 08/15/2048 (k)(m) | 1325 | 997 |
|  3.375% due 11/15/2048 (k)(m) | 14500 | 11652 |
|  4.125% due 08/15/2044 (k)(m) | 39575 | 36745 |
|  4.500% due 11/15/2054 | 42500 | 40933 |
|  4.625% due 02/15/2055 (k) | 24300 | 23894 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  2.500% due 01/15/2029 (k) | 3611 | 3774 |
|  3.875% due 04/15/2029 (k) | 2947 | 3223 |
|  0.125% due 10/15/2025 | 373 | 373 |
|  0.125% due 07/15/2031 (k) | 3857 | 3603 |
|  0.125% due 01/15/2032 (k) | 1981 | 1825 |
|  0.375% due 07/15/2027 (k) | 4886 | 4854 |
|  0.500% due 01/15/2028 (k) | 5369 | 5308 |
|  0.625% due 07/15/2032 | 556 | 526 |
|  1.125% due 01/15/2033 (k) | 8025 | 7781 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 02/15/2033 (m) | 800 | 777 |
|  4.000% due 02/15/2034 (k)(m) | 4300 | 4290 |
|  4.250% due 05/15/2035 | 700 | 706 |
|  |  | 158431 |
|  Total United States (Cost $1,356,424) | Total United States (Cost $1,356,424) | 1342066 |
| SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% |
| COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  4.570% due 11/20/2025 | 1500 | 1491 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  4.550% due 10/08/2025 (b) | 350 | 350 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.450% due 10/22/2025 | 3600 | 3590 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.360% due 10/16/2025 | 350 | 349 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.600% due 10/24/2025 | 5400 | 5383 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.450% due 10/15/2025 | 900 | 899 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.330% due 11/19/2025 | 450 | 447 |
|  |  | 12509 |
|  | **SHARES** |  |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class |  |  |
|  4.200% (g) | 188474 | 188 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (i) 0.6% | REPURCHASE AGREEMENTS (i) 0.6% | REPURCHASE AGREEMENTS (i) 0.6% |
|  |  | 9706 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% |
|  31.469% due 11/04/2025 - 06/29/2026 (c)(d) | 15317182 | $— | 9087 |
| SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% |
|  7.505% due 06/17/2026 (d)(e) | 15100 |  | 836 |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  4.247% due 10/09/2025 - 11/18/2025 (c)(d)(m) | 4001 |  | 3987 |
| Total Short-Term Instruments (Cost $35,498) | Total Short-Term Instruments (Cost $35,498) |  | 36313 |
| Total Investments in Securities (Cost $2,246,451) | Total Investments in Securities (Cost $2,246,451) |  | 2253781 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 9.8% | INVESTMENTS IN AFFILIATES 9.8% | INVESTMENTS IN AFFILIATES 9.8% | INVESTMENTS IN AFFILIATES 9.8% |
| SHORT-TERM INSTRUMENTS 9.8% | SHORT-TERM INSTRUMENTS 9.8% | SHORT-TERM INSTRUMENTS 9.8% | SHORT-TERM INSTRUMENTS 9.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.8% |
|  PIMCO Short-Term Floating NAV Portfolio III | 16701075 |  | 162652 |
| Total Short-Term Instruments (Cost $162,624) | Total Short-Term Instruments (Cost $162,624) |  | 162652 |
| Total Investments in Affiliates (Cost $162,624) | Total Investments in Affiliates (Cost $162,624) |  | 162652 |
| Total Investments 144.9% (Cost $2,409,075) | Total Investments 144.9% (Cost $2,409,075) | $— | 2416433 |
|  Financial Derivative<br>Instruments (j)(l) (0.3)%<br> (Cost or Premiums, net $23,207) | Financial Derivative<br>Instruments (j)(l) (0.3)%<br> (Cost or Premiums, net $23,207) |  | (5009) |
| Other Assets and Liabilities, net (44.6)% | Other Assets and Liabilities, net (44.6)% |  | (743262) |
| Net Assets 100.0% |  | $— | 1668162 |

---

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

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) When-issued security.

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

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

(g) Coupon represents a 7-Day Yield.

---

| | | |
|:---|:---|:---|
| **144** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&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 |
|  Pantheon Senior Debt Secondaries III | 6.043% | 03/26/2026 | 03/18/2025 | $500 | $500 | 0.03% |
|  Project Alfa Investindustrial VIII SCSp | 4.117% | 02/27/2026 | 02/28/2025 | 294 | 333 | 0.02 |
|  Project Fenno | TBD% - 0.500% | 07/10/2028 | 07/16/2025 | 659 | 665 | 0.04 |
|  Project Fenno | 4.366% | 07/10/2028 | 07/16/2025 | 657 | 667 | 0.04 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 | 0.13% |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | 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 | 1.980% | 07/10/2025 | TBD<sup>(2)</sup> | EUR | 3494 | France Government International Bonds 3.000% due 06/25/2049 | $(3415) | $4103 | $4121 |
| MYI | 1.960 | 07/11/2025 | TBD<sup>(2)</sup> |  | 4773 | France Government International Bonds 3.000% due 06/25/2049 | (4664) | 5603 | 5629 |
|  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;(8079) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9706 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  France (0.5)% | France (0.5)% | France (0.5)% | France (0.5)% | France (0.5)% | France (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | 3.000% | 06/25/2049 | 9700 | $(9694) | $(9485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total France |  |  |  | (9694) | (9485) |
|  United States (10.3)% | United States (10.3)% | United States (10.3)% | United States (10.3)% | United States (10.3)% | United States (10.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (10.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (10.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (10.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (10.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (10.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (10.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 3.500% | 10/01/2055 | $33500 | (30775) | (30550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 10/01/2040 | 16700 | (15472) | (15353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 11/01/2055 | 123500 | (99533) | (99575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 3200 | (2642) | (2696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 7400 | (6786) | (6760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 11/01/2055 | 3950 | (3730) | (3722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 11/01/2055 | 1700 | (1664) | (1648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 11/01/2055 | 11000 | (11099) | (11084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States |  |  |  | (171701) | (171388) |
|  Total Short Sales (10.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181395) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180873) |

---

#### 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 September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BRC | $4121 | $0 | $0 | $0 | $4121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3415) | $706 |
|  MYI | 5629 | 0 | 0 | 0 | 5629 | (4664) | 965 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BPS | 0 | 0 | 0 | (9485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9485) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9485) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750 | $&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;(9485) |  |  |  |

---

<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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **145** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(709) at a weighted average interest rate of 3.545%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | $(15) | $(15) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 75 | 75 | (15) | (16) |
|  Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 10/24/2025 | 28 | 28 | (11) | (6) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 14 | 14 | (3) | (4) |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 14 | 14 | (6) | (2) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |

---

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | $(14) | $(9) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 75 | 75 | (20) | (10) |
|  |  |  |  |  | $(34) | $(19) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 3-Year Bond December Futures  | 12/2025 | 87 | $6151 | $(20) | $8 | $(2) |
|  Euro-BTP Future December Futures  | 12/2025 | 625 | 87936 | 786 | 279 | 0 |
|  Long Guilt December Futures  | 12/2025 | 350 | 42760 | 17 | 184 | (23) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 1373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149925 | 243 | 54 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 495 | 55688 | 353 | 0 | (8) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 15 | 1749 | 34 | 0 | (4) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 713 | 82051 | 808 | 0 | (44) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 1180 | $(88506) | $231 | $0 | $(608) |
|  Canada Government 5-Year Bond December Futures  | 12/2025 | 381 | (31571) | (376) | 0 | (77) |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 88 | (7743) | (155) | 0 | (35) |
|  Euro-Bobl December Futures  | 12/2025 | 501 | (69296) | 88 | 0 | (94) |
|  Euro-Bund December Futures  | 12/2025 | 677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270) |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 12 | (1613) | (37) | 3 | (15) |
|  Euro-Oat December Futures  | 12/2025 | 1000 | (142471) | (1096) | 0 | (340) |
|  Euro-Schatz December Futures  | 12/2025 | 1402 | (176091) | 202 | 0 | (33) |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 340 | (312193) | 2956 | 253 | (253) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 244 | (29295) | (875) | 137 | 0 |
|  |  |  |  | $609 | $417 | $(1725) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1806) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  Ford Motor Credit Co. LLC | 5.000% | Quarterly | 12/20/2025 | 0.428% | $200 | $8 | $(6) | $2 | $0 | $0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2026 | 0.499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 13 | (3) | 10 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

146 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  CDX.IG-43 10-Year Index | (1.000)% | Quarterly | 12/20/2034 | $19400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154) | $(85) | $(239) | $0 | $(4) |
|  CDX.IG-44 10-Year Index | (1.000) | Quarterly | 06/20/2035 | 87900 | (172) | (680) | (852) | 0 | (11) |
|  |  |  |  |  | $(326) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1091) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Asset | Liability |
|  CDX.IG-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $3700 | $74 | $11 | $85 | $1 | $0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 765910 | 14330 | 3283 | 17613 | 56 | (2) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 384800 | 8664 | 180 | 8844 | 62 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23068 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26542 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | $&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 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.000% | Annual | 06/17/2027 | 79800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(585) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1137) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1722) | $15 | $0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/17/2027 | 11100 | 72 | 6 | 78 | 0 | (3) |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 156200 | 488 | 641 | 1129 | 90 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 09/17/2030 | 2400 | (12) | (2) | (14) | 3 | 0 |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 111000 | 231 | (931) | (700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 1500 | 33 | (7) | 26 | 0 | (5) |
|  Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 1700 | 13 | 23 | 36 | 0 | (6) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 2710 | 126 | (44) | 82 | 0 | (21) |
|  Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 6300 | 102 | 109 | 211 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2030 | 830000 | (42) | (51) | (93) | 0 | (4) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 | 930000 | 65 | (108) | (43) | 0 | (5) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 8080000 | (160) | (643) | (803) | 0 | (65) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 5322900 | (127) | (1193) | (1320) | 0 | (65) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 12/18/2034 | 200000 | 7 | (54) | (47) | 0 | (2) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 5820000 | (613) | (913) | (1526) | 0 | (74) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 7070150 | (480) | (625) | (1105) | 0 | (94) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 1830000 | 33 | 2140 | 2173 | 25 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 3660000 | (1732) | (2509) | (4241) | 0 | (54) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 90000 | 74 | 164 | 238 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | 145700 | 55 | 266 | 321 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/18/2054 | 340000 | 20 | 447 | 467 | 4 | 0 |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 09/17/2030 | 101800 | (418) | 470 | 52 | 0 | (187) |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.000 | Semi-Annual | 09/17/2035 | 16920 | 9 | (264) | (255) | 0 | (48) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $21202 | 160 | (140) | 20 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.020 | Annual | 05/15/2026 | 10300 | 0 | 2 | 2 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 44600 | 604 | (626) | (22) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 12200 | 0 | (14) | (14) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 28500 | 0 | 556 | 556 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 29400 | 203 | (111) | 92 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 211950 | 4336 | (1244) | 3092 | 0 | (55) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 49900 | 250 | 72 | 322 | 20 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.981 | Annual | 11/30/2027 | 16200 | 0 | 140 | 140 | 7 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 17320 | (26) | 46 | 20 | 0 | (9) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 16569 | (101) | 104 | 3 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 12900 | 552 | (258) | 294 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 5400 | 93 | (46) | 47 | 0 | (2) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 44900 | (746) | (41) | (787) | 0 | (19) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 10940 | (1412) | 198 | (1214) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 11/15/2032 | 58000 | (307) | (1845) | (2152) | 14 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 1800 | (8) | 59 | 51 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 1750 | (6) | (23) | (29) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 3650 | (13) | (48) | (61) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 1800 | (5) | (30) | (35) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 3800 | (11) | (72) | (83) | 0 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 13848 | (158) | 71 | (87) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 22700 | 928 | (126) | 802 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 29000 | (567) | 336 | (231) | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **147** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Asset | Liability |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/17/2035 |  | $24720 | $(145) | $(50) | $(195) | $0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 |  | 200 | 1 | 8 | 9 | 0 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 |  | 18875 | (474) | (21) | (495) | 55 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 |  | 13170 | 1704 | (19) | 1685 | 36 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 |  | 8600 | 0 | 35 | 35 | 25 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 |  | 1900 | 0 | 0 | 0 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 |  | 5200 | 0 | (42) | (42) | 15 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.111 | Annual | 11/15/2054 |  | 8030 | 0 | (229) | (229) | 24 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 |  | 3400 | 0 | (100) | (100) | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 |  | 5270 | 0 | (168) | (168) | 16 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 |  | 9900 | 0 | 330 | 330 | 29 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 |  | 2400 | 0 | 64 | 64 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 |  | 2400 | 0 | 62 | 62 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 |  | 2900 | 0 | 46 | 46 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 |  | 5000 | 0 | 160 | 160 | 15 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 |  | 1450 | 155 | 27 | 182 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 |  | 2119 | 8 | (5) | 3 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 |  | 1419 | (25) | (7) | (32) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 |  | 2657 | (1) | (9) | (10) | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 3800 | 357 | (68) | 289 | 11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 |  | 914 | (10) | (2) | (12) | 3 | 0 |
|  Pay<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 |  | 10090 | (333) | 24 | (309) | 0 | (32) |
|  Pay<sup>(7)</sup> | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 |  | 517580 | 4 | (6) | (2) | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 |  | 7400 | (322) | 187 | (135) | 3 | 0 |
|  Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 |  | 284200 | (1875) | (1676) | (3551) | 399 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 06/21/2033 |  | 3100 | (56) | 44 | (12) | 8 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 |  | 9100 | (4) | 23 | 19 | 30 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 |  | 28100 | 99 | 329 | 428 | 92 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 3800 | 22 | 37 | 59 | 13 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 |  | 83300 | 527 | (490) | 37 | 291 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 |  | 16900 | 273 | (34) | 239 | 60 | 0 |
|  Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 |  | 21800 | (43) | (24) | (67) | 80 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 |  | 38050 | 248 | 998 | 1246 | 6 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 |  | 1300 | (6) | (38) | (44) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 2300 | (12) | (68) | (80) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 1600 | (12) | (43) | (55) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 2800 | (10) | (64) | (74) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 1300 | (5) | (30) | (35) | 0 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 |  | 179400 | (649) | (203) | (852) | 76 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 5700 | (8) | 138 | 130 | 6 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 |  | 1500 | (3) | 49 | 46 | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 |  | 8300 | 0 | (129) | (129) | 9 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 |  | 19700 | 0 | (176) | (176) | 20 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 |  | 31900 | (5) | (186) | (191) | 33 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 |  | 36400 | 34 | 510 | 544 | 43 | 0 |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 32460 | (69) | (29) | (98) | 0 | (54) |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.550 | Annual | 06/28/2032 |  | 30250 | (823) | 688 | (135) | 60 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 31610 | (13) | 57 | 44 | 106 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 |  | 7000 | 333 | (775) | (442) | 26 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 |  | 1100 | (78) | (497) | (575) | 5 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 |  | 300 | 0 | 193 | 193 | 0 | (1) |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 |  | 48200 | 2470 | 1020 | 3490 | 0 | (117) |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 14300 | (243) | (20) | (263) | 0 | (112) |
|  Pay | 6-Month PLN-WIBOR | 2.585 | Annual | 10/14/2029 |  | 8600 | 0 | (130) | (130) | 4 | 0 |
|  Pay | CAONREPO | 3.500 | Annual | 12/18/2025 |  | 99100 | (201) | 685 | 484 | 3 | 0 |
|  Pay | CAONREPO | 3.898 | Annual | 06/19/2026 |  | 8400 | (1) | 86 | 85 | 1 | 0 |
|  Pay | CAONREPO | 3.925 | Annual | 06/19/2026 |  | 43600 | (2) | 451 | 449 | 3 | 0 |
|  Pay | CAONREPO | 3.500 | Semi-Annual | 12/18/2026 |  | 9300 | 73 | 36 | 109 | 2 | 0 |
|  Pay | CAONREPO | 3.250 | Semi-Annual | 06/21/2028 |  | 25200 | (120) | 561 | 441 | 16 | 0 |
|  Pay | CAONREPO | 1.250 | Semi-Annual | 06/16/2031 |  | 6700 | (697) | 338 | (359) | 11 | 0 |
|  Pay | CAONREPO | 3.500 | Semi-Annual | 06/19/2034 |  | 2400 | 75 | 23 | 98 | 6 | 0 |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 09/17/2035 |  | 49700 | (135) | 543 | 408 | 142 | 0 |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 |  | 6800 | 72 | (120) | (48) | 0 | (38) |
|  |  |  |  |  |  |  | $1000 | $(4961) | $(3961) | $2208 | $(1161) |
|  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;23763 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2261) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1178) |

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148 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

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September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 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>(8)</sup> | Variation Margin<br>Asset<sup>(8)</sup> | **Total** | Market Value | Variation Margin<br>Liability<sup>(8)</sup> | Variation Margin<br>Liability<sup>(8)</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;942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1806) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1224) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3092) |

---

(k) Securities with an aggregate market value of $58,293 and cash of $10,759 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $4 and liability of $(1) is outstanding at period end. 

<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> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> 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>(8)</sup> Unsettled variation margin asset of $39 and liability of $(46) for closed swap agreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 238391 | $278047 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1836) |
|  | 10/2025 | 41 | 24 | 0 | 0 |
|  | 10/2025 | $72421 | 100752 | 0 | (23) |
|  | 11/2025 | 100593 | $72421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | 0 |
|  | 11/2025 | $24 | 41 | 0 | 0 |
|  BOA | 10/2025 | 778 | $564 | 5 | 0 |
|  | 10/2025 | 17050 | 2393 | 0 | 0 |
|  | 10/2025 | 129666 | 884 | 7 | 0 |
|  | 10/2025 | 29 | 17 | 0 | 0 |
|  | 10/2025 | 7 | 5 | 0 | 0 |
|  | 10/2025 | $61 | 432 | 0 | 0 |
|  | 10/2025 | 1192 | 4008 | 18 | 0 |
|  | 10/2025 | 2757 | 243884 | 0 | (14) |
|  | 10/2025 | 549 | 82174 | 7 | 0 |
|  | 10/2025 | 1897 | 2625760 | 0 | (25) |
|  | 10/2025 | 537 | 1933 | 0 | (6) |
|  | 10/2025 | 3092 | 13355 | 0 | (11) |
|  | 11/2025 | 81890 | $549 | 0 | (7) |
|  | 11/2025 | $617 | 2062 | 6 | 0 |
|  | 11/2025 | 17 | 29 | 0 | 0 |
|  | 11/2025 | 259345 | $14871 | 0 | (95) |
|  | 12/2025 | 17021 | 4678 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216) |
|  | 12/2025 | $104 | 4598 | 1 | 0 |
|  | 03/2026 | 7164 | 293 | 0 | 0 |
|  | 03/2026 | 829 | 20331 | 2 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **149** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BPS | 10/2025 | 67400 | $11130 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1533) |
|  | 10/2025 | 67402 | 9464 | 4 | 0 |
|  | 10/2025 | 1658 | 8444 | 0 | (1) |
|  | 10/2025 | 6579 | $7769 | 45 | 0 |
|  | 10/2025 | 148032325 | 8948 | 87 | (13) |
|  | 10/2025 | 216872 | 2462 | 22 | 0 |
|  | 10/2025 | 28 | 17 | 0 | 0 |
|  | 10/2025 | 46450 | 1084 | 0 | (30) |
|  | 10/2025 | 393411 | 13096 | 189 | (16) |
|  | 10/2025 | $12432 | 67400 | 234 | (3) |
|  | 10/2025 | 1401 | 9975 | 4 | 0 |
|  | 10/2025 | 1592 | 1356 | 0 | 0 |
|  | 10/2025 | 10067 | 166291882 | 0 | (100) |
|  | 10/2025 | 641 | 95203 | 3 | 0 |
|  | 10/2025 | 13057 | 18059174 | 0 | (190) |
|  | 10/2025 | 6781 | 24679 | 10 | (2) |
|  | 10/2025 | 1466 | 44372 | 0 | (9) |
|  | 11/2025 | 26236847 | $1570 | 0 | (2) |
|  | 11/2025 | 159326 | 1790 | 0 | 0 |
|  | 11/2025 | 94872 | 641 | 0 | (3) |
|  | 11/2025 | 1373780 | 980 | 0 | 0 |
|  | 11/2025 | $205 | 1099 | 0 | 0 |
|  | 11/2025 | 2488 | 17603 | 0 | (6) |
|  | 11/2025 | 1851 | 6222 | 27 | 0 |
|  | 11/2025 | 17 | 28 | 0 | 0 |
|  | 12/2025 | 2397 | $338 | 0 | 0 |
|  | 12/2025 | 45711 | 1523 | 14 | 0 |
|  | 12/2025 | $338 | 2393 | 0 | 0 |
|  | 12/2025 | 958 | 318025 | 0 | (5) |
|  | 12/2025 | 2326 | 39131775 | 15 | 0 |
|  | 12/2025 | 217 | 4024 | 1 | 0 |
|  | 03/2026 | 13153 | 536 | 0 | (2) |
|  | 04/2026 | 26300 | $4604 | 0 | (127) |
|  | 05/2026 | $616 | 188 | 1 | 0 |
|  | 06/2026 | 392 | 120 | 2 | 0 |
|  | 07/2026 | 273 | 83 | 1 | 0 |
|  | 06/2027 | 271 | 82 | 0 | 0 |
|  | 05/2029 | 748 | $2572 | 95 | 0 |
|  | 07/2029 | 149 | 511 | 19 | 0 |
|  | 05/2030 | 677 | 2330 | 81 | 0 |
|  BRC | 10/2025 | 4664 | 875 | 0 | (1) |
|  | 10/2025 | 1604 | 1151 | 0 | (1) |
|  | 10/2025 | 8995 | 11269 | 0 | (30) |
|  | 10/2025 | 1013442 | 62 | 1 | 0 |
|  | 10/2025 | 779 | 185 | 0 | (1) |
|  | 10/2025 | 31 | 3 | 0 | 0 |
|  | 10/2025 | $877 | 4664 | 0 | (1) |
|  | 10/2025 | 12046 | 9660 | 89 | 0 |
|  | 10/2025 | 7792 | 6638 | 1 | 0 |
|  | 10/2025 | 2577 | 1912 | 0 | (6) |
|  | 10/2025 | 2528 | 9243 | 15 | 0 |
|  | 10/2025 | 7619 | 327315 | 183 | 0 |
|  | 11/2025 | 11269 | 8959 | 31 | 0 |
|  | 11/2025 | 3 | 31 | 0 | 0 |
|  | 11/2025 | 15159 | 661397 | 117 | 0 |
|  | 11/2025 | 20284 | $1152 | 0 | (19) |
|  | 12/2025 | 2072 | 494 | 1 | 0 |
|  | 12/2025 | $146 | 2708 | 0 | 0 |
|  | 12/2025 | 2270 | 100636 | 30 | 0 |
|  | 01/2026 | 25900 | $3709 | 0 | (390) |
|  | 01/2026 | 2625 | 13496 | 0 | (4) |
|  BSH | 10/2025 | 46500 | $8743 | 6 | 0 |
|  | 10/2025 | 3832 | 4452 | 0 | (47) |
|  | 10/2025 | $8551 | 46500 | 186 | 0 |
|  | 11/2025 | 5288 | $1439 | 0 | (82) |
|  | 12/2025 | 13772 | 3795 | 0 | (166) |
|  | 12/2025 | $52001 | 288540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | 0 |
|  | 12/2025 | 271 | 965 | 6 | 0 |
|  | 01/2026 | 8324 | $2337 | 0 | (53) |
|  | 01/2026 | $1033 | 3695 | 28 | 0 |

---

---

| | | |
|:---|:---|:---|
| **150** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 02/2026 | 16715 | $4780 | $0 | $(16) |
|  | 04/2026 | 49700 | 8750 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) |
|  CBK | 10/2025 | 2357 | 1534 | 0 | (25) |
|  | 10/2025 | 116 | 83 | 0 | 0 |
|  | 10/2025 | 18334 | 2579 | 7 | 0 |
|  | 10/2025 | 30334 | 4269 | 4 | 0 |
|  | 10/2025 | 3123 | 4204 | 7 | (2) |
|  | 10/2025 | 92403380 | 5584 | 57 | (10) |
|  | 10/2025 | 303075 | 3413 | 4 | 0 |
|  | 10/2025 | 3012 | 302 | 0 | 0 |
|  | 10/2025 | 19245 | 5515 | 0 | (26) |
|  | 10/2025 | 49275 | 38476 | 277 | 0 |
|  | 10/2025 | 18193 | 564 | 2 | 0 |
|  | 10/2025 | 494667 | 16691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | 0 |
|  | 10/2025 | $3204 | 22765 | 0 | (9) |
|  | 10/2025 | 9109 | 64771 | 14 | (8) |
|  | 10/2025 | 5440 | 34836 | 39 | 0 |
|  | 10/2025 | 5903 | 5052 | 29 | 0 |
|  | 10/2025 | 3432 | 56594114 | 0 | (40) |
|  | 10/2025 | 11640 | 1022578 | 0 | (139) |
|  | 10/2025 | 24 | 238 | 0 | 0 |
|  | 10/2025 | 1694 | 5945 | 19 | 0 |
|  | 10/2025 | 3169 | 30020 | 19 | 0 |
|  | 10/2025 | 19 | 25 | 0 | 0 |
|  | 10/2025 | 6409 | 195056 | 5 | (7) |
|  | 10/2025 | 5031 | $291 | 0 | (1) |
|  | 11/2025 | 25 | 19 | 0 | 0 |
|  | 11/2025 | $83 | 116 | 0 | 0 |
|  | 11/2025 | 1526 | 10792 | 0 | (4) |
|  | 11/2025 | 1334 | 4472 | 16 | 0 |
|  | 11/2025 | 3413 | 303669 | 0 | (4) |
|  | 11/2025 | 302 | 3011 | 0 | 0 |
|  | 11/2025 | 65646 | $3781 | 0 | (7) |
|  | 12/2025 | 3894 | 549 | 0 | 0 |
|  | 12/2025 | 5958 | 1694 | 0 | (19) |
|  | 12/2025 | 346311 | 11407 | 9 | (34) |
|  | 12/2025 | $5250 | 37172 | 0 | (3) |
|  | 12/2025 | 2405 | 40413344 | 12 | 0 |
|  | 12/2025 | 138 | 77367 | 0 | (1) |
|  | 12/2025 | 44 | 1950 | 0 | 0 |
|  | 01/2026 | 3698 | $522 | 0 | 0 |
|  | 01/2026 | 110000 | 810 | 59 | 0 |
|  | 01/2026 | 75571 | 2505 | 1 | 0 |
|  | 01/2026 | $522 | 3691 | 0 | 0 |
|  | 02/2026 | 2291 | $639 | 0 | (19) |
|  | 03/2026 | 84456 | 10899 | 16 | 0 |
|  | 03/2026 | 13076 | 3703 | 0 | (47) |
|  CIB | 10/2025 | $981 | 86509 | 0 | (8) |
|  DUB | 10/2025 | 144429 | $20313 | 41 | 0 |
|  | 10/2025 | 3301 | 16834 | 6 | 0 |
|  | 10/2025 | 53382079 | $3257 | 58 | 0 |
|  | 10/2025 | 492077 | 5539 | 5 | 0 |
|  | 10/2025 | 2853880 | 2058 | 24 | 0 |
|  | 10/2025 | 11 | 3 | 0 | 0 |
|  | 10/2025 | $5370 | 87640342 | 0 | (117) |
|  | 10/2025 | 3853 | 13164 | 122 | 0 |
|  | 10/2025 | 5753 | 508684 | 0 | (31) |
|  | 10/2025 | 511 | 283952 | 3 | (1) |
|  | 11/2025 | 13157 | $3853 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) |
|  | 11/2025 | 38920 | 437 | 0 | 0 |
|  | 11/2025 | $905 | 6411 | 0 | (1) |
|  | 11/2025 | 5539 | 493055 | 0 | (5) |
|  | 11/2025 | 300 | 167220 | 0 | 0 |
|  | 11/2025 | 48982 | $2798 | 0 | (28) |
|  | 12/2025 | $117 | 5916 | 3 | 0 |
|  | 12/2025 | 1473 | 782964 | 0 | (81) |
|  | 03/2026 | 379 | 218785 | 0 | (3) |
|  FAR | 10/2025 | 99846 | $64765 | 0 | (1303) |
|  | 10/2025 | 1612 | 2023 | 0 | (2) |
|  | 10/2025 | 62971 | 8869 | 31 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **151** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 1356 | $1584 | $0 | $(8) |
|  | 10/2025 | 3026553 | 20587 | 122 | 0 |
|  | 10/2025 | 20 | 12 | 0 | 0 |
|  | 10/2025 | 624 | 486 | 3 | 0 |
|  | 10/2025 | 28314 | 933 | 3 | 0 |
|  | 10/2025 | $69301 | 106144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | 0 |
|  | 10/2025 | 148 | 1056 | 1 | 0 |
|  | 10/2025 | 11007 | 970888 | 0 | (88) |
|  | 10/2025 | 6730 | 24568 | 28 | 0 |
|  | 10/2025 | 83403 | 107414 | 0 | (133) |
|  | 11/2025 | 106144 | $69335 | 0 | (933) |
|  | 11/2025 | 107142 | 83403 | 126 | 0 |
|  | 11/2025 | $2023 | 1606 | 2 | 0 |
|  | 11/2025 | 1587 | 1356 | 8 | 0 |
|  | 11/2025 | 12 | 20 | 0 | 0 |
|  | 12/2025 | 358 | $19 | 0 | 0 |
|  | 12/2025 | $18745 | 355588 | 516 | 0 |
|  GLM | 10/2025 | 142632 | $24337 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2462) |
|  | 10/2025 | 1629 | 1170 | 0 | 0 |
|  | 10/2025 | 345 | 432 | 0 | (2) |
|  | 10/2025 | 4964 | 698 | 2 | 0 |
|  | 10/2025 | 39659070 | 2378 | 1 | 0 |
|  | 10/2025 | 3092 | 906 | 0 | (28) |
|  | 10/2025 | 28890 | 20 | 0 | 0 |
|  | 10/2025 | 764 | 181 | 0 | 0 |
|  | 10/2025 | 13402 | 2633 | 4 | 0 |
|  | 10/2025 | 65 | $15 | 0 | 0 |
|  | 10/2025 | 1466 | 1145 | 8 | 0 |
|  | 10/2025 | 12 | 0 | 0 | 0 |
|  | 10/2025 | $26445 | 142632 | 363 | (9) |
|  | 10/2025 | 2651 | 43831398 | 0 | (24) |
|  | 10/2025 | 3093 | 271454 | 0 | (40) |
|  | 10/2025 | 20 | 28890 | 0 | 0 |
|  | 10/2025 | 517 | 15634 | 0 | (3) |
|  | 11/2025 | 1724 | 8844 | 10 | 0 |
|  | 11/2025 | $341 | 1137 | 2 | 0 |
|  | 11/2025 | 5948 | 259337 | 39 | 0 |
|  | 11/2025 | 27646 | $1595 | 0 | 0 |
|  | 12/2025 | 17643 | 3177 | 0 | (83) |
|  | 12/2025 | 745793 | 44 | 0 | 0 |
|  | 12/2025 | 3178 | 167 | 0 | (5) |
|  | 12/2025 | 1475 | 352 | 0 | 0 |
|  | 12/2025 | 13613 | 292 | 0 | (17) |
|  | 12/2025 | $7909 | 42832 | 24 | 0 |
|  | 12/2025 | 184 | 9305 | 4 | 0 |
|  | 12/2025 | 2321 | 38805649 | 0 | 0 |
|  | 01/2026 | 2633 | 13545 | 0 | (3) |
|  | 01/2026 | 330000 | $2452 | 199 | 0 |
|  | 04/2026 | 102200 | 18018 | 2 | (368) |
|  IND | 10/2025 | 3149 | 2058 | 0 | (26) |
|  | 10/2025 | 37913 | 5929 | 0 | (34) |
|  | 11/2025 | $5929 | 37826 | 34 | 0 |
|  JPM | 10/2025 | 29766 | $5596 | 4 | 0 |
|  | 10/2025 | 99715 | 72156 | 503 | 0 |
|  | 10/2025 | 4923 | 694 | 3 | 0 |
|  | 10/2025 | 26291 | 4129 | 0 | (6) |
|  | 10/2025 | 230993 | 573 | 0 | (23) |
|  | 10/2025 | 107016001 | $6410 | 0 | (4) |
|  | 10/2025 | 9454102 | 6812 | 74 | 0 |
|  | 10/2025 | 4063 | 3161 | 11 | 0 |
|  | 10/2025 | $1078 | 1631 | 1 | 0 |
|  | 10/2025 | 5456 | 29766 | 137 | 0 |
|  | 10/2025 | 118 | 833 | 0 | 0 |
|  | 10/2025 | 2517 | 2138 | 0 | (7) |
|  | 10/2025 | 2789 | 2075 | 1 | 0 |
|  | 10/2025 | 9209 | 153112087 | 4 | (34) |
|  | 10/2025 | 1256 | 4218 | 17 | 0 |
|  | 10/2025 | 311 | 171752 | 0 | (1) |
|  | 10/2025 | 1666 | 6122 | 18 | 0 |
|  | 11/2025 | 286735 | 716 | 0 | (18) |

---

---

| | | |
|:---|:---|:---|
| **152** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | $184 | 1302 | $0 | $(1) |
|  | 11/2025 | 4129 | 26231 | 6 | 0 |
|  | 11/2025 | 43375 | $2475 | 0 | (28) |
|  | 12/2025 | 230994 | 691 | 0 | (1) |
|  | 01/2026 | 170000 | 1240 | 80 | 0 |
|  | 06/2026 | 15100 | 852 | 0 | (5) |
|  MBC | 10/2025 | 2423 | 1598 | 0 | (6) |
|  | 10/2025 | 53 | 39 | 1 | 0 |
|  | 10/2025 | 363 | 455 | 0 | (1) |
|  | 10/2025 | 79371 | 11167 | 27 | 0 |
|  | 10/2025 | 388 | 1978 | 0 | 0 |
|  | 10/2025 | 8432 | $9979 | 79 | 0 |
|  | 10/2025 | 5314744 | 323 | 4 | 0 |
|  | 10/2025 | 92189 | 629 | 6 | 0 |
|  | 10/2025 | 19320908 | 13856 | 90 | 0 |
|  | 10/2025 | 31 | 3 | 0 | 0 |
|  | 10/2025 | 47550 | 4960 | 0 | (91) |
|  | 10/2025 | 54179 | 42267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | 0 |
|  | 10/2025 | 42945 | 1334 | 6 | 0 |
|  | 10/2025 | $2103 | 1654 | 0 | (25) |
|  | 10/2025 | 7405 | 52751 | 0 | (1) |
|  | 10/2025 | 195 | 9672 | 5 | 0 |
|  | 10/2025 | 19606 | 16659 | 0 | (48) |
|  | 10/2025 | 2150 | 316884 | 2 | (9) |
|  | 10/2025 | 11032 | 15391583 | 0 | (62) |
|  | 10/2025 | 1410 | 2404 | 0 | (16) |
|  | 10/2025 | 1930 | 18480 | 33 | 0 |
|  | 10/2025 | 1350 | 43706 | 1 | 0 |
|  | 11/2025 | 52626 | $7405 | 1 | 0 |
|  | 11/2025 | 80667 | 545 | 0 | (2) |
|  | 11/2025 | $530 | 3739 | 0 | (3) |
|  | 11/2025 | 376 | 1252 | 2 | 0 |
|  | 11/2025 | 840 | 74820 | 0 | 0 |
|  | 11/2025 | 3 | 31 | 0 | 0 |
|  | 12/2025 | 117 | 5924 | 3 | 0 |
|  | 12/2025 | 493 | 9347 | 14 | 0 |
|  | 01/2026 | 4962 | $702 | 1 | 0 |
|  | 01/2026 | $702 | 4957 | 0 | 0 |
|  | 03/2026 | 10632 | $1372 | 2 | 0 |
|  MYI | 10/2025 | 74201 | 10428 | 13 | 0 |
|  | 10/2025 | 21486301 | 1305 | 17 | 0 |
|  | 10/2025 | 33688 | 228 | 1 | 0 |
|  | 10/2025 | 1 | 0 | 0 | 0 |
|  | 10/2025 | $1639 | 11675 | 4 | 0 |
|  | 10/2025 | 12057 | 1799982 | 115 | 0 |
|  | 10/2025 | 3697 | 13383 | 0 | (16) |
|  | 10/2025 | 3268 | 98447 | 0 | (33) |
|  | 11/2025 | 1793753 | $12057 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) |
|  | 11/2025 | $395 | 2792 | 0 | (1) |
|  | 11/2025 | 0 | 1 | 0 | 0 |
|  | 12/2025 | 25511 | 1011 | 0 | (40) |
|  | 12/2025 | 28565 | $1386 | 5 | 0 |
|  | 12/2025 | 1747 | 42854 | 11 | 0 |
|  | 12/2025 | 787 | $187 | 0 | 0 |
|  | 12/2025 | 97807 | 3268 | 39 | 0 |
|  | 01/2026 | 28670 | 4114 | 0 | (423) |
|  | 02/2026 | 14019 | 570 | 0 | (4) |
|  | 04/2026 | 64930 | $9241 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1088) |
|  NGF | 10/2025 | 6542489 | 4704 | 41 | 0 |
|  | 10/2025 | $2338 | 38697676 | 0 | (18) |
|  | 10/2025 | 693 | 30012 | 12 | 0 |
|  | 11/2025 | 14 | 596 | 0 | 0 |
|  | 12/2025 | 874 | 38325 | 3 | 0 |
|  SCX | 10/2025 | 53964 | $7594 | 20 | 0 |
|  | 10/2025 | 48052029 | 2878 | 0 | (2) |
|  | 10/2025 | 351151 | 3950 | 1 | 0 |
|  | 10/2025 | 1386890 | 9444 | 66 | 0 |
|  | 10/2025 | 2673 | 763 | 0 | (6) |
|  | 10/2025 | 329541 | 11104 | 277 | 0 |
|  | 10/2025 | $1169 | 1629 | 2 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **153** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 1728 | 12303 | $3 | $0 |
|  | 10/2025 | 4572 | 29367 | 47 | 0 |
|  | 10/2025 | 35653 | 26655 | 195 | 0 |
|  | 10/2025 | 2611 | 42933331 | 0 | (38) |
|  | 10/2025 | 15159 | 1338292 | 0 | (107) |
|  | 10/2025 | 1343 | 40263 | 0 | (20) |
|  | 11/2025 | 1626 | $1169 | 0 | (2) |
|  | 11/2025 | 26655 | 35660 | 0 | (195) |
|  | 11/2025 | 389 | 3 | 0 | 0 |
|  | 11/2025 | 2168 | 1686 | 0 | 0 |
|  | 11/2025 | $499 | 3537 | 0 | (1) |
|  | 11/2025 | 3512 | 312880 | 0 | 0 |
|  | 12/2025 | 6582 | $321 | 3 | 0 |
|  | 12/2025 | $866 | 6122 | 0 | (2) |
|  | 12/2025 | 2878 | 48173476 | 3 | 0 |
|  | 01/2026 | 7566 | $1069 | 0 | 0 |
|  | 01/2026 | $1069 | 7553 | 0 | 0 |
|  SOG | 10/2025 | 1579354 | $10739 | 60 | 0 |
|  | 10/2025 | 102 | 10 | 0 | 0 |
|  | 10/2025 | 2277 | 1327 | 7 | 0 |
|  | 10/2025 | 54 | 12 | 0 | 0 |
|  | 10/2025 | 59257 | 1975 | 28 | 0 |
|  | 10/2025 | $266655 | 226747 | 0 | (442) |
|  | 10/2025 | 26343 | 3919908 | 163 | 0 |
|  | 11/2025 | 6999 | 35838 | 25 | 0 |
|  | 11/2025 | 226747 | $267190 | 444 | 0 |
|  | 11/2025 | 3906351 | 26343 | 0 | (163) |
|  | 11/2025 | $10 | 102 | 0 | 0 |
|  | 12/2025 | 1772 | 9073 | 0 | 0 |
|  | 12/2025 | $300 | 16365 | 30 | 0 |
|  SSB | 10/2025 | 27519 | $37093 | 83 | 0 |
|  | 10/2025 | 5945 | 1622 | 0 | (91) |
|  | 01/2026 | 940000 | 6278 | 0 | (140) |
|  UAG | 10/2025 | 90 | 65 | 0 | 0 |
|  | 10/2025 | 19621 | 5882 | 0 | (42) |
|  | 10/2025 | 17064 | 530 | 3 | 0 |
|  | 10/2025 | $386 | 1322 | 13 | 0 |
|  | 10/2025 | 128 | 11324 | 0 | (1) |
|  | 10/2025 | 289 | 2939 | 6 | 0 |
|  | 10/2025 | 4004 | 14523 | 0 | (9) |
|  | 10/2025 | 1350 | 43689 | 0 | 0 |
|  | 10/2025 | 291 | 5031 | 0 | 0 |
|  | 10/2025 | 5034 | $291 | 0 | 0 |
|  | 11/2025 | 1321 | 386 | 0 | (13) |
|  | 11/2025 | 22064 | 1252 | 0 | (22) |
|  | 12/2025 | 1011 | 25510 | 40 | 0 |
|  | 12/2025 | 8686 | $185 | 0 | (11) |
|  | 12/2025 | $682 | 225858 | 0 | (6) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10001 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15096) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | 24.200 | 03/11/2026 | 2242 | $10 | $12 |
|  | Put - OTC EUR versus HUF | 390.000 | 12/11/2025 | 1690 | 10 | 13 |
|  | Put - OTC EUR versus HUF | 387.000 | 12/17/2025 | 3871 | 20 | 19 |
|  | Put - OTC USD versus BRL | 5.470 | 11/18/2025 | 3930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 5998 | 9 | 6 |
|  | Call - OTC USD versus HKD | 7.800 | 08/24/2026 | 8927 | 12 | 9 |
| BPS | Put - OTC EUR versus USD | $1.122 | 10/14/2025 | 173 | 21 | 0 |
| BRC | Put - OTC EUR versus USD | 1.132 | 10/10/2025 | 11037 | 40 | 0 |
|  | Call - OTC USD versus SEK | 10.200 | 11/26/2025 | 3224 | 20 | 2 |
| GLM | Put - OTC AUD versus USD | $0.625 | 10/08/2025 | 4057 | 16 | 0 |
|  | Put - OTC EUR versus USD | 1.129 | 10/14/2025 | 3409 | 13 | 0 |
|  | Put - OTC EUR versus USD | 1.100 | 12/17/2025 | 398 | 46 | 8 |

---

---

| | | |
|:---|:---|:---|
| **154** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
|  | Put - OTC USD versus BRL | 5.475 | 12/10/2025 | 6517 | $107 | $178 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 1091 | 2 | 1 |
| JPM | Put - OTC EUR versus CZK | 24.200 | 03/05/2026 | 6877 | 27 | 36 |
|  | Put - OTC EUR versus HUF | 393.000 | 11/12/2025 | 2974 | 13 | 33 |
|  | Put - OTC EUR versus HUF | 386.000 | 12/16/2025 | 2389 | 11 | 10 |
| MBC | Put - OTC AUD versus USD | $0.618 | 10/10/2025 | 7158 | 19 | 0 |
|  | Put - OTC EUR versus USD | 1.098 | 12/23/2025 | 398 | 46 | 8 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 5128 | 7 | 5 |
|  | Call - OTC USD versus HKD | 7.800 | 08/24/2026 | 2669 | 4 | 3 |
| MYI | Put - OTC EUR versus CZK | 24.200 | 02/10/2026 | 2376 | 10 | 12 |
|  | Put - OTC EUR versus CZK | 24.250 | 02/13/2026 | 4005 | 17 | 23 |
|  | Put - OTC EUR versus CZK | 24.100 | 03/13/2026 | 6235 | 26 | 25 |
|  | Put - OTC EUR versus USD | $1.145 | 10/08/2025 | 8302 | 52 | 1 |
|  | Put - OTC EUR versus USD | 1.110 | 11/24/2025 | 10066 | 47 | 3 |
|  | Put - OTC USD versus BRL | 5.480 | 11/07/2025 | 8100 | 146 | 225 |
|  | Call - OTC USD versus SEK | 10.125 | 10/14/2025 | 782 | 4 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus BRL | BRL | 5.250 | 11/18/2025 | 3930 | $(16) | $(21) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/18/2025 | 3930 | (44) | (10) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 5998 | (3) | (4) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 8927 | (4) | (6) |
| GLM | Put - OTC USD versus BRL | BRL | 5.275 | 12/10/2025 | 6517 | (31) | (55) |
|  | Call - OTC USD versus BRL |  | 5.800 | 12/10/2025 | 6517 | (72) | (32) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 1091 | (1) | (1) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 5128 | (2) | (3) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 2669 | (1) | (2) |
| MYI | Put - OTC USD versus BRL | BRL | 5.220 | 11/07/2025 | 8100 | (29) | (24) |
|  | Call - OTC USD versus BRL |  | 5.770 | 11/07/2025 | 8100 | (97) | (17) |
|  |  |  |  |  |  | $(300) | $(175) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 7800 | $(24) | $(3) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 3900 | (11) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 5800 | (15) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 3900 | (11) | (23) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 5800 | (15) | (23) |
|  |  |  |  |  |  | $(76) | $(51) |
|  Total Written Options |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2029 | 0.219% | $4400 | $(147) | $10 | $0 | $(137) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | N/A | 3300 | (119) | (1) | 0 | (120) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | 0.248 | 1100 | (43) | 3 | 0 | (40) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 155

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> |  | Notional<br>Amount<sup>(5)</sup> | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> |  | Notional<br>Amount<sup>(5)</sup> | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 |  | <sup>¨</sup> | $3588 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/17/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108267 | JPY | 16030000 | $223 | $100 | $108230 | $(107907) |
|  FAR | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | 1564 |  | 230000 | 59 | 23 | 13958 | (13876) |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | 108267 |  | 16030000 | 1 | 2 | 1564 | (1561) |
|  GST | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2026 | 1564 |  | 230000 | (889) | 95 | 69430 | (70224) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193568) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements, at Value | Swap Agreements, at Value |
| Counterparty | Pay/Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| SCX | Pay<br> 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 2400 | $1 | $(4) | $0 | $(3) |
|  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;(914) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193868) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(9)</sup> |
|  AZD | $23 | $0 | $0 | $23 | $(1859) | $0 | $0 | $(1859) | $(1836) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) |
|  BOA | 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 209 | (374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (466) | (257) | 335 | 78 |
|  BPS | 854 | 0 | 0 | 854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2042) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1188) | 962 | (226) |
|  BRC | 468 | 2 | 0 | 470 | (453) | 0 | 0 | (453) | 17 | 0 | 17 |
|  BSH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666 | (554) | 0 | 0 | (554) | 1112 | (870) | 242 |
|  CBK | 1034 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109264 | (405) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108312) | 952 | (830) | 122 |
|  CIB | 0 | 0 | 0 | 0 | (8) | 0 | 0 | (8) | (8) | 0 | (8) |
|  DUB | 262 | 0 | 46 | 308 | (387) | 0 | 0 | (387) | (79) | 0 | (79) |
|  FAR | 1774 | 0 | 13958 | 15732 | (2467) | 0 | (13876) | (16343) | (611) | 0 | (611) |
|  GLM | 658 | 187 | 1564 | 2409 | (3044) | (88) | (1561) | (4693) | (2284) | 2153 | (131) |
|  GST | 0 | 0 | 69430 | 69430 | 0 | 0 | (70224) | (70224) | (794) | 0 | (794) |
|  IND | 34 | 0 | 0 | 34 | (60) | 0 | 0 | (60) | (26) | 0 | (26) |

---

---

| | | |
|:---|:---|:---|
| **156** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(9)</sup>** |
|  JPM | $859 | $79 | $0 | $938 | $(128) | $0 | $0 | $(128) | $810 | $(650) | $160 |
|  MBC | 543 | 16 | 0 | 559 | (264) | (5) | 0 | (269) | 290 | (350) | (60) |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (297) | (297) | (297) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297) |
|  MYI | 205 | 289 | 0 | 494 | (1720) | (41) | 0 | (1761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469 | 202 |
|  NGF | 56 | 0 | 0 | 56 | (18) | 0 | 0 | (18) | 38 | 0 | 38 |
|  SCX | 617 | 0 | 0 | 617 | (373) | 0 | (3) | (376) | 241 | (270) | (29) |
|  SOG | 757 | 0 | 0 | 757 | (605) | 0 | 0 | (605) | 152 | (310) | (158) |
|  SSB | 83 | 0 | 0 | 83 | (231) | 0 | 0 | (231) | (148) | 0 | (148) |
|  UAG | 62 | 0 | 0 | 62 | (104) | 0 | 0 | (104) | (42) | 0 | (42) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10001 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15096) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193868) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209190) |  |  |  |

---

(m) Securities with an aggregate market value of $6,575 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> 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>(9)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 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 | $942 | $942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 119 | 0 | 0 | 2247 | 2366 |
|  | $0 | $119 | $0 | $0 | $3189 | $3308 |
|  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 | $10001 | $0 | $10001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 736 | 0 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 46 | 0 | 193182 | 0 | 193228 |
|  | $0 | $46 | $0 | $203919 | $0 | $203965 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207273 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 157

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (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 | $62 | $62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1806 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 32 | 0 | 0 | 1192 | 1224 |
|  | $0 | $32 | $0 | $0 | $3060 | $3092 |
|  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 | $15096 | $0 | $15096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 175 | 51 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 297 | 0 | 193568 | 3 | 193868 |
|  | $0 | $297 | $0 | $208839 | $54 | $209190 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212282 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 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 | $214 | $214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 5986 | 5986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4249 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3660) | 589 |
|  | $0 | $4249 | $0 | $0 | $2540 | $6789 |
|  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 | $(37860) | $0 | $(37860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 339 | (356) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 233 | 1354 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 334 | 0 | (453) | (244) | (363) |
|  | $0 | $334 | $0 | $(37741) | $754 | $(36653) |
|  | $0 | $4583 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37741) | $3294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29864) |
|  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 | $23 | $23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 517 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4809 | 0 | 0 | 7985 | 12794 |
|  | $0 | $4809 | $0 | $0 | $8525 | $13334 |
|  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 | $2166 | $0 | $2166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 65 | (128) | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 122 | 28 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (182) | 0 | 271 | 265 | 354 |
|  | $0 | $(182) | $0 | $2624 | $165 | $2607 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2624 | $8690 | $15941 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $0 | $133 | $0 | $133 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 11118 | 0 | 11118 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 23206 | 0 | 23206 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31278 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31278 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4689 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31833 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31833 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 39355 | 0 | 39355 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 52933 | 0 | 52933 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644 | 4637 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 516 | 0 | 516 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1024 | 0 | 1024 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 296 | 0 | 296 |

---

---

| | | |
|:---|:---|:---|
| **158** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $8606 | $0 | $8606 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6356 | 0 | 6356 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102124 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102124 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3688 | 0 | 3688 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 103 | 0 | 103 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 49815 | 4579 | 54394 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 530 | 0 | 530 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3057 | 3057 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6666 | 0 | 6666 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1391 | 0 | 1391 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 37359 | 0 | 37359 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 10151 | 0 | 10151 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 72912 | 0 | 72912 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 475 | 0 | 475 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | 0 | 0 | 9100 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1332 | 1332 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8939 | 0 | 8939 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 539 | 0 | 539 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1380 | 0 | 1380 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 411 | 0 | 411 |
|  Multinational | Multinational | Multinational | Multinational | Multinational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 479 | 0 | 479 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5512 | 0 | 5512 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1419 | 0 | 1419 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 26110 | 0 | 26110 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6567 | 0 | 6567 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 270 | 0 | 270 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13383 | 0 | 13383 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5761 | 0 | 5761 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 21234 | 0 | 21234 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2465 | 0 | 2465 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7289 | 0 | 7289 |
|  Slovakia | Slovakia | Slovakia | Slovakia | Slovakia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4663 | 0 | 4663 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 40288 | 0 | 40288 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7716 | 0 | 7716 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3641 | 0 | 3641 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 77566 | 0 | 77566 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1170 | 0 | 1170 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11505 | 0 | 11505 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $8992 | $0 | $8992 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1224 | 0 | 1224 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3457 | 0 | 3457 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 4043 | 0 | 4043 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 51863 | 0 | 51863 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 733 | 733 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 13734 | 0 | 13734 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 23787 | 0 | 23787 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 38645 | 0 | 38645 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 72308 | 16600 | 88908 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1187 | 1108 | 2295 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 857 | 0 | 857 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 73296 | 0 | 73296 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 979634 | 0 | 979634 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 158431 | 0 | 158431 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 12509 | 0 | 12509 |
| &nbsp;&nbsp; Mutual Funds | 0 | 188 | 0 | 188 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 9706 | 0 | 9706 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 9087 | 0 | 9087 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 836 | 0 | 836 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 3987 | 0 | 3987 |
|  | $9100 | $2215628 | $29053 | $2253781 |
|  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 | $162652 | $0 | $0 | $162652 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416433 |
|  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 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Sovereign Issues | 0 | (9485) | 0 | (9485) |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | (171388) | 0 | (171388) |
|  | $0 | $(180873) | $0 | $(180873) |
|  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 | $751 | $2518 | $0 | $3269 |
|  Over the counter | 0 | 203919 | 46 | 203965 |
|  | $751 | $206437 | $46 | $207234 |
|  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 | (1762) | (1284) | 0 | (3046) |
|  Over the counter | (120) | (209070) | 0 | (209190) |
|  | $(1882) | $(210354) | $0 | $(212236) |
|  Total Financial Derivative Instruments | $(1131) | $(3917) | $46 | $(5002) |
|  Totals | $170621 | $2030838 | $29099 | $2230558 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 159

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $1638 | $0 | $0 | $0 | $6 | $0 | $0 | $1644 | $6 |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 7898 | 4563 | (99) | 0 | 6 | 701 | 0 | (8490) | 4579 | 16 |
| &nbsp;&nbsp; Loan Participations and Assignments | 2806 | 0 | 0 | 1 | 0 | 250 | 0 | 0 | 3057 | 250 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1316 | 0 | 0 | 0 | 16 | 0 | 0 | 1332 | 16 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Loan Participations and Assignments | 306 | 400 | 0 | 0 | 0 | 27 | 0 | 0 | 733 | 27 |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 16600 | 0 | 0 | 0 | 0 | 0 | 0 | 16600 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 1108 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1108 | 0 |
|  | $12118 | $24517 | $(99) | $1 | $6 | $1000 | $0 | $(8490) | $29053 | $315 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $39 | $0 | $0 | $0 | $0 | $15 | $(8) | $0 | $46 | $15 |
|  Totals | $12157 | $24517 | $(99) | $1 | $6 | $1015 | $(8) | $(8490) | $29099 | $330 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ending<br>Balance<br>at 09/30/2025 |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $1644 | Recent Transaction | Purchase Price | 100.000 |  |
|  Ireland |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 4579 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3057 | Discounted Cash Flow | Discount Rate | 3.832 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1332 | Cost | Purhcase Price | 100.000 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 400 | Cost | Purchase Price | 100.000 |  |
|  | 333 | Discounted Cash Flow | Discount Rate | 4.070 |  |
|  United States |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 16600 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1108 | Discounted Cash Flow | Discount Rate | 5.990-6.010 | 6.001 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 46 | Indicative Market Quotation | Broker Quote | 0.939 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29099 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **160** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 118.2% | INVESTMENTS IN SECURITIES 118.2% | INVESTMENTS IN SECURITIES 118.2% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ | 472 | 320 |
|  1.000% due 07/09/2029 | 12 | 9 |
|  3.500% due 07/09/2041 þ | 100 | 48 |
|  Total Argentina (Cost $397) | Total Argentina (Cost $397) | 377 |
| AUSTRALIA 2.6% | AUSTRALIA 2.6% | AUSTRALIA 2.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.971% due 01/22/2030 | 5900 | 6134 |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  1.750% due 06/21/2051 | 1000 | 353 |
|  2.500% due 05/21/2030 | 1100 | 692 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 5800 | 3046 |
|  2.000% due 03/08/2033 | 1000 | 557 |
|  2.500% due 11/22/2032 | 8400 | 4916 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.750% due 07/20/2034 | 2000 | 1034 |
|  2.000% due 08/22/2033 | 6100 | 3334 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 4700 | 2384 |
|  2.250% due 09/15/2033 | 6700 | 3724 |
|  4.250% due 12/20/2032 | 1500 | 978 |
|  |  | 21018 |
|  Total Australia (Cost $26,439) | Total Australia (Cost $26,439) | 27152 |
| BERMUDA 0.3% | BERMUDA 0.3% | BERMUDA 0.3% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  5.365% due 07/20/2035 •  | 1300 | 1301 |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC |
|  5.000% due 09/15/2030 | 2300 | 2318 |
|  Total Bermuda (Cost $3,585) | Total Bermuda (Cost $3,585) | 3619 |
| BRAZIL 1.2% | BRAZIL 1.2% | BRAZIL 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 70900 | 12444 |
|  Total Brazil (Cost $12,274) | Total Brazil (Cost $12,274) | 12444 |
| BULGARIA 0.3% | BULGARIA 0.3% | BULGARIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.375% due 07/18/2035 | 1300 | 1498 |
|  4.125% due 07/18/2045 | 1400 | 1590 |
|  Total Bulgaria (Cost $3,091) | Total Bulgaria (Cost $3,091) | 3088 |
| CANADA 3.9% | CANADA 3.9% | CANADA 3.9% |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  0.010% due 09/14/2029 | 1900 | 2017 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 | 4500 | 4662 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 900 | 1054 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.498% due 08/06/2029 •  | 2100 | 2117 |
|  4.696% due 08/06/2031 •  | 2300 | 2331 |
|  |  | 12181 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% |
|  Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust |
|  2.381% due 02/12/2055 ~ | 607 | 425 |
|  2.867% due 02/12/2055 ~ | 2400 | 1636 |
|  |  | 2061 |
| SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  2.750% due 03/01/2030 | 100 | 72 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  1.500% due 12/01/2044 (e) | 1569 | 1108 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  7.130% due 03/11/2029 | 123600 | 1407 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 4300 | 3226 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 13500 | 9889 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 10500 | 7648 |
|  4.450% due 09/01/2034 | 2000 | 1532 |
|  PSP Capital, Inc. | PSP Capital, Inc. | PSP Capital, Inc. |
|  4.500% due 09/05/2031 | 3500 | 2320 |
|  |  | 27202 |
|  Total Canada (Cost $41,030) | Total Canada (Cost $41,030) | 41444 |
| CAYMAN ISLANDS 3.0% | CAYMAN ISLANDS 3.0% | CAYMAN ISLANDS 3.0% |
| ASSET-BACKED SECURITIES 2.5% | ASSET-BACKED SECURITIES 2.5% | ASSET-BACKED SECURITIES 2.5% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.822% due 01/15/2037 •  | 1880 | 1884 |
|  KKR CLO 41 Ltd. | KKR CLO 41 Ltd. | KKR CLO 41 Ltd. |
|  5.648% due 04/15/2035 •  | 2100 | 2108 |
|  KKR CLO 9 Ltd. | KKR CLO 9 Ltd. | KKR CLO 9 Ltd. |
|  5.529% due 07/15/2030 •  | 178 | 178 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.931% due 01/17/2037 •  | 2309 | 2315 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(b) | 2600 | 2600 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 1800 | 1805 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.450% due 04/18/2038 •  | 1657 | 1662 |
|  5.722% due 11/15/2038 •  | 1914 | 1909 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  5.433% due 10/15/2035 •  | 2300 | 2309 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.602% due 10/13/2032 •  | 1932 | 1935 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  5.310% due 10/20/2034 •  | 3100 | 3100 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.793% due 02/15/2039 •  | 3177 | 3186 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.717% due 04/20/2032 •  | 1740 | 1744 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.491% due 04/17/2030 •  | 70 | 70 |
|  |  | 26805 |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 503 | 484 |
|  4.950% due 10/15/2032 | 1300 | 1285 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1000 | 1174 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 1500 | 1535 |
|  |  | 4478 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.268% due 10/25/2028 | 800 | 825 |
|  Total Cayman Islands (Cost $32,017) | Total Cayman Islands (Cost $32,017) | 32108 |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.850% due 01/22/2029 | 800 | 820 |
|  Total Chile (Cost $799) | Total Chile (Cost $799) | 820 |
| CHINA 4.8% | CHINA 4.8% | CHINA 4.8% |
| SOVEREIGN ISSUES 4.8% | SOVEREIGN ISSUES 4.8% | SOVEREIGN ISSUES 4.8% |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  1.650% due 05/15/2035 | 158200 | 21880 |
|  1.920% due 01/15/2055 | 70800 | 9271 |
|  2.040% due 11/25/2034 | 84700 | 12108 |
|  3.530% due 10/18/2051 | 47500 | 8375 |
|  Total China (Cost $51,599) | Total China (Cost $51,599) | 51634 |
| DENMARK 0.4% | DENMARK 0.4% | DENMARK 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  4.613% due 10/02/2030 •  | 2400 | 2414 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.000% due 10/01/2050 | 36 | 4 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 2246 | 289 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.500% due 10/01/2053 | 5231 | 670 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 4039 | 518 |
|  Total Denmark (Cost $4,165) | Total Denmark (Cost $4,165) | 3895 |
| FRANCE 2.8% | FRANCE 2.8% | FRANCE 2.8% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.088% due 01/23/2027 | 900 | 911 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  | 2400 | 2483 |
|  |  | 3394 |
| SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.750% due 02/25/2028 | 4200 | 4760 |
|  2.750% due 10/25/2027 | 4200 | 4988 |
|  2.750% due 02/25/2030 | 13900 | 16390 |
|  |  | 26138 |
|  Total France (Cost $26,723) | Total France (Cost $26,723) | 29532 |
| GERMANY 0.2% | GERMANY 0.2% | GERMANY 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.750% due 11/19/2030 •  | 600 | 666 |
|  2.129% due 11/24/2026 •  | 1900 | 1893 |
|  Total Germany (Cost $2,475) | Total Germany (Cost $2,475) | 2559 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 161

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| HUNGARY 0.0% | HUNGARY 0.0% | HUNGARY 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  6.000% due 09/26/2035 | 400 | 419 |
|  Total Hungary (Cost $394) | Total Hungary (Cost $394) | 419 |
| IRELAND 3.2% | IRELAND 3.2% | IRELAND 3.2% |
| ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% |
|  Accunia European CLO I DAC | Accunia European CLO I DAC | Accunia European CLO I DAC |
|  2.976% due 07/15/2030 •  | 184 | 217 |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  0.000% due 07/25/2039 •  | 2900 | 3415 |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.054% due 10/21/2034 •  | 2006 | 2357 |
|  BlackRock European CLO III DAC | BlackRock European CLO III DAC | BlackRock European CLO III DAC |
|  2.904% due 07/19/2035 •  | 1300 | 1524 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  3.059% due 10/15/2031 •  | 874 | 1027 |
|  CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC |
|  2.676% due 10/15/2031 •  | 769 | 903 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.876% due 08/15/2033 •  | 1107 | 1300 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.686% due 04/15/2033 •  | 1218 | 1427 |
|  Dryden Euro CLO | Dryden Euro CLO | Dryden Euro CLO |
|  3.342% due 10/18/2039 •  | 3400 | 4005 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.266% due 01/15/2039 •  | 1800 | 2119 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  2.666% due 10/15/2031 •  | 651 | 765 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.676% due 04/15/2031 •  | 1231 | 1446 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.300% due 10/20/2039 •  | 4000 | 4711 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  0.000% due 07/15/2035 «•(b) | 1600 | 1878 |
|  3.170% due 10/15/2034 •  | 1400 | 1643 |
|  Sculptor European CLO VI DAC | Sculptor European CLO VI DAC | Sculptor European CLO VI DAC |
|  3.076% due 10/15/2034 •  | 1900 | 2234 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  | 2600 | 3049 |
|  Total Ireland (Cost $33,073) | Total Ireland (Cost $33,073) | 34020 |
| ISRAEL 0.7% | ISRAEL 0.7% | ISRAEL 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  4.500% due 01/17/2033 | 600 | 586 |
|  5.375% due 03/12/2029 | 1300 | 1338 |
|  5.375% due 02/19/2030 | 2400 | 2479 |
|  5.500% due 03/12/2034 | 1300 | 1337 |
|  5.625% due 02/19/2035 | 300 | 311 |
|  5.750% due 03/12/2054 (g) | 1300 | 1232 |
|  Total Israel (Cost $7,108) | Total Israel (Cost $7,108) | 7283 |
| ITALY 2.9% | ITALY 2.9% | ITALY 2.9% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 | 1800 | 2086 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  8.248% due 11/21/2033 •  | 1000 | 1181 |
|  |  | 3267 |
| SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  4.375% due 10/01/2030 (b) | 2500 | 2515 |
|  5.750% due 05/05/2026 | 1400 | 1412 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  2.100% due 08/26/2027 | 16000 | 18740 |
|  2.700% due 10/15/2027 | 3800 | 4502 |
|  |  | 27169 |
|  Total Italy (Cost $30,337) | Total Italy (Cost $30,337) | 30436 |
| JAPAN 5.7% | JAPAN 5.7% | JAPAN 5.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.159% due 04/24/2031 •  | 1600 | 1649 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.329% due 01/22/2027 | 1000 | 976 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.171% due 07/16/2032 | 2200 | 2254 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.246% due 07/08/2036 •  | 2300 | 2358 |
|  |  | 7237 |
| SOVEREIGN ISSUES 5.0% | SOVEREIGN ISSUES 5.0% | SOVEREIGN ISSUES 5.0% |
|  Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. |
|  4.000% due 08/28/2027 | 1800 | 1804 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (e) | 1499993 | 10315 |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  0.400% due 06/20/2029 | 320000 | 2108 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 588000 | 3049 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  0.500% due 09/20/2046 | 74000 | 328 |
|  0.500% due 03/20/2049 | 1186000 | 4854 |
|  0.700% due 12/20/2048 | 1189000 | 5180 |
|  0.700% due 12/20/2050 | 250000 | 1019 |
|  0.700% due 03/20/2051 | 250000 | 1010 |
|  0.700% due 06/20/2051 | 200000 | 801 |
|  1.000% due 03/20/2052 | 500000 | 2146 |
|  1.800% due 03/20/2054 | 18000 | 93 |
|  2.200% due 06/20/2054 | 346000 | 1956 |
|  2.300% due 12/20/2054 | 982000 | 5665 |
|  2.800% due 06/20/2055 | 70000 | 449 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  0.400% due 06/20/2040 | 850000 | 4461 |
|  2.000% due 12/20/2044 | 470000 | 2913 |
|  2.400% due 03/20/2045 | 738000 | 4861 |
|  2.500% due 06/20/2045 | 90000 | 600 |
|  |  | 53612 |
|  Total Japan (Cost $79,495) | Total Japan (Cost $79,495) | 60849 |
| JERSEY, CHANNEL ISLANDS 0.2% | JERSEY, CHANNEL ISLANDS 0.2% | JERSEY, CHANNEL ISLANDS 0.2% |
| ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.435% due 04/20/2035 •  | 1900 | 1907 |
|  Total Jersey, Channel Islands (Cost $1,900) | Total Jersey, Channel Islands (Cost $1,900) | 1907 |
| KUWAIT 0.5% | KUWAIT 0.5% | KUWAIT 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.016% due 10/09/2028 (b) | 2600 | 2600 |
|  4.136% due 10/09/2030 (b) | 1300 | 1300 |
|  4.652% due 10/09/2035 (b) | 1900 | 1900 |
|  Total Kuwait (Cost $5,800) | Total Kuwait (Cost $5,800) | 5800 |
| LUXEMBOURG 0.5% | LUXEMBOURG 0.5% | LUXEMBOURG 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 5300 | 5384 |
|  Total Luxembourg (Cost $5,287) | Total Luxembourg (Cost $5,287) | 5384 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MALAYSIA 1.3% | MALAYSIA 1.3% | MALAYSIA 1.3% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  3.404% due 04/28/2061 | 800 | 553 |
|  4.550% due 04/21/2050 | 400 | 355 |
|  4.800% due 04/21/2060 | 400 | 364 |
|  |  | 1272 |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  2.632% due 04/15/2031 | 3700 | 851 |
|  3.519% due 04/20/2028 | 47830 | 11438 |
|  4.762% due 04/07/2037 | 1700 | 449 |
|  |  | 12738 |
|  Total Malaysia (Cost $13,032) | Total Malaysia (Cost $13,032) | 14010 |
| MEXICO 0.0% | MEXICO 0.0% | MEXICO 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.000% due 04/27/2051 | 600 | 494 |
|  Total Mexico (Cost $559) | Total Mexico (Cost $559) | 494 |
| NETHERLANDS 0.3% | NETHERLANDS 0.3% | NETHERLANDS 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.447% due 03/05/2030 •  | 2500 | 2590 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.525% due 03/25/2036 •  | 800 | 830 |
|  Total Netherlands (Cost $3,300) | Total Netherlands (Cost $3,300) | 3420 |
| NEW ZEALAND 0.4% | NEW ZEALAND 0.4% | NEW ZEALAND 0.4% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Bank of New Zealand | Bank of New Zealand | Bank of New Zealand |
|  3.708% due 12/20/2028 | 3000 | 3645 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds |
|  1.500% due 05/15/2031 | 1000 | 519 |
|  Total New Zealand (Cost $4,055) | Total New Zealand (Cost $4,055) | 4164 |
| NORWAY 0.1% | NORWAY 0.1% | NORWAY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  1.900% due 01/19/2027 | 2200 | 1419 |
|  Total Norway (Cost $1,602) | Total Norway (Cost $1,602) | 1419 |
| PERU 1.0% | PERU 1.0% | PERU 1.0% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 2800 | 869 |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  2.780% due 12/01/2060 | 1000 | 561 |
|  5.400% due 08/12/2034 | 5700 | 1590 |
|  6.150% due 08/12/2032 | 6800 | 2076 |
|  6.900% due 08/12/2037 | 6600 | 1989 |
|  6.950% due 08/12/2031 | 8961 | 2859 |
|  |  | 9075 |
|  Total Peru (Cost $9,575) | Total Peru (Cost $9,575) | 9944 |

---

162 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| POLAND 0.3% | POLAND 0.3% | POLAND 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.625% due 03/18/2029 | 1600 | 1632 |
|  4.875% due 02/12/2030 | 500 | 515 |
|  5.375% due 02/12/2035 | 1300 | 1352 |
|  Total Poland (Cost $3,404) | Total Poland (Cost $3,404) | 3499 |
| QATAR 0.1% | QATAR 0.1% | QATAR 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 600 | 541 |
|  Total Qatar (Cost $596) | Total Qatar (Cost $596) | 541 |
| REPUBLIC OF KOREA 0.2% | REPUBLIC OF KOREA 0.2% | REPUBLIC OF KOREA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Korea Gas Corp. | Korea Gas Corp. | Korea Gas Corp. |
|  3.500% due 10/21/2029 | 2000 | 1936 |
|  Total Republic of Korea (Cost $1,932) | Total Republic of Korea (Cost $1,932) | 1936 |
| ROMANIA 0.8% | ROMANIA 0.8% | ROMANIA 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.000% due 01/28/2032 | 600 | 585 |
|  2.000% due 04/14/2033 | 100 | 92 |
|  2.124% due 07/16/2031 | 200 | 201 |
|  2.625% due 12/02/2040 | 800 | 602 |
|  2.750% due 04/14/2041 | 500 | 378 |
|  2.875% due 04/13/2042 | 1200 | 906 |
|  3.750% due 02/07/2034 | 1200 | 1230 |
|  5.000% due 09/27/2026 | 100 | 120 |
|  5.125% due 09/24/2031 | 1800 | 2111 |
|  5.250% due 03/10/2030 | 600 | 726 |
|  5.250% due 05/30/2032 | 700 | 821 |
|  5.625% due 05/30/2037 | 700 | 787 |
|  6.250% due 09/10/2034 | 200 | 242 |
|  Total Romania (Cost $9,713) | Total Romania (Cost $9,713) | 8801 |
| SAUDI ARABIA 1.7% | SAUDI ARABIA 1.7% | SAUDI ARABIA 1.7% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  2.250% due 11/24/2030 | 800 | 724 |
|  6.375% due 06/02/2055 | 800 | 853 |
|  |  | 1577 |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.375% due 03/05/2032 | 1200 | 1423 |
|  3.750% due 03/05/2037 | 300 | 349 |
|  4.750% due 01/18/2028 | 2700 | 2740 |
|  4.750% due 01/16/2030 | 6600 | 6747 |
|  4.875% due 07/18/2033 | 400 | 406 |
|  5.000% due 01/16/2034 | 1200 | 1231 |
|  5.125% due 01/13/2028 | 1700 | 1737 |
|  5.375% due 01/13/2031 | 1000 | 1052 |
|  |  | 15685 |
|  Total Saudi Arabia (Cost $16,636) | Total Saudi Arabia (Cost $16,636) | 17262 |
| SERBIA 0.2% | SERBIA 0.2% | SERBIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 | 1100 | 1203 |
|  2.050% due 09/23/2036 | 900 | 826 |
|  Total Serbia (Cost $2,316) | Total Serbia (Cost $2,316) | 2029 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SINGAPORE 0.4% | SINGAPORE 0.4% | SINGAPORE 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds |
|  3.250% due 06/01/2054 | 4277 | 4172 |
|  Total Singapore (Cost $3,146) | Total Singapore (Cost $3,146) | 4172 |
| SOUTH AFRICA 1.5% | SOUTH AFRICA 1.5% | SOUTH AFRICA 1.5% |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 12800 | 588 |
|  8.000% due 01/31/2030 | 38000 | 2208 |
|  8.750% due 02/28/2048 | 13600 | 681 |
|  8.875% due 02/28/2035 | 217000 | 12345 |
|  Total South Africa (Cost $15,361) | Total South Africa (Cost $15,361) | 15822 |
| SOUTH KOREA 1.5% | SOUTH KOREA 1.5% | SOUTH KOREA 1.5% |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  4.250% due 09/30/2029 | 2000 | 2008 |
|  Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
|  1.375% due 06/10/2030 | 77760 | 52 |
|  2.375% due 12/10/2028 | 227450 | 161 |
|  2.625% due 06/10/2028 | 18630300 | 13292 |
|  Total South Korea (Cost $16,548) | Total South Korea (Cost $16,548) | 15513 |
| SPAIN 3.9% | SPAIN 3.9% | SPAIN 3.9% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.684% due 09/13/2027 •  | 1200 | 1226 |
| SOVEREIGN ISSUES 3.8% | SOVEREIGN ISSUES 3.8% | SOVEREIGN ISSUES 3.8% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 | 500 | 604 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  0.000% due 01/31/2028 (d) | 5500 | 6144 |
|  2.400% due 05/31/2028 | 3800 | 4479 |
|  2.700% due 01/31/2030 | 3000 | 3550 |
|  3.150% due 04/30/2035 | 10392 | 12150 |
|  3.200% due 10/31/2035 | 4400 | 5142 |
|  3.450% due 10/31/2034 | 7270 | 8739 |
|  |  | 40808 |
|  Total Spain (Cost $40,255) | Total Spain (Cost $40,255) | 42034 |
| SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
|  2.500% due 04/14/2027 | 1800 | 1170 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  European Union | European Union | European Union |
|  3.750% due 10/12/2045 | 5500 | 6392 |
|  Total Supranational (Cost $7,728) | Total Supranational (Cost $7,728) | 7562 |
| SWITZERLAND 0.7% | SWITZERLAND 0.7% | SWITZERLAND 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1100 | 1018 |
|  3.869% due 01/12/2029 •  | 400 | 397 |
|  5.617% due 09/13/2030 •  | 1500 | 1567 |
|  6.442% due 08/11/2028 •  | 2000 | 2079 |
|  6.537% due 08/12/2033 •  | 2400 | 2648 |
|  Total Switzerland (Cost $7,086) | Total Switzerland (Cost $7,086) | 7709 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| THAILAND 0.8% | THAILAND 0.8% | THAILAND 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  2.410% due 03/17/2035 | 20670 | 695 |
|  2.500% due 11/17/2029 | 185290 | 6016 |
|  3.775% due 06/25/2032 | 55960 | 1999 |
|  Total Thailand (Cost $7,917) | Total Thailand (Cost $7,917) | 8710 |
| UNITED ARAB EMIRATES 0.3% | UNITED ARAB EMIRATES 0.3% | UNITED ARAB EMIRATES 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.375% due 10/02/2031 | 2400 | 2404 |
|  4.500% due 05/06/2030 | 200 | 203 |
|  5.000% due 05/06/2035 | 400 | 409 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
|  5.500% due 04/28/2033 | 600 | 640 |
|  Total United Arab Emirates (Cost $3,575) | Total United Arab Emirates (Cost $3,575) | 3656 |
| UNITED KINGDOM 5.0% | UNITED KINGDOM 5.0% | UNITED KINGDOM 5.0% |
| ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% |
|  Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC |
|  0.000% due 08/15/2066 ~ | 1900 | 2561 |
| CORPORATE BONDS & NOTES 2.5% | CORPORATE BONDS & NOTES 2.5% | CORPORATE BONDS & NOTES 2.5% |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.856% due 05/23/2033 •  | 1800 | 2289 |
|  5.597% due 05/17/2028 •  | 500 | 511 |
|  5.887% due 08/14/2027 •  | 900 | 912 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  2.972% due 02/16/2028 •  | 700 | 687 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.076% due 01/27/2030 •  | 1600 | 1635 |
|  5.778% due 03/01/2035 •  | 2900 | 3059 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.343% (SOFRRATE + 1.190%) due 03/21/2030 ~ | 2200 | 2223 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  5.223% (SOFRINDX + 1.070%) due 09/22/2029 ~ | 3900 | 3906 |
|  6.534% due 01/10/2029 •  | 2350 | 2460 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  6.187% due 07/06/2027 •  | 2400 | 2432 |
|  6.296% due 07/06/2034 •  | 2400 | 2604 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 | 3100 | 3745 |
|  |  | 26463 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% |
|  Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC |
|  4.826% due 05/17/2067 •  | 2900 | 3921 |
|  EuroMASTR PLC | EuroMASTR PLC | EuroMASTR PLC |
|  4.305% due 06/15/2040 •  | 109 | 145 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.055% due 06/13/2045 •  | 263 | 354 |
|  RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC |
|  4.606% due 06/12/2044 •  | 101 | 99 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  4.777% due 12/20/2066 •  | 1958 | 2636 |
|  |  | 7155 |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  0.625% due 10/22/2050 | 3500 | 1641 |
|  1.250% due 07/31/2051 | 5700 | 3202 |
|  1.500% due 07/31/2053 | 2400 | 1397 |
|  1.750% due 01/22/2049 | 1900 | 1315 |
|  4.250% due 12/07/2040 | 2500 | 3036 |
|  4.375% due 07/31/2054 | 4800 | 5405 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **163** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.375% due 01/31/2056 |  | 1100 | 1454 |
|  |  |  | 17450 |
|  Total United Kingdom (Cost $62,743) | Total United Kingdom (Cost $62,743) | Total United Kingdom (Cost $62,743) | 53629 |
| UNITED STATES 62.4% | UNITED STATES 62.4% | UNITED STATES 62.4% | UNITED STATES 62.4% |
| ASSET-BACKED SECURITIES 0.9% | ASSET-BACKED SECURITIES 0.9% | ASSET-BACKED SECURITIES 0.9% | ASSET-BACKED SECURITIES 0.9% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.572% due 07/25/2036 •  | $— | 2150 | 724 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.142% due 07/25/2034 •  |  | 23 | 23 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.972% due 10/25/2031 •  |  | 1 | 1 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.461% due 02/25/2034 •  |  | 98 | 104 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.072% due 09/25/2046 •  |  | 288 | 278 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.332% due 07/25/2045 •  |  | 503 | 354 |
|  4.342% due 05/25/2037 •  |  | 60 | 41 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.952% due 12/25/2036 •  |  | 35 | 29 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.622% due 05/25/2044 •  |  | 275 | 287 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.392% due 07/25/2037 •  |  | 89 | 60 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.532% due 12/25/2046 •  |  | 976 | 518 |
|  4.752% due 09/25/2036 •  |  | 1584 | 548 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.872% due 11/25/2032 •  |  | 1 | 1 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.432% due 09/25/2037 •  |  | 102 | 20 |
|  4.512% due 02/25/2037 •  |  | 33 | 9 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.372% due 07/25/2036 •  |  | 46 | 17 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.622% due 04/25/2037 •  |  | 923 | 480 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.992% due 04/25/2037 •  |  | 307 | 81 |
|  6.419% due 09/25/2046 þ |  | 1275 | 265 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.492% due 04/25/2037 •  |  | 987 | 705 |
|  5.142% due 05/25/2035 •  |  | 1743 | 1506 |
|  People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
|  5.622% due 01/25/2035 •  |  | 108 | 106 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.582% due 06/25/2047 •  |  | 1222 | 1144 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.372% due 12/25/2036 •  |  | 23 | 11 |
|  4.392% due 12/25/2036 •  |  | 26 | 5 |
|  4.532% due 05/25/2037 •  |  | 229 | 178 |
|  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 |  | 604 | 577 |
|  5.365% due 07/15/2053 •  |  | 186 | 186 |
|  5.822% due 02/16/2055 •  |  | 1474 | 1488 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.392% due 11/25/2036 •  |  | 25 | 7 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  5.212% due 11/25/2033 •  |  | 37 | 34 |
|  Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust |
|  3.845% due 10/25/2036 •  |  | 35 | 12 |
|  |  |  | 9799 |
| CORPORATE BONDS & NOTES 8.0% | CORPORATE BONDS & NOTES 8.0% | CORPORATE BONDS & NOTES 8.0% | CORPORATE BONDS & NOTES 8.0% |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. |
|  3.433% due 05/20/2032 •  |  | 1700 | 2013 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.511% due 01/24/2036 •  | $— | 3400 | 3556 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 10500 | 10500 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.259% due 05/01/2027 | 700 | 721 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  5.200% due 02/22/2034 | 900 | 934 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  6.250% due 06/23/2055 | 700 | 737 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  3.500% due 03/01/2042 | 3200 | 2306 |
|  3.700% due 04/01/2051 | 1200 | 792 |
|  3.850% due 04/01/2061 | 400 | 250 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  5.449% due 06/11/2035 •  | 2700 | 2801 |
|  Credit Suisse AG AT1 Claim | 700 | 91 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 400 | 357 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.522% (SOFRRATE + 1.325%) due 09/08/2028 ~ | 2500 | 2521 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 300 | 285 |
|  3.375% due 11/13/2025 | 400 | 399 |
|  4.125% due 08/17/2027 | 1300 | 1279 |
|  4.542% due 08/01/2026 | 600 | 600 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 900 | 878 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.186% due 04/01/2030 | 800 | 825 |
|  5.371% due 04/04/2029 | 1900 | 1958 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.016% due 10/23/2035 •  | 1600 | 1611 |
|  5.207% due 01/28/2031 •  | 1600 | 1652 |
|  5.218% due 04/23/2031 •  | 700 | 724 |
|  5.851% due 04/25/2035 •  | 1400 | 1492 |
|  6.484% due 10/24/2029 •  | 2100 | 2235 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  4.900% due 09/11/2028 | 1400 | 1393 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.336% due 01/23/2035 •  | 2800 | 2911 |
|  6.087% due 10/23/2029 •  | 2600 | 2744 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  5.500% due 08/01/2030 | 1700 | 1735 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.955% due 03/21/2035 •  | 3100 | 3738 |
|  4.654% due 10/18/2030 •  | 700 | 708 |
|  5.466% due 01/18/2035 •  | 1200 | 1250 |
|  6.407% due 11/01/2029 •  | 2100 | 2232 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.466% due 07/06/2028 •  | 2300 | 2314 |
|  4.734% due 07/18/2031 •  | 2300 | 2335 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 2700 | 2605 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 100 | 96 |
|  4.000% due 12/01/2046 | 200 | 151 |
|  4.200% due 03/01/2029 | 1200 | 1190 |
|  4.250% due 03/15/2046 | 100 | 79 |
|  4.550% due 07/01/2030 | 400 | 397 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  5.300% due 02/15/2031 | 1000 | 1037 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.250% due 06/06/2032 | 1400 | 1635 |
|  5.125% due 02/13/2031 | 800 | 828 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  5.575% due 01/29/2036 •  | 2000 | 2088 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.375% due 06/20/2031 | 1700 | 2001 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.078% due 09/15/2029 •  | 2500 | 2493 |
|  5.150% due 04/23/2031 •  | 2300 | 2373 |
|  5.198% due 01/23/2030 •  | 1900 | 1957 |
|  5.211% due 12/03/2035 •  | 1400 | 1431 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.303% due 10/23/2029 •  | 1400 | 1483 |
|  |  | 84721 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
|  5.885% (TSFR1M + 1.750%) due 06/24/2030 ~ | 1533 | 1535 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
|  Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 |
|  2.158% due 06/01/2026 | 1300 | 1282 |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 | 441 | 455 |
|  |  | 1737 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 7.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.9% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.450% due 09/25/2035 ~ | 28 | 25 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.652% due 09/25/2046 •  | 395 | 377 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  4.846% due 07/25/2062 þ | 2576 | 2571 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.376% due 10/20/2046 ~ | 363 | 305 |
|  4.971% due 01/20/2047 ~ | 39 | 34 |
|  5.500% due 09/25/2035 | 250 | 243 |
|  5.750% due 11/25/2035 | 107 | 105 |
|  6.000% due 08/25/2036 | 42 | 39 |
|  6.122% due 11/20/2034 ~ | 151 | 149 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.119% due 09/25/2035 ~ | 41 | 36 |
|  5.430% due 07/25/2035 ~ | 34 | 28 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  5.135% due 01/26/2047 •  | 113 | 112 |
|  5.250% due 02/26/2036 ~ | 497 | 189 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.164% due 08/25/2036 ~ | 775 | 353 |
|  4.167% due 11/25/2036 ~ | 230 | 104 |
|  4.475% due 11/25/2036 ~ | 827 | 421 |
|  4.774% due 08/25/2036 ~ | 36 | 23 |
|  4.850% due 11/25/2035 ~ | 19 | 14 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.000% due 05/25/2034 ~ | 19 | 17 |
|  4.005% due 11/25/2034 ~ | 369 | 327 |
|  4.475% due 02/25/2036 ~ | 68 | 62 |
|  5.777% due 02/25/2034 ~ | 3 | 3 |
|  5.862% due 10/25/2033 ~ | 11 | 11 |
|  6.643% due 05/25/2033 ~ | 15 | 14 |
|  6.896% due 05/25/2034 ~ | 42 | 41 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.972% due 01/26/2036 ~ | 32 | 22 |
|  Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust |
|  4.748% due 05/20/2045 •  | 8 | 5 |
|  BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust |
|  5.492% due 02/15/2039 •  | 2813 | 2806 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ | 867 | 788 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.933% due 07/25/2037 ~ | 49 | 40 |
|  6.522% due 02/25/2037 ~ | 34 | 34 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.593% due 09/25/2047 ~ | 185 | 166 |
|  4.852% due 04/25/2035 •  | 3 | 3 |
|  4.912% due 03/25/2035 •  | 375 | 356 |
|  4.932% due 02/25/2035 •  | 65 | 61 |
|  4.952% due 02/25/2035 •  | 26 | 24 |
|  4.952% due 03/25/2036 •  | 3 | 1 |
|  5.097% due 11/25/2034 ~ | 10 | 10 |
|  6.224% due 02/20/2036 •  | 60 | 52 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  6.000% due 04/25/2037 | 26 | 23 |

---

---

| | | |
|:---|:---|:---|
| **164** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  2.500% due 05/25/2051 ~ | 5401 | 4485 |
|  3.000% due 11/27/2051 ~ | 3489 | 3032 |
|  5.482% due 08/25/2035 ~ | 25 | 24 |
|  6.000% due 09/25/2035 •  | 47 | 47 |
|  Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
|  4.595% due 09/25/2035 ~ | 377 | 339 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.530% due 09/20/2046 •  | 1048 | 935 |
|  4.592% due 02/25/2047 •  | 144 | 142 |
|  4.612% due 05/25/2047 •  | 138 | 125 |
|  4.622% due 05/25/2037 •  | 328 | 100 |
|  4.670% due 03/20/2046 •  | 25 | 23 |
|  4.672% due 06/25/2036 •  | 187 | 76 |
|  4.672% due 06/25/2037 •  | 434 | 400 |
|  4.692% due 05/25/2035 •  | 329 | 316 |
|  4.692% due 07/25/2046 •  | 382 | 348 |
|  4.792% due 07/25/2046 •  | 673 | 491 |
|  4.832% due 12/25/2035 •  | 18 | 17 |
|  5.250% due 06/25/2035 | 65 | 48 |
|  5.553% due 08/25/2035 •  | 102 | 98 |
|  5.653% due 11/25/2035 •  | 139 | 125 |
|  6.193% due 11/25/2035 •  | 99 | 92 |
|  6.250% due 08/25/2037 | 296 | 135 |
|  6.500% due 08/25/2032 | 8 | 8 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  6.000% due 12/25/2035 | 107 | 78 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  2.500% due 07/25/2056 ~ | 553 | 461 |
|  6.500% due 07/26/2036 | 585 | 122 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  5.500% due 12/25/2035 | 183 | 155 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  4.372% due 10/25/2036 •  | 21 | 18 |
|  6.800% due 07/25/2036 þ | 144 | 126 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  | 3120 | 3123 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.601% due 08/25/2035 ~ | 191 | 158 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.632% due 01/25/2037 •  | 348 | 321 |
|  4.672% due 12/25/2046 •  | 473 | 468 |
|  4.692% due 04/25/2036 •  | 157 | 141 |
|  4.812% due 11/25/2045 •  | 20 | 19 |
|  GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates |
|  7.107% due 10/25/2033 ~ | 6 | 6 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.712% due 06/25/2045 •  | 53 | 48 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 ~ | 671 | 557 |
|  2.500% due 04/25/2052 ~ | 811 | 673 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.317% due 05/25/2035 ~ | 55 | 41 |
|  4.792% due 08/25/2046 •  | 461 | 101 |
|  5.191% due 09/25/2035 ~ | 28 | 27 |
|  5.880% due 03/25/2033 •  | 8 | 8 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.628% due 09/19/2037 •  | 334 | 290 |
|  4.728% due 03/19/2036 •  | 49 | 45 |
|  4.808% due 02/19/2036 •  | 200 | 86 |
|  4.815% due 07/19/2035 ~ | 31 | 23 |
|  4.868% due 11/19/2035 •  | 143 | 92 |
|  4.948% due 01/19/2035 •  | 12 | 12 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.932% due 03/25/2035 •  | 7 | 7 |
|  5.052% due 10/25/2034 •  | 17 | 17 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.199% due 11/25/2035 ~ | 141 | 107 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.686% due 08/25/2035 ~ | 90 | 67 |
|  4.580% due 12/25/2034 ~ | 32 | 30 |
|  4.692% due 05/25/2046 •  | 464 | 425 |
|  4.752% due 06/25/2037 •  | 171 | 160 |
|  4.772% due 02/25/2037 •  | 623 | 419 |
|  4.852% due 11/25/2036 •  | 147 | 140 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.752% due 10/25/2036 •  | 976 | 886 |
|  5.500% due 11/25/2036 ~ | 8 | 3 |
|  5.533% due 12/25/2035 ~ | 866 | 588 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 01/25/2052 ~ | 5655 | 4897 |
|  3.000% due 03/25/2052 ~ | 5151 | 4473 |
|  3.000% due 04/25/2052 ~ | 4753 | 4140 |
|  3.000% due 05/25/2052 ~ | 7257 | 6297 |
|  4.063% due 07/27/2037 ~ | 259 | 243 |
|  4.572% due 10/25/2035 •  | 929 | 646 |
|  5.204% due 07/25/2035 ~ | 36 | 35 |
|  5.244% due 02/25/2036 ~ | 156 | 109 |
|  5.424% due 10/25/2035 ~ | 37 | 36 |
|  5.561% due 08/25/2035 ~ | 2 | 2 |
|  5.945% due 11/25/2033 ~ | 9 | 8 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.912% due 11/25/2046 •  | 765 | 589 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.482% due 04/25/2046 •  | 78 | 73 |
|  4.952% due 05/25/2047 •  | 1395 | 1164 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.672% due 03/25/2036 •  | 414 | 37 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.681% due 06/25/2035 ~ | 48 | 47 |
|  5.275% due 06/25/2037 ~ | 57 | 55 |
|  6.054% due 02/25/2033 ~ | 15 | 14 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.360% due 04/25/2037 ~ | 11 | 10 |
|  MF1 Trust | MF1 Trust | MF1 Trust |
|  5.220% due 12/15/2034 •  | 3100 | 3100 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 368 | 360 |
|  1.947% due 04/25/2065 ~ | 141 | 138 |
|  6.105% due 12/25/2068 þ | 571 | 576 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 1191 | 1151 |
|  2.750% due 11/25/2059 ~ | 1058 | 1019 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  0.000% due 02/25/2036 ~ | 5 | 0 |
|  4.350% due 10/25/2035 ~ | 89 | 80 |
|  6.320% due 03/25/2047 þ | 159 | 151 |
|  6.638% due 03/25/2047 þ | 136 | 129 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 3306 | 2861 |
|  7.159% due 10/25/2063 þ | 1279 | 1302 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.215% due 01/15/2036 •  | 3700 | 3643 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.104% due 08/25/2035 ~ | 91 | 32 |
|  4.422% due 02/25/2047 •  | 764 | 234 |
|  4.692% due 04/25/2046 •  | 58 | 14 |
|  5.139% due 10/25/2037 ~ | 332 | 265 |
|  6.000% due 06/25/2036 | 295 | 242 |
|  6.000% due 06/25/2037 | 178 | 143 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  6.500% due 08/25/2036 | 658 | 183 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.534% due 09/25/2035 ~ | 128 | 80 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.950% due 07/20/2033 •  | 34 | 34 |
|  6.741% due 04/20/2035 ~ | 11 | 11 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.521% due 04/25/2035 ~ | 312 | 285 |
|  4.712% due 05/25/2037 •  | 22 | 20 |
|  5.553% due 01/25/2035 •  | 11 | 10 |
|  5.945% due 10/25/2037 •  | 129 | 118 |
|  6.100% due 04/25/2034 ~ | 4 | 4 |
|  6.336% due 02/25/2034 ~ | 19 | 18 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.652% due 07/25/2046 •  | 369 | 260 |
|  4.692% due 04/25/2036 •  | 49 | 44 |
|  4.712% due 09/25/2047 •  | 42 | 37 |
|  4.732% due 05/25/2045 •  | 104 | 99 |
|  4.748% due 07/19/2035 •  | 16 | 16 |
|  4.828% due 07/19/2034 •  | 1 | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.892% due 12/25/2035 •  | 8 | 7 |
|  5.653% due 08/25/2047 •  | 621 | 530 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.562% due 10/25/2036 •  | 721 | 606 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.470% due 09/25/2036 þ | 189 | 5 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.583% due 06/25/2047 •  | 338 | 311 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ | 1218 | 1115 |
|  2.710% due 01/25/2060 ~ | 831 | 803 |
|  2.900% due 10/25/2059 ~ | 3807 | 3663 |
|  5.272% due 05/25/2058 •  | 412 | 422 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  3.000% due 01/25/2052 ~ | 550 | 475 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.259% due 12/25/2068 þ | 506 | 512 |
|  6.876% due 11/25/2068 ~ | 938 | 953 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.712% due 04/25/2037 ~ | 395 | 358 |
|  3.943% due 12/25/2046 •  | 237 | 216 |
|  3.949% due 12/25/2046 •  | 113 | 100 |
|  3.965% due 03/25/2036 ~ | 438 | 390 |
|  4.108% due 02/25/2037 ~ | 108 | 93 |
|  4.189% due 05/25/2046 •  | 335 | 316 |
|  4.357% due 12/25/2036 ~ | 14 | 13 |
|  4.400% due 02/25/2037 ~ | 157 | 140 |
|  4.832% due 11/25/2045 •  | 93 | 88 |
|  4.852% due 07/25/2045 •  | 173 | 166 |
|  4.852% due 10/25/2045 •  | 25 | 25 |
|  4.892% due 01/25/2045 •  | 20 | 20 |
|  4.912% due 01/25/2045 •  | 23 | 23 |
|  4.961% due 03/25/2035 ~ | 75 | 75 |
|  5.012% due 11/25/2034 •  | 179 | 174 |
|  5.051% due 12/25/2035 ~ | 113 | 106 |
|  5.252% due 11/25/2034 •  | 121 | 118 |
|  5.277% due 08/25/2034 ~ | 73 | 72 |
|  5.553% due 06/25/2042 •  | 11 | 10 |
|  5.553% due 08/25/2042 •  | 10 | 10 |
|  5.653% due 11/25/2046 •  | 75 | 67 |
|  5.771% due 06/25/2033 ~ | 11 | 11 |
|  6.187% due 03/25/2034 ~ | 63 | 64 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  5.093% due 07/25/2046 •  | 249 | 154 |
|  5.123% due 05/25/2046 •  | 632 | 561 |
|  6.000% due 10/25/2035 | 241 | 192 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  5.750% due 07/25/2037 | 43 | 38 |
|  |  | 83985 |
| U.S. GOVERNMENT AGENCIES 39.8% | U.S. GOVERNMENT AGENCIES 39.8% | U.S. GOVERNMENT AGENCIES 39.8% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 02/01/2051 - 01/01/2052 | 4152 | 3511 |
|  3.000% due 06/01/2051 | 69 | 61 |
|  3.500% due 10/01/2039 | 249 | 239 |
|  5.500% due 06/01/2053 - 08/01/2053 | 3294 | 3333 |
|  6.000% due 06/01/2053 - 09/01/2054 | 666 | 690 |
|  6.430% due 08/01/2035 •  | 2 | 2 |
|  6.500% due 12/01/2053 - 04/01/2055 | 2783 | 2879 |
|  6.676% due 11/01/2035 •  | 14 | 14 |
|  7.020% due 09/01/2035 •  | 2 | 2 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.815% due 01/15/2038 ~(a) | 265 | 14 |
|  4.810% due 01/15/2038 •  | 265 | 262 |
|  4.937% due 12/15/2031 •  | 6 | 6 |
|  5.087% due 12/15/2037 •  | 68 | 68 |
|  5.296% due 11/25/2054 •  | 2095 | 2098 |
|  5.336% due 08/25/2055 •  | 2745 | 2760 |
|  5.756% due 03/25/2055 •  | 3475 | 3503 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.532% due 08/25/2031 •  | 4 | 4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **165** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.353% due 10/25/2044 •  | $— | 149 | $— | 137 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 02/01/2051 |  | 66 |  | 56 |
|  3.000% due 10/01/2049 - 03/01/2060 |  | 2994 |  | 2633 |
|  3.500% due 10/01/2034 - 01/01/2059 |  | 3218 |  | 2957 |
|  4.000% due 01/01/2048 - 06/01/2050 |  | 748 |  | 714 |
|  4.207% due 03/01/2033 •  |  | 10 |  | 10 |
|  4.891% due 12/01/2036 •  |  | 2 |  | 2 |
|  5.420% due 06/01/2043 •  |  | 12 |  | 12 |
|  5.421% due 10/01/2044 •  |  | 14 |  | 15 |
|  5.500% due 07/01/2053 - 09/01/2053 |  | 6722 |  | 6807 |
|  6.000% due 10/01/2053 - 08/01/2054 |  | 7564 |  | 7792 |
|  6.007% due 12/01/2034 •  |  | 3 |  | 3 |
|  6.123% due 06/01/2035 •  |  | 1 |  | 1 |
|  6.290% due 09/01/2035 •  |  | 3 |  | 3 |
|  6.500% due 11/01/2053 - 04/01/2055 |  | 8110 |  | 8390 |
|  6.526% due 11/01/2034 •  |  | 88 |  | 91 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  6.000% due 02/25/2044 |  | 25 |  | 25 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.523% due 07/25/2037 •  |  | 59 |  | 58 |
|  4.871% due 06/25/2029 - 06/25/2036 •  |  | 21 |  | 20 |
|  5.256% due 03/25/2055 •  |  | 2986 |  | 2991 |
|  5.516% due 03/25/2055 •  |  | 1850 |  | 1858 |
|  6.000% due 04/25/2043 |  | 37 |  | 37 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.000% due 07/25/2044 |  | 125 |  | 130 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  6.500% due 06/25/2044 |  | 2 |  | 2 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 05/20/2051 - 12/20/2052 |  | 3810 |  | 3405 |
|  3.500% due 10/20/2052 - 06/20/2055 |  | 66208 |  | 60463 |
|  4.750% due 10/20/2029 •  |  | 1 |  | 1 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.000% due 07/20/2046 - 05/20/2047 |  | 15 |  | 14 |
|  5.389% due 12/20/2073 •  |  | 1148 |  | 1155 |
|  6.000% due 08/20/2034 |  | 837 |  | 846 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 11/01/2055 |  | 3500 |  | 3014 |
|  3.000% due 11/01/2055 |  | 18385 |  | 16415 |
|  6.500% due 11/01/2055 |  | 18600 |  | 19104 |
|  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 |
|  5.000% due 11/01/2055 |  | 124000 |  | 122907 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 11/01/2055 | $— | 42194 | 43100 |
|  6.500% due 11/01/2055 |  | 96800 | 100103 |
|  |  |  | 424717 |
| U.S. TREASURY OBLIGATIONS 5.5% | U.S. TREASURY OBLIGATIONS 5.5% | U.S. TREASURY OBLIGATIONS 5.5% | U.S. TREASURY OBLIGATIONS 5.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2041 (k) |  | 100 | 70 |
|  2.250% due 08/15/2049 (k) |  | 2100 | 1341 |
|  2.375% due 11/15/2049 (k) |  | 175 | 115 |
|  3.000% due 02/15/2048 (k) |  | 1600 | 1209 |
|  3.000% due 08/15/2048 (k) |  | 175 | 132 |
|  3.000% due 02/15/2049 (k) |  | 250 | 187 |
|  3.375% due 11/15/2048 (k) |  | 3900 | 3134 |
|  4.125% due 08/15/2044 |  | 3375 | 3134 |
|  4.500% due 11/15/2054 |  | 14800 | 14254 |
|  4.625% due 02/15/2055 |  | 8700 | 8554 |
|  4.750% due 05/15/2055 |  | 600 | 602 |
|  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) |
|  2.500% due 01/15/2029 (i) |  | 3009 | 3145 |
|  3.875% due 04/15/2029 (i) |  | 2358 | 2579 |
|  0.125% due 07/15/2031 (i) |  | 3254 | 3040 |
|  0.125% due 01/15/2032 (i) |  | 816 | 751 |
|  0.500% due 01/15/2028 (i) |  | 9691 | 9581 |
|  0.625% due 07/15/2032 (i) |  | 556 | 526 |
|  1.125% due 01/15/2033 (i) |  | 4338 | 4206 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 02/15/2033 (i)(k) |  | 1400 | 1359 |
|  4.375% due 05/15/2034 (k) |  | 600 | 614 |
|  |  |  | 58533 |
|  Total United States (Cost $675,684) | Total United States (Cost $675,684) | Total United States (Cost $675,684) | 665027 |
| SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% |
| COMMERCIAL PAPER 0.9% | COMMERCIAL PAPER 0.9% | COMMERCIAL PAPER 0.9% | COMMERCIAL PAPER 0.9% |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  4.570% due 11/20/2025 | $— | 1700 | 1690 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.450% due 10/22/2025 |  | 1100 | 1097 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.360% due 10/16/2025 |  | 250 | 250 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.600% due 10/24/2025 |  | 2900 | 2891 |
|  4.650% due 10/17/2025 |  | 1650 | 1646 |
|  4.650% due 10/20/2025 |  | 250 | 249 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.450% due 10/15/2025 |  | 450 | 449 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.330% due 11/19/2025 |  | 850 | 845 |
|  |  |  | 9117 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (f) | 686620 | $— | 687 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% |
|  31.495% due 11/04/2025 - 06/29/2026 (c)(d) | 4264050 |  | 2527 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.233% due 10/16/2025 - 01/27/2026 (c)(d)(k) | 924 |  | 920 |
| Total Short-Term Instruments (Cost $13,032) | Total Short-Term Instruments (Cost $13,032) |  | 13251 |
| Total Investments in Securities (Cost $1,287,783) | Total Investments in Securities (Cost $1,287,783) |  | 1259374 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 9.9% | INVESTMENTS IN AFFILIATES 9.9% | INVESTMENTS IN AFFILIATES 9.9% | INVESTMENTS IN AFFILIATES 9.9% |
| SHORT-TERM INSTRUMENTS 9.9% | SHORT-TERM INSTRUMENTS 9.9% | SHORT-TERM INSTRUMENTS 9.9% | SHORT-TERM INSTRUMENTS 9.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.9% |
|  PIMCO Short-Term Floating NAV Portfolio III | 10873151 |  | 105894 |
| Total Short-Term Instruments (Cost $105,867) | Total Short-Term Instruments (Cost $105,867) |  | 105894 |
| Total Investments in Affiliates (Cost $105,867) | Total Investments in Affiliates (Cost $105,867) |  | 105894 |
| Total Investments 128.1% (Cost $1,393,650) | Total Investments 128.1% (Cost $1,393,650) | $— | 1365268 |
|  Financial Derivative Instruments (h)(j) 0.0%<br> (Cost or Premiums, net $1,772) | Financial Derivative Instruments (h)(j) 0.0%<br> (Cost or Premiums, net $1,772) |  | 104 |
| Other Assets and Liabilities, net (28.1)% | Other Assets and Liabilities, net (28.1)% |  | (299470) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1065902 |

---

#### 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.

---

| | | |
|:---|:---|:---|
| **166** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  MBC | 3.750% | 09/19/2025 | TBD<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257) | $(257) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  United States (12.8)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.8)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 3.500% | 10/01/2055 | $39800 | $(36563) | $(36295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | (19455) | (19306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 11/01/2055 | 61950 | (49928) | (49949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 8400 | (6944) | (7078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 11/01/2055 | 7300 | (6486) | (6413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 6100 | (5593) | (5572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 11/01/2055 | 20 | (19) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 10/01/2055 | 1040 | (985) | (1009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 11/01/2055 | 10580 | (10675) | (10661) |
|  Total Short Sales (12.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136648) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136302) |

---

#### 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 September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  MBC | $0 | $(257) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
|  Sovereign Issues | $0 | $0 | $0 | $(257) | $(257) |
|  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;(257) | $(257) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257) |

---

(g) Securities with an aggregate market value of $284 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(3853) at a weighted average interest rate of 4.407%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **167** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

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

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.500 | 10/24/2025 | 48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | $(8) | $(10) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 48 | 48 | (12) | (10) |
|  Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 10/24/2025 | 9 | 9 | (4) | (2) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 9 | 9 | (2) | (2) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 3-Year Bond December Futures  | 12/2025 | 26 | $1838 | $(9) | $2 | $(1) |
|  Canada Government 5-Year Bond December Futures  | 12/2025 | 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11932 | 2 | 29 | 0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 242 | 21294 | 447 | 96 | 0 |
|  Euro-BTP Future December Futures  | 12/2025 | 559 | 78650 | 703 | 249 | 0 |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 16 | 2150 | 8 | 20 | (4) |
|  Euro-Schatz December Futures  | 12/2025 | 37 | 4647 | (1) | 1 | 0 |
|  Long Guilt December Futures  | 12/2025 | 197 | 24068 | (81) | 103 | (13) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 503 | 54925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | 20 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 78 | 8775 | (38) | 0 | (1) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 225 | 25893 | (99) | 0 | (14) |
|  |  |  |  | $1071 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 594 | $(44553) | $377 | $0 | $(306) |
|  Euro-Bobl December Futures  | 12/2025 | 277 | (38313) | 36 | 0 | (52) |
|  Euro-Bund December Futures  | 12/2025 | 198 | (29888) | (127) | 7 | (79) |
|  Euro-Oat December Futures  | 12/2025 | 149 | (21228) | 9 | 0 | (51) |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54175) | 514 | 44 | (44) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 81 | (9725) | 20 | 46 | 0 |
|  |  |  |  | $829 | $97 | $(532) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(565) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.246% | EUR | 3100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&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>(3)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Asset | Liability |
|  CDX.IG-43 10-Year Index | (1.000)% | Quarterly | 12/20/2034 | $14400 | $(76) | $(102) | $(178) | $0 | $(3) |
|  CDX.IG-44 10-Year Index | (1.000) | Quarterly | 06/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61600 | (164) | (433) | (597) | 0 | (7) |
|  CDX.IG-45 10-Year Index | (1.000) | Quarterly | 12/20/2035 | 9400 | (72) | 1 | (71) | 0 | (2) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(534) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(846) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

168 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  CDX.IG-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $200 | $5 | $0 | $5 | $0 | $0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | 746 | 19 | 765 | 4 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&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 | 3.000% | Annual | 06/17/2027 | 23700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391) | $(512) | $5 | $0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/17/2027 | 18100 | 118 | 9 | 127 | 0 | (5) |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 41000 | 184 | 112 | 296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | 0 |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2028 | 32300 | (28) | (144) | (172) | 19 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 09/17/2030 | 1500 | (8) | (1) | (9) | 2 | 0 |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 52500 | 89 | (420) | (331) | 85 | 0 |
|  Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 5000 | 63 | 44 | 107 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 500 | 22 | (7) | 15 | 0 | (4) |
|  Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 2100 | 32 | 38 | 70 | 0 | (17) |
|  Receive<sup>(7)</sup> | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/18/2031 | 117730 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2027 | 4080000 | 6 | (15) | (9) | 0 | (6) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 09/17/2027 | 700000 | (2) | (16) | (18) | 0 | (1) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2030 | 420000 | (21) | (26) | (47) | 0 | (2) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 | 230000 | 5 | (16) | (11) | 0 | (1) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/17/2031 | 1260000 | (374) | (204) | (578) | 0 | (8) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 | 409300 | (122) | (87) | (209) | 0 | (3) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 2160000 | (53) | (162) | (215) | 0 | (18) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 3557300 | (64) | (818) | (882) | 0 | (43) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 1620000 | (173) | (252) | (425) | 0 | (21) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 480000 | 28 | (90) | (62) | 0 | (6) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 5629600 | (290) | (590) | (880) | 0 | (75) |
|  Pay<sup>(7)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 12/17/2035 | 170000 | (1) | (3) | (4) | 0 | (3) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 1050000 | 716 | 531 | 1247 | 14 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 1170000 | (552) | (804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1356) | 0 | (17) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 332600 | 32 | (248) | (216) | 0 | (5) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.250 | Annual | 09/17/2055 | 430000 | (114) | (20) | (134) | 0 | (6) |
|  Pay<sup>(7)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.500 | Annual | 12/17/2055 | 140000 | 4 | (1) | 3 | 0 | (5) |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 09/17/2030 | 55500 | (203) | 231 | 28 | 0 | (102) |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.000 | Semi-Annual | 09/17/2035 | 7160 | 5 | (113) | (108) | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $121439 | (492) | 607 | 115 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 8000 | 0 | (9) | (9) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 08/22/2026 | 10200 | 0 | (18) | (18) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 40500 | 872 | (82) | 790 | 0 | (8) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 7000 | (1) | (21) | (22) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 36740 | 721 | (185) | 536 | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | 15800 | 52 | 50 | 102 | 0 | (5) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 5100 | 24 | 9 | 33 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 1500 | (6) | (1) | (7) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 2100 | (11) | 0 | (11) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 800 | 0 | (8) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 7000 | 0 | (91) | (91) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 5600 | 0 | (75) | (75) | 0 | (4) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 40142 | (59) | 106 | 47 | 0 | (20) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 38405 | (233) | 240 | 7 | 0 | (20) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 1100 | 22 | (4) | 18 | 10 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 12800 | (210) | (15) | (225) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.335 | Annual | 05/15/2032 | 4900 | 76 | (17) | 59 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 6722 | (7) | (102) | (109) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.828 | Annual | 05/15/2032 | 5300 | (105) | 5 | (100) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 1700 | 0 | (28) | (28) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.847 | Annual | 05/15/2034 | 1000 | 0 | (18) | (18) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 1800 | 0 | (33) | (33) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 18060 | 465 | (652) | (187) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 3800 | (13) | (67) | (80) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 1400 | (5) | 7 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 600 | (2) | 3 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 1000 | (4) | 10 | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 2200 | (8) | 17 | 9 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 2050 | (8) | 9 | 1 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **169** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.611% | Annual | 08/28/2034 | $350 | $(1) | $1 | $0 | $0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 27760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 900 | (3) | (20) | (23) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 1800 | (5) | (34) | (39) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 900 | (3) | (13) | (16) | 0 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 8050 | (143) | 92 | (51) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 2000 | 100 | (29) | 71 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 14500 | (283) | 168 | (115) | 0 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 17520 | (102) | (36) | (138) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 3600 | 1128 | 217 | 1345 | 8 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 | 5692 | (143) | (6) | (149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 5100 | 675 | (22) | 653 | 14 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 | 1600 | 0 | 6 | 6 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 700 | 0 | 0 | 0 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 | 1500 | 0 | (2) | (2) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.964 | Annual | 11/15/2054 | 800 | 0 | (2) | (2) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 | 5000 | 0 | (40) | (40) | 15 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.115 | Annual | 11/15/2054 | 3090 | 0 | (90) | (90) | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 | 810 | 0 | (26) | (26) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 2300 | 0 | 77 | 77 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.772 | Annual | 02/15/2055 | 300 | 0 | 10 | 10 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 | 1800 | 0 | 48 | 48 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 1000 | 0 | 26 | 26 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 | 1200 | 0 | 18 | 18 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 | 1400 | 0 | 45 | 45 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 3210 | 399 | 5 | 404 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 | 1380 | 5 | (3) | 2 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 | 922 | (16) | (5) | (21) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 | 1666 | (1) | (5) | (6) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 7700 | 711 | (126) | 585 | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 | 624 | (7) | (1) | (8) | 2 | 0 |
|  Pay<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 3800 | (125) | 8 | (117) | 0 | (12) |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 3800 | (111) | 141 | 30 | 0 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 5100 | (152) | 191 | 39 | 0 | (1) |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.343 | Annual | 05/16/2027 | 3400 | (102) | 137 | 35 | 0 | 0 |
|  Pay<sup>(7)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | 528400 | (166) | (299) | (465) | 70 | 0 |
|  Pay<sup>(7)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 03/18/2031 | 63000 | (80) | 6 | (74) | 6 | 0 |
|  Pay<sup>(7)</sup> | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | 21620020 | 153 | (227) | (74) | 14 | 0 |
|  Pay | 3-Month NZD-BBR | 0.000 | Semi-Annual | 06/19/2029 | 5000 | 39 | 185 | 224 | 4 | 0 |
|  Receive | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | 5000 | (188) | (36) | (224) | 0 | 0 |
|  Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | 32500 | (1) | 69 | 68 | 4 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | 8900 | (397) | 234 | (163) | 3 | 0 |
|  Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 | 72600 | (407) | (500) | (907) | 102 | 0 |
|  Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/18/2031 | 3300 | (3) | (14) | (17) | 5 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 0.000 | Semi-Annual | 06/21/2033 | 1900 | (32) | 25 | (7) | 5 | (5) |
|  Receive | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 06/21/2033 | 1900 | 14 | (7) | 7 | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 7900 | 16 | 0 | 16 | 26 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 | 13700 | 62 | 147 | 209 | 45 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 1800 | 10 | 18 | 28 | 6 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 | 16900 | 81 | (74) | 7 | 59 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 | 15200 | 255 | (40) | 215 | 54 | 0 |
|  Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 4100 | (13) | 0 | (13) | 15 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | 33000 | (112) | 28 | (84) | 0 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 | 86700 | (279) | (133) | (412) | 37 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 | 2550 | 97 | 67 | 164 | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 | 4700 | (7) | 114 | 107 | 5 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 | 700 | (1) | 18 | 17 | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 | 1550 | 0 | (24) | (24) | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 | 6900 | 0 | (62) | (62) | 7 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 | 11400 | (2) | (66) | (68) | 12 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 | 9900 | 11 | 137 | 148 | 12 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 129980 | 450 | (58) | 392 | 212 | (1) |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 | 18240 | (324) | 68 | (256) | 0 | (37) |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 61180 | (1) | 86 | 85 | 183 | (3) |
|  Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 | 9740 | (532) | (84) | (616) | 36 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2042 | 980 | (65) | (37) | (102) | 5 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 | 1800 | (128) | (813) | (941) | 8 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 | 900 | 481 | 98 | 579 | 0 | (4) |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 | 15800 | 327 | 817 | 1144 | 0 | (38) |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 9330 | 114 | 57 | 171 | 66 | (1) |

---

---

| | | |
|:---|:---|:---|
| **170** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | CAONREPO | 3.500% | Annual | 06/19/2026 CAD | 10600 | $(5) | $82 | $77 | $1 | $0 |
|  Pay | CAONREPO | 3.898 | Annual | 06/19/2026 | 24700 | (1) | 250 | 249 | 2 | 0 |
|  Pay | CAONREPO | 3.925 | Annual | 06/19/2026 | 19700 | (2) | 205 | 203 | 1 | 0 |
|  Pay | CAONREPO | 1.900 | Semi-Annual | 12/18/2029 | 9600 | (608) | 435 | (173) | 10 | 0 |
|  Pay | CAONREPO | 1.500 | Semi-Annual | 06/17/2030 | 6400 | (551) | 330 | (221) | 8 | 0 |
|  Pay | CAONREPO | 2.750 | Semi-Annual | 09/17/2030 | 2800 | (3) | 25 | 22 | 4 | 0 |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 | 4400 | 68 | (185) | (117) | 0 | (9) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 | 800 | 3 | (15) | (12) | 0 | (2) |
|  Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 | 5500 | (5) | (126) | (131) | 0 | (11) |
|  Receive | CAONREPO | 3.300 | Semi-Annual | 06/01/2033 | 12400 | 97 | (471) | (374) | 0 | (26) |
|  Receive | CAONREPO | 3.400 | Semi-Annual | 06/01/2033 | 3800 | (4) | (130) | (134) | 0 | (8) |
|  Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 | 2200 | 0 | (16) | (16) | 0 | (5) |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 09/01/2033 | 3500 | 43 | (181) | (138) | 0 | (8) |
|  Pay<sup>(7)</sup> | CAONREPO | 3.000 | Semi-Annual | 03/18/2036 | 3000 | (42) | 55 | 13 | 9 | 0 |
|  Pay | CAONREPO | 2.750 | Semi-Annual | 12/18/2048 | 2400 | (225) | 89 | (136) | 12 | 0 |
|  Pay | CAONREPO | 2.565 | Semi-Annual | 03/07/2049 | 2600 | (299) | 93 | (206) | 13 | 0 |
|  Pay | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 | 1000 | 16 | (9) | 7 | 5 | 0 |
|  |  |  |  |  |  | $1787 | $(3812) | $(2025) | $1380 | $(654) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4338) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2094) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(666) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(8)</sup> | Variation Margin<br>Asset<sup>(8)</sup> | Total | Market Value | Variation Margin<br>Liability<sup>(8)</sup> | Variation Margin<br>Liability<sup>(8)</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;617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(565) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1278) |

---

(i) Securities with an aggregate market value of $19,479 and cash of $7,567 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $1 and liability of $(1) is outstanding at period end. 

<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> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> 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>(8)</sup> Unsettled variation margin asset of $16 and liability of $(23) for closed swap agreements is outstanding at period end. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **171** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

&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 | 10/2025 | 7651 | $4950 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) |
|  | 10/2025 | 18925 | 13604 | 4 | 0 |
|  | 10/2025 | 1327 | 777 | 8 | 0 |
|  | 10/2025 | $256535 | 219947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694 | 0 |
|  | 11/2025 | 13604 | 18896 | 0 | (4) |
|  | 11/2025 | 778 | 1327 | 0 | (8) |
|  BOA | 10/2025 | 8012 | $1126 | 2 | 0 |
|  | 10/2025 | 268694 | 1796 | 1 | (22) |
|  | 10/2025 | 933 | 537 | 0 | (4) |
|  | 10/2025 | $1425 | 10146 | 0 | (1) |
|  | 10/2025 | 361 | 1213 | 5 | 0 |
|  | 10/2025 | 710 | 62830 | 0 | (4) |
|  | 10/2025 | 582 | 805789 | 0 | (8) |
|  | 10/2025 | 176 | 634 | 0 | (2) |
|  | 10/2025 | 1306 | 5640 | 0 | (5) |
|  | 11/2025 | 1203 | 1022 | 0 | 0 |
|  | 11/2025 | 189 | 632 | 2 | 0 |
|  | 11/2025 | 1683 | 251252 | 22 | 0 |
|  | 11/2025 | 538 | 932 | 4 | 0 |
|  | 11/2025 | 125558 | $7201 | 0 | (44) |
|  | 12/2025 | $521 | 9901 | 16 | 0 |
|  | 12/2025 | 56 | 2489 | 0 | 0 |
|  | 03/2026 | 2176 | 89 | 0 | 0 |
|  | 03/2026 | 253 | 6205 | 1 | 0 |
|  BPS | 10/2025 | 16466 | $2799 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295) |
|  | 10/2025 | 689 | 3509 | 0 | 0 |
|  | 10/2025 | 4493 | $5305 | 30 | 0 |
|  | 10/2025 | 67255071 | 4047 | 27 | (11) |
|  | 10/2025 | 66047 | 750 | 7 | 0 |
|  | 10/2025 | 292098 | 1966 | 0 | (9) |
|  | 10/2025 | 919 | 538 | 6 | 0 |
|  | 10/2025 | 118723 | 3952 | 56 | (5) |
|  | 10/2025 | $3010 | 16466 | 84 | 0 |
|  | 10/2025 | 14251 | 101497 | 0 | (6) |
|  | 10/2025 | 730 | 5194 | 2 | 0 |
|  | 10/2025 | 2125 | 1808 | 0 | (3) |
|  | 10/2025 | 6615 | 109242238 | 0 | (67) |
|  | 10/2025 | 4407 | 6096425 | 0 | (63) |
|  | 10/2025 | 3086 | 11233 | 5 | (1) |
|  | 10/2025 | 1224 | 5313 | 1 | 0 |
|  | 10/2025 | 514 | 15554 | 0 | (3) |
|  | 11/2025 | 8355684 | $500 | 0 | (1) |
|  | 11/2025 | 50735 | 570 | 0 | 0 |
|  | 11/2025 | 434563 | 310 | 0 | 0 |
|  | 11/2025 | $75 | 400 | 0 | 0 |
|  | 11/2025 | 2451 | 17348 | 0 | (5) |
|  | 11/2025 | 570 | 1917 | 8 | 0 |
|  | 11/2025 | 1966 | 291083 | 9 | 0 |
|  | 11/2025 | 539 | 919 | 0 | (6) |
|  | 12/2025 | 2326 | $328 | 0 | 0 |
|  | 12/2025 | 14018 | 467 | 4 | 0 |
|  | 12/2025 | $328 | 2322 | 0 | 0 |
|  | 12/2025 | 1155 | 383572 | 0 | (6) |
|  | 12/2025 | 2012 | 33843880 | 13 | 0 |
|  | 12/2025 | 116 | 2159 | 0 | 0 |
|  | 03/2026 | 4024 | 164 | 0 | (1) |
|  | 04/2026 | 10400 | $1821 | 0 | (50) |
|  | 05/2026 | $328 | 100 | 1 | 0 |
|  | 06/2026 | 208 | 63 | 1 | 0 |
|  | 07/2026 | 145 | 44 | 1 | 0 |
|  | 06/2027 | 144 | 44 | 0 | 0 |
|  | 05/2029 | 511 | $1756 | 65 | 0 |
|  | 07/2029 | 65 | 222 | 8 | 0 |
|  | 05/2030 | 344 | 1185 | 41 | 0 |
|  BRC | 10/2025 | 10042 | 12581 | 0 | (34) |
|  | 10/2025 | 13812 | 18653 | 78 | 0 |

---

---

| | | |
|:---|:---|:---|
| **172** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 308719 | $19 | $0 | $0 |
|  | 10/2025 | 4057 | 961 | 0 | (4) |
|  | 10/2025 | 121 | 12 | 0 | 0 |
|  | 10/2025 | 11425 | 275 | 0 | 0 |
|  | 10/2025 | 15434 | 504 | 0 | (3) |
|  | 10/2025 | $5630 | 7751 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) |
|  | 10/2025 | 13726 | 11007 | 101 | 0 |
|  | 10/2025 | 1100 | 937 | 0 | 0 |
|  | 10/2025 | 268 | 5021 | 5 | 0 |
|  | 10/2025 | 1785 | 6528 | 10 | 0 |
|  | 10/2025 | 5150 | 220608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 0 |
|  | 11/2025 | 12581 | 10003 | 34 | 0 |
|  | 11/2025 | 18656 | 13811 | 0 | (78) |
|  | 11/2025 | 12 | 121 | 0 | 0 |
|  | 11/2025 | 5002 | 218243 | 41 | 0 |
|  | 11/2025 | 3892 | $221 | 0 | (4) |
|  | 12/2025 | 10785 | 2572 | 3 | 0 |
|  | 12/2025 | $1673 | 7015 | 0 | (2) |
|  | 12/2025 | 1502 | 66530 | 16 | 0 |
|  | 01/2026 | 1091 | 5608 | 0 | (2) |
|  BSH | 10/2025 | 18500 | $3478 | 2 | 0 |
|  | 10/2025 | 273 | 158 | 0 | 0 |
|  | 10/2025 | $3402 | 18500 | 74 | 0 |
|  | 11/2025 | 159 | 273 | 0 | 0 |
|  | 12/2025 | 7921 | $2182 | 0 | (95) |
|  | 12/2025 | $1508 | 5369 | 36 | 0 |
|  | 02/2026 | 4416 | $1263 | 0 | (4) |
|  | 03/2026 | 7949 | 2276 | 0 | (4) |
|  | 04/2026 | 19700 | 3468 | 0 | (75) |
|  CBK | 10/2025 | 646 | 422 | 0 | (6) |
|  | 10/2025 | 12620 | 1775 | 5 | 0 |
|  | 10/2025 | 12591 | 1771 | 2 | 0 |
|  | 10/2025 | 2946 | 3449 | 0 | (10) |
|  | 10/2025 | 1774 | 2383 | 0 | (2) |
|  | 10/2025 | 50725223 | 3048 | 17 | (9) |
|  | 10/2025 | 87372 | 984 | 1 | 0 |
|  | 10/2025 | 9678 | 970 | 0 | 0 |
|  | 10/2025 | 7306 | 2091 | 0 | (13) |
|  | 10/2025 | 18798 | 14682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | 0 |
|  | 10/2025 | 26862 | 832 | 2 | 0 |
|  | 10/2025 | 186363 | 6263 | 140 | 0 |
|  | 10/2025 | $1186 | 1818 | 17 | 0 |
|  | 10/2025 | 16 | 22 | 0 | 0 |
|  | 10/2025 | 1398 | 9930 | 0 | (4) |
|  | 10/2025 | 4750 | 33738 | 4 | (6) |
|  | 10/2025 | 1046 | 6699 | 7 | 0 |
|  | 10/2025 | 8739 | 7486 | 50 | 0 |
|  | 10/2025 | 1128 | 836 | 0 | (4) |
|  | 10/2025 | 1670 | 27472387 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
|  | 10/2025 | 3121 | 274187 | 0 | (37) |
|  | 10/2025 | 3944 | 583400 | 1 | 0 |
|  | 10/2025 | 76 | 764 | 1 | 0 |
|  | 10/2025 | 597 | 5660 | 5 | 0 |
|  | 10/2025 | 1951 | 59396 | 1 | (2) |
|  | 10/2025 | 965 | $56 | 0 | 0 |
|  | 11/2025 | 22 | 16 | 0 | 0 |
|  | 11/2025 | 213 | 30 | 0 | 0 |
|  | 11/2025 | $1933 | 13686 | 0 | (4) |
|  | 11/2025 | 1600 | 6663435 | 92 | 0 |
|  | 11/2025 | 414 | 1389 | 5 | 0 |
|  | 11/2025 | 984 | 87543 | 0 | (1) |
|  | 11/2025 | 2177 | 320900 | 0 | 0 |
|  | 11/2025 | 970 | 9676 | 0 | 0 |
|  | 11/2025 | 19821 | $1142 | 0 | (2) |
|  | 12/2025 | 2341 | 330 | 0 | 0 |
|  | 12/2025 | 2965 | 828 | 0 | (24) |
|  | 12/2025 | 105333 | 3470 | 3 | (10) |
|  | 12/2025 | $2248 | 15925 | 0 | 0 |
|  | 12/2025 | 2080 | 34952268 | 11 | 0 |
|  | 12/2025 | 24 | 1055 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **173** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | 2951 | $416 | $0 | $0 |
|  | 01/2026 | 110000 | 810 | 59 | 0 |
|  | 01/2026 | 23020 | 763 | 0 | 0 |
|  | 01/2026 | $417 | 2945 | 0 | 0 |
|  | 02/2026 | 1882 | $515 | 0 | (26) |
|  | 03/2026 | 33252 | 4291 | 6 | 0 |
|  DUB | 10/2025 | 1230 | 6270 | 2 | 0 |
|  | 10/2025 | 16261003 | $992 | 18 | 0 |
|  | 10/2025 | 2602 | 762 | 0 | (24) |
|  | 10/2025 | 141871 | 1597 | 1 | 0 |
|  | 10/2025 | 5 | 1 | 0 | 0 |
|  | 10/2025 | $31261 | 222280 | 0 | (63) |
|  | 10/2025 | 1637 | 26715643 | 0 | (36) |
|  | 10/2025 | 2341 | 206932 | 0 | (14) |
|  | 10/2025 | 393 | 545545 | 0 | (5) |
|  | 10/2025 | 200 | 111140 | 1 | 0 |
|  | 11/2025 | 11499 | $129 | 0 | 0 |
|  | 11/2025 | $1026 | 7262 | 0 | (2) |
|  | 11/2025 | 1254 | 4269 | 35 | 0 |
|  | 11/2025 | 1597 | 142153 | 0 | (1) |
|  | 11/2025 | 255 | 142428 | 1 | 0 |
|  | 11/2025 | 9398 | $537 | 0 | (5) |
|  | 12/2025 | $43 | 2193 | 1 | 0 |
|  | 12/2025 | 431 | 231633 | 0 | (19) |
|  | 03/2026 | 35 | 20235 | 0 | (1) |
|  FAR | 10/2025 | 8722 | $5658 | 0 | (114) |
|  | 10/2025 | 1800 | 2259 | 0 | (2) |
|  | 10/2025 | 1106 | 1292 | 0 | (6) |
|  | 10/2025 | 648 | 379 | 3 | 0 |
|  | 10/2025 | $10387 | 15908 | 140 | 0 |
|  | 10/2025 | 13441 | 95428 | 0 | (47) |
|  | 10/2025 | 2960 | 261058 | 0 | (24) |
|  | 10/2025 | 76318 | 11219599 | 0 | (451) |
|  | 10/2025 | 3770 | 13765 | 16 | 0 |
|  | 10/2025 | 26482 | 34107 | 0 | (42) |
|  | 11/2025 | 15908 | $10392 | 0 | (140) |
|  | 11/2025 | 34020 | 26482 | 40 | 0 |
|  | 11/2025 | $2259 | 1792 | 2 | 0 |
|  | 11/2025 | 1295 | 1106 | 6 | 0 |
|  | 11/2025 | 380 | 648 | 0 | (3) |
|  | 12/2025 | 263 | $14 | 0 | 0 |
|  | 12/2025 | $12644 | 239769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | 0 |
|  GLM | 10/2025 | 53800 | $8798 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1310) |
|  | 10/2025 | 94 | 117 | 0 | (1) |
|  | 10/2025 | 33771161 | 2025 | 1 | 0 |
|  | 10/2025 | 927 | 272 | 0 | (8) |
|  | 10/2025 | 3980 | 944 | 0 | (2) |
|  | 10/2025 | 5660 | 1112 | 2 | 0 |
|  | 10/2025 | 2 | $1 | 0 | 0 |
|  | 10/2025 | 756 | 590 | 4 | 0 |
|  | 10/2025 | $9967 | 53800 | 145 | (3) |
|  | 10/2025 | 1058 | 7523 | 0 | (3) |
|  | 10/2025 | 1691 | 27950961 | 0 | (16) |
|  | 10/2025 | 823 | 72186 | 0 | (11) |
|  | 10/2025 | 299 | 5606 | 6 | 0 |
|  | 10/2025 | 619 | 2700 | 4 | 0 |
|  | 10/2025 | 202 | 6126 | 0 | (1) |
|  | 11/2025 | 666 | 3417 | 4 | 0 |
|  | 11/2025 | $758 | 5370 | 0 | (2) |
|  | 11/2025 | 110 | 367 | 1 | 0 |
|  | 11/2025 | 1418 | 61898 | 9 | 0 |
|  | 11/2025 | 13034 | $752 | 0 | 0 |
|  | 12/2025 | 7725 | 1391 | 0 | (36) |
|  | 12/2025 | 228311 | 14 | 0 | 0 |
|  | 12/2025 | 935 | 49 | 0 | (1) |
|  | 12/2025 | 7681 | 1830 | 1 | 0 |
|  | 12/2025 | 7366 | 158 | 0 | (9) |
|  | 12/2025 | $541 | 520750 | 1 | 0 |
|  | 12/2025 | 2007 | 33561822 | 0 | 0 |
|  | 01/2026 | 1112 | 5720 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **174** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | 300000 | $2229 | $181 | $0 |
|  | 04/2026 | 40800 | 7193 | 1 | (146) |
|  IND | 10/2025 | 707 | 462 | 0 | (6) |
|  | 10/2025 | 7290 | 1140 | 0 | (7) |
|  | 11/2025 | $1140 | 7273 | 7 | 0 |
|  JPM | 10/2025 | 12256 | $2304 | 2 | 0 |
|  | 10/2025 | 3942 | 556 | 3 | 0 |
|  | 10/2025 | 5055 | 794 | 0 | (1) |
|  | 10/2025 | 129405 | 321 | 0 | (13) |
|  | 10/2025 | 32751584 | $1962 | 0 | (1) |
|  | 10/2025 | 1371009 | 987 | 10 | 0 |
|  | 10/2025 | 1271 | 989 | 3 | 0 |
|  | 10/2025 | $2247 | 12256 | 56 | 0 |
|  | 10/2025 | 11125 | 15374 | 0 | (78) |
|  | 10/2025 | 159 | 1127 | 0 | (1) |
|  | 10/2025 | 3031 | 2584 | 7 | (4) |
|  | 10/2025 | 4059 | 3014 | 1 | (7) |
|  | 10/2025 | 3978 | 65971406 | 1 | (24) |
|  | 10/2025 | 371 | 1244 | 5 | 0 |
|  | 10/2025 | 681 | 944223 | 0 | (8) |
|  | 10/2025 | 123 | 67925 | 0 | 0 |
|  | 10/2025 | 52 | 82410 | 4 | 0 |
|  | 10/2025 | 1176 | 4323 | 13 | 0 |
|  | 11/2025 | 106447 | 266 | 0 | (7) |
|  | 11/2025 | $249 | 1762 | 0 | (1) |
|  | 11/2025 | 794 | 5044 | 1 | 0 |
|  | 11/2025 | 8322 | $475 | 0 | (5) |
|  | 12/2025 | 129405 | 387 | 0 | (1) |
|  MBC | 10/2025 | 7296 | 5302 | 59 | 0 |
|  | 10/2025 | 112 | 140 | 0 | 0 |
|  | 10/2025 | 82376 | 11564 | 2 | 0 |
|  | 10/2025 | 145 | 737 | 0 | 0 |
|  | 10/2025 | 20004 | $26970 | 76 | (10) |
|  | 10/2025 | 1625919 | 99 | 1 | 0 |
|  | 10/2025 | 156548 | 1054 | 1 | (6) |
|  | 10/2025 | 5279501 | 3783 | 22 | 0 |
|  | 10/2025 | 100 | 10 | 0 | 0 |
|  | 10/2025 | 13265 | 10351 | 68 | 0 |
|  | 10/2025 | 63379 | 1968 | 9 | 0 |
|  | 10/2025 | $551 | 434 | 0 | (6) |
|  | 10/2025 | 18634 | 132459 | 0 | (44) |
|  | 10/2025 | 20626 | 17603 | 57 | (16) |
|  | 10/2025 | 1470 | 1097 | 6 | 0 |
|  | 10/2025 | 2648 | 391500 | 6 | (7) |
|  | 10/2025 | 4323 | 6027158 | 0 | (27) |
|  | 10/2025 | 999 | 1704 | 0 | (11) |
|  | 10/2025 | 5552 | 53224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | 0 |
|  | 10/2025 | 985 | 31787 | 0 | (3) |
|  | 11/2025 | 7783 | $1095 | 1 | 0 |
|  | 11/2025 | $507 | 704 | 0 | 0 |
|  | 11/2025 | 11564 | 82181 | 0 | (2) |
|  | 11/2025 | 7314 | 6214 | 0 | (4) |
|  | 11/2025 | 28421 | 21080 | 11 | (76) |
|  | 11/2025 | 117 | 389 | 1 | 0 |
|  | 11/2025 | 2928 | 432315 | 6 | 0 |
|  | 11/2025 | 10 | 100 | 0 | 0 |
|  | 12/2025 | 43 | 2195 | 1 | 0 |
|  | 12/2025 | 148 | 2804 | 4 | 0 |
|  | 01/2026 | 4814 | $681 | 1 | 0 |
|  | 01/2026 | $681 | 4809 | 0 | 0 |
|  | 03/2026 | 4247 | $548 | 1 | 0 |
|  MYI | 10/2025 | 6577458 | 400 | 5 | 0 |
|  | 10/2025 | 5522651 | 36993 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351) |
|  | 10/2025 | 308 | 31 | 0 | 0 |
|  | 10/2025 | $507 | 706 | 0 | 0 |
|  | 10/2025 | 15802 | 112446 | 0 | (20) |
|  | 10/2025 | 50 | 358 | 0 | 0 |
|  | 10/2025 | 846 | 124882 | 0 | (2) |
|  | 10/2025 | 1683 | 6091 | 0 | (7) |
|  | 10/2025 | 1021 | 30755 | 0 | (10) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **175** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | $569 | 4024 | $0 | $(1) |
|  | 11/2025 | 36993 | 5503553 | 352 | 0 |
|  | 11/2025 | 31 | 308 | 0 | 0 |
|  | 12/2025 | 7873 | 312 | 0 | (12) |
|  | 12/2025 | 535 | 13123 | 3 | 0 |
|  | 12/2025 | 4096 | $976 | 0 | 0 |
|  | 12/2025 | 30555 | 1021 | 12 | 0 |
|  | 12/2025 | $1597 | 32929 | 0 | (6) |
|  | 02/2026 | 4295 | 175 | 0 | (1) |
|  NGF | 10/2025 | $1504 | 24899297 | 0 | (12) |
|  | 10/2025 | 899 | 1250655 | 0 | (8) |
|  | 11/2025 | 318 | 13866 | 2 | 0 |
|  | 12/2025 | 484 | 21210 | 2 | 0 |
|  RBC | 10/2025 | 2243 | 3096 | 0 | (18) |
|  RYL | 10/2025 | 25 | $20 | 0 | 0 |
|  SCX | 10/2025 | 5172 | 6918 | 0 | (38) |
|  | 10/2025 | 32124310 | 1924 | 0 | (2) |
|  | 10/2025 | 101511 | 1142 | 0 | 0 |
|  | 10/2025 | 164873 | 1123 | 8 | 0 |
|  | 10/2025 | 1390 | 397 | 0 | (3) |
|  | 10/2025 | 102623 | 3457 | 85 | 0 |
|  | 10/2025 | $11509 | 81778 | 0 | (31) |
|  | 10/2025 | 879 | 5647 | 9 | 0 |
|  | 10/2025 | 1680 | 27624668 | 0 | (24) |
|  | 10/2025 | 4578 | 404193 | 0 | (32) |
|  | 10/2025 | 3739 | 550374 | 0 | (17) |
|  | 10/2025 | 515 | 713893 | 0 | (6) |
|  | 10/2025 | 526 | 15776 | 0 | (8) |
|  | 11/2025 | 390 | 2761 | 0 | (1) |
|  | 11/2025 | 6919 | 5172 | 38 | 0 |
|  | 11/2025 | 1013 | 90199 | 0 | 0 |
|  | 11/2025 | 23 | 3327 | 0 | 0 |
|  | 12/2025 | 300 | 2117 | 0 | (1) |
|  | 12/2025 | 370 | 7588 | 0 | (3) |
|  | 12/2025 | 1924 | 32205501 | 2 | 0 |
|  | 01/2026 | 5277 | $745 | 0 | 0 |
|  | 01/2026 | $745 | 5267 | 0 | 0 |
|  SOG | 10/2025 | 17070 | $3198 | 0 | (9) |
|  | 10/2025 | 240798 | 283178 | 469 | 0 |
|  | 10/2025 | 12026944 | 80826 | 0 | (500) |
|  | 10/2025 | 64039 | 6782 | 0 | (21) |
|  | 10/2025 | $3209 | 17070 | 0 | (2) |
|  | 10/2025 | 39811 | 5854754 | 0 | (222) |
|  | 10/2025 | 1396 | 2396 | 0 | (7) |
|  | 10/2025 | 580 | 2527 | 3 | 0 |
|  | 11/2025 | 6716585 | $1648 | 0 | (57) |
|  | 11/2025 | 2820 | 14439 | 10 | 0 |
|  | 11/2025 | $16253 | 90533 | 621 | 0 |
|  | 11/2025 | 283746 | 240798 | 0 | (472) |
|  | 11/2025 | 80826 | 11985351 | 501 | 0 |
|  | 11/2025 | 6782 | 63904 | 21 | 0 |
|  | 12/2025 | 730 | 3738 | 0 | 0 |
|  | 12/2025 | $3198 | 17312 | 8 | 0 |
|  | 12/2025 | 100 | 5455 | 10 | 0 |
|  | 03/2026 | 698 | 676703 | 5 | 0 |
|  SSB | 10/2025 | 754 | 605 | 6 | 0 |
|  | 10/2025 | 48276 | 35815 | 0 | (108) |
|  | 11/2025 | 1497 | $406 | 0 | (25) |
|  UAG | 10/2025 | 261 | 76 | 0 | (3) |
|  | 10/2025 | 5151 | 160 | 1 | 0 |
|  | 10/2025 | $10 | 14 | 0 | 0 |
|  | 10/2025 | 400 | 1333 | 3 | 0 |
|  | 10/2025 | 38 | 3375 | 0 | 0 |
|  | 10/2025 | 928 | 9443 | 18 | 0 |
|  | 10/2025 | 1777 | 6447 | 0 | (4) |
|  | 10/2025 | 506 | 4775 | 2 | 0 |
|  | 10/2025 | 410 | 13268 | 0 | 0 |
|  | 10/2025 | 56 | 965 | 0 | 0 |
|  | 10/2025 | 966 | $56 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **176** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | $76 | 261 | $3 | $0 |
|  | 11/2025 | 4233 | $240 | 0 | (4) |
|  | 12/2025 | 312 | 7872 | 12 | 0 |
|  | 12/2025 | 4695 | $100 | 0 | (6) |
|  | 12/2025 | $823 | 272408 | 0 | (7) |
|  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;6895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6283) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | 24.200 | 03/11/2026 | 685 | $3 | $4 |
|  | Put - OTC EUR versus CZK | 24.200 | 03/12/2026 | 1289 | 7 | 7 |
|  | Put - OTC EUR versus HUF | 387.000 | 12/17/2025 | 1445 | 8 | 7 |
|  | Put - OTC USD versus BRL | 5.470 | 11/18/2025 | 1580 | 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 2312 | 3 | 2 |
|  | Call - OTC USD versus HKD | 7.800 | 08/24/2026 | 3625 | 5 | 4 |
| BPS | Put - OTC EUR versus USD | $1.122 | 10/14/2025 | 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | 0 |
| BRC | Put - OTC AUD versus USD | 0.623 | 10/14/2025 | 494 | 1 | 0 |
|  | Put - OTC EUR versus USD | 1.132 | 10/10/2025 | 4291 | 16 | 0 |
|  | Call - OTC USD versus SEK | 10.200 | 11/26/2025 | 1776 | 11 | 1 |
| GLM | Put - OTC AUD versus USD | $0.625 | 10/08/2025 | 2376 | 9 | 0 |
|  | Put - OTC EUR versus USD | 1.129 | 10/14/2025 | 5242 | 20 | 0 |
|  | Put - OTC EUR versus USD | 1.100 | 12/17/2025 | 219 | 25 | 5 |
|  | Put - OTC USD versus BRL | 5.475 | 12/10/2025 | 2854 | 47 | 78 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 567 | 1 | 1 |
| JPM | Put - OTC EUR versus CZK | 24.200 | 03/05/2026 | 2738 | 11 | 14 |
|  | Put - OTC EUR versus HUF | 393.000 | 11/12/2025 | 1104 | 5 | 12 |
|  | Put - OTC EUR versus HUF | 386.000 | 12/16/2025 | 1338 | 6 | 5 |
| MBC | Put - OTC AUD versus USD | $0.618 | 10/10/2025 | 2783 | 7 | 0 |
|  | Put - OTC EUR versus USD | 1.098 | 12/23/2025 | 219 | 25 | 4 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 2083 | 3 | 2 |
|  | Call - OTC USD versus HKD | 7.800 | 08/24/2026 | 1084 | 2 | 1 |
| MYI | Put - OTC EUR versus CZK | 24.200 | 02/10/2026 | 728 | 3 | 4 |
|  | Put - OTC EUR versus CZK | 24.250 | 02/13/2026 | 1234 | 5 | 7 |
|  | Put - OTC EUR versus CZK | 24.100 | 03/13/2026 | 2582 | 11 | 11 |
|  | Put - OTC EUR versus USD | $1.145 | 10/08/2025 | 4862 | 30 | 0 |
|  | Put - OTC EUR versus USD | 1.110 | 11/24/2025 | 5554 | 26 | 2 |
|  | Put - OTC USD versus BRL | 5.480 | 11/07/2025 | 3300 | 60 | 92 |
|  | Call - OTC USD versus SEK | 10.125 | 10/14/2025 | 612 | 3 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(</sup><sup>1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus BRL | BRL | 5.250 | 11/18/2025 | 1580 | $(6) | $(9) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/18/2025 | 1580 | (17) | (4) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 2312 | (1) | (2) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 3625 | (2) | (2) |
| GLM | Put - OTC USD versus BRL | BRL | 5.275 | 12/10/2025 | 2854 | (13) | (24) |
|  | Call - OTC USD versus BRL |  | 5.800 | 12/10/2025 | 2854 | (32) | (14) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 567 | 0 | 0 |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 2083 | (1) | (1) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 1084 | (1) | (1) |
| MYI | Put - OTC USD versus BRL | BRL | 5.220 | 11/07/2025 | 3300 | (12) | (10) |
|  | Call - OTC USD versus BRL |  | 5.770 | 11/07/2025 | 3300 | (40) | (7) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 177

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(</sup><sup>1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 1200 | $(4) | $(1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 2400 | (7) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 3600 | (9) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 2400 | (7) | (15) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 3600 | (9) | (14) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.610 | 10/02/2025 | 1000 | (3) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.850 | 10/02/2025 | 1000 | (3) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 1000 | (2) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 1000 | (2) | (2) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 3600 | (11) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 3600 | (10) | (12) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 1200 | (4) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 1200 | (4) | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/06/2025 | 2000 | (5) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790 | 10/06/2025 | 2000 | (5) | 0 |
|  |  |  |  |  |  | $(85) | $(47) |
|  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;(210) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(</sup><sup>2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Reference Entity | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | Reference Entity | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2029 | 0.219% | $2000 | $(67) | $5 | $0 | $(62) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | (98) | 0 | 0 | (98) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | 0.248 | 700 | (27) | 1 | 0 | (26) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> |  | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> |  | **Notional<br>Amount<sup>(5)</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;1647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/17/2026 | $16210 | JPY | 2400000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16156) |
|  FAR | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.442% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | 6469 |  | 950000 | 27 | 11 | 6468 | (6430) |

---

---

| | | |
|:---|:---|:---|
| **178** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | $748 | JPY | 110000 | $1 | $1 | $748 | $(747) |
|  GST | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2026 | 37131 |  | 5877700 | (469) | 50 | 37118 | (37536) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60869) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Pay/Receive<br>Floating Rate | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | Pay/Receive<br>Floating Rate | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay<br> 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 115800 | $(37) | $(100) | $0 | $(137) |
| CBK | Pay<br> 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | Quarterly | 03/18/2031 |  | 61500 | 0 | (73) | 0 | (73) |
| SCX | Pay<br> 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | Quarterly | 03/18/2031 |  | 13500 | 6 | (22) | 0 | (16) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(9)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(9)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive | iBoxx USD Liquid Investment Grade Index | 44390 | 1.213 | Maturity | 12/22/2025 | $14400 | $0 | $(709) | $0 | $(709) |
|  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;(631) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61990) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(10)</sup> |
|  AZD | $1706 | $0 | $0 | $1706 | $(125) | $0 | $0 | $(125) | $1581 | $(1400) | $181 |
|  BOA | 53 | 66 | 0 | 119 | (90) | (48) | 0 | (138) | (19) | 0 | (19) |
|  BPS | 369 | 0 | 0 | 369 | (532) | 0 | (846) | (1378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 | (6) |
|  BRC | 389 | 1 | 0 | 390 | (188) | (3) | 0 | (191) | 199 | (320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) |
|  BSH | 112 | 0 | 0 | 112 | (178) | 0 | 0 | (178) | (66) | (10) | (76) |
|  CBK | 539 | 0 | 16204 | 16743 | (184) | (13) | (16229) | (16426) | 317 | (290) | 27 |
|  DUB | 59 | 0 | 21 | 80 | (170) | 0 | 0 | (170) | (90) | 3 | (87) |
|  FAR | 550 | 0 | 6468 | 7018 | (829) | 0 | (6430) | (7259) | (241) | 658 | 417 |
|  GLM | 360 | 84 | 748 | 1192 | (1550) | (38) | (747) | (2335) | (1143) | 1149 | 6 |
|  GST | 0 | 0 | 37118 | 37118 | 0 | 0 | (37536) | (37536) | (418) | 0 | (418) |
|  IND | 7 | 0 | 0 | 7 | (13) | 0 | 0 | (13) | (6) | 0 | (6) |
|  JPM | 106 | 31 | 0 | 137 | (151) | 0 | 0 | (151) | (14) | 0 | (14) |
|  MBC | 434 | 7 | 0 | 441 | (212) | (2) | 0 | (214) | 227 | (250) | (23) |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (186) | (186) | (186) | 0 | (186) |
|  MYI | 372 | 116 | 0 | 488 | (410) | (17) | 0 | (427) | 61 | 0 | 61 |
|  NGF | 4 | 0 | 0 | 4 | (20) | 0 | 0 | (20) | (16) | 0 | (16) |
|  RBC | 0 | 0 | 0 | 0 | (18) | 0 | 0 | (18) | (18) | 0 | (18) |
|  SCX | 142 | 0 | 0 | 142 | (166) | 0 | (16) | (182) | (40) | 0 | (40) |
|  SOG | 1648 | 0 | 0 | 1648 | (1290) | 0 | 0 | (1290) | 358 | 0 | 358 |
|  SSB | 6 | 0 | 0 | 6 | (133) | 0 | 0 | (133) | (127) | 292 | 165 |
|  UAG | 39 | 0 | 0 | 39 | (24) | 0 | 0 | (24) | 15 | 0 | 15 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67759 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6283) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61990) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68394) |  |  |  |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 179

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

(k) Securities with an aggregate market value of $3,105 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> 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>(9)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(10)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### 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 September 30, 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 | $617 | $617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 1396 | 1400 |
|  | $0 | $4 | $0 | $0 | $2013 | $2017 |
|  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 | $6895 | $0 | $6895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 305 | 0 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 21 | 0 | 60538 | 0 | 60559 |
|  | $0 | $21 | $0 | $67738 | $0 | $67759 |
|  | $0 | $25 | $0 | $67738 | $2013 | $69776 |
|  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 | $24 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 565 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 12 | 0 | 0 | 677 | 689 |
|  | $0 | $12 | $0 | $0 | $1266 | $1278 |
|  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 | $6283 | $0 | $6283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 74 | 47 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 186 | 0 | 60869 | 935 | 61990 |
|  | $0 | $186 | $0 | $67226 | $982 | $68394 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67226 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69672 |

---

180 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 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 | 0 | 0 | 1570 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (290) | 0 | 0 | (4530) | (4820) |
|  | $0 | $(290) | $0 | $0 | $(2843) | $(3133) |
|  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 | $20388 | $0 | $20388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 115 | (198) | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 110 | 745 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 130 | 0 | (211) | (465) | (546) |
|  | $0 | $130 | $0 | $20402 | $82 | $20614 |
|  | $0 | $(160) | $0 | $20402 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2761) | $17481 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 723 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (609) | 0 | 0 | 585 | (24) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(609) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $1310 | $701 |
|  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 | $(6217) | $0 | $(6217) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (41) | (805) | (846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 50 | 586 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (94) | 0 | 89 | (392) | (397) |
|  | $0 | $(94) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6119) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(611) | $(6824) |
|  | $0 | $(703) | $0 | $(6119) | $699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6123) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $377 | $0 | $377 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6134 | 0 | 6134 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21018 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21018 |
|  Bermuda | Bermuda | Bermuda | Bermuda | Bermuda |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 1301 | 0 | 1301 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2318 | 0 | 2318 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | 12444 | 0 | 12444 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3088 | 0 | 3088 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 12181 | 0 | 12181 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 2061 | 0 | 2061 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 27202 | 0 | 27202 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 26805 | 0 | 26805 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | 4478 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 825 | 0 | 825 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 820 | 0 | 820 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 51634 | 0 | 51634 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3895 | 0 | 3895 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3394 | 0 | 3394 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 26138 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $2559 | $0 | $2559 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 419 | 0 | 419 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 32142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878 | 34020 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7283 | 0 | 7283 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3267 | 0 | 3267 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 27169 | 0 | 27169 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7237 | 0 | 7237 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53612 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53612 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 1907 | 0 | 1907 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | 0 | 0 | 5800 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5384 | 0 | 5384 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1272 | 0 | 1272 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 12738 | 0 | 12738 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 494 | 0 | 494 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3420 | 0 | 3420 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **181** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $3645 | $0 | $3645 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 519 | 0 | 519 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1419 | 0 | 1419 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 869 | 0 | 869 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9075 | 0 | 9075 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3499 | 0 | 3499 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 541 | 0 | 541 |
|  Republic of Korea | Republic of Korea | Republic of Korea | Republic of Korea | Republic of Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1936 | 0 | 1936 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8801 | 0 | 8801 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 1577 | 0 | 1577 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15685 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2029 | 0 | 2029 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4172 | 0 | 4172 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 15822 | 0 | 15822 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 15513 | 0 | 15513 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1226 | 0 | 1226 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 40808 | 0 | 40808 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1170 | 0 | 1170 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6392 | 0 | 6392 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7709 | 0 | 7709 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8710 | 0 | 8710 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3656 | 0 | 3656 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 2561 | 0 | 2561 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 26463 | 0 | 26463 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 7155 | 0 | 7155 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 17450 | 0 | 17450 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 9799 | 0 | 9799 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 74221 | 10500 | 84721 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Loan Participations and Assignments | $0 | $1535 | $0 | $1535 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 1737 | 0 | 1737 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 83985 | 0 | 83985 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 424717 | 0 | 424717 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 58533 | 0 | 58533 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 9117 | 0 | 9117 |
| &nbsp;&nbsp; Mutual Funds | 0 | 687 | 0 | 687 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 2527 | 0 | 2527 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 920 | 0 | 920 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 0 | 0 | 0 |
|  | $5800 | $1240022 | $13552 | $1259374 |
|  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 | $105894 | $0 | $0 | $105894 |
|  Total Investments | $111694 | $1240022 | $13552 | $1365268 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  United States |  |  |  |  |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $(136302) | $0 | $(136302) |
|  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 | 551 | 1450 | 0 | 2001 |
|  Over the counter | 0 | 67738 | 21 | 67759 |
|  | $551 | $69188 | $21 | $69760 |
|  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 | (554) | (701) | 0 | (1255) |
|  Over the counter | (98) | (68296) | 0 | (68394) |
|  | $(652) | $(68997) | $0 | $(69649) |
|  Total Financial Derivative Instruments | $(101) | $191 | $21 | $111 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229077 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $1170 | $0 | $0 | $0 | $4 | $0 | $0 | $1174 | $4 |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 1298 | 1872 | (108) | 0 | 7 | 109 | 0 | (1300) | 1878 | 6 |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 10500 | 0 | 0 | 0 | 0 | 0 | 0 | 10500 | 0 |
|  | $1298 | $13542 | $(108) | $0 | $7 | $113 | $0 | $(1300) | $13552 | $10 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $18 | $0 | $(4) | $0 | $0 | $7 | $0 | $0 | $21 | $7 |
|  Totals | $1316 | $13542 | $(112) | $0 | $7 | $120 | $0 | $(1300) | $13573 | $17 |

---

182 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $1174 | Recent Transaction | Purchase Price | 100.000 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 1878 | Recent Transaction | Purchase Price | 100.000 |  |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 10500 | Recent Transaction | Purchase Price | 100.000 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 21 | Indicative Market Quotation | Broker Quote | 0.939 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13573 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **183** |

---

------

Notes to Financial Statements

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A and Class C shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds. The PIMCO Emerging Markets Full Spectrum Bond Fund may invest assets in funds of the Trust and funds of PIMCO Equity Series and PIMCO ETF Trust, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and other affiliated and unaffiliated funds, which may or may not be registered under the Act (collectively, "Acquired Funds"). To the extent Underlying PIMCO Funds of the Trust or PIMCO Equity Series are held, Institutional Class or Class M shares will be held.

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

Each Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the 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

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| | |
|:---|:---|
| **184** | **PIMCO INTERNATIONAL BOND FUNDS** |

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September 30, 2025 (Unaudited)

from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of September 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. Certain Funds may invest directly or indirectly through investments in Underlying PIMCO Funds or Acquired Funds, as applicable, in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and

foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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| | | |
|:---|:---|:---|
| | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Distributed |
|  PIMCO Emerging Markets Bond Fund | Daily | Monthly |
|  PIMCO Emerging Markets Corporate Bond Fund | Daily | Monthly |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | Daily | Monthly |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | Daily | Monthly |
|  PIMCO Emerging Markets Local Currency and Bond Fund | Daily | Monthly |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | Daily | Monthly |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | Daily | Monthly |
|  PIMCO International Bond Fund (Unhedged) | Daily | Monthly |

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Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **185** |

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Notes to Financial Statements (Cont.)

different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

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

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission

("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 derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. 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

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|:---|:---|
| **186** | **PIMCO INTERNATIONAL BOND FUNDS** |

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September 30, 2025 (Unaudited)

earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

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

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **187** |

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Notes to Financial Statements (Cont.)

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.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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|:---|:---|
| **188** | **PIMCO INTERNATIONAL BOND FUNDS** |

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September 30, 2025 (Unaudited)

assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

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

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

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

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

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

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market

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

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

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

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

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **189** |

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Notes to Financial Statements (Cont.)

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

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the

unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The PIMCO Emerging Markets Full Spectrum Bond Fund may invest substantially all or a significant portion of its assets in the Underlying PIMCO Funds and may also invest in the Acquired Funds. The Underlying PIMCO Funds are considered to be affiliated with the PIMCO Emerging Markets Full Spectrum Bond Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Fund's website at www.pimco.com, or upon request, as applicable. The table below shows the transactions in and earnings from investments in these Underlying PIMCO Funds or Acquired Funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO Emerging Markets Full Spectrum Bond Fund | PIMCO Emerging Markets Full Spectrum Bond Fund | PIMCO Emerging Markets Full Spectrum Bond Fund | PIMCO Emerging Markets Full Spectrum Bond Fund | PIMCO Emerging Markets Full Spectrum Bond Fund | PIMCO Emerging Markets Full Spectrum Bond Fund | PIMCO Emerging Markets Full Spectrum Bond Fund | PIMCO Emerging Markets Full Spectrum Bond Fund | PIMCO Emerging Markets Full Spectrum Bond Fund |
| Underlying PIMCO Funds | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Emerging Markets Bond Fund | $43578 | $3520 | $(2054) | $(137) | $2301 | $47208 | $1568 | $0 |
|  PIMCO Emerging Markets Corporate Bond Fund | 43638 | 2568 | (1981) | (181) | 1125 | 45169 | 1394 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 88592 | 6905 | (5245) | (420) | 8143 | 97975 | 3394 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 5785 | 19526 | (19500) | 3 | 1 | 5815 | 126 | 0 |
|  **Totals** | $181593 | $32519 | $(28780) | $(735) | $11570 | $196167 | $6482 | $0 |

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

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. PIMCO Emerging Markets Bond Fund, PIMCO Emerging Markets Currency and Short-Term Investments Fund and PIMCO

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|:---|:---|
| **190** | **PIMCO INTERNATIONAL BOND FUNDS** |

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September 30, 2025 (Unaudited)

Emerging Markets Local Currency and Bond Fund may each invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio |
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | $54805 | $1370 | $0 | $0 | $119 | $56294 | $1370 | $0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $34348 | $858 | $0 | $0 | $75 | $35281 | $858 | $0 |
| Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III |
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Emerging Markets Bond Fund | $56757 | $665422 | $(604826) | $27 | $42 | $117422 | $3217 | $0 |
|  PIMCO Emerging Markets Corporate Bond Fund | 4584 | 19476 | (19800) | 1 | 1 | 4262 | 76 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 95155 | 178979 | (205201) | 3 | 34 | 68970 | 1983 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 45240 | 1191542 | (1020800) | (15) | 29 | 215996 | 2424 | 0 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 5662 | 116305 | (112700) | 6 | 1 | 9274 | 104 | 0 |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 37706 | 837805 | (712900) | 8 | 33 | 162652 | 2690 | 0 |
|  PIMCO International Bond Fund (Unhedged) | 97 | 443873 | (338100) | (3) | 27 | 105894 | 1363 | 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 (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The

interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **191** |

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assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to

what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that 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 often 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

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|:---|:---|
| **192** | **PIMCO INTERNATIONAL BOND FUNDS** |

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September 30, 2025 (Unaudited)

structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to 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 September 30, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **193** |

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Notes to Financial Statements (Cont.)

seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a

security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). 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

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| **194** | **PIMCO INTERNATIONAL BOND FUNDS** |

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September 30, 2025 (Unaudited)

agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of

the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(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 September 30, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **195** |

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Notes to Financial Statements (Cont.)

instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be

posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying 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.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a

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|:---|:---|
| **196** | **PIMCO INTERNATIONAL BOND FUNDS** |

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September 30, 2025 (Unaudited)

commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate 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.

(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to

compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **197** |

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Notes to Financial Statements (Cont.)

netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit

event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or 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

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|:---|:---|
| **198** | **PIMCO INTERNATIONAL BOND FUNDS** |

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September 30, 2025 (Unaudited)

compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The net of the notional amount received/delivered, when translated to USD at the trade date, represents an upfront payable/receivable. The re-exchange at maturity may take place at the same exchange rate, a specified rate or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice

versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

Volatility Swap Agreements also known as forward volatility agreements and volatility swaps, and are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. For example, a Fund may enter into a volatility swap in order to take the position that the referenced instrument's volatility will increase over a particular period of time. If the referenced instrument's volatility does increase over the specified time, a Fund will receive payment from its counterparty based upon the amount by which the referenced instrument's realized volatility level exceeds a volatility level agreed upon by the parties. If the referenced instrument's volatility does not increase over the specified time, a Fund will make a payment to the counterparty based upon the amount by which the referenced instrument's realized volatility level falls below the volatility level agreed upon by the parties. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the referenced instrument and

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **199** |

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Notes to Financial Statements (Cont.)

the strike multiplied by the notional amount. As a receiver of the realized price volatility, a Fund would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Fund would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike. Payments on a volatility swap will be greater if they are based upon the mathematical square of volatility (i.e., the measured volatility multiplied by itself, which is referred to as "variance"). This type of volatility swap is frequently referred to as a variance swap.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in a Fund include risks from direct investments and/or for certain Funds that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Risks | PIMCO<br>Emerging<br>Markets Bond<br>Fund | PIMCO<br>Emerging<br>Markets<br>Corporate Bond<br>Fund | PIMCO<br>Emerging<br>Markets<br>Currency and<br>Short-Term<br>Investments<br>Fund | PIMCO<br>Emerging<br>Markets Full<br>Spectrum Bond<br>Fund | **PIMCO**<br> **Emerging<br>Markets Local<br>Currency<br>and Bond<br>Fund** | PIMCO<br>Global<br>Advantage<br>Strategy<sup>®</sup> Bond<br>Fund | PIMCO<br>Global Bond<br>Opportunities<br>Fund (U.S.<br>Dollar-Hedged) | PIMCO<br>International<br>Bond Fund<br>(Unhedged) |
|  Allocation |  |  |  | X |  |  |  |  |
|  Acquired Fund |  |  |  | X |  |  |  |  |
|  Small Fund |  | X |  |  |  |  |  |  |
|  Interest Rate | X | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X | X | X |
|  High Yield | X | X | X | X | X | X | X | X |
|  Distressed Company |  |  |  | X |  |  |  |  |
|  Market | X | X | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X | X | X |
|  Commodity |  |  |  | X |  |  |  |  |
|  Model |  |  |  | X |  |  |  |  |
|  Equity | X |  | X | X | X | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X | X | X | X | X |
|  Foreign (Non-U.S.) Investment | X | X | X | X | X | X | X | X |
|  Real Estate | X | X | X | X | X |  |  |  |
|  Emerging Markets | X | X | X | X | X | X | X | X |
|  China |  |  |  |  |  | X |  | X |
|  Sovereign Debt | X | X | X | X | X | X | X | X |
|  Currency | X | X | X | X | X | X | X | X |
|  Issuer Non-Diversification |  |  |  |  | X |  | X |  |
|  Smaller Company |  |  |  | X |  |  |  |  |
|  Leveraging | X | X | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X | X | X |
|  Short Exposure | X | X | X | X | X | X | X | X |
|  Tax |  |  |  | X |  |  |  |  |
|  Subsidiary |  |  |  | X |  |  |  |  |
|  Value Investing |  |  |  | X |  |  |  |  |
|  Arbitrage |  |  |  | X |  |  |  |  |
|  Convertible Securities |  |  |  | X |  |  |  |  |
|  Exchange-Traded Fund |  |  |  | X |  |  |  |  |
|  Contingent Convertible Securities |  | X |  |  |  |  |  |  |
|  Turnover |  |  | X |  | X | X | X |  |

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| **200** | **PIMCO INTERNATIONAL BOND FUNDS** |

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September 30, 2025 (Unaudited)

Allocation Risk is the risk that the Fund could experience losses as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk is the risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of the Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund's performance will be reduced by the Fund's proportionate amount of the expenses of any Acquired Funds in which it invests.

Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Distressed Company Risk is the risk that securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably.

Market Risk is the risk that the value of securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell 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. The liquidity of a Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **201** |

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Notes to Financial Statements (Cont.)

subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact 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.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

Model Risk is the risk that the 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 the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Fund.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred

securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special

redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that a Fund's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject a Fund to risks similar to those associated with direct ownership of real estate, including risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject a Fund to liquidity and valuation risk.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

China Risk is the risk of investing in securities and instruments economically tied to the People's Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) ("PRC"). These investments subject a Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on

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| **202** | **PIMCO INTERNATIONAL BOND FUNDS** |

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September 30, 2025 (Unaudited)

exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified".

Smaller Company Risk is the risk that the value of securities issued by a smaller company may fluctuate, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. Investments in smaller companies generally are subject to greater levels of credit, market and issuer risk.

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, and 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 changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection

with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a "Subsidiary"), the Fund is indirectly exposed to the risks associated with a Subsidiary's investments. The Subsidiaries are not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.

Value Investing Risk is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Arbitrage Risk is the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected. In addition, disruptions in market conditions or limitations on the Fund's ability to access certain markets or securities may reduce the effectiveness of arbitrage strategies.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **203** |

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Notes to Financial Statements (Cont.)

fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to a Fund invested in the exchange-traded fund.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of a Fund's investment becoming further subordinated as a result of conversion from debt to equity, the risk of a Fund's investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely,

and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt

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| | |
|:---|:---|
| **204** | **PIMCO INTERNATIONAL BOND FUNDS** |

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September 30, 2025 (Unaudited)

technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under

most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **205** |

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Notes to Financial Statements (Cont.)

cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the

Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C |
|  PIMCO Emerging Markets Bond Fund | 0.45% | 0.38% | 0.48% | 0.58%<sup>(1)</sup> | N/A | 0.50% | 0.50% |
|  PIMCO Emerging Markets Corporate Bond Fund | 0.45% | 0.40% | N/A | N/A | N/A | N/A | N/A |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 0.45% | 0.40% | 0.50% | N/A | N/A | 0.55% | N/A |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 0.54% | 0.40% | N/A | N/A | N/A | N/A | N/A |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 0.45% | 0.45% | 0.55% | 0.65%<sup>(1)</sup> | N/A | 0.60% | 0.60% |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 0.35% | 0.30% | N/A | N/A | N/A | 0.45% | N/A |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 0.25% | 0.30% | 0.40% | N/A | N/A | 0.40% | 0.40% |
|  PIMCO International Bond Fund (Unhedged) | 0.25% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.25% | 0.40% | 0.40% |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class C shares of the Trust pursuant to

Rule 12b-1 under the Act. In connection with the distribution of Class C shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares, and in connection with personal services rendered to Class A and Class C shareholders and the maintenance of such shareholder accounts, the Distributor receives

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|:---|:---|
| **206** | **PIMCO INTERNATIONAL BOND FUNDS** |

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September 30, 2025 (Unaudited)

servicing fees from the Trust of up to 0.25% for each of Class A and Class C shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | |
|:---|:---|:---|
|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.75% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |

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The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended September 30, 2025, the Distributor retained $1,889,208 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 (including, without limitation, fees and expenses

of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **207** |

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Notes to Financial Statements (Cont.)

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 September 30, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of each of the PIMCO Emerging Markets Bond Fund, PIMCO Emerging Markets Local Currency and Bond Fund and PIMCO International Bond Fund (Unhedged). This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of September 30, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Emerging Markets Bond Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 7 |
|  PIMCO International Bond Fund (Unhedged) | 9 |

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

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(g) Acquired Fund Fees and Expenses The Underlying PIMCO Fund Expenses that are used for purposes of implementing the expense reduction described below are calculated using the advisory and supervisory and administrative fees for each Underlying PIMCO Fund over the total assets invested in Underlying PIMCO Funds. Underlying PIMCO Fund expenses for the Fund will vary with changes in the expenses of the Underlying PIMCO Funds, as well as the allocation of a Fund's assets.

PIMCO has contractually agreed, through July 31, 2026, to waive first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the PIMCO Emerging Markets Full Spectrum Bond Fund in an amount equal to the expenses attributable to the management fees of Underlying PIMCO Funds indirectly incurred by the Fund in connection with the Fund's investments in Underlying PIMCO Funds, up to a maximum waived amount that is equal to the Fund's aggregate advisory fee and supervisory and administrative fee. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice

prior to the end of the then current term. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, the amount waived and/or reimbursed was $811,023.

PIMCO has contractually agreed, through July 31, 2026, for the PIMCO Emerging Markets Bond Fund, PIMCO Emerging Markets Currency and Short-Term Investments Fund and PIMCO Emerging Markets Local Currency and Bond Fund to waive their Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the respective Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees, or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Funds and will not be waived under the contractual waiver described above. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, there were no waivers and/or reimbursements by PIMCO.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

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.

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|:---|:---|
| **208** | **PIMCO INTERNATIONAL BOND FUNDS** |

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September 30, 2025 (Unaudited)

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer

mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO Emerging Markets Bond Fund | $213209 | $213293 | $795861 | $378506 |
|  PIMCO Emerging Markets Corporate Bond Fund | 14430 | 14437 | 35885 | 40459 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 0 | 0 | 375813 | 287090 |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 56135 | 56159 | 13535 | 9857 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 8939 | 9109 | 2026348 | 1182333 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 651257 | 723387 | 59964 | 90278 |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 7585576 | 7594804 | 383645 | 247333 |
|  PIMCO International Bond Fund (Unhedged) | 2849760 | 2785641 | 302064 | 108105 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **209** |

---

------

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>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO Emerging**<br> **Markets Bond Fund** | **PIMCO Emerging**<br> **Markets Bond Fund** | **PIMCO Emerging**<br> **Markets Bond Fund** | **PIMCO Emerging**<br> **Markets Bond Fund** | **PIMCO Emerging**<br> **Markets Corporate Bond Fund** | **PIMCO Emerging**<br> **Markets Corporate Bond Fund** | **PIMCO Emerging**<br> **Markets Corporate Bond Fund** | **PIMCO Emerging**<br> **Markets Corporate Bond Fund** |
|  | Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 38114 | $326727 | 68838 | $585257 | 240 | $2193 | 667 | $6022 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 51406 | 435056 | 48028 | 403655 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 627 | 5359 | 1153 | 9862 | 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 | 3157 | 27424 | 6726 | 57191 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 82 | 707 | 212 | 1812 | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3717 | 32228 | 6836 | 58224 | 203 | 1868 | 450 | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 2588 | 22487 | 3841 | 32621 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 85 | 734 | 147 | 1254 | 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 | 499 | 4320 | 1038 | 8844 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 18 | 156 | 34 | 293 | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (28825) | (244940) | (49314) | (419371) | (886) | (8170) | (5002) | (45769) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (12154) | (105515) | (61720) | (530299) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (195) | (1677) | (956) | (8157) | 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 | (3580) | (31079) | (6810) | (57836) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (90) | (778) | (137) | (1168) | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 55449 | $471209 | 17916 | $142182 | (443) | $(4109) | (3885) | $(35654) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO Global**<br> **Advantage<sup>®</sup> Strategy Bond Fund** | **PIMCO Global**<br> **Advantage<sup>®</sup> Strategy Bond Fund** | **PIMCO Global**<br> **Advantage<sup>®</sup> Strategy Bond Fund** | **PIMCO Global**<br> **Advantage<sup>®</sup> Strategy Bond Fund** | PIMCO Global Bond<br>Opportunities Fund (U.S. Dollar-Hedged) | PIMCO Global Bond<br>Opportunities Fund (U.S. Dollar-Hedged) | PIMCO Global Bond<br>Opportunities Fund (U.S. Dollar-Hedged) | PIMCO Global Bond<br>Opportunities Fund (U.S. Dollar-Hedged) |
|  | Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2664 | $27324 | 4880 | $49416 | 16632 | $161089 | 52195 | $498685 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | 13550 | 132208 | 5027 | 48036 |
| &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 | 345 | 3545 | 453 | 4582 | 1967 | 19142 | 2619 | 25070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 134 | 1302 | 145 | 1375 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 282 | 2897 | 1088 | 10987 | 2689 | 26149 | 4215 | 40292 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | 247 | 2408 | 295 | 2819 |
| &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 | 39 | 403 | 69 | 702 | 163 | 1581 | 307 | 2929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 7 | 68 | 13 | 128 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (9533) | (95940) | (15097) | (153692) | (15550) | (151311) | (18854) | (180032) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | (2444) | (23609) | (3442) | (32846) |
| &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 | (217) | (2220) | (446) | (4510) | (1894) | (18393) | (2659) | (25399) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (58) | (567) | (185) | (1767) |
|  **Net increase (decrease) resulting from Fund share transactions** | (6420) | $(63991) | (9053) | $(92515) | 15443 | $150067 | 39676 | $379290 |

---

210 PIMCO INTERNATIONAL BOND FUNDS

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO Emerging Markets**<br> **Currency and Short-Term Investments Fund** | **PIMCO Emerging Markets**<br> **Currency and Short-Term Investments Fund** | **PIMCO Emerging Markets**<br> **Currency and Short-Term Investments Fund** | **PIMCO Emerging Markets**<br> **Currency and Short-Term Investments Fund** | **PIMCO Emerging Markets**<br> **Full Spectrum Bond Fund** | **PIMCO Emerging Markets**<br> **Full Spectrum Bond Fund** | **PIMCO Emerging Markets**<br> **Full Spectrum Bond Fund** | **PIMCO Emerging Markets**<br> **Full Spectrum Bond Fund** | **PIMCO Emerging Markets**<br> **Local Currency and Bond Fund** | **PIMCO Emerging Markets**<br> **Local Currency and Bond Fund** | **PIMCO Emerging Markets**<br> **Local Currency and Bond Fund** | **PIMCO Emerging Markets**<br> **Local Currency and Bond Fund** |
| **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
| **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| 23887 | $179422 | 21171 | $153107 | 1994 | $12361 | 2909 | $17737 | 164341 | $995112 | 58842 | $340052 |
| 1766 | 13494 | 895 | 6512 | N/A | N/A | N/A | N/A | 26291 | 161532 | 12972 | 74975 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2495 | 15435 | 4105 | 23615 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 213 | 1614 | 152 | 1105 | N/A | N/A | N/A | N/A | 2678 | 16187 | 1627 | 9556 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 226 | 1379 | 352 | 2055 |
| 3442 | 25916 | 4829 | 34971 | 1025 | 6467 | 2453 | 14961 | 9504 | 57908 | 13086 | 75343 |
| 20 | 148 | 28 | 206 | N/A | N/A | N/A | N/A | 908 | 5535 | 1386 | 7984 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 156 | 948 | 247 | 1423 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 35 | 260 | 62 | 450 | N/A | N/A | N/A | N/A | 152 | 924 | 323 | 1863 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 16 | 96 | 28 | 160 |
| (17484) | (132140) | (11864) | (86404) | (2466) | (15547) | (18587) | (115593) | (37703) | (230405) | (74740) | (432478) |
| (1821) | (13857) | (938) | (6903) | N/A | N/A | N/A | N/A | (4117) | (24854) | (11310) | (65461) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | (2871) | (17633) | (1467) | (8486) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (145) | (1093) | (286) | (2078) | N/A | N/A | N/A | N/A | (617) | (3731) | (2468) | (14221) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | (88) | (528) | (232) | (1330) |
| 9913 | $73764 | 14049 | $100966 | 553 | $3281 | (13225) | $(82895) | 161371 | $977905 | 2751 | $15050 |

---

---

| | | | |
|:---|:---|:---|:---|
| PIMCO International<br>Bond Fund (Unhedged) | PIMCO International<br>Bond Fund (Unhedged) | PIMCO International<br>Bond Fund (Unhedged) | PIMCO International<br>Bond Fund (Unhedged) |
| Six Months Ended<br>09/30/2025<br>(Unaudited) | Six Months Ended<br>09/30/2025<br>(Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
| Shares | Amount | Shares | Amount |
| 29850 | $234256 | 19069 | $143298 |
| 23366 | 183550 | 4549 | 34280 |
| 1417 | 11163 | 915 | 6932 |
| 451 | 3540 | 2629 | 19566 |
| 3213 | 25144 | 2757 | 20670 |
| 180 | 1414 | 26 | 190 |
| 1164 | 9147 | 2269 | 17014 |
| 502 | 3945 | 724 | 5429 |
| 94 | 741 | 227 | 1699 |
| 41 | 324 | 54 | 407 |
| 249 | 1958 | 467 | 3502 |
| 4 | 35 | 9 | 71 |
| (8410) | (65790) | (26209) | (197713) |
| (4873) | (38276) | (17123) | (129178) |
| (824) | (6409) | (4380) | (32563) |
| (264) | (2059) | (1901) | (14191) |
| (1368) | (10676) | (3562) | (26725) |
| (150) | (1179) | (136) | (1022) |
| 44642 | $350828 | (19616) | $(148334) |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **211** |

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------

Notes to Financial Statements (Cont.)

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of September 30, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Shareholders that own 10% or more of<br>outstanding shares | Shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares |
|  | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO Emerging Markets Bond Fund | 3 | 0 | 51% | 0% |
|  PIMCO Emerging Markets Corporate Bond Fund | 1 | 1 | 12% | 73% |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 0 | 2 | 0% | 82% |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 3 | 0 | 94% | 0% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 2 | 1 | 32% | 27% |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 3 | 0 | 56% | 0% |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 2 | 0 | 26% | 0% |
|  PIMCO International Bond Fund (Unhedged) | 2 | 0 | 32% | 0% |

---

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 September 30, 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.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Emerging Markets Bond Fund | $155005 | $783342 |
|  PIMCO Emerging Markets Corporate Bond Fund | 20671 | 62564 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 367082 | 280988 |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 5040 | 92302 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 245171 | 134870 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 2887 | 5816 |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 0 | 1103 |
|  PIMCO International Bond Fund (Unhedged) | 16065 | 0 |

---

---

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

---

---

| | |
|:---|:---|
| **212** | **PIMCO INTERNATIONAL BOND FUNDS** |

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------

September 30, 2025 (Unaudited)

As of September 30, 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>(1)</sup> |
|  PIMCO Emerging Markets Bond Fund | $2350112 | $154002 | $(115948) | $38054 |
|  PIMCO Emerging Markets Corporate Bond Fund | 67047 | 2473 | (4315) | (1842) |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 724027 | 46014 | (46978) | (964) |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 194089 | 11461 | (886) | 10575 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 2715910 | 218684 | (138964) | 79720 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 220443 | 9461 | (11682) | (2221) |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 2250887 | 77870 | (74152) | 3718 |
|  PIMCO International Bond Fund (Unhedged) | 1258320 | 41216 | (72545) | (31329) |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

16. SUBSEQUENT EVENTS

Effective October 1, 2025, the PIMCO Emerging Markets Full Spectrum Bond Fund's (the "Fund") advisory fee, stated as a percentage of the Fund's average daily net assets, will decrease by 0.09% to 0.45%. This advisory fee decrease will result in the Management Fees decreasing by 0.09% to 0.85% for the Institutional Class of the Fund.

In addition, effective October 1, 2025, PIMCO has agreed, through at least July 31, 2027, to waive its advisory fee by an additional 0.06% of the average daily net assets attributable to the Fund, further reducing the net advisory fee from 0.45% to 0.39% ("Fee Waiver Agreement"). This Fee Waiver Agreement will automatically renew for one-year terms thereafter unless PIMCO provides written notice of its termination 30 days prior to the end of the then current term.

In addition, effective October 1, 2025, the "Principal Investment Strategies" section of the Fund's Fund Summary in the Fund's prospectus is deleted and replaced with the following:

The Fund is designed to provide dynamic exposure to a broad range of emerging market fixed income asset classes, such as external debt obligations of sovereign, quasi-sovereign, and corporate entities; currencies, including local currency-denominated obligations of sovereigns, quasi-sovereigns, and corporate issuers, and other currency investments; and derivatives on the foregoing. In managing the Fund, PIMCO utilizes both top-down and bottom-up analysis to seek to identify multiple sources of value. The top-down analysis generally includes a focus on global macroeconomic and country-specific considerations and provides context for sector allocations and general risk calibration. The bottom-up analysis generally includes examinations of the profiles of individual credits, risk factors and instruments to select holdings of the Fund. The active management approach is driven by PIMCO's global macroeconomic views, emerging markets expertise

and experience across a wide range of investment instruments. The Fund's assets are allocated in a manner that reflects PIMCO's views regarding the attractiveness of key investment risk factors, considering both return potential and volatility, and includes an assessment of aggregate country, issuer and currency exposures.

The Fund invests under normal circumstances at least 80% of its assets in investments economically tied to emerging market countries and 80% of its assets in Fixed Income Instruments, which may be represented by direct or indirect (through an Acquired Fund) investments. The Fund's investments may include Fixed Income Instruments of varying maturities, forwards or derivatives, such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public or private-sector entities. The Fund may invest, without limitation, in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers. In addition, the Fund may invest in both investment-grade securities and high yield securities ("junk bonds") rated at least Caa by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by S&P Global Ratings ("S&P") or Fitch Ratings, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. In the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security.

The Fund will normally limit its net foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to between 20% and 80% of its assets. The average portfolio duration of this Fund normally varies between minus 3 and plus 7 years. The Fund may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **213** |

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------

Notes to Financial Statements (Cont.) September 30, 2025 (Unaudited)

The Fund's assets are not allocated according to a predetermined blend of investment exposures or mix of instruments. PIMCO has the flexibility to reallocate the Fund's assets among any or all of the investment exposures represented by affiliated or unaffiliated funds, or invest directly in securities, instruments and other investments, based on its ongoing analyses of the global economy and financial markets. While these analyses are performed daily, material shifts in investment exposures typically take place over longer periods of time, unless in response to a perceived short-term opportunity or market dislocation. The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. In selecting investments for the Fund, PIMCO may use proprietary quantitative models that are developed and maintained by PIMCO, and which are subject to change over time without notice in PIMCO's discretion.

The Fund may utilize both direct investments and investments in Acquired Funds in seeking to achieve its investment objective. Specifically, "Acquired Funds" refers to the following: funds of the Trust and funds of PIMCO Equity Series and PIMCO ETF Trust, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds") and other affiliated and unaffiliated funds in which the Fund may invest.

Acquired Funds may or may not be registered under the Investment Company Act of 1940 (the "1940 Act"). To the extent Underlying PIMCO Funds of the Trust or PIMCO Equity Series are held, Institutional Class or Class M shares will be held. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom, and such investments may be counted towards the 80% investment guideline noted above. To the extent the Fund invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without considering or canvassing the universe of available unaffiliated Acquired Funds. Additional information for the Underlying PIMCO Funds can be found in the Statement of Additional Information and/ or the Underlying PIMCO Funds' prospectuses and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without shareholder notification.

---

| | |
|:---|:---|
| **214** | **PIMCO INTERNATIONAL BOND FUNDS** |

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------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC |
| BCY | Barclays Capital, Inc. | FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | FBF | Credit Suisse International | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GLM | Goldman Sachs Bank USA | NOM | Nomura Securities International, Inc. |
| BRC | Barclays Bank PLC | GSC | Goldman Sachs & Co. LLC | RBC | Royal Bank of Canada |
| BSH | Banco Santander S.A. - New York Branch | GST | Goldman Sachs International | RYL | NatWest Markets Plc |
| BSS | Banco Santander S.A. | IND | Crédit Agricole Corporate and Investment Bank S.A. | SBI | Citigroup Global Markets Ltd. |
| CBK | Citibank N.A. | JML | JP Morgan Securities Plc | SCX | Standard Chartered Bank, London |
| CIB | Canadian Imperial Bank of Commerce | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| CKL | Citibank N.A. London | MBC | HSBC Bank Plc | SSB | State Street Bank and Trust Co. |
| DBL | Deutsche Bank AG London | MEI | Merrill Lynch International | UAG | UBS AG Stamford |
| DEU | Deutsche Bank Securities, Inc. |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| ARS | Argentine Peso | HKD | Hong Kong Dollar | PLN | Polish Zloty |
| AUD | Australian Dollar | HUF | Hungarian Forint | PYG | Paraguayan Guarani |
| AZN | Azerbaijani Manat | IDR | Indonesian Rupiah | RON | Romanian New Leu |
| BRL | Brazilian Real | ILS | Israeli Shekel | RSD | Serbian Dinar |
| CAD | Canadian Dollar | INR | Indian Rupee | SEK | Swedish Krona |
| CHF | Swiss Franc | JPY | Japanese Yen | SGD | Singapore Dollar |
| CLP | Chilean Peso | KRW | South Korean Won | THB | Thai Baht |
| CNH | Chinese Renminbi (Offshore) | KWD | Kuwaiti Dinar | TRY | Turkish New Lira |
| CNY | Chinese Renminbi (Mainland) | KZT | Kazakhstani Tenge | TWD | Taiwanese Dollar |
| COP | Colombian Peso | MXN | Mexican Peso | UGX | Ugandan Shilling |
| CZK | Czech Koruna | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| DKK | Danish Krone | NGN | Nigerian Naira | UYU | Uruguayan Peso |
| DOP | Dominican Peso | NOK | Norwegian Krone | UZS | Uzbekistani Sum |
| EGP | Egyptian Pound | NZD | New Zealand Dollar | VND | Vietnamese Dong |
| EUR | Euro | PEN | Peruvian New Sol | ZAR | South African Rand |
| GBP | British Pound | PHP | Philippine Peso | ZMW | Zambian Kwacha |
| GHS | Ghanaian Cedi | PKR | Pakistani Rupee |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOT | Chicago Board of Trade | EUREX | Eurex Exchange | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| Bobl | Bundesobligation, the German word for federal government bond | CPI | Consumer Price Index | SOFR | Secured Overnight Financing Rate |
| BBSW3M | 3 Month Bank Bill Swap Rate | EUR003M | 3 Month EUR Swap Rate | SONIA3M IR | Sterling Overnight Index Average 3 Month Index Rate |
| BISTREFI | Turkish Lira Overnight Reference Rate | EUR006M | 6 Month EUR Swap Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | IBR | Indicador Bancario de Referencia | SRFXON3 | Swiss Overnight Rate Average (6PM) |
| CDX.EM | Credit Derivatives Index - Emerging Markets | MUTKCALM | Tokyo Overnight Average Rate | TSFR1M | Term SOFR 1-Month |
| CDX.HY | Credit Derivatives Index - High Yield | PRIME | Daily US Prime Rate | TSFR3M | Term SOFR 3-Month |
| CDX.IG | Credit Derivatives Index - Investment Grade | SIBCSORA | Singapore Overnight Rate Average | US0003M | ICE 3-Month USD LIBOR |
| CNREPOFIX | China Fixing Repo Rates 7-Day |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | PRIBOR | Prague Interbank Offered Rate |
| ALT | Alternate Loan Trust | EURIBOR | Euro Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| ATM | At-the-money | JIBAR | Johannesburg Interbank Agreed Rate | STIBOR | Stockholm Interbank Offered Rate |
| BABs | Build America Bonds | JSC | Joint Stock Company | TBA | To-Be-Announced |
| BBR | Bank Bill Rate | KLIBOR | Kuala Lumpur Interbank Offered Rate | TBD | To-Be-Determined |
| BBSW | Bank Bill Swap Reference Rate | KORIBOR | Korea Interbank Offered Rate | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BRL-CDI | Brazil Interbank Deposit Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TELBOR | Tel Aviv Inter-Bank Offered Rate |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | MIBOR | Mumbai Interbank Offered Rate | THBFIX | Thai Baht Floating-Rate Fix |
| BUBOR | Budapest Interbank Offered Rate | Oat | Obligations Assimilables du Trésor | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CHILIBOR | Chile Interbank Offered Rate | OIS | Overnight Index Swap | WIBOR | Warsaw Interbank Offered Rate |
| CLO | Collateralized Loan Obligation | PIK | Payment-in-Kind | WIRON | Warsaw Interbank Offer Rate |

---

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **215** |

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Distribution Information

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Emerging Markets Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  May 2025 | $0.0497 | $0.0000 | $0.0000 | $0.0497 |
|  June 2025 | $0.0451 | $0.0000 | $0.0000 | $0.0451 |
|  July 2025 | $0.0508 | $0.0000 | $0.0000 | $0.0508 |
|  August 2025 | $0.0479 | $0.0000 | $0.0000 | $0.0479 |
|  September 2025 | $0.0493 | $0.0000 | $0.0000 | $0.0493 |
| 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) |
|  April 2025 | $0.0534 | $0.0000 | $0.0000 | $0.0534 |
|  May 2025 | $0.0490 | $0.0000 | $0.0000 | $0.0490 |
|  June 2025 | $0.0444 | $0.0000 | $0.0000 | $0.0444 |
|  July 2025 | $0.0501 | $0.0000 | $0.0000 | $0.0501 |
|  August 2025 | $0.0471 | $0.0000 | $0.0000 | $0.0471 |
|  September 2025 | $0.0486 | $0.0000 | $0.0000 | $0.0486 |
| 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) |
|  April 2025 | $0.0530 | $0.0000 | $0.0000 | $0.0530 |
|  May 2025 | $0.0486 | $0.0000 | $0.0000 | $0.0486 |
|  June 2025 | $0.0441 | $0.0000 | $0.0000 | $0.0441 |
|  July 2025 | $0.0497 | $0.0000 | $0.0000 | $0.0497 |
|  August 2025 | $0.0467 | $0.0000 | $0.0000 | $0.0467 |
|  September 2025 | $0.0483 | $0.0000 | $0.0000 | $0.0483 |
| 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) |
|  April 2025 | $0.0515 | $0.0000 | $0.0000 | $0.0515 |
|  May 2025 | $0.0470 | $0.0000 | $0.0000 | $0.0470 |
|  June 2025 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |
|  July 2025 | $0.0481 | $0.0000 | $0.0000 | $0.0481 |
|  August 2025 | $0.0450 | $0.0000 | $0.0000 | $0.0450 |
|  September 2025 | $0.0467 | $0.0000 | $0.0000 | $0.0467 |
| 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) |
|  April 2025 | $0.0464 | $0.0000 | $0.0000 | $0.0464 |
|  May 2025 | $0.0414 | $0.0000 | $0.0000 | $0.0414 |
|  June 2025 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |
|  July 2025 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |
|  August 2025 | $0.0392 | $0.0000 | $0.0000 | $0.0392 |
|  September 2025 | $0.0414 | $0.0000 | $0.0000 | $0.0414 |

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| | |
|:---|:---|
| **216** | **PIMCO INTERNATIONAL BOND FUNDS** |

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(Unaudited)

PIMCO Emerging Markets Corporate Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0498 | $0.0000 | $0.0000 | $0.0498 |
|  May 2025 | $0.0488 | $0.0000 | $0.0000 | $0.0488 |
|  June 2025 | $0.0474 | $0.0000 | $0.0000 | $0.0474 |
|  July 2025 | $0.0509 | $0.0000 | $0.0000 | $0.0509 |
|  August 2025 | $0.0451 | $0.0000 | $0.0000 | $0.0451 |
|  September 2025 | $0.0456 | $0.0000 | $0.0000 | $0.0456 |

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PIMCO Emerging Markets Currency and Short-Term Investments Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0466 | $0.0000 | $0.0000 | $0.0466 |
|  May 2025 | $0.0479 | $0.0000 | $0.0000 | $0.0479 |
|  June 2025 | $0.0438 | $0.0000 | $0.0000 | $0.0438 |
|  July 2025 | $0.0478 | $0.0000 | $0.0000 | $0.0478 |
|  August 2025 | $0.0505 | $0.0000 | $0.0000 | $0.0505 |
|  September 2025 | $0.0493 | $0.0000 | $0.0000 | $0.0493 |
| 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) |
|  April 2025 | $0.0460 | $0.0000 | $0.0000 | $0.0460 |
|  May 2025 | $0.0473 | $0.0000 | $0.0000 | $0.0473 |
|  June 2025 | $0.0432 | $0.0000 | $0.0000 | $0.0432 |
|  July 2025 | $0.0472 | $0.0000 | $0.0000 | $0.0472 |
|  August 2025 | $0.0499 | $0.0000 | $0.0000 | $0.0499 |
|  September 2025 | $0.0488 | $0.0000 | $0.0000 | $0.0488 |
| 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) |
|  April 2025 | $0.0442 | $0.0000 | $0.0000 | $0.0442 |
|  May 2025 | $0.0453 | $0.0000 | $0.0000 | $0.0453 |
|  June 2025 | $0.0414 | $0.0000 | $0.0000 | $0.0414 |
|  July 2025 | $0.0452 | $0.0000 | $0.0000 | $0.0452 |
|  August 2025 | $0.0479 | $0.0000 | $0.0000 | $0.0479 |
|  September 2025 | $0.0469 | $0.0000 | $0.0000 | $0.0469 |

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PIMCO Emerging Markets Full Spectrum Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0356 | $0.0000 | $0.0000 | $0.0356 |
|  May 2025 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
|  June 2025 | $0.0325 | $0.0000 | $0.0000 | $0.0325 |
|  July 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
|  August 2025 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  September 2025 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |

---

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **217** |

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Distribution Information (Cont.)

PIMCO Emerging Markets Local Currency and Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  May 2025 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  June 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  July 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  August 2025 | $0.0406 | $0.0000 | $0.0000 | $0.0406 |
|  September 2025 | $0.0358 | $0.0000 | $0.0000 | $0.0358 |
| 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) |
|  April 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  May 2025 | $0.0356 | $0.0000 | $0.0000 | $0.0356 |
|  June 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  July 2025 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
|  August 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
|  September 2025 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
| 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) |
|  April 2025 | $0.0334 | $0.0000 | $0.0000 | $0.0334 |
|  May 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  June 2025 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  July 2025 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |
|  August 2025 | $0.0397 | $0.0000 | $0.0000 | $0.0397 |
|  September 2025 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |
| 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) |
|  April 2025 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  May 2025 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
|  June 2025 | $0.0299 | $0.0000 | $0.0000 | $0.0299 |
|  July 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  August 2025 | $0.0384 | $0.0000 | $0.0000 | $0.0384 |
|  September 2025 | $0.0338 | $0.0000 | $0.0000 | $0.0338 |
| 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) |
|  April 2025 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |
|  May 2025 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  June 2025 | $0.0263 | $0.0000 | $0.0000 | $0.0263 |
|  July 2025 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  August 2025 | $0.0344 | $0.0000 | $0.0000 | $0.0344 |
|  September 2025 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |

---

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| | |
|:---|:---|
| **218** | **PIMCO INTERNATIONAL BOND FUNDS** |

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(Unaudited)

PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0415 | $0.0000 | $0.0005 | $0.0420 |
|  May 2025 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
|  June 2025 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
|  July 2025 | $0.0403 | $0.0000 | $0.0000 | $0.0403 |
|  August 2025 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |
|  September 2025 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
| 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) |
|  April 2025 | $0.0377 | $0.0000 | $0.0005 | $0.0382 |
|  May 2025 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  June 2025 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  July 2025 | $0.0368 | $0.0000 | $0.0000 | $0.0368 |
|  August 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  September 2025 | $0.0376 | $0.0000 | $0.0000 | $0.0376 |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  May 2025 | $0.0391 | $0.0000 | $0.0000 | $0.0391 |
|  June 2025 | $0.0402 | $0.0000 | $0.0000 | $0.0402 |
|  July 2025 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |
|  August 2025 | $0.0431 | $0.0000 | $0.0000 | $0.0431 |
|  September 2025 | $0.0391 | $0.0000 | $0.0000 | $0.0391 |
| 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) |
|  April 2025 | $0.0362 | $0.0000 | $0.0000 | $0.0362 |
|  May 2025 | $0.0382 | $0.0000 | $0.0000 | $0.0382 |
|  June 2025 | $0.0394 | $0.0000 | $0.0000 | $0.0394 |
|  July 2025 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |
|  August 2025 | $0.0422 | $0.0000 | $0.0000 | $0.0422 |
|  September 2025 | $0.0383 | $0.0000 | $0.0000 | $0.0383 |
| 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) |
|  April 2025 | $0.0342 | $0.0000 | $0.0000 | $0.0342 |
|  May 2025 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  June 2025 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |
|  July 2025 | $0.0397 | $0.0000 | $0.0000 | $0.0397 |
|  August 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
|  September 2025 | $0.0364 | $0.0000 | $0.0000 | $0.0364 |
| 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) |
|  April 2025 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  May 2025 | $0.0298 | $0.0000 | $0.0000 | $0.0298 |
|  June 2025 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  July 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  August 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  September 2025 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |

---

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **219** |

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Distribution Information (Cont.)

PIMCO International Bond Fund (Unhedged)

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0258 | $0.0000 | $0.0022 | $0.0280 |
|  May 2025 | $0.0271 | $0.0000 | $0.0000 | $0.0271 |
|  June 2025 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  July 2025 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  August 2025 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  September 2025 | $0.0264 | $0.0000 | $0.0000 | $0.0264 |
| 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) |
|  April 2025 | $0.0253 | $0.0000 | $0.0021 | $0.0274 |
|  May 2025 | $0.0264 | $0.0000 | $0.0000 | $0.0264 |
|  June 2025 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  July 2025 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  August 2025 | $0.0267 | $0.0000 | $0.0000 | $0.0267 |
|  September 2025 | $0.0258 | $0.0000 | $0.0000 | $0.0258 |
| 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) |
|  April 2025 | $0.0250 | $0.0000 | $0.0021 | $0.0271 |
|  May 2025 | $0.0260 | $0.0000 | $0.0000 | $0.0260 |
|  June 2025 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  July 2025 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  August 2025 | $0.0263 | $0.0000 | $0.0000 | $0.0263 |
|  September 2025 | $0.0255 | $0.0000 | $0.0000 | $0.0255 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0244 | $0.0000 | $0.0020 | $0.0264 |
|  May 2025 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
|  June 2025 | $0.0268 | $0.0000 | $0.0000 | $0.0268 |
|  July 2025 | $0.0268 | $0.0000 | $0.0000 | $0.0268 |
|  August 2025 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
|  September 2025 | $0.0249 | $0.0000 | $0.0000 | $0.0249 |
| 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) |
|  April 2025 | $0.0235 | $0.0000 | $0.0020 | $0.0255 |
|  May 2025 | $0.0243 | $0.0000 | $0.0000 | $0.0243 |
|  June 2025 | $0.0259 | $0.0000 | $0.0000 | $0.0259 |
|  July 2025 | $0.0258 | $0.0000 | $0.0000 | $0.0258 |
|  August 2025 | $0.0246 | $0.0000 | $0.0000 | $0.0246 |
|  September 2025 | $0.0239 | $0.0000 | $0.0000 | $0.0239 |

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| | |
|:---|:---|
| **220** | **PIMCO INTERNATIONAL BOND FUNDS** |

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(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  April 2025 | $0.0193 | $0.0000 | $0.0016 | $0.0209 |
|  May 2025 | $0.0192 | $0.0000 | $0.0000 | $0.0192 |
|  June 2025 | $0.0211 | $0.0000 | $0.0000 | $0.0211 |
|  July 2025 | $0.0208 | $0.0000 | $0.0000 | $0.0208 |
|  August 2025 | $0.0194 | $0.0000 | $0.0000 | $0.0194 |
|  September 2025 | $0.0191 | $0.0000 | $0.0000 | $0.0191 |

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\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **221** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **222** | **PIMCO INTERNATIONAL BOND FUNDS** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **223** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amended and Restated Asset Allocation Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund, each a series of the Trust, and Research Affiliates (collectively, the "Sub-Advisory Agreements" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Funds (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the

Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Fund that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Funds that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Fund that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed

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| | |
|:---|:---|
| **224** | **PIMCO INTERNATIONAL BOND FUNDS** |

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(Unaudited)

relevant to their consideration of the renewal of the Agreements. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of

services provided by PIMCO to the Subsidiaries of certain applicable Funds.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and the sub-advisory services provided by Research Affiliates to the PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, and PIMCO RAE Worldwide Long/Short PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation and/or sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreements are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **225** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short- and long-term periods ended March 31, 2025 (the "Broadridge Report").

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Fund would have substantially similar performance to that of the Institutional Class of the relevant Fund on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation. The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a better comparison.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relative performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance

notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes at scale at the outset with reference to the total expense ratios of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, as well as the universe of other similar funds. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place or proposed for certain of the Funds and/or classes, including those implemented in connection with feedback provided by the Board, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Funds in their respective Subsidiaries. The Board also considered that PIMCO reviews the Funds' fee levels and considers changes where appropriate.

The Board also reviewed data comparing the Funds' advisory fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate

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| | |
|:---|:---|
| **226** | **PIMCO INTERNATIONAL BOND FUNDS** |

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------

(Unaudited)

accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk

management, technology, shareholder servicing, reporting, business management and executive leadership. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee for each Fund. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Funds and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Fund fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Funds in prior years. In addition, the Board considered proposed advisory and supervisory and administrative fee reductions for certain Funds and/or classes. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that invest in other investment companies or operate as funds of funds

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **227** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

(the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered any fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreements, and the total expense ratios of each Fund are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Funds. To the extent applicable, the Board also reviewed information regarding the portion of a Fund's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Fund. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to

scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds' Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on

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|:---|:---|
| **228** | **PIMCO INTERNATIONAL BOND FUNDS** |

---

------

(Unaudited)

Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreements on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Funds and their shareholders.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **229** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g920178g75h91.jpg)

PIMSINTLBONDFSTMSAR_093025

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![LOGO](g920092g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 2025

**Municipal Value Funds**

PIMCO California Municipal Intermediate Value Fund

PIMCO California Municipal Opportunistic Value Fund

PIMCO National Municipal Intermediate Value Fund

PIMCO National Municipal Opportunistic Value Fund

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#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx920092_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx920092_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx920092_3) | 8 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx920092_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx920092_5) | 10 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx920092_6) | 22 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx920092_7) | 32 |
| &nbsp;&nbsp; [Glossary](#tx920092_9) | 36 |
| &nbsp;&nbsp; [Distribution Information](#tx920092_10) | 37 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx920092_12) | 38 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx920092_13) | 39 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx920092_14) | 40 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO California Municipal Intermediate Value Fund](#tx920092_15) | 12 |
| &nbsp;&nbsp; [PIMCO California Municipal Opportunistic Value Fund](#tx920092_16) | 14 |
| &nbsp;&nbsp; [PIMCO National Municipal Intermediate Value Fund](#tx920092_17) | 17 |
| &nbsp;&nbsp; [PIMCO National Municipal Opportunistic Value Fund](#tx920092_18) | 19 |

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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.

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (each, a "Fund" and collectively, the "Funds").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. 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 note in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

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

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

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs.

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| | |
|:---|:---|
| **2** | **MUNICIPAL VALUE FUNDS** |

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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.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share class along with each Fund's diversification status as of period end:

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| | | | |
|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | Diversification<br>Status |
|  PIMCO California Municipal Intermediate Value Fund | 03/18/2019 | 03/18/2019 | Diversified |
|  PIMCO California Municipal Opportunistic Value Fund | 03/18/2019 | 03/18/2019 | Diversified |
|  PIMCO National Municipal Intermediate Value Fund | 03/18/2019 | 03/18/2019 | Diversified |
|  PIMCO National Municipal Opportunistic Value Fund | 03/18/2019 | 03/18/2019 | Diversified |

---

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

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

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

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------

Important Information About the Funds (Cont.)

proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net 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 September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | |
|:---|:---|
| **4** | **MUNICIPAL VALUE FUNDS** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 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<br>of 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 California Municipal Intermediate Value Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.95 | $0.12 | $0.17 | $0.29 | $(0.13) | $0.00 | $0.00 | $(0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.03 | 0.24 | (0.07) | 0.17 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.00 | 0.20 | 0.03 | 0.23 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.08 | 0.17 | (0.08) | 0.09 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.59 | 0.14 | (0.51) | (0.37) | (0.14) | 0.00 | 0.00 | (0.14) |
|  **PIMCO California Municipal Opportunistic Value Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.68 | $0.17 | $(0.01) | $0.16 | $(0.17) | $0.00 | $0.00 | $(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.85 | 0.33 | (0.17) | 0.16 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.81 | 0.31 | 0.04 | 0.35 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.91 | 0.27 | (0.10) | 0.17 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.28 | 0.22 | (0.36) | (0.14) | (0.22) | (0.01) | 0.00 | (0.23) |
|  **PIMCO National Municipal Intermediate Value Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.97 | $0.15 | $0.18 | $0.33 | $(0.15) | $0.00 | $0.00 | $(0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.05 | 0.28 | (0.07) | 0.21 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.07 | 0.24 | (0.02) | 0.22 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.17 | 0.19 | (0.10) | 0.09 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.67 | 0.14 | (0.50) | (0.36) | (0.14) | 0.00 | 0.00 | (0.14) |
|  **PIMCO National Municipal Opportunistic Value Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.67 | $0.18 | $0.03 | $0.21 | $(0.18) | $0.00 | $0.00 | $(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.84 | 0.34 | (0.17) | 0.17 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.83 | 0.32 | 0.01 | 0.33 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.03 | 0.28 | (0.20) | 0.08 | (0.28) | 0.00 | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.49 | 0.24 | (0.46) | (0.22) | (0.24) | 0.00 | 0.00 | (0.24) |

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

---

+ Unaudited

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

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> Effective August 1, 2024, the Fund's Investment advisory fee was decreased by 0.03% to an annual rate of 0.37%. 

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| | | |
|:---|:---|:---|
| **6** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $10.11 | 2.89% | $25443 | 0.41 | %\* | 0.50 | %\* | 0.41 | %\* | 0.50 | %\* | 2.49 | %\* | 1% |
| 9.95 | 1.67 | 25782 | 0.39 |  | 0.50 |  | 0.39 |  | 0.50 |  | 2.44 |  | 24 |
| 10.03 | 2.38 | 27357 | 0.39 |  | 0.50 |  | 0.39 |  | 0.50 |  | 2.06 |  | 24 |
| 10.00 | 0.96 | 26377 | 0.39 |  | 0.50 |  | 0.39 |  | 0.50 |  | 1.71 |  | 4 |
| 10.08 | (3.52) | 66115 | 0.39 |  | 0.50 |  | 0.39 |  | 0.50 |  | 1.34 |  | 11 |
| $9.67 | 1.65% | $215358 | 0.60 | %\* | 0.60 | %\* | 0.60 | %\* | 0.60 | %\* | 3.47 | %\* | 8% |
| 9.68 | 1.61 | 247430 | 0.60 | <sup>(e)</sup> | 0.61 | <sup>(e)</sup> | 0.60 | <sup>(e)</sup> | 0.61 | <sup>(e)</sup> | 3.34 |  | 20 |
| 9.85 | 3.68 | 268432 | 0.60 |  | 0.63 |  | 0.60 |  | 0.63 |  | 3.22 |  | 11 |
| 9.81 | 1.76 | 235747 | 0.60 |  | 0.63 |  | 0.60 |  | 0.63 |  | 2.72 |  | 45 |
| 9.91 | (1.35) | 204990 | 0.60 |  | 0.63 |  | 0.60 |  | 0.63 |  | 2.16 |  | 15 |
| $10.15 | 3.38% | $53076 | 0.40 | %\* | 0.50 | %\* | 0.40 | %\* | 0.50 | %\* | 3.08 | %\* | 3% |
| 9.97 | 2.09 | 81639 | 0.39 |  | 0.50 |  | 0.39 |  | 0.50 |  | 2.84 |  | 25 |
| 10.05 | 2.21 | 121511 | 0.39 |  | 0.50 |  | 0.39 |  | 0.50 |  | 2.40 |  | 22 |
| 10.07 | 0.90 | 133545 | 0.39 |  | 0.50 |  | 0.39 |  | 0.50 |  | 1.85 |  | 27 |
| 10.17 | (3.44) | 213077 | 0.39 |  | 0.50 |  | 0.39 |  | 0.50 |  | 1.29 |  | 7 |
| $9.70 | 2.17% | $229994 | 0.60 | %\* | 0.60 | %\* | 0.60 | %\* | 0.60 | %\* | 3.68 | %\* | 0% |
| 9.67 | 1.77 | 271665 | 0.60 | <sup>(e)</sup> | 0.61 | <sup>(e)</sup> | 0.60 | <sup>(e)</sup> | 0.61 | <sup>(e)</sup> | 3.50 |  | 20 |
| 9.84 | 3.49 | 314181 | 0.60 |  | 0.63 |  | 0.60 |  | 0.63 |  | 3.34 |  | 13 |
| 9.83 | 0.88 | 305030 | 0.60 |  | 0.63 |  | 0.60 |  | 0.63 |  | 2.89 |  | 19 |
| 10.03 | (2.18) | 204459 | 0.60 |  | 0.63 |  | 0.60 |  | 0.63 |  | 2.26 |  | 12 |

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

Statements of Assets and Liabilities September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>California<br>Municipal<br>Intermediate<br>Value Fund** | **PIMCO<br>California<br>Municipal<br>Opportunistic<br>Value Fund** | **PIMCO<br>National<br>Municipal<br>Intermediate<br>Value Fund** | **PIMCO<br>National<br>Municipal<br>Opportunistic<br>Value Fund** |
|  **Assets:** |  |  |  |  |
|  *Investments, at value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $23837 | $211719 | $51848 | $227593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 1362 | 1370 | 702 | 230 |
|  Receivable for Fund shares sold | 0 | 206 | 0 | 50 |
|  Interest and/or dividends receivable | 289 | 2515 | 592 | 3233 |
|  Dividends receivable from Affiliates | 3 | 5 | 1 | 1 |
|  **Total Assets** | 25491 | 215815 | 53143 | 231107 |
|  **Liabilities:** |  |  |  |  |
|  Payable for investments in Affiliates purchased | $3 | $5 | $1 | $1 |
|  Payable for Fund shares redeemed | 35 | 347 | 44 | 997 |
|  Distributions payable | 0 | 3 | 0 | 2 |
|  Accrued investment advisory fees | 6 | 63 | 13 | 70 |
|  Accrued supervisory and administrative fees | 4 | 39 | 9 | 43 |
|  **Total Liabilities** | 48 | 457 | 67 | 1113 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |
|  **Net Assets** | $25443 | $215358 | $53076 | $229994 |
|  **Net Assets Consist of:** |  |  |  |  |
|  Paid in capital | $27089 | $218148 | $60375 | $234202 |
|  Distributable earnings (accumulated loss) | (1646) | (2790) | (7299) | (4208) |
|  **Net Assets** | $25443 | $215358 | $53076 | $229994 |
|  **Net Assets:** |  |  |  |  |
|  Institutional Class | $25443 | $215358 | $53076 | $229994 |
|  **Shares Issued and Outstanding:** |  |  |  |  |
|  Institutional Class | 2516 | 22264 | 5230 | 23706 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |
|  Institutional Class | $10.11 | $9.67 | $10.15 | $9.70 |
|  Cost of investments in securities | $23689 | $212520 | $51628 | $230651 |
|  Cost of investments in Affiliates | $1362 | $1370 | $702 | $230 |

---

---

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

---

<sup>^</sup> See Note 7, Fees and Expenses, in the Notes to Financial Statements for more information.

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

---

| | | |
|:---|:---|:---|
| **8** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

---

------

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>California<br>Municipal<br>Intermediate<br>Value Fund** | **PIMCO<br>California<br>Municipal<br>Opportunistic<br>Value Fund** | **PIMCO<br>National<br>Municipal<br>Intermediate<br>Value Fund** | **PIMCO<br>National<br>Municipal<br>Opportunistic<br>Value Fund** |
|  **Investment Income:** |  |  |  |  |
|  Interest | $354 | $4396 | $1077 | $5233 |
|  Dividends | 2 | 7 | 4 | 4 |
|  Dividends from Investments in Affiliates | 12 | 104 | 23 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 368 | 4507 | 1104 | 5279 |
|  **Expenses:** |  |  |  |  |
|  Investment advisory fees | 38 | 410 | 95 | 457 |
|  Supervisory and administrative fees | 26 | 255 | 64 | 284 |
|  Trustee fees | 0 | 1 | 0 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 64 | 666 | 159 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (12) | 0 | (30) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 52 | 666 | 129 | 742 |
|  **Net Investment Income (Loss)** | 316 | 3841 | 975 | 4537 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities | 4 | (983) | (382) | (595) |
|  Investments in Affiliates | 0 | 11 | 1 | 2 |
|  **Net Realized Gain (Loss)** | 4 | (972) | (381) | (593) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities | 395 | 350 | 1277 | 649 |
|  Investments in Affiliates | 0 | (8) | 0 | 0 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 395 | 342 | 1277 | 649 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $715 | $3211 | $1871 | $4593 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO California Municipal<br>Intermediate Value Fund** | **PIMCO California Municipal<br>Intermediate Value Fund** | **PIMCO California Municipal<br>Opportunistic Value Fund** | **PIMCO California Municipal<br>Opportunistic Value Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $316 | $646 | $3841 | $8843 |
|  Net realized gain (loss) | 4 | (264) | (972) | (447) |
|  Net change in unrealized appreciation (depreciation) | 395 | 66 | 342 | (4262) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 715 | 448 | 3211 | 4134 |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (318) | (651) | (3839) | (8837) |
|  **Total Distributions<sup>(a)</sup>** | (318) | (651) | (3839) | (8837) |
|  **Fund Share Transactions:** |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions<sup>\*</sup> | (736) | (1372) | (31444) | (16299) |
|  **Total Increase (Decrease) in Net Assets** | (339) | (1575) | (32072) | (21002) |
|  **Net Assets:** |  |  |  |  |
|  Beginning of period | 25782 | 27357 | 247430 | 268432 |
|  End of period | $25443 | $25782 | $215358 | $247430 |

---

---

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

---

\* See Note 11, Shares of Beneficial Interest, in the Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
| **10** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO National Municipal<br>Intermediate Value Fund** | **PIMCO National Municipal<br>Intermediate Value Fund** | **PIMCO National Municipal<br>Opportunistic Value Fund** | **PIMCO National Municipal<br>Opportunistic Value Fund** |
| **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
| $975 | $2842 | $4537 | $10573 |
| (381) | (1648) | (593) | 345 |
| 1277 | 1050 | 649 | (5218) |
| 1871 | 2244 | 4593 | 5700 |
| (975) | (2847) | (4533) | (10567) |
| (975) | (2847) | (4533) | (10567) |
| (29459) | (39269) | (41731) | (37649) |
| (28563) | (39872) | (41617) | (42516) |
| 81639 | 121511 | 271665 | 314181 |
| $53076 | $81639 | $229994 | $271665 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO California Municipal Intermediate Value Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 93.6% | INVESTMENTS IN SECURITIES 93.6% | INVESTMENTS IN SECURITIES 93.6% |
| MUNICIPAL BONDS & NOTES 93.6% | MUNICIPAL BONDS & NOTES 93.6% | MUNICIPAL BONDS & NOTES 93.6% |
| CALIFORNIA 85.4% | CALIFORNIA 85.4% | CALIFORNIA 85.4% |
|  Acalanes Union High School District, California General Obligation Bonds, Series 2010 | Acalanes Union High School District, California General Obligation Bonds, Series 2010 | Acalanes Union High School District, California General Obligation Bonds, Series 2010 |
|  6.250% due 08/01/2035 | $250 | 281 |
|  Anaheim City School District, California General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2007 | Anaheim City School District, California General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2007 | Anaheim City School District, California General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2007 |
|  0.000% due 08/01/2030 (a) | 385 | 338 |
|  Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2036 | 545 | 568 |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2036 (a) | 225 | 145 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 |
|  5.000% due 11/15/2032 | 350 | 368 |
|  5.000% due 02/01/2035 | 250 | 257 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2039 | 500 | 559 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2038 | 400 | 442 |
|  California School Finance Authority Revenue Bonds, Series 2020 | California School Finance Authority Revenue Bonds, Series 2020 | California School Finance Authority Revenue Bonds, Series 2020 |
|  4.000% due 07/01/2034 | 300 | 313 |
|  California School Finance Authority Revenue Notes, Series 2020 | California School Finance Authority Revenue Notes, Series 2020 | California School Finance Authority Revenue Notes, Series 2020 |
|  4.000% due 07/01/2029 | 250 | 263 |
|  California State General Obligation Bonds, Series 2025 | California State General Obligation Bonds, Series 2025 | California State General Obligation Bonds, Series 2025 |
|  3.600% due 12/01/2035 | 560 | 573 |
|  California State General Obligation Notes, Series 2020 | California State General Obligation Notes, Series 2020 | California State General Obligation Notes, Series 2020 |
|  4.000% due 11/01/2030 | 245 | 264 |
|  California State General Obligation Notes, Series 2024 | California State General Obligation Notes, Series 2024 | California State General Obligation Notes, Series 2024 |
|  3.100% due 12/01/2033 | 300 | 303 |
|  California State Public Works Board Revenue Notes, Series 2017 | California State Public Works Board Revenue Notes, Series 2017 | California State Public Works Board Revenue Notes, Series 2017 |
|  5.000% due 10/01/2027 | 220 | 232 |
|  California State Public Works Board Revenue Notes, Series 2022 | California State Public Works Board Revenue Notes, Series 2022 | California State Public Works Board Revenue Notes, Series 2022 |
|  5.000% due 08/01/2032 | 225 | 255 |
|  California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018 |
|  5.000% due 07/01/2031 | 600 | 641 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2003 | California Statewide Communities Development Authority Revenue Bonds, Series 2003 | California Statewide Communities Development Authority Revenue Bonds, Series 2003 |
|  5.000% due 05/01/2033 | 300 | 329 |
|  Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2019 | Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2019 | Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2019 |
|  5.000% due 08/01/2032 | 250 | 259 |
|  Central Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2025 | Central Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2025 | Central Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2025 |
|  5.000% due 08/01/2034 | 325 | 371 |
|  Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 | Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 | Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2039 | 125 | 140 |
|  Escondido, California General Obligation Bonds, Series 2015 | Escondido, California General Obligation Bonds, Series 2015 | Escondido, California General Obligation Bonds, Series 2015 |
|  5.000% due 09/01/2036 | 500 | 501 |
|  Folsom Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (BAM Insured), Series 2016 | Folsom Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (BAM Insured), Series 2016 | Folsom Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (BAM Insured), Series 2016 |
|  4.000% due 08/01/2028 | 905 | 915 |
|  Gilroy Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2016 | Gilroy Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2016 | Gilroy Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2016 |
|  4.000% due 04/01/2026 | 330 | 332 |
|  Glendale, California Electric Revenue Bonds, Series 2016 | Glendale, California Electric Revenue Bonds, Series 2016 | Glendale, California Electric Revenue Bonds, Series 2016 |
|  5.000% due 02/01/2030 | 475 | 478 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hacienda, Louisiana Puente Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2021 | Hacienda, Louisiana Puente Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2021 | Hacienda, Louisiana Puente Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2021 |
|  4.000% due 06/01/2033 | $295 | 313 |
|  Jefferson School District/San Joaquin County, California General Obligation Bonds, (BAM Insured), Series 2022 | Jefferson School District/San Joaquin County, California General Obligation Bonds, (BAM Insured), Series 2022 | Jefferson School District/San Joaquin County, California General Obligation Bonds, (BAM Insured), Series 2022 |
|  4.000% due 08/01/2034 | 350 | 371 |
|  Kern Community College District, California General Obligation Bonds, (AGM Insured), Series 2006 | Kern Community College District, California General Obligation Bonds, (AGM Insured), Series 2006 | Kern Community College District, California General Obligation Bonds, (AGM Insured), Series 2006 |
|  0.000% due 11/01/2028 (a) | 500 | 461 |
|  Lancaster County Hospital Authority, California Revenue Notes, (BAM Insured), Series 2024 | Lancaster County Hospital Authority, California Revenue Notes, (BAM Insured), Series 2024 | Lancaster County Hospital Authority, California Revenue Notes, (BAM Insured), Series 2024 |
|  5.000% due 05/01/2033 | 425 | 495 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2032 | 920 | 945 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2023 | Los Angeles Unified School District, California General Obligation Notes, Series 2023 | Los Angeles Unified School District, California General Obligation Notes, Series 2023 |
|  5.000% due 07/01/2031 | 500 | 578 |
|  Lynwood Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 | Lynwood Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 | Lynwood Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 |
|  5.000% due 10/01/2028 | 375 | 380 |
|  Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 | Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 | Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 |
|  4.000% due 11/01/2033 | 345 | 346 |
|  Nipomo Community Services District, California Certificates of Participation Bonds, Series 2022 | Nipomo Community Services District, California Certificates of Participation Bonds, Series 2022 | Nipomo Community Services District, California Certificates of Participation Bonds, Series 2022 |
|  4.000% due 06/01/2036 | 405 | 420 |
|  Pasadena Unified School District, California General Obligation Bonds, Series 2016 | Pasadena Unified School District, California General Obligation Bonds, Series 2016 | Pasadena Unified School District, California General Obligation Bonds, Series 2016 |
|  5.000% due 08/01/2029 | 250 | 256 |
|  Placentia-Yorba Linda Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 | Placentia-Yorba Linda Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 | Placentia-Yorba Linda Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 |
|  5.000% due 10/01/2027 | 445 | 446 |
|  Rialto Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2024 | Rialto Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2024 | Rialto Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 09/01/2037 | 350 | 396 |
|  Rio Bravo-Greeley Union School District, California General Obligation Bonds, (AGC Insured), Series 2008 | Rio Bravo-Greeley Union School District, California General Obligation Bonds, (AGC Insured), Series 2008 | Rio Bravo-Greeley Union School District, California General Obligation Bonds, (AGC Insured), Series 2008 |
|  0.000% due 09/01/2029 (a) | 450 | 406 |
|  Rio Elementary School District Community Facilities District, California Special Tax Bonds, Series 2014 | Rio Elementary School District Community Facilities District, California Special Tax Bonds, Series 2014 | Rio Elementary School District Community Facilities District, California Special Tax Bonds, Series 2014 |
|  3.250% due 09/01/2026 | 325 | 325 |
|  Sacramento County, California Airport System Revenue Notes, Series 2018 | Sacramento County, California Airport System Revenue Notes, Series 2018 | Sacramento County, California Airport System Revenue Notes, Series 2018 |
|  5.000% due 07/01/2028 | 750 | 793 |
|  San Bernardino Community College District, California General Obligation Bonds, Series 2017 | San Bernardino Community College District, California General Obligation Bonds, Series 2017 | San Bernardino Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2034 | 335 | 341 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2016 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2016 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2016 |
|  5.000% due 08/01/2035 | 400 | 405 |
|  San Diego Public Facilities Financing Authority, California Revenue Notes, Series 2023 | San Diego Public Facilities Financing Authority, California Revenue Notes, Series 2023 | San Diego Public Facilities Financing Authority, California Revenue Notes, Series 2023 |
|  5.000% due 10/15/2031 | 210 | 245 |
|  San Diego Public Facilities Financing Authority, California Revenue Notes, Series 2024 | San Diego Public Facilities Financing Authority, California Revenue Notes, Series 2024 | San Diego Public Facilities Financing Authority, California Revenue Notes, Series 2024 |
|  5.000% due 10/15/2032 | 300 | 355 |
|  San Francisco, California City & County Certificates of Participation Bonds, Series 2024 | San Francisco, California City & County Certificates of Participation Bonds, Series 2024 | San Francisco, California City & County Certificates of Participation Bonds, Series 2024 |
|  5.000% due 04/01/2035 | 500 | 578 |
|  San Jose Financing Authority, California Revenue Notes, Series 2021 | San Jose Financing Authority, California Revenue Notes, Series 2021 | San Jose Financing Authority, California Revenue Notes, Series 2021 |
|  4.000% due 10/01/2028 | 175 | 184 |
|  San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 |
|  5.000% due 10/01/2031 | 500 | 500 |
|  San Marcos Schools Financing Authority, California Special Tax Notes, Series 2024 | San Marcos Schools Financing Authority, California Special Tax Notes, Series 2024 | San Marcos Schools Financing Authority, California Special Tax Notes, Series 2024 |
|  5.000% due 09/01/2033 | 400 | 464 |
|  Santa Clarita Public Finance Authority, California Revenue Bonds, Series 2022 | Santa Clarita Public Finance Authority, California Revenue Bonds, Series 2022 | Santa Clarita Public Finance Authority, California Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2034 | 400 | 457 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Soledad Unified School District, California General Obligation Notes, (BAM Insured), Series 2024 | Soledad Unified School District, California General Obligation Notes, (BAM Insured), Series 2024 | Soledad Unified School District, California General Obligation Notes, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2032 | 200 | 231 |
|  5.000% due 08/01/2034 | 330 | 386 |
|  Stanislaus Union School District, California General Obligation Notes, (BAM Insured), Series 2024 | Stanislaus Union School District, California General Obligation Notes, (BAM Insured), Series 2024 | Stanislaus Union School District, California General Obligation Notes, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2031 | 370 | 420 |
|  Ventura Unified School District, California General Obligation Bonds, Series 2023 | Ventura Unified School District, California General Obligation Bonds, Series 2023 | Ventura Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2039 | 360 | 394 |
|  Washington Township Health Care District, California General Obligation Bonds, Series 2023 | Washington Township Health Care District, California General Obligation Bonds, Series 2023 | Washington Township Health Care District, California General Obligation Bonds, Series 2023 |
|  5.250% due 08/01/2038 | 300 | 338 |
|  West Basin Municipal Water District, California Revenue Bonds, Series 2016 | West Basin Municipal Water District, California Revenue Bonds, Series 2016 | West Basin Municipal Water District, California Revenue Bonds, Series 2016 |
|  5.000% due 08/01/2034 | 250 | 252 |
|  West Contra Costa Healthcare District, California Special Tax Notes, Series 2021 | West Contra Costa Healthcare District, California Special Tax Notes, Series 2021 | West Contra Costa Healthcare District, California Special Tax Notes, Series 2021 |
|  5.000% due 07/01/2029 | 120 | 132 |
|  |  | 21740 |
| ILLINOIS 6.6% | ILLINOIS 6.6% | ILLINOIS 6.6% |
|  Chicago Park District, Illinois General Obligation Bonds, Series 2016 | Chicago Park District, Illinois General Obligation Bonds, Series 2016 | Chicago Park District, Illinois General Obligation Bonds, Series 2016 |
|  5.000% due 01/01/2031 | 1000 | 1004 |
|  University of Illinois Revenue Notes, Series 2018 | University of Illinois Revenue Notes, Series 2018 | University of Illinois Revenue Notes, Series 2018 |
|  5.000% due 04/01/2028 | 625 | 663 |
|  |  | 1667 |
| KENTUCKY 0.5% | KENTUCKY 0.5% | KENTUCKY 0.5% |
|  Corbin Independent School District Finance Corp. Kentucky Revenue Notes, Series 2016 | Corbin Independent School District Finance Corp. Kentucky Revenue Notes, Series 2016 | Corbin Independent School District Finance Corp. Kentucky Revenue Notes, Series 2016 |
|  3.000% due 02/01/2026 | 125 | 125 |
| MULTI-STATE 1.1% | MULTI-STATE 1.1% | MULTI-STATE 1.1% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.033% due 12/25/2036 | 292 | 293 |
|  Total Municipal Bonds & Notes<br>(Cost $23,677) | Total Municipal Bonds & Notes<br>(Cost $23,677) | 23825 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I |
|  4.220% (b) | 11623 | 12 |
| Total Short-Term Instruments<br>(Cost $12) | Total Short-Term Instruments<br>(Cost $12) | 12 |
| Total Investments in Securities<br>(Cost $23,689) | Total Investments in Securities<br>(Cost $23,689) | 23837 |
| INVESTMENTS IN AFFILIATES 5.4% | INVESTMENTS IN AFFILIATES 5.4% | INVESTMENTS IN AFFILIATES 5.4% |
| SHORT-TERM INSTRUMENTS 5.4% | SHORT-TERM INSTRUMENTS 5.4% | SHORT-TERM INSTRUMENTS 5.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.4% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 139839 | 1362 |
| Total Short-Term Instruments<br>(Cost $1,362) | Total Short-Term Instruments<br>(Cost $1,362) | 1362 |
| Total Investments in Affiliates<br>(Cost $1,362) | Total Investments in Affiliates<br>(Cost $1,362) | 1362 |
| Total Investments 99.0%<br>(Cost $25,051) | Total Investments 99.0%<br>(Cost $25,051) | 25199 |
| Other Assets and Liabilities, net 1.0% | Other Assets and Liabilities, net 1.0% | 244 |
| Net Assets 100.0% | Net Assets 100.0% | 25443 |

---

12 MUNICIPAL VALUE FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp; **NOTES TO SCHEDULE OF INVESTMENTS:** <br>\* A zero balance may reflect actual amounts rounding to less than one thousand.<br>(a) Zero coupon security.<br>(b) Coupon represents a 7-Day Yield.<br>**FAIR VALUE MEASUREMENTS**<br>The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | $0 | $21740 | $0 | $21740 |
| &nbsp;&nbsp; Illinois | 0 | 1667 | 0 | 1667 |
| &nbsp;&nbsp; Kentucky | 0 | 125 | 0 | 125 |
| &nbsp;&nbsp; Multi-State | 0 | 293 | 0 | 293 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 12 | 0 | 0 | 12 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23837 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  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 | $1362 | $0 | $0 | $1362 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25199 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO California Municipal Opportunistic Value Fund

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 98.3% | INVESTMENTS IN SECURITIES 98.3% | INVESTMENTS IN SECURITIES 98.3% |
| MUNICIPAL BONDS & NOTES 98.2% | MUNICIPAL BONDS & NOTES 98.2% | MUNICIPAL BONDS & NOTES 98.2% |
| CALIFORNIA 93.0% |  |  |
|  Alameda Health Care District, California Certificates of Participation Bonds, Series 2024 | Alameda Health Care District, California Certificates of Participation Bonds, Series 2024 | Alameda Health Care District, California Certificates of Participation Bonds, Series 2024 |
|  5.000% due 09/15/2049 | $2455 | 2573 |
|  Alameda Public Financing Authority, California Revenue Bonds, Series 2010 | Alameda Public Financing Authority, California Revenue Bonds, Series 2010 | Alameda Public Financing Authority, California Revenue Bonds, Series 2010 |
|  5.250% due 07/01/2029 | 1160 | 1162 |
|  Alhambra Unified School District, California General Obligation Bonds, Series 2023 | Alhambra Unified School District, California General Obligation Bonds, Series 2023 | Alhambra Unified School District, California General Obligation Bonds, Series 2023 |
|  5.250% due 08/01/2048 | 2500 | 2664 |
|  Alum Rock Union Elementary School District, California General Obligation Bonds, (BAM Insured), Series 2023 | Alum Rock Union Elementary School District, California General Obligation Bonds, (BAM Insured), Series 2023 | Alum Rock Union Elementary School District, California General Obligation Bonds, (BAM Insured), Series 2023 |
|  5.000% due 08/01/2048 | 1210 | 1276 |
|  Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2047 | 1000 | 1017 |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2041 (a) | 2000 | 933 |
|  Brawley Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Brawley Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Brawley Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 |
|  5.500% due 08/01/2052 | 1500 | 1613 |
|  Brentwood Union School District, California General Obligation Bonds, Series 2022 | Brentwood Union School District, California General Obligation Bonds, Series 2022 | Brentwood Union School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 08/01/2052 | 1425 | 1502 |
|  Butte-Glenn Community College District, California General Obligation Bonds, Series 2022 | Butte-Glenn Community College District, California General Obligation Bonds, Series 2022 | Butte-Glenn Community College District, California General Obligation Bonds, Series 2022 |
|  4.000% due 08/01/2047 | 1815 | 1726 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.250% due 11/01/2054 | 2500 | 2712 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 3000 | 3179 |
|  California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 | California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 | California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 |
|  5.000% due 11/01/2050 | 1000 | 1020 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2022 | California Health Facilities Financing Authority Revenue Bonds, Series 2022 | California Health Facilities Financing Authority Revenue Bonds, Series 2022 |
|  4.000% due 05/15/2051 | 2000 | 1777 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 |
|  5.250% due 02/01/2048 | 1935 | 2062 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2010 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2010 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2010 |
|  5.750% due 08/15/2029 | 410 | 411 |
|  California Municipal Finance Authority Revenue Bonds, (CM Insured), Series 2019 | California Municipal Finance Authority Revenue Bonds, (CM Insured), Series 2019 | California Municipal Finance Authority Revenue Bonds, (CM Insured), Series 2019 |
|  5.000% due 01/01/2049 | 1000 | 1024 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 12/01/2042 | 2000 | 2020 |
|  California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 06/01/2042 | 2000 | 2033 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  4.000% due 12/01/2043 | 2000 | 1889 |
|  5.000% due 09/01/2049 | 1450 | 1514 |
|  California Municipal Finance Authority Revenue Notes, Series 2024 |  |  |
|  5.000% due 12/01/2025 | 330 | 331 |
|  California State General Obligation Bonds, (AMBAC Insured), Series 1997 | California State General Obligation Bonds, (AMBAC Insured), Series 1997 | California State General Obligation Bonds, (AMBAC Insured), Series 1997 |
|  5.125% due 10/01/2027 | 100 | 100 |
|  California State General Obligation Bonds, (SGI Insured), Series 2002 | California State General Obligation Bonds, (SGI Insured), Series 2002 | California State General Obligation Bonds, (SGI Insured), Series 2002 |
|  5.000% due 10/01/2028 | 5 | 5 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California State General Obligation Bonds, Series 2000 | California State General Obligation Bonds, Series 2000 | California State General Obligation Bonds, Series 2000 |
|  5.750% due 05/01/2030 | $85 | 85 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 08/15/2046 | 2175 | 2184 |
|  Cambrian School District, California General Obligation Bonds, Series 2022 | Cambrian School District, California General Obligation Bonds, Series 2022 | Cambrian School District, California General Obligation Bonds, Series 2022 |
|  5.000% due 08/01/2046 | 1750 | 1818 |
|  Carson Public Financing Authority, California Revenue Bonds, Series 2024 | Carson Public Financing Authority, California Revenue Bonds, Series 2024 | Carson Public Financing Authority, California Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 2000 | 2101 |
|  Cascade Union Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Cascade Union Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Cascade Union Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 |
|  5.500% due 08/01/2046 | 1150 | 1239 |
|  Central School District, California General Obligation Bonds, (BAM Insured), Series 2022 | Central School District, California General Obligation Bonds, (BAM Insured), Series 2022 | Central School District, California General Obligation Bonds, (BAM Insured), Series 2022 |
|  0.000% due 08/01/2044 (a) | 1275 | 536 |
|  Central Union High School District-Imperial County, California General Obligation Bonds, Series 2019 | Central Union High School District-Imperial County, California General Obligation Bonds, Series 2019 | Central Union High School District-Imperial County, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2049 | 2000 | 1857 |
|  Ceres Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 | Ceres Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 | Ceres Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 |
|  5.000% due 08/01/2051 | 5000 | 5041 |
|  Chino Valley Unified School District, California General Obligation Bonds, Series 2024 | Chino Valley Unified School District, California General Obligation Bonds, Series 2024 | Chino Valley Unified School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2049 | 3075 | 3246 |
|  Chowchilla Union High School District, California General Obligation Bonds, Series 2022 | Chowchilla Union High School District, California General Obligation Bonds, Series 2022 | Chowchilla Union High School District, California General Obligation Bonds, Series 2022 |
|  5.500% due 08/01/2052 | 2000 | 2140 |
|  Colton Joint Unified School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Colton Joint Unified School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Colton Joint Unified School District, California General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2049 | 2500 | 2659 |
|  Cosumnes Community Services District, California Certificates of Participation Bonds, Series 2022 | Cosumnes Community Services District, California Certificates of Participation Bonds, Series 2022 | Cosumnes Community Services District, California Certificates of Participation Bonds, Series 2022 |
|  5.000% due 11/01/2042 | 1000 | 1044 |
|  Discovery Bay California Public Financing Authority Revenue Bonds, Series 2022 | Discovery Bay California Public Financing Authority Revenue Bonds, Series 2022 | Discovery Bay California Public Financing Authority Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2042 | 1005 | 1090 |
|  Durham Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Durham Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Durham Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 08/01/2054 | 1695 | 1770 |
|  El Centro Elemenatry School District, California General Obligation Bonds, (BAM Insured), Series 2023 | El Centro Elemenatry School District, California General Obligation Bonds, (BAM Insured), Series 2023 | El Centro Elemenatry School District, California General Obligation Bonds, (BAM Insured), Series 2023 |
|  5.000% due 08/01/2047 | 1315 | 1380 |
|  5.250% due 08/01/2050 | 930 | 985 |
|  El Monte City School District, California General Obligation Bonds, (BAM Insured), Series 2024 | El Monte City School District, California General Obligation Bonds, (BAM Insured), Series 2024 | El Monte City School District, California General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2049 | 1000 | 1044 |
|  Elk Grove Finance Authority, California Revenue Bonds, Series 2022 | Elk Grove Finance Authority, California Revenue Bonds, Series 2022 | Elk Grove Finance Authority, California Revenue Bonds, Series 2022 |
|  5.000% due 11/01/2042 | 1385 | 1493 |
|  Fairfield, California Certificates of Participation Bonds, (AGC Insured), Series 2007 | Fairfield, California Certificates of Participation Bonds, (AGC Insured), Series 2007 | Fairfield, California Certificates of Participation Bonds, (AGC Insured), Series 2007 |
|  0.000% due 04/01/2030 (a) | 2000 | 1771 |
|  Fallbrook Union High School District, California General Obligation Bonds, (BAM Insured), Series 2022 | Fallbrook Union High School District, California General Obligation Bonds, (BAM Insured), Series 2022 | Fallbrook Union High School District, California General Obligation Bonds, (BAM Insured), Series 2022 |
|  4.000% due 08/01/2046 | 2000 | 1927 |
|  Fontana Unified School District, California General Obligation Bonds, Series 2025 | Fontana Unified School District, California General Obligation Bonds, Series 2025 | Fontana Unified School District, California General Obligation Bonds, Series 2025 |
|  5.250% due 08/01/2050 | 730 | 791 |
|  Guadalupe Union School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Guadalupe Union School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Guadalupe Union School District, California General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2049 | 1925 | 2068 |
|  Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 |
|  5.000% due 09/01/2048 | 2000 | 2092 |
|  Jefferson Elementary School District, California General Obligation Bonds, Series 2023 | Jefferson Elementary School District, California General Obligation Bonds, Series 2023 | Jefferson Elementary School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 09/01/2049 | 1450 | 1537 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  La Honda Pescadero Unified School District, California General Obligation Bonds, Series 2022 | La Honda Pescadero Unified School District, California General Obligation Bonds, Series 2022 | La Honda Pescadero Unified School District, California General Obligation Bonds, Series 2022 |
|  0.000% due 04/01/2042 (a) | $2215 | 1044 |
|  La Mesa-Spring Valley School District, California General Obligation Bonds, Series 2023 | La Mesa-Spring Valley School District, California General Obligation Bonds, Series 2023 | La Mesa-Spring Valley School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2047 | 2375 | 2479 |
|  Lake Elsinore Facilities Financing Authority Successor Agency, California Revenue Bonds, (BAM Insured), Series 2022 | Lake Elsinore Facilities Financing Authority Successor Agency, California Revenue Bonds, (BAM Insured), Series 2022 | Lake Elsinore Facilities Financing Authority Successor Agency, California Revenue Bonds, (BAM Insured), Series 2022 |
|  5.250% due 04/01/2047 | 2000 | 2113 |
|  Lancaster County Hospital Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Lancaster County Hospital Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Lancaster County Hospital Authority, California Revenue Bonds, (BAM Insured), Series 2024 |
|  5.000% due 05/01/2054 | 2000 | 2096 |
|  Lancaster School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Lancaster School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Lancaster School District, California General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 08/01/2051 | 1410 | 1484 |
|  Lemon Grove School District, California General Obligation Bonds, Series 2023 | Lemon Grove School District, California General Obligation Bonds, Series 2023 | Lemon Grove School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2049 | 1170 | 1225 |
|  Livermore, California Certificates of Participation Bonds, Series 2022 | Livermore, California Certificates of Participation Bonds, Series 2022 | Livermore, California Certificates of Participation Bonds, Series 2022 |
|  4.750% due 04/01/2047 | 1330 | 1368 |
|  Local Public Schools Funding Authority School Improvement District, California General Obligation Bonds, (BAM Insured), Series 2025 | Local Public Schools Funding Authority School Improvement District, California General Obligation Bonds, (BAM Insured), Series 2025 | Local Public Schools Funding Authority School Improvement District, California General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 08/01/2050 | 1160 | 1213 |
|  Long Beach, California Harbor Revenue Bonds, Series 2019 | Long Beach, California Harbor Revenue Bonds, Series 2019 | Long Beach, California Harbor Revenue Bonds, Series 2019 |
|  5.000% due 05/15/2044 | 3000 | 3111 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2041 | 8775 | 8805 |
|  Los Angeles Housing Authority, California Revenue Notes, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Notes, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Notes, (FNMA Insured), Series 2024 |
|  3.750% due 04/01/2034 | 2500 | 2498 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 07/01/2047 | 1915 | 2043 |
|  Madera Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2024 | Madera Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2024 | Madera Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2024 |
|  5.000% due 09/01/2043 | 1000 | 1080 |
|  Marina, California Certificates of Participation Bonds, (AGM Insured), Series 2022 | Marina, California Certificates of Participation Bonds, (AGM Insured), Series 2022 | Marina, California Certificates of Participation Bonds, (AGM Insured), Series 2022 |
|  5.250% due 05/01/2047 | 2000 | 2119 |
|  McFarland Unified School District, California General Obligation Bonds, (BAM Insured), Series 2022 | McFarland Unified School District, California General Obligation Bonds, (BAM Insured), Series 2022 | McFarland Unified School District, California General Obligation Bonds, (BAM Insured), Series 2022 |
|  5.250% due 11/01/2049 | 1000 | 1038 |
|  Merced County, California Certificates of Participation Bonds, (BAM Insured), Series 2022 | Merced County, California Certificates of Participation Bonds, (BAM Insured), Series 2022 | Merced County, California Certificates of Participation Bonds, (BAM Insured), Series 2022 |
|  4.000% due 06/01/2045 | 1750 | 1691 |
|  Modesto Elementary School District, California General Obligation Bonds, Series 2023 | Modesto Elementary School District, California General Obligation Bonds, Series 2023 | Modesto Elementary School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2047 | 2480 | 2612 |
|  Modesto Irrigation District, California Revenue Bonds, (NPFGC Insured), Series 2007 | Modesto Irrigation District, California Revenue Bonds, (NPFGC Insured), Series 2007 | Modesto Irrigation District, California Revenue Bonds, (NPFGC Insured), Series 2007 |
|  3.550% (US0003M + 0.580%) due 09/01/2027 ~ | 675 | 674 |
|  3.600% (US0003M + 0.630%) due 09/01/2037 ~ | 1600 | 1535 |
|  Moreno Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Moreno Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Moreno Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 08/01/2050 | 3000 | 3142 |
|  Oakdale Joint Unified School District, California General Obligation Bonds, Series 2025 | Oakdale Joint Unified School District, California General Obligation Bonds, Series 2025 | Oakdale Joint Unified School District, California General Obligation Bonds, Series 2025 |
|  5.250% due 08/01/2050 | 3000 | 3197 |
|  Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 | Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 | Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 11/01/2047 | 1000 | 1045 |
|  5.000% due 11/01/2052 | 1000 | 1035 |
|  Pacifica School District, California General Obligation Bonds, Series 2024 | Pacifica School District, California General Obligation Bonds, Series 2024 | Pacifica School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2050 | 2765 | 2875 |
|  Palmdale Financing Authority, California Revenue Bonds, (BAM Insured), Series 2023 | Palmdale Financing Authority, California Revenue Bonds, (BAM Insured), Series 2023 | Palmdale Financing Authority, California Revenue Bonds, (BAM Insured), Series 2023 |
|  4.500% due 06/01/2053 | 2750 | 2779 |

---

---

| | | |
|:---|:---|:---|
| **14** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pittsburg Public California Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pittsburg Public California Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pittsburg Public California Financing Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 08/01/2052 | $3000 | 3119 |
|  Pittsburg Unified School District, California General Obligation Bonds, Series 2018 | Pittsburg Unified School District, California General Obligation Bonds, Series 2018 | Pittsburg Unified School District, California General Obligation Bonds, Series 2018 |
|  5.000% due 08/01/2047 | 1275 | 1285 |
|  Puente Basin Water Agency, California Revenue Bonds, Series 2024 | Puente Basin Water Agency, California Revenue Bonds, Series 2024 | Puente Basin Water Agency, California Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 2620 | 2805 |
|  Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2016 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2016 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2016 |
|  5.000% due 05/15/2041 | 3750 | 3773 |
|  Riverside County, California Transportation Commission Revenue Bonds, Series 2021 | Riverside County, California Transportation Commission Revenue Bonds, Series 2021 | Riverside County, California Transportation Commission Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2046 | 985 | 884 |
|  4.000% due 06/01/2047 | 2000 | 1774 |
|  Sacramento County, California Airport System Revenue Notes, Series 2025 | Sacramento County, California Airport System Revenue Notes, Series 2025 | Sacramento County, California Airport System Revenue Notes, Series 2025 |
|  5.000% due 07/01/2034 | 1000 | 1115 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2017 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2017 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2047 | 3230 | 3230 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2019  | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2019  | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2019  |
|  5.000% due 07/01/2049 | 3290 | 3364 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021  | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021  | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021  |
|  5.000% due 07/01/2046 | 1500 | 1520 |
|  San Diego County, California Regional Transportation Commission Revenue Bonds, Series 2016  | San Diego County, California Regional Transportation Commission Revenue Bonds, Series 2016  | San Diego County, California Regional Transportation Commission Revenue Bonds, Series 2016  |
|  5.000% due 04/01/2048 | 2490 | 2505 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2023 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2023 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2023 |
|  4.000% due 10/15/2048 | 1750 | 1668 |
|  5.250% due 08/01/2048 | 1500 | 1612 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2024  | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2024  | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2024  |
|  5.000% due 10/15/2049 | 2135 | 2254 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2012  | San Diego Unified School District, California General Obligation Bonds, Series 2012  | San Diego Unified School District, California General Obligation Bonds, Series 2012  |
|  0.000% due 07/01/2040 (b) | 2500 | 2611 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2023  | San Diego Unified School District, California General Obligation Bonds, Series 2023  | San Diego Unified School District, California General Obligation Bonds, Series 2023  |
|  5.000% due 07/01/2048 | 2500 | 2639 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2016 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2016 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2016 |
|  5.000% due 05/01/2046 | 4450 | 4450 |
|  San Joaquin County, California Transportation Authority Measure K Sales Tax Revenue Bonds, Series 2019  | San Joaquin County, California Transportation Authority Measure K Sales Tax Revenue Bonds, Series 2019  | San Joaquin County, California Transportation Authority Measure K Sales Tax Revenue Bonds, Series 2019  |
|  5.000% due 03/01/2040 | 1000 | 1045 |
|  San Juan Unified School District, California General Obligation Bonds, Series 2022 | San Juan Unified School District, California General Obligation Bonds, Series 2022 | San Juan Unified School District, California General Obligation Bonds, Series 2022 |
|  4.000% due 08/01/2046 | 2500 | 2332 |
|  5.000% due 08/01/2040 | 1000 | 1068 |
|  5.000% due 08/01/2041 | 1035 | 1099 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Leandro Unified School District, California General Obligation Bonds, Series 2022  | San Leandro Unified School District, California General Obligation Bonds, Series 2022  | San Leandro Unified School District, California General Obligation Bonds, Series 2022  |
|  5.250% due 08/01/2048 | 2000 | 2110 |
|  Sanger Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2022  | Sanger Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2022  | Sanger Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2022  |
|  5.000% due 06/01/2049 | 3250 | 3267 |
|  Santa Ana Public Financing Authority, California Revenue Bonds, Series 2024  | Santa Ana Public Financing Authority, California Revenue Bonds, Series 2024  | Santa Ana Public Financing Authority, California Revenue Bonds, Series 2024  |
|  5.000% due 09/01/2049 | 1100 | 1172 |
|  Santa Clara Unified School District, California General Obligation Bonds, Series 2023  | Santa Clara Unified School District, California General Obligation Bonds, Series 2023  | Santa Clara Unified School District, California General Obligation Bonds, Series 2023  |
|  5.000% due 08/01/2052 | 1260 | 1312 |
|  Santa Cruz County Capital Financing Authority, California Revenue Bonds, Series 2024  | Santa Cruz County Capital Financing Authority, California Revenue Bonds, Series 2024  | Santa Cruz County Capital Financing Authority, California Revenue Bonds, Series 2024  |
|  4.125% due 06/01/2039 | 2600 | 2631 |
|  South Bay Union School District/San Diego County, California General Obligation Bonds, (AGM Insured), Series 2022 | South Bay Union School District/San Diego County, California General Obligation Bonds, (AGM Insured), Series 2022 | South Bay Union School District/San Diego County, California General Obligation Bonds, (AGM Insured), Series 2022 |
|  0.000% due 08/01/2037 (a) | 1290 | 777 |
|  South Tahoe Joint Powers Financing Authority, California Revenue Bonds, Series 2023  | South Tahoe Joint Powers Financing Authority, California Revenue Bonds, Series 2023  | South Tahoe Joint Powers Financing Authority, California Revenue Bonds, Series 2023  |
|  5.250% due 10/01/2048 | 1825 | 1968 |
|  Sweetwater Union High School District, California General Obligation Bonds, Series 2022  | Sweetwater Union High School District, California General Obligation Bonds, Series 2022  | Sweetwater Union High School District, California General Obligation Bonds, Series 2022  |
|  5.000% due 08/01/2052 | 2000 | 2101 |
|  Tracy Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024  | Tracy Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024  | Tracy Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024  |
|  5.000% due 11/01/2049 | 1345 | 1402 |
|  Ukiah Unified School District, California General Obligation Bonds, (AGM Insured), Series 2022  | Ukiah Unified School District, California General Obligation Bonds, (AGM Insured), Series 2022  | Ukiah Unified School District, California General Obligation Bonds, (AGM Insured), Series 2022  |
|  5.500% due 08/01/2049 | 1000 | 1086 |
|  University of California Revenue Bonds, Series 2017  | University of California Revenue Bonds, Series 2017  | University of California Revenue Bonds, Series 2017  |
|  5.000% due 05/15/2042 | 2655 | 2697 |
|  West Covina Unified School District, California General Obligation Bonds, Series 2024  | West Covina Unified School District, California General Obligation Bonds, Series 2024  | West Covina Unified School District, California General Obligation Bonds, Series 2024  |
|  4.000% due 08/01/2047 | 3000 | 2911 |
|  |  | 200328 |
| INDIANA 1.0% | INDIANA 1.0% | INDIANA 1.0% |
|  Fort Wayne Redevelopment Authority, Indiana Revenue Bonds, Series 2022  | Fort Wayne Redevelopment Authority, Indiana Revenue Bonds, Series 2022  | Fort Wayne Redevelopment Authority, Indiana Revenue Bonds, Series 2022  |
|  5.000% due 12/15/2041 | 2050 | 2154 |
| MULTI-STATE 2.1% | MULTI-STATE 2.1% | MULTI-STATE 2.1% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023  | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023  | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023  |
|  4.033% due 12/25/2036 | 2919 | 2928 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  4.700% due 04/25/2042 ~ | 1495 | 1516 |
|  |  | 4444 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OHIO 0.9% | OHIO 0.9% | OHIO 0.9% |
|  Warren City School District, Ohio Certificates of Participation Bonds, Series 2023  | Warren City School District, Ohio Certificates of Participation Bonds, Series 2023  | Warren City School District, Ohio Certificates of Participation Bonds, Series 2023  |
|  4.625% due 12/01/2052 | $2000 | 1880 |
| TEXAS 0.6% | TEXAS 0.6% | TEXAS 0.6% |
|  Upper Trinity Regional Water District, Texas Revenue Bonds, Series 2022  | Upper Trinity Regional Water District, Texas Revenue Bonds, Series 2022  | Upper Trinity Regional Water District, Texas Revenue Bonds, Series 2022  |
|  5.000% due 08/01/2042 | 1160 | 1216 |
| UTAH 0.6% | UTAH 0.6% | UTAH 0.6% |
|  Utah Infrastructure Agency Revenue Bonds, Series 2022 | Utah Infrastructure Agency Revenue Bonds, Series 2022 | Utah Infrastructure Agency Revenue Bonds, Series 2022 |
|  5.500% due 10/15/2049 | 1350 | 1427 |
|  Total Municipal Bonds & Notes<br>(Cost $212,250) | Total Municipal Bonds & Notes<br>(Cost $212,250) | 211449 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I |
|  4.220% (c) | 270136 | 270 |
| Total Short-Term Instruments (Cost $270) | Total Short-Term Instruments (Cost $270) | 270 |
| Total Investments in Securities (Cost $212,520) | Total Investments in Securities (Cost $212,520) | 211719 |
| INVESTMENTS IN AFFILIATES 0.6% | INVESTMENTS IN AFFILIATES 0.6% | INVESTMENTS IN AFFILIATES 0.6% |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 140649 | 1370 |
| Total Short-Term Instruments<br>(Cost $1,370) | Total Short-Term Instruments<br>(Cost $1,370) | 1370 |
| Total Investments in Affiliates<br>(Cost $1,370) | Total Investments in Affiliates<br>(Cost $1,370) | 1370 |
| Total Investments 98.9%<br>(Cost $213,890) | Total Investments 98.9%<br>(Cost $213,890) | 213089 |
| Other Assets and Liabilities, net 1.1% | Other Assets and Liabilities, net 1.1% | 2269 |
| Net Assets 100.0% | Net Assets 100.0% | 215358 |

---

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

(a) Zero coupon security.

(b) Security becomes interest bearing at a future date.

(c) Coupon represents a 7-Day Yield.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **15** |

---

------

Schedule of Investments PIMCO California Municipal Opportunistic Value Fund (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
**The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | $0 | $200328 | $0 | $200328 |
| &nbsp;&nbsp; Indiana | 0 | 2154 | 0 | 2154 |
| &nbsp;&nbsp; Multi-State | 0 | 4444 | 0 | 4444 |
| &nbsp;&nbsp; Ohio | 0 | 1880 | 0 | 1880 |
| &nbsp;&nbsp; Texas | 0 | 1216 | 0 | 1216 |
| &nbsp;&nbsp; Utah | 0 | 1427 | 0 | 1427 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 270 | 0 | 0 | 270 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211719 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  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 | $1370 | $0 | $0 | $1370 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213089 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **16** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO National Municipal Intermediate Value Fund September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 97.7% | INVESTMENTS IN SECURITIES 97.7% | INVESTMENTS IN SECURITIES 97.7% |
| MUNICIPAL BONDS & NOTES 97.2% | MUNICIPAL BONDS & NOTES 97.2% | MUNICIPAL BONDS & NOTES 97.2% |
| ALABAMA 4.1% | ALABAMA 4.1% | ALABAMA 4.1% |
|  Alabama Corrections Institution Finance Authority Revenue Notes, Series 2022  | Alabama Corrections Institution Finance Authority Revenue Notes, Series 2022  | Alabama Corrections Institution Finance Authority Revenue Notes, Series 2022  |
|  5.000% due 07/01/2028 | 1500 | 1596 |
|  Marshall County, Alabama Board of Education Special Tax Notes, (BAM Insured), Series 2024 | Marshall County, Alabama Board of Education Special Tax Notes, (BAM Insured), Series 2024 | Marshall County, Alabama Board of Education Special Tax Notes, (BAM Insured), Series 2024 |
|  5.000% due 03/01/2034 | 500 | 563 |
|  |  | 2159 |
| ALASKA 4.3% | ALASKA 4.3% | ALASKA 4.3% |
|  Alaska Housing Finance Corp. Revenue Notes, Series 2024 | Alaska Housing Finance Corp. Revenue Notes, Series 2024 | Alaska Housing Finance Corp. Revenue Notes, Series 2024 |
|  5.000% due 12/01/2032 | 2000 | 2270 |
| CALIFORNIA 5.6% | CALIFORNIA 5.6% | CALIFORNIA 5.6% |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2036 (a) | 945 | 609 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2035 | 730 | 822 |
|  5.000% due 12/01/2036 | 380 | 424 |
|  Washington Township Health Care District, California General Obligation Bonds, Series 2013 | Washington Township Health Care District, California General Obligation Bonds, Series 2013 | Washington Township Health Care District, California General Obligation Bonds, Series 2013 |
|  5.500% due 08/01/2038 | 1120 | 1123 |
|  |  | 2978 |
| FLORIDA 3.0% | FLORIDA 3.0% | FLORIDA 3.0% |
|  Jacksonville Housing Authority, Florida Revenue Notes, Series 2024 | Jacksonville Housing Authority, Florida Revenue Notes, Series 2024 | Jacksonville Housing Authority, Florida Revenue Notes, Series 2024 |
|  5.000% due 02/01/2034 | 1500 | 1611 |
| GEORGIA 2.9% | GEORGIA 2.9% | GEORGIA 2.9% |
|  Griffin-Spalding County Hospital Authority, Georgia Revenue Bonds, Series 2017  | Griffin-Spalding County Hospital Authority, Georgia Revenue Bonds, Series 2017  | Griffin-Spalding County Hospital Authority, Georgia Revenue Bonds, Series 2017  |
|  5.000% due 04/01/2033 | 1500 | 1540 |
| ILLINOIS 17.6% | ILLINOIS 17.6% | ILLINOIS 17.6% |
|  Chicago Park District, Illinois General Obligation Bonds, Series 2024  | Chicago Park District, Illinois General Obligation Bonds, Series 2024  | Chicago Park District, Illinois General Obligation Bonds, Series 2024  |
|  5.000% due 11/15/2035 | 2005 | 2213 |
|  Cook County, Illinois School District No 111, Burbank General Obligation Bonds, (AGM Insured), Series 2016 | Cook County, Illinois School District No 111, Burbank General Obligation Bonds, (AGM Insured), Series 2016 | Cook County, Illinois School District No 111, Burbank General Obligation Bonds, (AGM Insured), Series 2016 |
|  4.000% due 12/01/2029 | 725 | 737 |
|  4.000% due 12/01/2030 | 1020 | 1035 |
|  Cook County, Illinois School District No 26, River Trails General Obligation Notes, Series 2024  | Cook County, Illinois School District No 26, River Trails General Obligation Notes, Series 2024  | Cook County, Illinois School District No 26, River Trails General Obligation Notes, Series 2024  |
|  5.000% due 12/15/2032 | 430 | 479 |
|  Jefferson & Franklin Etc Counties Community College District, Illinois General Obligation Notes, (AGM Insured), Series 2023  | Jefferson & Franklin Etc Counties Community College District, Illinois General Obligation Notes, (AGM Insured), Series 2023  | Jefferson & Franklin Etc Counties Community College District, Illinois General Obligation Notes, (AGM Insured), Series 2023  |
|  5.000% due 12/01/2031 | 1275 | 1408 |
|  Kendall Kane & Will Counties Community Unit School District, Illinois General Obligation Notes, (BAM Insured), Series 2023  | Kendall Kane & Will Counties Community Unit School District, Illinois General Obligation Notes, (BAM Insured), Series 2023  | Kendall Kane & Will Counties Community Unit School District, Illinois General Obligation Notes, (BAM Insured), Series 2023  |
|  4.000% due 10/01/2030 | 1000 | 1058 |
|  Village of Arlington Heights, Illinois General Obligation Bonds, Series 2016  | Village of Arlington Heights, Illinois General Obligation Bonds, Series 2016  | Village of Arlington Heights, Illinois General Obligation Bonds, Series 2016  |
|  4.000% due 12/01/2036 | 1000 | 1001 |
|  Village of Bolingbrook, Illinois General Obligation Bonds, Series 2019  | Village of Bolingbrook, Illinois General Obligation Bonds, Series 2019  | Village of Bolingbrook, Illinois General Obligation Bonds, Series 2019  |
|  4.000% due 01/01/2033 | 1445 | 1430 |
|  |  | 9361 |
| INDIANA 0.7% | INDIANA 0.7% | INDIANA 0.7% |
|  Fort Wayne Redevelopment Authority, Indiana Revenue Notes, Series 2022  | Fort Wayne Redevelopment Authority, Indiana Revenue Notes, Series 2022  | Fort Wayne Redevelopment Authority, Indiana Revenue Notes, Series 2022  |
|  5.000% due 12/15/2029 | 360 | 392 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MAINE 2.8% | MAINE 2.8% | MAINE 2.8% |
|  Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023  | Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023  | Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023  |
|  5.000% due 12/01/2030 | 1065 | 1139 |
|  Maine Municipal Bond Bank, Revenue Bonds, Series 2023  | Maine Municipal Bond Bank, Revenue Bonds, Series 2023  | Maine Municipal Bond Bank, Revenue Bonds, Series 2023  |
|  5.000% due 11/01/2037 | 310 | 345 |
|  |  | 1484 |
| MICHIGAN 2.4% | MICHIGAN 2.4% | MICHIGAN 2.4% |
|  Michigan Finance Authority Revenue Bonds, Series 2017  | Michigan Finance Authority Revenue Bonds, Series 2017  | Michigan Finance Authority Revenue Bonds, Series 2017  |
|  5.000% due 12/01/2035 | 720 | 744 |
|  Zeeland Public School, Michigan General Obligation Bonds, (BAM Insured), Series 2023  | Zeeland Public School, Michigan General Obligation Bonds, (BAM Insured), Series 2023  | Zeeland Public School, Michigan General Obligation Bonds, (BAM Insured), Series 2023  |
|  5.000% due 05/01/2037 | 500 | 548 |
|  |  | 1292 |
| MINNESOTA 1.9% |  |  |
|  Minnesota Housing Finance Agency Revenue Bonds, Series 2015  | Minnesota Housing Finance Agency Revenue Bonds, Series 2015  | Minnesota Housing Finance Agency Revenue Bonds, Series 2015  |
|  5.000% due 08/01/2036 | 1000 | 1002 |
| MISSISSIPPI 3.1% | MISSISSIPPI 3.1% | MISSISSIPPI 3.1% |
|  Mississippi Development Bank Revenue Notes, (BAM Insured), Series 2023  | Mississippi Development Bank Revenue Notes, (BAM Insured), Series 2023  | Mississippi Development Bank Revenue Notes, (BAM Insured), Series 2023  |
|  5.000% due 04/01/2031 | 1485 | 1635 |
| MISSOURI 5.1% | MISSOURI 5.1% | MISSOURI 5.1% |
|  Greene County, Missouri Certificates of Participation Bonds, Series 2018  | Greene County, Missouri Certificates of Participation Bonds, Series 2018  | Greene County, Missouri Certificates of Participation Bonds, Series 2018  |
|  5.000% due 09/01/2034 | 1185 | 1243 |
|  Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023  | Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023  | Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023  |
|  5.000% due 03/01/2037 | 560 | 607 |
|  Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 |
|  5.250% due 05/01/2035 | 485 | 539 |
|  5.250% due 05/01/2037 | 300 | 326 |
|  |  | 2715 |
| MULTI-STATE 1.8% | MULTI-STATE 1.8% | MULTI-STATE 1.8% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023  | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023  | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023  |
|  4.033% due 12/25/2036 | 973 | 976 |
| NEVADA 2.3% | NEVADA 2.3% | NEVADA 2.3% |
|  Clark Department of Aviation, Nevada Revenue Notes, Series 2022  | Clark Department of Aviation, Nevada Revenue Notes, Series 2022  | Clark Department of Aviation, Nevada Revenue Notes, Series 2022  |
|  5.000% due 07/01/2026 | 1170 | 1189 |
| NEW YORK 3.2% | NEW YORK 3.2% | NEW YORK 3.2% |
|  Long Island Power Authority, New York Revenue Notes, Series 2025  | Long Island Power Authority, New York Revenue Notes, Series 2025  | Long Island Power Authority, New York Revenue Notes, Series 2025  |
|  5.000% due 09/01/2035 | 1460 | 1710 |
| OHIO 2.4% | OHIO 2.4% | OHIO 2.4% |
|  Piqua City School District, Ohio Certificates of Participation Bonds, (BAM insured), Series 2019  | Piqua City School District, Ohio Certificates of Participation Bonds, (BAM insured), Series 2019  | Piqua City School District, Ohio Certificates of Participation Bonds, (BAM insured), Series 2019  |
|  4.000% due 03/01/2035 | 1225 | 1249 |
| OREGON 7.9% | OREGON 7.9% | OREGON 7.9% |
|  Clackamas & Washington Counties School District No 3, Oregon General Obligation Bonds, Series 2022  | Clackamas & Washington Counties School District No 3, Oregon General Obligation Bonds, Series 2022  | Clackamas & Washington Counties School District No 3, Oregon General Obligation Bonds, Series 2022  |
|  0.000% due 06/15/2036 (a) | 1605 | 1025 |
|  Crook County, Oregon General Obligation Bonds, Series 2022  | Crook County, Oregon General Obligation Bonds, Series 2022  | Crook County, Oregon General Obligation Bonds, Series 2022  |
|  0.000% due 06/01/2036 (b) | 1685 | 1692 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oregon Coast Community College District, Oregon General Obligation Bonds, Series 2024  | Oregon Coast Community College District, Oregon General Obligation Bonds, Series 2024  | Oregon Coast Community College District, Oregon General Obligation Bonds, Series 2024  |
|  5.000% due 06/15/2037 | 300 | 339 |
|  Port of Portland, Oregon Airport Revenue Notes, Series 2024  | Port of Portland, Oregon Airport Revenue Notes, Series 2024  | Port of Portland, Oregon Airport Revenue Notes, Series 2024  |
|  5.000% due 07/01/2033 | 1000 | 1119 |
|  |  | 4175 |
| PENNSYLVANIA 6.2% | PENNSYLVANIA 6.2% | PENNSYLVANIA 6.2% |
|  Avon Grove School District Chester County, Pennsylvania General Obligation Bonds, Series 2022  | Avon Grove School District Chester County, Pennsylvania General Obligation Bonds, Series 2022  | Avon Grove School District Chester County, Pennsylvania General Obligation Bonds, Series 2022  |
|  4.000% due 11/15/2036 | 1000 | 1015 |
|  Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018  | Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018  | Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018  |
|  5.000% due 06/01/2028 | 1095 | 1160 |
|  Neshannock Township School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 | Neshannock Township School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 | Neshannock Township School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 09/01/2038 | 465 | 480 |
|  5.000% due 09/01/2039 | 595 | 611 |
|  |  | 3266 |
| SOUTH CAROLINA 2.0% | SOUTH CAROLINA 2.0% | SOUTH CAROLINA 2.0% |
|  South Carolina Ports Authority Revenue Bonds, Series 2018  | South Carolina Ports Authority Revenue Bonds, Series 2018  | South Carolina Ports Authority Revenue Bonds, Series 2018  |
|  5.000% due 07/01/2034 | 1025 | 1067 |
| SOUTH DAKOTA 4.0% | SOUTH DAKOTA 4.0% | SOUTH DAKOTA 4.0% |
|  South Dakota Board of Regents Revenue Bonds, Series 2017  | South Dakota Board of Regents Revenue Bonds, Series 2017  | South Dakota Board of Regents Revenue Bonds, Series 2017  |
|  5.000% due 04/01/2032 | 1010 | 1047 |
|  South Dakota Housing Development Authority Revenue Notes, Series 2022  | South Dakota Housing Development Authority Revenue Notes, Series 2022  | South Dakota Housing Development Authority Revenue Notes, Series 2022  |
|  5.000% due 05/01/2029 | 1005 | 1084 |
|  |  | 2131 |
| TEXAS 13.9% | TEXAS 13.9% | TEXAS 13.9% |
|  Brownsville, Texas General Obligation Bonds, Series 2017  | Brownsville, Texas General Obligation Bonds, Series 2017  | Brownsville, Texas General Obligation Bonds, Series 2017  |
|  5.000% due 02/15/2036 | 1225 | 1250 |
|  City of Odessa, Texas General Obligation Notes, Series 2019 | City of Odessa, Texas General Obligation Notes, Series 2019 | City of Odessa, Texas General Obligation Notes, Series 2019 |
|  5.000% due 03/01/2026 | 545 | 549 |
|  5.000% due 03/01/2027 | 515 | 529 |
|  EP Cimarron Ventanas PFC, Texas Revenue Bonds, Series 2024  | EP Cimarron Ventanas PFC, Texas Revenue Bonds, Series 2024  | EP Cimarron Ventanas PFC, Texas Revenue Bonds, Series 2024  |
|  4.125% due 12/01/2039 | 2000 | 1954 |
|  Harris Montgomery Counties Municipal Utility District No 386, Texas General Obligation Notes, (BAM Insured), Series 2017 | Harris Montgomery Counties Municipal Utility District No 386, Texas General Obligation Notes, (BAM Insured), Series 2017 | Harris Montgomery Counties Municipal Utility District No 386, Texas General Obligation Notes, (BAM Insured), Series 2017 |
|  3.000% due 09/01/2027 | 860 | 860 |
|  Travis County Water Control & Improvement District No 17, Texas General Obligation Notes, (BAM Insured), Series 2016 | Travis County Water Control & Improvement District No 17, Texas General Obligation Notes, (BAM Insured), Series 2016 | Travis County Water Control & Improvement District No 17, Texas General Obligation Notes, (BAM Insured), Series 2016 |
|  3.000% due 11/01/2025 | 590 | 590 |
|  Waller County, Texas General Obligation Bonds, Series 2023  | Waller County, Texas General Obligation Bonds, Series 2023  | Waller County, Texas General Obligation Bonds, Series 2023  |
|  4.000% due 02/15/2037 | 1615 | 1653 |
|  |  | 7385 |
|  Total Municipal Bonds & Notes<br>(Cost $51,367) | Total Municipal Bonds & Notes<br>(Cost $51,367) | 51587 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% |
| MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% |
|  Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I |
|  4.220% (c) | 261244 | 261 |
| Total Short-Term Instruments<br>(Cost $261) | Total Short-Term Instruments<br>(Cost $261) | 261 |
| Total Investments in Securities<br>(Cost $51,628) | Total Investments in Securities<br>(Cost $51,628) | 51848 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 17

------

Schedule of Investments PIMCO National Municipal Intermediate Value Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 1.3% | INVESTMENTS IN AFFILIATES 1.3% | INVESTMENTS IN AFFILIATES 1.3% | INVESTMENTS IN AFFILIATES 1.3% |
| SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.3% |
|  PIMCO Short-Term Floating NAV Portfolio III | 72097 | $— | 702 |
| Total Short-Term Instruments<br>(Cost $702) | Total Short-Term Instruments<br>(Cost $702) |  | 702 |
| Total Investments in Affiliates<br>(Cost $702) | Total Investments in Affiliates<br>(Cost $702) |  | 702 |
| Total Investments 99.0%<br>(Cost $52,330) | Total Investments 99.0%<br>(Cost $52,330) | $— | 52550 |
| Other Assets and Liabilities, net 1.0% | Other Assets and Liabilities, net 1.0% |  | 526 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 53076 |

---

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

(a) Zero coupon security.

(b) Security becomes interest bearing at a future date.

(c) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
**The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159 |
| &nbsp;&nbsp; Alaska | 0 | 2270 | 0 | 2270 |
| &nbsp;&nbsp; California | 0 | 2978 | 0 | 2978 |
| &nbsp;&nbsp; Florida | 0 | 1611 | 0 | 1611 |
| &nbsp;&nbsp; Georgia | 0 | 1540 | 0 | 1540 |
| &nbsp;&nbsp; Illinois | 0 | 9361 | 0 | 9361 |
| &nbsp;&nbsp; Indiana | 0 | 392 | 0 | 392 |
| &nbsp;&nbsp; Maine | 0 | 1484 | 0 | 1484 |
| &nbsp;&nbsp; Michigan | 0 | 1292 | 0 | 1292 |
| &nbsp;&nbsp; Minnesota | 0 | 1002 | 0 | 1002 |
| &nbsp;&nbsp; Mississippi | 0 | 1635 | 0 | 1635 |
| &nbsp;&nbsp; Missouri | 0 | 2715 | 0 | 2715 |
| &nbsp;&nbsp; Multi-State | 0 | 976 | 0 | 976 |
| &nbsp;&nbsp; Nevada | 0 | 1189 | 0 | 1189 |
| &nbsp;&nbsp; New York | 0 | 1710 | 0 | 1710 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Ohio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1249 | $0 | $1249 |
| &nbsp;&nbsp; Oregon | 0 | 4175 | 0 | 4175 |
| &nbsp;&nbsp; Pennsylvania | 0 | 3266 | 0 | 3266 |
| &nbsp;&nbsp; South Carolina | 0 | 1067 | 0 | 1067 |
| &nbsp;&nbsp; South Dakota | 0 | 2131 | 0 | 2131 |
| &nbsp;&nbsp; Texas | 0 | 7385 | 0 | 7385 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 261 | 0 | 0 | 261 |
|  | $261 | $51587 | $0 | $51848 |
|  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 | $702 | $0 | $0 | $702 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52550 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **18** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO National Municipal Opportunistic Value Fund September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.0% | INVESTMENTS IN SECURITIES 99.0% | INVESTMENTS IN SECURITIES 99.0% |
| MUNICIPAL BONDS & NOTES 98.9% | MUNICIPAL BONDS & NOTES 98.9% | MUNICIPAL BONDS & NOTES 98.9% |
| ALABAMA 2.6% | ALABAMA 2.6% | ALABAMA 2.6% |
|  Alabama Community College System Revenue Bonds, (AGM Insured), Series 2023  | Alabama Community College System Revenue Bonds, (AGM Insured), Series 2023  | Alabama Community College System Revenue Bonds, (AGM Insured), Series 2023  |
|  5.000% due 06/01/2053 | 500 | 512 |
|  Lower Alabama Gas District Revenue Bonds, Series 2016  | Lower Alabama Gas District Revenue Bonds, Series 2016  | Lower Alabama Gas District Revenue Bonds, Series 2016  |
|  5.000% due 09/01/2046 | 2150 | 2272 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021  | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021  | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021  |
|  4.000% due 12/01/2051 | 2185 | 2240 |
|  Sylacauga, Alabama General Obligation Bonds, (BAM Insured), Series 2024  | Sylacauga, Alabama General Obligation Bonds, (BAM Insured), Series 2024  | Sylacauga, Alabama General Obligation Bonds, (BAM Insured), Series 2024  |
|  4.250% due 04/01/2049 | 1000 | 941 |
|  |  | 5965 |
| ARIZONA 0.9% | ARIZONA 0.9% | ARIZONA 0.9% |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2020  | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2020  | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2020  |
|  5.000% due 07/01/2047 | 2000 | 2022 |
| ARKANSAS 1.8% | ARKANSAS 1.8% | ARKANSAS 1.8% |
|  University of Arkansas Revenue Bonds, Series 2022  | University of Arkansas Revenue Bonds, Series 2022  | University of Arkansas Revenue Bonds, Series 2022  |
|  5.000% due 04/01/2052 | 4000 | 4101 |
| CALIFORNIA 0.5% | CALIFORNIA 0.5% | CALIFORNIA 0.5% |
|  California State General Obligation Bonds, (AMBAC Insured), Series 1997  | California State General Obligation Bonds, (AMBAC Insured), Series 1997  | California State General Obligation Bonds, (AMBAC Insured), Series 1997  |
|  5.125% due 10/01/2027 | 100 | 100 |
|  Modesto Elementary School District, California General Obligation Bonds, Series 2023  | Modesto Elementary School District, California General Obligation Bonds, Series 2023  | Modesto Elementary School District, California General Obligation Bonds, Series 2023  |
|  5.000% due 08/01/2047 | 1000 | 1053 |
|  |  | 1153 |
| COLORADO 2.2% | COLORADO 2.2% | COLORADO 2.2% |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2023  | Board of Governors of Colorado State University System Revenue Bonds, Series 2023  | Board of Governors of Colorado State University System Revenue Bonds, Series 2023  |
|  5.000% due 03/01/2051 | 235 | 241 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2019  | Colorado Health Facilities Authority Revenue Bonds, Series 2019  | Colorado Health Facilities Authority Revenue Bonds, Series 2019  |
|  5.000% due 11/01/2039 | 2500 | 2588 |
|  Northern Colorado Water Conservancy District Certificates Of Participation Bonds, Series 2022  | Northern Colorado Water Conservancy District Certificates Of Participation Bonds, Series 2022  | Northern Colorado Water Conservancy District Certificates Of Participation Bonds, Series 2022  |
|  5.250% due 07/01/2052 | 2100 | 2179 |
|  |  | 5008 |
| DISTRICT OF COLUMBIA 1.5% | DISTRICT OF COLUMBIA 1.5% | DISTRICT OF COLUMBIA 1.5% |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2017 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2017 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2042 | 3475 | 3500 |
| FLORIDA 6.2% | FLORIDA 6.2% | FLORIDA 6.2% |
|  Lee County, Florida Local Option Gas Tax Revenue Bonds, Series 2022  | Lee County, Florida Local Option Gas Tax Revenue Bonds, Series 2022  | Lee County, Florida Local Option Gas Tax Revenue Bonds, Series 2022  |
|  5.250% due 08/01/2049 | 2000 | 2064 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2015  | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2015  | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2015  |
|  5.000% due 10/01/2038 | 5525 | 5531 |
|  Pinellas Park, Florida Revenue Bonds, Series 2022  | Pinellas Park, Florida Revenue Bonds, Series 2022  | Pinellas Park, Florida Revenue Bonds, Series 2022  |
|  5.000% due 09/01/2049 | 2200 | 2272 |
|  St Johns County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2023  | St Johns County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2023  | St Johns County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2023  |
|  5.000% due 07/01/2048 | 2000 | 2060 |
|  Sumter County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2024  | Sumter County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2024  | Sumter County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2024  |
|  5.250% due 01/01/2049 | 2100 | 2230 |
|  |  | 14157 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| GEORGIA 1.7% | GEORGIA 1.7% | GEORGIA 1.7% |
|  Bibb County, Georgia Development Authority Revenue Bonds, Series 2024  | Bibb County, Georgia Development Authority Revenue Bonds, Series 2024  | Bibb County, Georgia Development Authority Revenue Bonds, Series 2024  |
|  4.375% due 07/01/2054 | 1000 | 977 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022  | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022  | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022  |
|  4.000% due 09/01/2052 | 2000 | 2052 |
|  Valdosta & Lowndes County, Georgia Hospital Authority Revenue Bonds, (CNTY Insured), Series 2024  | Valdosta & Lowndes County, Georgia Hospital Authority Revenue Bonds, (CNTY Insured), Series 2024  | Valdosta & Lowndes County, Georgia Hospital Authority Revenue Bonds, (CNTY Insured), Series 2024  |
|  4.125% due 10/01/2049 | 1000 | 952 |
|  |  | 3981 |
| HAWAII 2.0% | HAWAII 2.0% | HAWAII 2.0% |
|  Hawaii Housing Finance & Development Corp. Revenue Bonds, Series 2011  | Hawaii Housing Finance & Development Corp. Revenue Bonds, Series 2011  | Hawaii Housing Finance & Development Corp. Revenue Bonds, Series 2011  |
|  4.950% due 04/01/2029 | 4425 | 4528 |
| ILLINOIS 11.1% | ILLINOIS 11.1% | ILLINOIS 11.1% |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2016  | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2016  | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2016  |
|  5.000% due 01/01/2041 | 2665 | 2668 |
|  Chicago Park District, Illinois General Obligation Bonds, Series 2024  | Chicago Park District, Illinois General Obligation Bonds, Series 2024  | Chicago Park District, Illinois General Obligation Bonds, Series 2024  |
|  5.000% due 01/01/2046 | 1000 | 1023 |
|  Cook County, Illinois School District No 36, Winnetka General Obligation Bonds, Series 2022  | Cook County, Illinois School District No 36, Winnetka General Obligation Bonds, Series 2022  | Cook County, Illinois School District No 36, Winnetka General Obligation Bonds, Series 2022  |
|  4.000% due 12/01/2042 | 1805 | 1780 |
|  Cook County, Illinois School District No 86 Harwood Heights General Obligation Bonds,(BAM Insured),Series 2024  | Cook County, Illinois School District No 86 Harwood Heights General Obligation Bonds,(BAM Insured),Series 2024  | Cook County, Illinois School District No 86 Harwood Heights General Obligation Bonds,(BAM Insured),Series 2024  |
|  5.000% due 10/01/2049 | 1495 | 1529 |
|  DuPage County, Illinois School District No 13 Bloomingdale General Obligation Bonds, Series 2025 | DuPage County, Illinois School District No 13 Bloomingdale General Obligation Bonds, Series 2025 | DuPage County, Illinois School District No 13 Bloomingdale General Obligation Bonds, Series 2025 |
|  4.250% due 11/01/2049 | 1645 | 1552 |
|  Illinois Finance Authority Revenue Bonds, Series 2016  | Illinois Finance Authority Revenue Bonds, Series 2016  | Illinois Finance Authority Revenue Bonds, Series 2016  |
|  5.000% due 02/15/2045 | 3500 | 3505 |
|  Illinois Finance Authority Revenue Bonds, Series 2022  | Illinois Finance Authority Revenue Bonds, Series 2022  | Illinois Finance Authority Revenue Bonds, Series 2022  |
|  5.000% due 08/15/2047 | 1775 | 1810 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2015  | Illinois State Toll Highway Authority Revenue Bonds, Series 2015  | Illinois State Toll Highway Authority Revenue Bonds, Series 2015  |
|  5.000% due 01/01/2040 | 1805 | 1806 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2016  | Illinois State Toll Highway Authority Revenue Bonds, Series 2016  | Illinois State Toll Highway Authority Revenue Bonds, Series 2016  |
|  5.000% due 01/01/2041 | 2200 | 2212 |
|  Rock Island & Mercer Counties Community Unit School District No 300, Illinois General Obligation Bonds, (BAM Insured), Series 2025 | Rock Island & Mercer Counties Community Unit School District No 300, Illinois General Obligation Bonds, (BAM Insured), Series 2025 | Rock Island & Mercer Counties Community Unit School District No 300, Illinois General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 12/01/2050 | 2170 | 2247 |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 |
|  5.250% due 01/01/2043 | 2200 | 2250 |
|  5.250% due 01/01/2048 | 2000 | 2031 |
|  Will County, Illinois School District No 86, Joliet General Obligation Bonds, (BAM Insured), Series 2024  | Will County, Illinois School District No 86, Joliet General Obligation Bonds, (BAM Insured), Series 2024  | Will County, Illinois School District No 86, Joliet General Obligation Bonds, (BAM Insured), Series 2024  |
|  4.500% due 01/01/2049 | 1000 | 989 |
|  |  | 25402 |
| KANSAS 0.9% | KANSAS 0.9% | KANSAS 0.9% |
|  Leavenworth County, Kansas Unified School District No. 458 General Obligation Bonds, Series 2024  | Leavenworth County, Kansas Unified School District No. 458 General Obligation Bonds, Series 2024  | Leavenworth County, Kansas Unified School District No. 458 General Obligation Bonds, Series 2024  |
|  5.000% due 09/01/2049 | 2000 | 2036 |
| LOUISIANA 0.9% | LOUISIANA 0.9% | LOUISIANA 0.9% |
|  Lafayette, Louisiana Utilities Revenue Bonds, (AGC Insured), Series 2024  | Lafayette, Louisiana Utilities Revenue Bonds, (AGC Insured), Series 2024  | Lafayette, Louisiana Utilities Revenue Bonds, (AGC Insured), Series 2024  |
|  5.000% due 11/01/2049 | 2000 | 2071 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MAINE 2.3% | MAINE 2.3% | MAINE 2.3% |
|  Maine Health & Higher Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2022  | Maine Health & Higher Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2022  | Maine Health & Higher Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2022  |
|  5.500% due 07/01/2050 | 5000 | 5261 |
| MARYLAND 0.3% | MARYLAND 0.3% | MARYLAND 0.3% |
|  Montgomery County, Maryland Housing Opportunities Commission Revenue Bonds, Series 2005  | Montgomery County, Maryland Housing Opportunities Commission Revenue Bonds, Series 2005  | Montgomery County, Maryland Housing Opportunities Commission Revenue Bonds, Series 2005  |
|  5.000% due 07/01/2031 | 625 | 634 |
| MASSACHUSETTS 3.0% | MASSACHUSETTS 3.0% | MASSACHUSETTS 3.0% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2015  | Commonwealth of Massachusetts General Obligation Bonds, Series 2015  | Commonwealth of Massachusetts General Obligation Bonds, Series 2015  |
|  5.000% due 07/01/2045 | 2825 | 2827 |
|  Massachusetts Bay Transportation Authority Revenue Bonds, Series 2020  | Massachusetts Bay Transportation Authority Revenue Bonds, Series 2020  | Massachusetts Bay Transportation Authority Revenue Bonds, Series 2020  |
|  5.000% due 07/01/2050 | 3000 | 3024 |
|  Massachusetts Port Authority Revenue Bonds, Series 2019 | Massachusetts Port Authority Revenue Bonds, Series 2019 | Massachusetts Port Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2034 | 1000 | 1047 |
|  |  | 6898 |
| MICHIGAN 7.3% | MICHIGAN 7.3% | MICHIGAN 7.3% |
|  Allegan Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023  | Allegan Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023  | Allegan Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023  |
|  5.000% due 05/01/2044 | 2640 | 2785 |
|  Clarkston Community Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023  | Clarkston Community Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023  | Clarkston Community Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023  |
|  5.000% due 05/01/2047 | 2500 | 2604 |
|  Holly Area School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2022  | Holly Area School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2022  | Holly Area School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2022  |
|  5.000% due 05/01/2044 | 3240 | 3408 |
|  Jenison Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2024  | Jenison Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2024  | Jenison Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2024  |
|  5.000% due 05/01/2049 | 535 | 558 |
|  Lansing School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2022  | Lansing School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2022  | Lansing School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2022  |
|  5.000% due 05/01/2046 | 3650 | 3761 |
|  Michigan State Hospital Finance Authority Revenue Bonds, Series 2010  | Michigan State Hospital Finance Authority Revenue Bonds, Series 2010  | Michigan State Hospital Finance Authority Revenue Bonds, Series 2010  |
|  5.000% due 11/15/2047 | 2430 | 2464 |
|  Saginaw City School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2021  | Saginaw City School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2021  | Saginaw City School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2021  |
|  4.000% due 05/01/2050 | 750 | 687 |
|  Woodhaven-Brownstown School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2025 | Woodhaven-Brownstown School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2025 | Woodhaven-Brownstown School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2025 |
|  5.000% due 11/01/2051 | 525 | 544 |
|  |  | 16811 |
| MISSOURI 6.1% | MISSOURI 6.1% | MISSOURI 6.1% |
|  Andrew County Reorganized School District No 3, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023  | Andrew County Reorganized School District No 3, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023  | Andrew County Reorganized School District No 3, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023  |
|  4.500% due 04/15/2048 | 2275 | 2282 |
|  Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue Bonds, Series 2019  | Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue Bonds, Series 2019  | Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue Bonds, Series 2019  |
|  5.000% due 10/01/2044 | 2225 | 2276 |
|  Blue Springs, Missouri Revenue Bonds, Series 2022  | Blue Springs, Missouri Revenue Bonds, Series 2022  | Blue Springs, Missouri Revenue Bonds, Series 2022  |
|  5.000% due 08/01/2052 | 2500 | 2561 |
|  Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019  | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019  | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019  |
|  5.000% due 03/01/2037 | 2930 | 3016 |
|  Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023  | Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023  | Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023  |
|  5.000% due 03/01/2049 | 2000 | 2060 |
|  Orchard Farm, Missouri School Board Certificates of Participation Bonds, Series 2022  | Orchard Farm, Missouri School Board Certificates of Participation Bonds, Series 2022  | Orchard Farm, Missouri School Board Certificates of Participation Bonds, Series 2022  |
|  5.500% due 04/01/2047 | 1780 | 1832 |
|  |  | 14027 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 19

------

Schedule of Investments PIMCO National Municipal Opportunistic Value Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MULTI-STATE 2.5% | MULTI-STATE 2.5% | MULTI-STATE 2.5% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.033% due 12/25/2036 | 2919 | 2929 |
|  4.140% due 01/25/2040 | 2933 | 2882 |
|  |  | 5811 |
| NEBRASKA 1.8% | NEBRASKA 1.8% | NEBRASKA 1.8% |
|  Fremont School District, Nebraska General Obligation Bonds, (AGM Insured), Series 2023  | Fremont School District, Nebraska General Obligation Bonds, (AGM Insured), Series 2023  | Fremont School District, Nebraska General Obligation Bonds, (AGM Insured), Series 2023  |
|  5.000% due 12/15/2048 | 2925 | 3060 |
|  Southeast Community College Area, Nebraska Certificates of Participation Bonds, Series 2023  | Southeast Community College Area, Nebraska Certificates of Participation Bonds, Series 2023  | Southeast Community College Area, Nebraska Certificates of Participation Bonds, Series 2023  |
|  4.500% due 12/15/2053 | 1000 | 994 |
|  |  | 4054 |
| NEW HAMPSHIRE 2.1% | NEW HAMPSHIRE 2.1% | NEW HAMPSHIRE 2.1% |
|  New Hampshire Business Finance Authority Revenue Bonds, (BAM Insured), Series 2023  | New Hampshire Business Finance Authority Revenue Bonds, (BAM Insured), Series 2023  | New Hampshire Business Finance Authority Revenue Bonds, (BAM Insured), Series 2023  |
|  5.250% due 12/01/2041 | 1450 | 1556 |
|  New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024  | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024  | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024  |
|  6.500% due 07/01/2055 | 2960 | 3353 |
|  |  | 4909 |
| NEW JERSEY 0.4% | NEW JERSEY 0.4% | NEW JERSEY 0.4% |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019  | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019  | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019  |
|  5.000% due 06/15/2044 | 1000 | 1018 |
| NEW YORK 4.9% | NEW YORK 4.9% | NEW YORK 4.9% |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022  | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022  | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022  |
|  5.000% due 02/01/2047 | 2535 | 2614 |
|  New York State Dormitory Authority Revenue Bonds, Series 2022  | New York State Dormitory Authority Revenue Bonds, Series 2022  | New York State Dormitory Authority Revenue Bonds, Series 2022  |
|  5.000% due 05/01/2052 | 2500 | 2533 |
|  Schenectady County Capital Resource Corp. Union College Project, New York Revenue Bonds Series 2022  | Schenectady County Capital Resource Corp. Union College Project, New York Revenue Bonds Series 2022  | Schenectady County Capital Resource Corp. Union College Project, New York Revenue Bonds Series 2022  |
|  5.250% due 07/01/2052 | 1000 | 1039 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021  | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021  | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021  |
|  5.000% due 05/15/2051 | 5000 | 5111 |
|  |  | 11297 |
| NORTH CAROLINA 1.9% | NORTH CAROLINA 1.9% | NORTH CAROLINA 1.9% |
|  Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2013  | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2013  | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2013  |
|  5.000% due 01/15/2039 | 4450 | 4459 |
| OHIO 8.6% | OHIO 8.6% | OHIO 8.6% |
|  Akron City School District, Ohio Certificates of Participation Bonds, (AGM Insured), Series 2023  | Akron City School District, Ohio Certificates of Participation Bonds, (AGM Insured), Series 2023  | Akron City School District, Ohio Certificates of Participation Bonds, (AGM Insured), Series 2023  |
|  5.000% due 08/01/2053 | 1000 | 1023 |
|  Amherst Exempted Village School District, Ohio Certificates of Participation Bonds, Series 2024  | Amherst Exempted Village School District, Ohio Certificates of Participation Bonds, Series 2024  | Amherst Exempted Village School District, Ohio Certificates of Participation Bonds, Series 2024  |
|  5.000% due 12/01/2049 | 1000 | 1028 |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025  | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025  | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025  |
|  5.500% due 01/01/2050 | 3000 | 3160 |
|  Coshocton County, Ohio General Obligation Bonds, Series 2023  | Coshocton County, Ohio General Obligation Bonds, Series 2023  | Coshocton County, Ohio General Obligation Bonds, Series 2023  |
|  5.000% due 12/01/2048 | 3405 | 3462 |
|  Lake County, Ohio General Obligation Bonds, Series 2024  | Lake County, Ohio General Obligation Bonds, Series 2024  | Lake County, Ohio General Obligation Bonds, Series 2024  |
|  5.000% due 12/01/2050 | 2000 | 2033 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lake Local School District/Wood County, Ohio General Obligation Bonds, Series 2022  | Lake Local School District/Wood County, Ohio General Obligation Bonds, Series 2022  | Lake Local School District/Wood County, Ohio General Obligation Bonds, Series 2022  |
|  4.000% due 12/01/2051 | 1500 | 1329 |
|  Princeton City School District, Ohio Certificates of Participation Bonds, Series 2024 | Princeton City School District, Ohio Certificates of Participation Bonds, Series 2024 | Princeton City School District, Ohio Certificates of Participation Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 500 | 512 |
|  5.000% due 12/01/2053 | 2465 | 2510 |
|  Toledo City School District, Ohio Certificates of Participation Bonds, (BAM Insured), Series 2024  | Toledo City School District, Ohio Certificates of Participation Bonds, (BAM Insured), Series 2024  | Toledo City School District, Ohio Certificates of Participation Bonds, (BAM Insured), Series 2024  |
|  5.000% due 12/01/2048 | 1000 | 1042 |
|  Tolles Career & Technical Center, Ohio Certificates of Participation Bonds, Series 2024  | Tolles Career & Technical Center, Ohio Certificates of Participation Bonds, Series 2024  | Tolles Career & Technical Center, Ohio Certificates of Participation Bonds, Series 2024  |
|  5.250% due 12/01/2049 | 2640 | 2736 |
|  Warren City School District, Ohio Certificates of Participation Bonds, Series 2023  | Warren City School District, Ohio Certificates of Participation Bonds, Series 2023  | Warren City School District, Ohio Certificates of Participation Bonds, Series 2023  |
|  4.625% due 12/01/2052 | 1000 | 940 |
|  |  | 19775 |
| OREGON 2.0% | OREGON 2.0% | OREGON 2.0% |
|  Crook County, Oregon General Obligation Bonds, Series 2022  | Crook County, Oregon General Obligation Bonds, Series 2022  | Crook County, Oregon General Obligation Bonds, Series 2022  |
|  0.000% due 06/01/2042 (b) | 3775 | 3628 |
|  Washington County, Oregon School District No 13 Banks General Obligation Bonds, Series 2024  | Washington County, Oregon School District No 13 Banks General Obligation Bonds, Series 2024  | Washington County, Oregon School District No 13 Banks General Obligation Bonds, Series 2024  |
|  0.000% due 06/15/2044 (a) | 2500 | 1013 |
|  |  | 4641 |
| PENNSYLVANIA 7.9% | PENNSYLVANIA 7.9% | PENNSYLVANIA 7.9% |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018  | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018  | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018  |
|  4.000% due 06/01/2039 | 1000 | 983 |
|  Commonwealth of Pennsylvania Certificates of Participation Bonds, Series 2018  | Commonwealth of Pennsylvania Certificates of Participation Bonds, Series 2018  | Commonwealth of Pennsylvania Certificates of Participation Bonds, Series 2018  |
|  5.000% due 07/01/2043 | 3200 | 3258 |
|  Dallastown Area, Pennsylvania School District General Obligation Bonds, Series 2022  | Dallastown Area, Pennsylvania School District General Obligation Bonds, Series 2022  | Dallastown Area, Pennsylvania School District General Obligation Bonds, Series 2022  |
|  5.000% due 03/15/2041 | 1750 | 1830 |
|  Keystone Central School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2023  | Keystone Central School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2023  | Keystone Central School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2023  |
|  4.375% due 02/15/2049 | 2000 | 1906 |
|  Lancaster County, Pennsylvania Convention Center Authority Revenue Bonds, (CNTY Insured), Series 2022 | Lancaster County, Pennsylvania Convention Center Authority Revenue Bonds, (CNTY Insured), Series 2022 | Lancaster County, Pennsylvania Convention Center Authority Revenue Bonds, (CNTY Insured), Series 2022 |
|  4.000% due 05/01/2049 | 2000 | 1845 |
|  Mechanicsburg Area School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 | Mechanicsburg Area School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 | Mechanicsburg Area School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 05/15/2048 | 1770 | 1826 |
|  Middletown Area School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2025  | Middletown Area School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2025  | Middletown Area School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2025  |
|  5.000% due 03/01/2045 | 1000 | 1034 |
|  Muhlenberg School District, Pennsylvania General Obligation Bonds, Series 2024  | Muhlenberg School District, Pennsylvania General Obligation Bonds, Series 2024  | Muhlenberg School District, Pennsylvania General Obligation Bonds, Series 2024  |
|  5.000% due 05/15/2049 | 1000 | 1030 |
|  Palmyra Area School District, Pennsylvania General Obligation Bonds, Series 2024  | Palmyra Area School District, Pennsylvania General Obligation Bonds, Series 2024  | Palmyra Area School District, Pennsylvania General Obligation Bonds, Series 2024  |
|  5.000% due 06/01/2049 | 1375 | 1418 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2017 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2017 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2017 |
|  5.000% due 12/01/2042 | 2050 | 2083 |
|  5.000% due 12/01/2047 | 1000 | 1011 |
|  |  | 18224 |
| TEXAS 10.5% | TEXAS 10.5% | TEXAS 10.5% |
|  Angleton Independent School District, Texas General Obligation Bonds, (BAM Insured), Series 2023  | Angleton Independent School District, Texas General Obligation Bonds, (BAM Insured), Series 2023  | Angleton Independent School District, Texas General Obligation Bonds, (BAM Insured), Series 2023  |
|  4.000% due 02/15/2047 | 1000 | 944 |
|  Aubrey, Texas General Obligation Bonds, (AGC Insured), Series 2024  | Aubrey, Texas General Obligation Bonds, (AGC Insured), Series 2024  | Aubrey, Texas General Obligation Bonds, (AGC Insured), Series 2024  |
|  4.000% due 02/15/2049 | 2000 | 1802 |
|  Austin, Texas Airport System Revenue Bonds, Series 2022  | Austin, Texas Airport System Revenue Bonds, Series 2022  | Austin, Texas Airport System Revenue Bonds, Series 2022  |
|  5.250% due 11/15/2047 | 1725 | 1770 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bell County, Texas Water Control & Improvement District No 1 Revenue Bonds, (BAM Insured), Series 2024  | Bell County, Texas Water Control & Improvement District No 1 Revenue Bonds, (BAM Insured), Series 2024  | Bell County, Texas Water Control & Improvement District No 1 Revenue Bonds, (BAM Insured), Series 2024  |
|  4.500% due 07/10/2046 | 1500 | 1451 |
|  Bexar County Texas Hospital District, General Obligation Bonds, Series 2023  | Bexar County Texas Hospital District, General Obligation Bonds, Series 2023  | Bexar County Texas Hospital District, General Obligation Bonds, Series 2023  |
|  5.000% due 02/15/2048 | 1000 | 1038 |
|  Brownsville, Texas General Obligation Bonds, Series 2018  | Brownsville, Texas General Obligation Bonds, Series 2018  | Brownsville, Texas General Obligation Bonds, Series 2018  |
|  5.000% due 02/15/2043 | 1000 | 1002 |
|  Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019  | Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019  | Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019  |
|  4.500% due 10/01/2049 | 2000 | 2003 |
|  Gulf Coast Water Authority, Texas Revenue Bonds, Series 2023  | Gulf Coast Water Authority, Texas Revenue Bonds, Series 2023  | Gulf Coast Water Authority, Texas Revenue Bonds, Series 2023  |
|  4.500% due 08/15/2052 | 1240 | 1219 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022  | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022  | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022  |
|  5.000% due 07/01/2052 | 2500 | 2556 |
|  Little Elm Independent School District, Texas General Obligation Bonds, Series 2023  | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023  | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023  |
|  4.000% due 08/15/2048 | 1945 | 1806 |
|  Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024  | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024  | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024  |
|  4.125% due 05/15/2049 | 1260 | 1198 |
|  North Texas Tollway Authority Revenue Bonds, Series 2017  | North Texas Tollway Authority Revenue Bonds, Series 2017  | North Texas Tollway Authority Revenue Bonds, Series 2017  |
|  5.000% due 01/01/2043 | 2345 | 2384 |
|  Palacios Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022  | Palacios Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022  | Palacios Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022  |
|  4.000% due 02/15/2051 | 1190 | 1060 |
|  Tarrant County, Texas Hospital District General Obligation Bonds, Series 2023  | Tarrant County, Texas Hospital District General Obligation Bonds, Series 2023  | Tarrant County, Texas Hospital District General Obligation Bonds, Series 2023  |
|  4.250% due 08/15/2048 | 2280 | 2157 |
|  Waller Consolidated Independent School District, Texas General Obligation Bonds,(BAM Insured), Series 2023  | Waller Consolidated Independent School District, Texas General Obligation Bonds,(BAM Insured), Series 2023  | Waller Consolidated Independent School District, Texas General Obligation Bonds,(BAM Insured), Series 2023  |
|  4.000% due 02/15/2048 | 2000 | 1841 |
|  |  | 24231 |
| UTAH 1.1% | UTAH 1.1% | UTAH 1.1% |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2021  | Salt Lake City, Utah Airport Revenue Bonds, Series 2021  | Salt Lake City, Utah Airport Revenue Bonds, Series 2021  |
|  5.000% due 07/01/2037 | 1000 | 1056 |
|  South Utah Valley Solid Waste District Revenue Bonds, Series 2022  | South Utah Valley Solid Waste District Revenue Bonds, Series 2022  | South Utah Valley Solid Waste District Revenue Bonds, Series 2022  |
|  5.000% due 04/15/2047 | 1450 | 1473 |
|  |  | 2529 |
| VIRGINIA 1.2% | VIRGINIA 1.2% | VIRGINIA 1.2% |
|  Fairfax County, Virginia Redevelopment & Housing Authority Revenue Bonds, (FHA Insured), Series 2007 | Fairfax County, Virginia Redevelopment & Housing Authority Revenue Bonds, (FHA Insured), Series 2007 | Fairfax County, Virginia Redevelopment & Housing Authority Revenue Bonds, (FHA Insured), Series 2007 |
|  4.750% due 04/01/2038 | 2775 | 2781 |
| WASHINGTON 2.7% | WASHINGTON 2.7% | WASHINGTON 2.7% |
|  Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, (NPFGC Insured), Series 1998  | Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, (NPFGC Insured), Series 1998  | Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, (NPFGC Insured), Series 1998  |
|  4.750% due 02/01/2028 | 800 | 801 |
|  Port of Seattle, Washington Revenue Bonds, Series 2018 | Port of Seattle, Washington Revenue Bonds, Series 2018 | Port of Seattle, Washington Revenue Bonds, Series 2018 |
|  5.000% due 05/01/2043 | 4000 | 3996 |
|  Public Hospital District 1A of Whitman County, Washington General Obligation Bonds, Series 2023  | Public Hospital District 1A of Whitman County, Washington General Obligation Bonds, Series 2023  | Public Hospital District 1A of Whitman County, Washington General Obligation Bonds, Series 2023  |
|  5.000% due 12/01/2053 | 1250 | 1283 |
|  |  | 6080 |
|  Total Municipal Bonds & Notes (Cost $230,422) | Total Municipal Bonds & Notes (Cost $230,422) | 227364 |

---

20 MUNICIPAL VALUE FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I |
|  4.220% (c) | 228586 | $— | 229 |
| Total Short-Term Instruments<br>(Cost $229) | Total Short-Term Instruments<br>(Cost $229) |  | 229 |
| Total Investments in Securities (Cost $230,651) | Total Investments in Securities (Cost $230,651) |  | 227593 |
| INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 23609 |  | 230 |
| Total Short-Term Instruments<br>(Cost $230) | Total Short-Term Instruments<br>(Cost $230) |  | 230 |
| Total Investments in Affiliates<br>(Cost $230) | Total Investments in Affiliates<br>(Cost $230) |  | 230 |
| Total Investments 99.1%<br>(Cost $230,881) | Total Investments 99.1%<br>(Cost $230,881) | $— | 227823 |
| Other Assets and Liabilities, net 0.9% | Other Assets and Liabilities, net 0.9% |  | 2171 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 229994 |

---

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

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

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

(a) Zero coupon security.

(b) Security becomes interest bearing at a future date.

(c) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5965 |
| &nbsp;&nbsp; Arizona | 0 | 2022 | 0 | 2022 |
| &nbsp;&nbsp; Arkansas | 0 | 4101 | 0 | 4101 |
| &nbsp;&nbsp; California | 0 | 1153 | 0 | 1153 |
| &nbsp;&nbsp; Colorado | 0 | 5008 | 0 | 5008 |
| &nbsp;&nbsp; District of Columbia | 0 | 3500 | 0 | 3500 |
| &nbsp;&nbsp; Florida | 0 | 14157 | 0 | 14157 |
| &nbsp;&nbsp; Georgia | 0 | 3981 | 0 | 3981 |
| &nbsp;&nbsp; Hawaii | 0 | 4528 | 0 | 4528 |
| &nbsp;&nbsp; Illinois | 0 | 25402 | 0 | 25402 |
| &nbsp;&nbsp; Kansas | 0 | 2036 | 0 | 2036 |
| &nbsp;&nbsp; Louisiana | 0 | 2071 | 0 | 2071 |
| &nbsp;&nbsp; Maine | 0 | 5261 | 0 | 5261 |
| &nbsp;&nbsp; Maryland | 0 | 634 | 0 | 634 |
| &nbsp;&nbsp; Massachusetts | 0 | 6898 | 0 | 6898 |
| &nbsp;&nbsp; Michigan | 0 | 16811 | 0 | 16811 |
| &nbsp;&nbsp; Missouri | 0 | 14027 | 0 | 14027 |
| &nbsp;&nbsp; Multi-State | 0 | 5811 | 0 | 5811 |
| &nbsp;&nbsp; Nebraska | 0 | 4054 | 0 | 4054 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; New Hampshire | $0 | $4909 | $0 | $4909 |
| &nbsp;&nbsp; New Jersey | 0 | 1018 | 0 | 1018 |
| &nbsp;&nbsp; New York | 0 | 11297 | 0 | 11297 |
| &nbsp;&nbsp; North Carolina | 0 | 4459 | 0 | 4459 |
| &nbsp;&nbsp; Ohio | 0 | 19775 | 0 | 19775 |
| &nbsp;&nbsp; Oregon | 0 | 4641 | 0 | 4641 |
| &nbsp;&nbsp; Pennsylvania | 0 | 18224 | 0 | 18224 |
| &nbsp;&nbsp; Texas | 0 | 24231 | 0 | 24231 |
| &nbsp;&nbsp; Utah | 0 | 2529 | 0 | 2529 |
| &nbsp;&nbsp; Virginia | 0 | 2781 | 0 | 2781 |
| &nbsp;&nbsp; Washington | 0 | 6080 | 0 | 6080 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 229 | 0 | 0 | 229 |
|  | $229 | $227364 | $0 | $227593 |
|  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 | $230 | $0 | $0 | $230 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227823 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **21** |

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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 shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds.

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

Each Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280)-Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial

statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

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

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|:---|:---|
| **22** | **MUNICIPAL VALUE FUNDS** |

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September 30, 2025 (Unaudited)

non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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|:---|:---|:---|:---|:---|
| | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO California Municipal Intermediate Value Fund |  | Daily |  | Monthly |
|  PIMCO California Municipal Opportunistic Value Fund |  | Daily |  | Monthly |
|  PIMCO National Municipal Intermediate Value Fund |  | Daily |  | Monthly |
|  PIMCO National Municipal Opportunistic Value Fund |  | Daily |  | Monthly |

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Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such

differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(c) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("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 derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

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Notes to Financial Statements (Cont.)

to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5

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

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

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|:---|:---|
| **24** | **MUNICIPAL VALUE FUNDS** |

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September 30, 2025 (Unaudited)

recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

(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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **25** |

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Notes to Financial Statements (Cont.)

on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

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

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

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

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost

value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The table below shows the Funds' transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

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

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO California Municipal Intermediate Value Fund | $1250 | $2912 | $(2800) | $0 | $0 | $1362 | $12 | $0 |
|  PIMCO California Municipal Opportunistic Value Fund | 17166 | 44002 | (59801) | 11 | (8) | 1370 | 104 | 0 |
|  PIMCO National Municipal Intermediate Value Fund | 590 | 9823 | (9712) | 1 | 0 | 702 | 23 | 0 |
|  PIMCO National Municipal Opportunistic Value Fund | 86 | 33542 | (33400) | 2 | 0 | 230 | 42 | 0 |

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

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

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| **26** | **MUNICIPAL VALUE FUNDS** |

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September 30, 2025 (Unaudited)

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks 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.

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended September 30, 2025, the Funds did not participate in the Interfund Lending Program.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **27** |

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Notes to Financial Statements (Cont.)

6. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
| Risks | PIMCO<br>California<br>Municipal<br>Intermediate<br>Value Fund | PIMCO<br>California<br>Municipal<br>Opportunistic<br>Value Fund | PIMCO<br>National<br>Municipal<br>Intermediate<br>Value Fund | PIMCO<br>National<br>Municipal<br>Opportunistic<br>Value Fund |
|  Small Fund | X |  | X |  |
|  Interest Rate | X | X | X | X |
|  Call | X | X | X | X |
|  Credit | X | X | X | X |
|  Market | X | X | X | X |
|  Issuer | X | X | X | X |
|  Liquidity | X | X | X | X |
|  Income | X | X | X | X |
|  Extension | X | X | X | X |
|  Prepayment | X | X | X | X |
|  When-Issued Securities | X | X | X | X |
|  Management | X | X | X | X |
|  Municipal Instruments | X | X | X | X |
|  California and Single State Municipal Securities | X | X |  |  |
|  Single State Municipal Securities |  |  | X | X |
|  Municipal Project-Specific | X | X | X | X |
|  Floating Rate Securities | X | X | X | X |
|  Tax-Exempt Status | X | X | X | X |
|  Taxation | X | X | X | X |
|  U.S. Treasury and Agency Securities | X | X | X | X |
|  General Obligation Bond | X | X | X | X |
|  AMT Bonds | X | X | X | X |
|  Lease Revenue Bond | X | X | X | X |
|  Revenue Bond | X | X | X | X |
|  Zero Coupon Bond | X | X | X | X |

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Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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, the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Market Risk is the risk that the value of securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance,

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| | |
|:---|:---|
| **28** | **MUNICIPAL VALUE FUNDS** |

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------

September 30, 2025 (Unaudited)

changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell 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. The liquidity of a Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Income Risk is the risk that when interest rates fall, a Fund's income may decline. This decline can occur because a Fund may invest in lower-yielding bonds as bonds in its portfolio mature.

Extension Risk is the risk that, in periods of rising interest rates, issuers of mortgage-related and other asset-backed securities may pay principal later than expected, which may reduce the value of a Fund's investment in such securities and may prevent a Fund from receiving higher interest rates on proceeds reinvested.

Prepayment Risk is the risk that, in periods of declining interest rates, issuers of mortgage-related and other asset-backed securities may pay principal more quickly than expected, which results in a Fund foregoing future interest income on the portion of the principal repaid early and may result in a Fund being forced to reinvest investment proceeds at lower interest rates.

When-Issued Securities Risk is the risk related to municipal securities issued on a when-issued basis, where payment and delivery take place at a future date beyond the normal settlement date. Because the market price of the security may fluctuate during the time before payment and delivery, a Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. There is also the risk that the securities may not be issued or delivered as anticipated, or the transaction may not be completed. In addition, interest is not generally paid on when-issued securities

until settlement.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Municipal Instruments Risk is the risk that a Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of municipal instruments to pay interest or repay principal.

California and Single State Municipal Securities Risk is the risk that because a Fund invests primarily in California Municipal Bonds but may invest more than 25% of its net assets in municipal instruments the principal and interest payments of which are paid by obligors located in a single state, other than California, it is more exposed to the impact of legislative, tax, and political changes within those states than a fund that invests more widely.

Single State Municipal Securities Risk is the risk that because a Fund may invest a significant portion of its assets in municipal securities of a particular state, it may be more exposed to the impact of legislative, tax, and political changes within that state than a fund that invests more widely.

Municipal Project-Specific Risk is the risk that a Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation and utilities), industrial development bonds, or in bonds from issuers in a single state.

Floating Rate Securities Risk is the risk of investing in floating rate notes, which generally carry lower yields than fixed notes of the same maturity. Securities with variable or floating interest rates may be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or at the same pace, as interest rates in general. The interest rate for a floating rate note occasionally adjusts or resets by reference to a benchmark interest rate. Benchmark interest rates, such as Secured Overnight Financing Rate ("SOFR"), may not precisely track market interest rates. In general, securities with longer durations tend to be more sensitive to interest rate changes, which may make them more volatile than securities with shorter durations.

Tax-Exempt Status Risk is the risk that reclassifications or legislative or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively, resulting in increased tax liability.

Taxation Risk is the risk that to the extent that a Fund invests in securities the income from which is not tax-exempt, a shareholder's portion of income from such investments will be taxable for state and/or federal income tax purposes. Although a Fund seeks to invest primarily in securities that are not subject to regular federal income tax and, for the PIMCO California Municipal Intermediate Value Fund and

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **29** |

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Notes to Financial Statements (Cont.)

the PIMCO California Municipal Opportunistic Value Fund only, California state income tax, a Fund may invest a portion of its total assets in municipal securities subject to the federal alternative minimum tax.

U.S. Treasury and Agency Securities Risk is the risk of investing in securities issued or guaranteed by the U.S. Treasury or its agencies and instrumentalities, which may be backed only by the credit of the agency or instrumentality and not by the full faith and credit of the United States. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities.

General Obligation Bond Risk is the risk of investing in general obligation bonds, which are generally secured by the obligor's pledge of its full faith, credit and taxing power for the payment of principal and interest. However, the taxing power of any governmental entity may be limited by provisions of state constitutions or laws and an entity's credit will depend on many factors.

AMT Bonds Risk is the risk that "AMT Bonds," which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose a Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. AMT Bonds may also be less liquid than other municipal securities, which could make them more difficult to sell in stressed market conditions. In addition, changes in federal tax law could alter the treatment of AMT Bonds. For shareholders subject to the federal alternative minimum tax, a portion of a Fund's distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

Lease Revenue Bond Risk is the risk of investing in lease revenue bonds and other municipal lease obligations, which may be considered less secure than a general obligation or revenue bond and may or may not include a debt service reserve fund. There have also been certain legal challenges to the use of lease revenue bonds in various states.

Revenue Bond Risk is the risk of investing in revenue bonds, which are generally backed by and payable from the revenues derived from a specific facility or specific revenue source or sources. As a result, the revenue bonds in which a Fund invests may entail greater credit risk than a Fund's investments in general obligation bonds.

Zero Coupon Bond Risk is the risk of investing in zero coupon bonds, in which the market prices are more volatile than the market prices of

securities that pay interest on a regular basis. This is especially true during periods of interest rate changes. Since a Fund will not receive cash payments earned on these securities on a current basis, a Fund may be required to make distributions from other sources, which may create tax liability for shareholders. This may result in higher portfolio turnover rates and the sale of securities at a time that is less favorable.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial,

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 actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is

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| | |
|:---|:---|
| **30** | **MUNICIPAL VALUE FUNDS** |

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September 30, 2025 (Unaudited)

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 complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal

business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

7. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for the Institutional Class, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to the Institutional Class):

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| | | |
|:---|:---|:---|
| Fund Name | Investment<br>Advisory Fee | Supervisory and<br>Administrative Fee |
|  PIMCO California Municipal Intermediate Value Fund | 0.30%<sup>(1)</sup> | 0.20% |
|  PIMCO California Municipal Opportunistic Value Fund | 0.37% | 0.23% |
|  PIMCO National Municipal Intermediate Value Fund | 0.30%<sup>(1)</sup> | 0.20% |
|  PIMCO National Municipal Opportunistic Value Fund | 0.37% | 0.23% |

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<sup>(1)</sup> PIMCO had contractually agreed, through August 31, 2025, to reduce its advisory fee by 0.11% of the average daily net assets of the Fund. 

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **31** |

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Notes to Financial Statements (Cont.)

(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)) ; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit ; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(d) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of September 30, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO had contractually agreed, through August 31, 2025, to waive its advisory fee by 0.11% of the average daily net assets of the PIMCO California Municipal Intermediate Value Fund and PIMCO National Municipal Intermediate Value Fund.

Pursuant to the Expense Limitation Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of September 30, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO California Municipal Intermediate Value Fund | $12 |
|  PIMCO National Municipal Intermediate Value Fund | 30 |

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

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8. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 7, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

9. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

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| | |
|:---|:---|
| **32** | **MUNICIPAL VALUE FUNDS** |

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September 30, 2025 (Unaudited)

10. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer

mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO California Municipal Intermediate Value Fund | $0 | $0 | $360 | $1479 |
|  PIMCO California Municipal Opportunistic Value Fund | 0 | 0 | 16253 | 32951 |
|  PIMCO National Municipal Intermediate Value Fund | 0 | 0 | 1651 | 30596 |
|  PIMCO National Municipal Opportunistic Value Fund | 0 | 0 | 525 | 42442 |

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

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11. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PIMCO California Municipal Intermediate<br>Value Fund** | **PIMCO California Municipal Intermediate<br>Value Fund** | **PIMCO California Municipal Intermediate<br>Value Fund** | **PIMCO California Municipal Intermediate<br>Value Fund** | **PIMCO California Municipal Opportunistic**<br> **Value Fund** | **PIMCO California Municipal Opportunistic**<br> **Value Fund** | **PIMCO California Municipal Opportunistic**<br> **Value Fund** | **PIMCO California Municipal Opportunistic**<br> **Value Fund** |
| | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 194 | $1942 | 326 | $3264 | 1942 | $18453 | 6362 | $62552 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 32 | 318 | 65 | 651 | 402 | 3825 | 899 | 8837 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (301) | (2996) | (528) | (5287) | (5651) | (53722) | (8939) | (87688) |
|  **Net increase (decrease) resulting from Fund share transactions** | (75) | $(736) | (137) | $(1372) | (3307) | $(31444) | (1678) | $(16299) |
|  | **PIMCO National Municipal Intermediate<br>Value Fund** | **PIMCO National Municipal Intermediate<br>Value Fund** | **PIMCO National Municipal Intermediate<br>Value Fund** | **PIMCO National Municipal Intermediate<br>Value Fund** | **PIMCO National Municipal Opportunistic**<br> **Value Fund** | **PIMCO National Municipal Opportunistic**<br> **Value Fund** | **PIMCO National Municipal Opportunistic**<br> **Value Fund** | **PIMCO National Municipal Opportunistic**<br> **Value Fund** |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 519 | $5163 | 372 | $3735 | 1218 | $11624 | 4173 | $40970 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 98 | 975 | 283 | 2834 | 474 | 4528 | 1075 | 10557 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (3577) | (35597) | (4558) | (45838) | (6067) | (57883) | (9101) | (89176) |
|  **Net increase (decrease) resulting from Fund share transactions** | (2960) | $(29459) | (3903) | $(39269) | (4375) | $(41731) | (3853) | $(37649) |

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **33** |

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Notes to Financial Statements (Cont.)

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of September 30, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shareholders that own 10% or more**<br> **of outstanding shares** | **Shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** |
| Fund Name | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO California Municipal Intermediate Value Fund | 1 | 0 | 87% | 0% |
|  PIMCO California Municipal Opportunistic Value Fund | 1 | 0 | 93% | 0% |
|  PIMCO National Municipal Intermediate Value Fund | 2 | 0 | 97% | 0% |
|  PIMCO National Municipal Opportunistic Value Fund | 1 | 0 | 96% | 0% |

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12. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

13. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

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 September 30, 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.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO California Municipal Intermediate Value Fund | $96 | $1714 |
|  PIMCO California Municipal Opportunistic Value Fund | 502 | 521 |
|  PIMCO National Municipal Intermediate Value Fund | 2092 | 5046 |
|  PIMCO National Municipal Opportunistic Value Fund | 110 | 455 |

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

---

As of September 30, 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>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> |
|  PIMCO California Municipal Intermediate Value Fund | $25051 | $359 | $(211) | $148 |
|  PIMCO California Municipal Opportunistic Value Fund | 213890 | 1855 | (2656) | (801) |
|  PIMCO National Municipal Intermediate Value Fund | 52330 | 677 | (457) | 220 |
|  PIMCO National Municipal Opportunistic Value Fund | 230881 | 1283 | (4341) | (3058) |

---

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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> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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| | |
|:---|:---|
| **34** | **MUNICIPAL VALUE FUNDS** |

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September 30, 2025 (Unaudited)

14. SUBSEQUENT EVENTS

At a meeting held on August 19-20, 2025, the Board considered and approved a proposal to reorganize the PIMCO California Municipal Intermediate Value Fund (the "California Acquired Fund") with and into the PIMCO California Intermediate Municipal Bond Fund (the "California Acquiring Fund"). Holders of the Institutional Class of the California Acquired Fund received Institutional Class shares of the California Acquiring Fund (the "California Reorganization"). The California Reorganization did not require shareholder approval, and the shareholders were not asked to vote on the California Reorganization. Under the California Reorganization: (i) assets of the California Acquired Fund were transferred to the California Acquiring Fund in exchange solely for shares of the California Acquiring Fund and the assumption of the California Acquired Fund's liabilities; and (ii) the shares of the California Acquiring Fund received by the California Acquired Fund were distributed by the California Acquired Fund to its shareholders in complete liquidation of the California Acquired Fund and in cancellation of all of the California Acquired Fund's shares. The California Reorganization occurred on November 21, 2025.

Additionally, at a meeting held on August 19-20, 2025, the Board considered and approved a proposal to reorganize the PIMCO National Municipal Intermediate Value Fund (the "National Acquired Fund") with and into the PIMCO National Intermediate Municipal Bond Fund (the "National Acquiring Fund"). Holders of the Institutional Class of the National Acquired Fund received Institutional Class shares of the National Acquiring Fund (the "National Reorganization"). The National Reorganization did not require shareholder approval, and the shareholders were not asked to vote on the National Reorganization. Under the National Reorganization: (i) assets of the National Acquired Fund were transferred to the National Acquiring Fund in exchange solely for shares of the National Acquiring Fund and the assumption of the National Acquired Fund's liabilities; and (ii) the shares of the National Acquiring Fund received by the National Acquired Fund were distributed by the National Acquired Fund to its shareholders in complete liquidation of the National Acquired Fund and in cancellation of all of the National Acquired Fund's shares. The National Reorganization occurred on November 21, 2025.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **35** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| USD (or $) | United States Dollar |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| US0003M | ICE 3-Month USD LIBOR |  |  |  |  |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |  |  |  |  |
| AGC | Assured Guaranty Corp. | CNTY | County Guaranteed | GNMA | Government National Mortgage Association |
| AGM | Assured Guaranty Municipal | CR | Custodial Receipts | NPFGC | National Public Finance Guarantee Corp. |
| AMBAC | American Municipal Bond Assurance Corp. | FHA | Federal Housing Administration | PSF | Public School Fund |
| BAM | Build America Mutual Assurance | FHLMC | Federal Home Loan Mortgage Corp. | Q-SBLF | Qualified School Bond Loan Fund |
| CM | California Mortgage Insurance | FNMA | Federal National Mortgage Association | SGI | Syncora Guarantee, Inc. |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| TBA | To-Be-Announced |  |  |  |  |

---

---

| | |
|:---|:---|
| **36** | **MUNICIPAL VALUE FUNDS** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO California Municipal Intermediate Value Fund | PIMCO California Municipal Intermediate Value Fund | PIMCO California Municipal Intermediate Value Fund | PIMCO California Municipal Intermediate Value Fund | PIMCO California Municipal Intermediate Value Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0180 | $0.0000 | $0.0031 | $0.0211 |
|  May 2025 | $0.0212 | $0.0000 | $0.0000 | $0.0212 |
|  June 2025 | $0.0203 | $0.0000 | $0.0000 | $0.0203 |
|  July 2025 | $0.0207 | $0.0000 | $0.0000 | $0.0207 |
|  August 2025 | $0.0217 | $0.0000 | $0.0000 | $0.0217 |
|  September 2025 | $0.0204 | $0.0000 | $0.0000 | $0.0204 |
| PIMCO California Municipal Opportunistic Value Fund | PIMCO California Municipal Opportunistic Value Fund | PIMCO California Municipal Opportunistic Value Fund | PIMCO California Municipal Opportunistic Value Fund | PIMCO California Municipal Opportunistic Value Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0275 | $0.0000 | $0.0000 | $0.0275 |
|  May 2025 | $0.0280 | $0.0000 | $0.0000 | $0.0280 |
|  June 2025 | $0.0270 | $0.0000 | $0.0000 | $0.0270 |
|  July 2025 | $0.0275 | $0.0000 | $0.0000 | $0.0275 |
|  August 2025 | $0.0287 | $0.0000 | $0.0000 | $0.0287 |
|  September 2025 | $0.0269 | $0.0000 | $0.0000 | $0.0269 |
| PIMCO National Municipal Intermediate Value Fund | PIMCO National Municipal Intermediate Value Fund | PIMCO National Municipal Intermediate Value Fund | PIMCO National Municipal Intermediate Value Fund | PIMCO National Municipal Intermediate Value Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0258 | $0.0000 | $0.0000 | $0.0258 |
|  May 2025 | $0.0265 | $0.0000 | $0.0000 | $0.0265 |
|  June 2025 | $0.0250 | $0.0000 | $0.0000 | $0.0250 |
|  July 2025 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
|  August 2025 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
|  September 2025 | $0.0243 | $0.0000 | $0.0000 | $0.0243 |
| PIMCO National Municipal Opportunistic Value Fund | PIMCO National Municipal Opportunistic Value Fund | PIMCO National Municipal Opportunistic Value Fund | PIMCO National Municipal Opportunistic Value Fund | PIMCO National Municipal Opportunistic Value Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0289 | $0.0000 | $0.0000 | $0.0289 |
|  May 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  June 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  July 2025 | $0.0294 | $0.0000 | $0.0000 | $0.0294 |
|  August 2025 | $0.0306 | $0.0000 | $0.0000 | $0.0306 |
|  September 2025 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **38** | **MUNICIPAL VALUE FUNDS** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **39** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amended and Restated Asset Allocation Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund, each a series of the Trust, and Research Affiliates (collectively, the "Sub-Advisory Agreements" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Funds (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the

Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Fund that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Funds that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Fund that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed

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| | |
|:---|:---|
| **40** | **MUNICIPAL VALUE FUNDS** |

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(Unaudited)

relevant to their consideration of the renewal of the Agreements. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Funds.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and the sub-advisory services provided by Research Affiliates to the PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, and PIMCO RAE Worldwide Long/Short PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation and/or sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreements are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **41** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short**-** and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2025 (the "Broadridge Report").

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Fund would have substantially similar performance to that of the Institutional Class of the relevant Fund on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation. The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a better comparison.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relative performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes at scale at the outset with reference to the total expense ratios of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, as well as the universe of other similar funds. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place or proposed for certain of the Funds and/or classes, including those implemented in connection with feedback provided by the Board, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Funds in their respective Subsidiaries. The Board also considered that PIMCO reviews the Funds' fee levels and considers changes where appropriate.

The Board also reviewed data comparing the Funds' advisory fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that

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| | |
|:---|:---|
| **42** | **MUNICIPAL VALUE FUNDS** |

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------

(Unaudited)

the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays

for the supervisory and administrative services it requires for one set fee for each Fund. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Funds and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Fund fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Funds in prior years. In addition, the Board considered proposed advisory and supervisory and administrative fee reductions for certain Funds and/or classes. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **43** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered any fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreements, and the total expense ratios of each Fund are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Funds. To the extent applicable, the Board also reviewed information regarding the portion of a Fund's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Fund. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be

competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds' Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group,

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|:---|:---|
| **44** | **MUNICIPAL VALUE FUNDS** |

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(Unaudited)

S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreements on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Funds and their shareholders.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **45** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

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![LOGO](g920092g75h91.jpg)

PIMSMUNIVALFSTMSAR_093025

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![LOGO](g13639g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 2025

PIMCO Income Fund

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#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Income Fund](#tx13639_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (Consolidated) (N-CSR Item 7)](#tx13639_2) | 6 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx13639_3) | 8 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx13639_4) | 10 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx13639_5) | 11 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments (N-CSR Item 6)](#tx13639_6) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx13639_7) | 66 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx13639_8) | 86 |
| &nbsp;&nbsp; [Glossary](#tx13639_10) | 90 |
| &nbsp;&nbsp; [Distribution Information](#tx13639_11) | 91 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx13639_13) | 93 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx13639_14) | 94 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx13639_15) | 95 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

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Important Information About the PIMCO Income Fund

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Income Fund (the "Fund").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Fund may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Fund may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Fund's performance or cause the Fund to incur losses. As a result, the Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Fund may be subject to various risks as described in the Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Fund's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments section of this report may differ from the classification used for the Fund's compliance calculations, including those used in the Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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

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

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead

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|:---|:---|
| **2** | **PIMCO INCOME FUND** |

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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 Fund and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Fund, issuers in which it invests and other market participants and Fund service providers. For example, if a bank at which the Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Fund invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Fund and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

The following table discloses the inception dates of the Fund and its respective share classes along with the Fund's diversification status as of period end:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Fund<br>Inception | Institutional<br>Class | Institutional<br>Class | I-2 | I-2 | I-3 | I-3 | Administrative<br>Class | Administrative<br>Class | Class A | Class A | Class C | Class C | Class R | Class R | Diversification<br>Status | Diversification<br>Status |
|  PIMCO Income Fund |  | 03/30/07 |  | 03/30/07 |  | 04/30/08 |  | 04/27/18 |  | 03/30/07 |  | 03/30/07 |  | 03/30/07 |  | 03/30/07 |  | Diversified |

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Fund's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings,

and may amend or enter into any contracts to which the Trust or the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund's website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Fund's complete schedule of securities holdings as of the end of each

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|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

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Important Information About the PIMCO Income Fund (Cont.)

fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Fund's shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to

invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **4** | **PIMCO INCOME FUND** |

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|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>5</sub> |

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Financial Highlights PIMCO Income Fund (Consolidated)

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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** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.70 | $0.29 | $0.22 | $0.51 | $(0.33) | $0.00 | $0.00 | $(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.56 | 0.20 | 0.76 | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.52 | 0.28 | 0.80 | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.45 | (0.60) | (0.15) | (0.71) | 0.00 | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.43 | (0.61) | (0.18) | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.46 | 1.09 | 1.55 | (0.26) | 0.00 | (0.28) | (0.54) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.70 | 0.28 | 0.22 | 0.50 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.55 | 0.20 | 0.75 | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.51 | 0.28 | 0.79 | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.44 | (0.60) | (0.16) | (0.70) | 0.00 | 0.00 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.42 | (0.61) | (0.19) | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.45 | 1.09 | 1.54 | (0.25) | 0.00 | (0.28) | (0.53) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.70 | 0.28 | 0.22 | 0.50 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.54 | 0.20 | 0.74 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.50 | 0.28 | 0.78 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.43 | (0.60) | (0.17) | (0.69) | 0.00 | 0.00 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.41 | (0.61) | (0.20) | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.44 | 1.09 | 1.53 | (0.24) | 0.00 | (0.28) | (0.52) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.70 | 0.27 | 0.23 | 0.50 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.53 | 0.20 | 0.73 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.49 | 0.28 | 0.77 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.42 | (0.60) | (0.18) | (0.68) | 0.00 | 0.00 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.40 | (0.61) | (0.21) | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.43 | 1.09 | 1.52 | (0.23) | 0.00 | (0.28) | (0.51) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.70 | 0.26 | 0.23 | 0.49 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.52 | 0.20 | 0.72 | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.47 | 0.29 | 0.76 | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.40 | (0.60) | (0.20) | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.38 | (0.61) | (0.23) | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.41 | 1.10 | 1.51 | (0.22) | 0.00 | (0.28) | (0.50) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.70 | 0.22 | 0.23 | 0.45 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.44 | 0.20 | 0.64 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.39 | 0.29 | 0.68 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.32 | (0.60) | (0.28) | (0.58) | 0.00 | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.29 | (0.61) | (0.32) | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.32 | 1.10 | 1.42 | (0.13) | 0.00 | (0.28) | (0.41) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.70 | 0.25 | 0.23 | 0.48 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.49 | 0.20 | 0.69 | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.45 | 0.28 | 0.73 | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.38 | (0.60) | (0.22) | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.35 | (0.61) | (0.26) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.38 | 1.10 | 1.48 | (0.19) | 0.00 | (0.28) | (0.47) |

---

---

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

---

+ Unaudited

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

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. 

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

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

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover Rate** |
| $10.88 | 4.84% | $127188439 | 0.51 | %\* | 0.51 | %\* | 0.50 | %\* | 0.50 | %\* | 5.32 | %\* | 312% |
| 10.70 | 7.41 | 112687910 | 0.54 |  | 0.54 |  | 0.50 |  | 0.50 |  | 5.26 |  | 711 |
| 10.60 | 7.95 | 87738190 | 0.83 |  | 0.83 |  | 0.50 |  | 0.50 |  | 4.98 |  | 588 |
| 10.46 | (1.21) | 70579570 | 0.62 |  | 0.62 |  | 0.50 |  | 0.50 |  | 4.18 |  | 426 |
| 11.32 | (1.62) | 76380731 | 0.51 |  | 0.51 |  | 0.50 |  | 0.50 |  | 3.61 |  | 319 |
| 11.98 | 14.37 | 74544238 | 0.62 |  | 0.62 |  | 0.50 |  | 0.50 |  | 3.91 |  | 396 |
| 10.88 | 4.79 | 54268702 | 0.61 | \* | 0.61 | \* | 0.60 | \* | 0.60 | \* | 5.22 | \* | 312 |
| 10.70 | 7.30 | 48953738 | 0.64 |  | 0.64 |  | 0.60 |  | 0.60 |  | 5.16 |  | 711 |
| 10.60 | 7.84 | 39812573 | 0.93 |  | 0.93 |  | 0.60 |  | 0.60 |  | 4.88 |  | 588 |
| 10.46 | (1.31) | 29893100 | 0.72 |  | 0.72 |  | 0.60 |  | 0.60 |  | 4.08 |  | 426 |
| 11.32 | (1.72) | 33996793 | 0.61 |  | 0.61 |  | 0.60 |  | 0.60 |  | 3.51 |  | 319 |
| 11.98 | 14.26 | 34285486 | 0.72 |  | 0.72 |  | 0.60 |  | 0.60 |  | 3.81 |  | 396 |
| 10.88 | 4.77 | 2910762 | 0.66 | \* | 0.71 | \* | 0.65 | \* | 0.70 | \* | 5.17 | \* | 312 |
| 10.70 | 7.25 | 2748560 | 0.69 |  | 0.74 |  | 0.65 |  | 0.70 |  | 5.10 |  | 711 |
| 10.60 | 7.79 | 1997652 | 0.98 |  | 1.03 |  | 0.65 |  | 0.70 |  | 4.85 |  | 588 |
| 10.46 | (1.36) | 1594343 | 0.77 |  | 0.82 |  | 0.65 |  | 0.70 |  | 4.04 |  | 426 |
| 11.32 | (1.77) | 878330 | 0.66 |  | 0.71 |  | 0.65 |  | 0.70 |  | 3.46 |  | 319 |
| 11.98 | 14.21 | 1020788 | 0.77 |  | 0.82 |  | 0.65 |  | 0.70 |  | 3.76 |  | 396 |
| 10.88 | 4.71 | 296834 | 0.76 | \* | 0.76 | \* | 0.75 | \* | 0.75 | \* | 5.07 | \* | 312 |
| 10.70 | 7.14 | 296163 | 0.79 |  | 0.79 |  | 0.75 |  | 0.75 |  | 5.02 |  | 711 |
| 10.60 | 7.68 | 269441 | 1.08 |  | 1.08 |  | 0.75 |  | 0.75 |  | 4.70 |  | 588 |
| 10.46 | (1.46) | 314410 | 0.87 |  | 0.87 |  | 0.75 |  | 0.75 |  | 3.92 |  | 426 |
| 11.32 | (1.87) | 377580 | 0.76 |  | 0.76 |  | 0.75 |  | 0.75 |  | 3.37 |  | 319 |
| 11.98 | 14.09 | 454978 | 0.87 |  | 0.87 |  | 0.75 |  | 0.75 |  | 3.66 |  | 396 |
| 10.88 | 4.64 | 14715894 | 0.91 | \* | 0.91 | \* | 0.90 | \* | 0.90 | \* | 4.92 | \* | 312 |
| 10.70 | 6.98 | 14268053 | 0.94 |  | 0.94 |  | 0.90 |  | 0.90 |  | 4.87 |  | 711 |
| 10.60 | 7.52 | 13708221 | 1.23 |  | 1.23 |  | 0.90 |  | 0.90 |  | 4.57 |  | 588 |
| 10.46 | (1.60) | 12780183 | 1.02 |  | 1.02 |  | 0.90 |  | 0.90 |  | 3.77 |  | 426 |
| 11.32 | (2.02) | 15042742 | 0.91 |  | 0.91 |  | 0.90 |  | 0.90 |  | 3.21 |  | 319 |
| 11.98 | 13.92 | 17240908 | 1.02 |  | 1.02 |  | 0.90 |  | 0.90 |  | 3.52 |  | 396 |
| 10.88 | 4.25 | 3603619 | 1.66 | \* | 1.66 | \* | 1.65 | \* | 1.65 | \* | 4.17 | \* | 312 |
| 10.70 | 6.19 | 3698541 | 1.69 |  | 1.69 |  | 1.65 |  | 1.65 |  | 4.12 |  | 711 |
| 10.60 | 6.72 | 3772713 | 1.98 |  | 1.98 |  | 1.65 |  | 1.65 |  | 3.81 |  | 588 |
| 10.46 | (2.34) | 4164178 | 1.77 |  | 1.77 |  | 1.65 |  | 1.65 |  | 3.02 |  | 426 |
| 11.32 | (2.75) | 5616649 | 1.66 |  | 1.66 |  | 1.65 |  | 1.65 |  | 2.46 |  | 319 |
| 11.98 | 13.08 | 7005169 | 1.77 |  | 1.77 |  | 1.65 |  | 1.65 |  | 2.77 |  | 396 |
| 10.88 | 4.51 | 553938 | 1.16 | \* | 1.16 | \* | 1.15 | \* | 1.15 | \* | 4.67 | \* | 312 |
| 10.70 | 6.72 | 504652 | 1.19 |  | 1.19 |  | 1.15 |  | 1.15 |  | 4.62 |  | 711 |
| 10.60 | 7.26 | 479264 | 1.48 |  | 1.48 |  | 1.15 |  | 1.15 |  | 4.32 |  | 588 |
| 10.46 | (1.85) | 449836 | 1.27 |  | 1.27 |  | 1.15 |  | 1.15 |  | 3.53 |  | 426 |
| 11.32 | (2.26) | 511456 | 1.16 |  | 1.16 |  | 1.15 |  | 1.15 |  | 2.96 |  | 319 |
| 11.98 | 13.64 | 542629 | 1.27 |  | 1.27 |  | 1.15 |  | 1.15 |  | 3.26 |  | 396 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

Consolidated Statement of Assets and Liabilities PIMCO Income Fund

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $298602569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 23616602 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 221152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 771331 |
|  Cash | 166375 |
|  Deposits with counterparty | 45763 |
|  Foreign currency, at value | 482240 |
|  Receivable for investments sold | 1184203 |
|  Receivable for TBA investments sold | 118771104 |
|  Receivable for Fund shares sold | 393127 |
|  Interest and/or dividends receivable | 1087293 |
|  Dividends receivable from Affiliates | 79818 |
|  Reimbursement receivable from PIMCO | 114 |
|  Other assets | 10 |
|  **Total Assets** | 445421701 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $179853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 838424 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 99316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 767732 |
|  Payable for investments purchased | 7945935 |
|  Payable for investments in Affiliates purchased | 82590 |
|  Payable for investments purchased on a delayed-delivery basis | 972118 |
|  Payable for TBA investments purchased | 228543642 |
|  Payable for unfunded loan commitments | 1305528 |
|  Deposits from counterparty | 618478 |
|  Payable for Fund shares redeemed | 356158 |
|  Distributions payable | 79134 |
|  Accrued investment advisory fees | 39960 |
|  Accrued supervisory and administrative fees | 46922 |
|  Accrued distribution fees | 2306 |
|  Accrued servicing fees | 3733 |
|  Foreign capital gains tax payable | 1671 |
|  Other liabilities | 13 |
|  **Total Liabilities** | 241883513 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $203538188 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $214049714 |
|  Distributable earnings (accumulated loss) | (10511526) |
|  **Net Assets** | $203538188 |
|  Cost of investments in securities | $304405994 |
|  Cost of investments in Affiliates | $24127284 |
|  Cost of foreign currency held | $481948 |
|  Proceeds received on short sales | $841539 |
|  Cost or premiums of financial derivative instruments, net | $1881454 |
|  \* Includes repurchase agreements of: | $178553 |

---

---

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

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $127188439 |
|  I-2 | 54268702 |
|  I-3 | 2910762 |
|  Administrative Class | 296834 |
|  Class A | 14715894 |
|  Class C | 3603619 |
|  Class R | 553938 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 11685431 |
|  I-2 | 4985940 |
|  I-3 | 267427 |
|  Administrative Class | 27272 |
|  Class A | 1352020 |
|  Class C | 331080 |
|  Class R | 50893 |
|  **Net Asset Value Per Share Outstanding:<sup>(a)</sup>**  |  |
|  Institutional Class | $10.88 |
|  I-2 | 10.88 |
|  I-3 | 10.88 |
|  Administrative Class | 10.88 |
|  Class A | 10.88 |
|  Class C | 10.88 |
|  Class R | 10.88 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>9</sub> |

---

------

Consolidated Statement of Operations PIMCO Income Fund

---

| | |
|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $5065301 |
|  Dividends, net of foreign taxes\*\* | 17648 |
|  Dividends from Investments in Affiliates | 403447 |
|  Miscellaneous income | 19541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 5505937 |
|  **Expenses:** |  |
|  Investment advisory fees | 235799 |
|  Supervisory and administrative fees | 277747 |
|  Distribution and/or servicing fees - Administrative Class | 366 |
|  Distribution and/or servicing fees - Class A | 17850 |
|  Distribution and/or servicing fees - Class C | 17964 |
|  Distribution and/or servicing fees - Class R | 1277 |
|  Trustee fees | 366 |
|  Interest expense | 12807 |
|  Miscellaneous expense | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 564348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 563639 |
|  **Net Investment Income (Loss)** | 4942298 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 1691333 |
|  Investments in Affiliates | (1922) |
|  Exchange-traded or centrally cleared financial derivative instruments | 1108661 |
|  Over the counter financial derivative instruments | (2150415) |
|  Foreign currency | 57781 |
|  **Net Realized Gain (Loss)** | 705438 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 3037405 |
|  Investments in Affiliates | (25682) |
|  Exchange-traded or centrally cleared financial derivative instruments | 157376 |
|  Over the counter financial derivative instruments | 218523 |
|  Foreign currency assets and liabilities | (40613) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 3347009 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $8994745 |
|  \* Foreign tax withholdings - Interest | $9615 |
|  \*\* Foreign tax withholdings - Dividends | $72 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

Consolidated Statements of Changes in Net Assets PIMCO Income Fund

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $4942298 | $8505544 |
|  Net realized gain (loss) | 705438 | 3632323 |
|  Net change in unrealized appreciation (depreciation) | 3347009 | (323384) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 8994745 | 11814483 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (3582515) | (6184155) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (1532054) | (2706428) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (85096) | (159781) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (8638) | (16473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (410426) | (811997) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (89781) | (189425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (14056) | (27295) |
|  **Total Distributions<sup>(a)</sup>** | (5722566) | (10095554) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 17108392 | 33660634 |
|  **Total Increase (Decrease) in Net Assets** | 20380571 | 35379563 |
|  **Net Assets:** |  |  |
|  Beginning of period | 183157617 | 147778054 |
|  End of period | $203538188 | $183157617 |

---

---

| | |
|:---|:---|
| <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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</sub> |

---

------

Consolidated Schedule of Investments PIMCO Income Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 146.7% | INVESTMENTS IN SECURITIES 146.7% | INVESTMENTS IN SECURITIES 146.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 3.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 3.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 3.0% |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.538% due 12/18/2029 «~ | 468600 | 472280 |
|  Altice France SA | Altice France SA | Altice France SA |
|  5.026% (EUR003M + 3.000%) due 02/02/2026 ~ | 16957 | 18514 |
|  7.526% (EUR003M + 5.500%) due 08/15/2028 ~ | 14481 | 16123 |
|  9.818% (TSFR3M + 5.500%) due 08/15/2028 «~ | 116264 | 112776 |
|  10.250% (PRIME + 3.000%) due 08/14/2026 «~ | 12269 | 11532 |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
|  5.885% (TSFR1M + 1.750%) due 06/24/2030 ~ | 7832 | 7843 |
|  Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
|  TBD% - 10.723% (TSFR3M + 6.000%) due 05/16/2029 «~µ | 7300 | 7511 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% - 1.000% due 01/03/2031 «µ | 48024 | 48024 |
|  TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~ | 216976 | 220773 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  9.570% (TSFR3M + 5.000%) due 08/02/2027 ~ | 871 | 872 |
|  Encina Private Credit LLC | Encina Private Credit LLC | Encina Private Credit LLC |
|  TBD% - 8.333% due 11/30/2025 «µ | 30231 | 29351 |
|  Envalior Finance GmbH | Envalior Finance GmbH | Envalior Finance GmbH |
|  7.526% (EUR003M + 5.500%) due 03/29/2030 ~ | 118900 | 132149 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  12.230% (TSFR3M + 7.875%) due 07/20/2026 «~ | 173078 | 173078 |
|  12.230% (TSFR3M + 7.875%) due 11/03/2028 «~ | 736335 | 758425 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  TBD% (TSFR3M + 7.250%) due 09/13/2029 ~ | 15250 | 15352 |
|  iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
|  10.053% (TSFR1M + 5.775%) due 05/01/2029 ~ | 1989 | 1743 |
|  Lealand Finance Co. BV | Lealand Finance Co. BV | Lealand Finance Co. BV |
|  7.278% (TSFR1M + 3.000%) due 06/30/2027 ~ | 2410 | 1960 |
|  Lealand Finance Co. BV (5.278% Cash) | Lealand Finance Co. BV (5.278% Cash) | Lealand Finance Co. BV (5.278% Cash) |
|  5.728% due 12/31/2027 ~ | 6456 | 4627 |
|  Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) |
|  19.000% due 04/03/2026 «(d) | 25925 | 7624 |
|  MH Sub I LLC | MH Sub I LLC | MH Sub I LLC |
|  8.252% (TSFR3M + 4.250%) due 05/03/2028 ~ | 1659 | 1600 |
|  8.413% (TSFR1M + 4.250%) due 12/31/2031 ~ | 1123 | 1036 |
|  Numericable Group SA | Numericable Group SA | Numericable Group SA |
|  9.000% (PRIME + 1.750%) due 10/31/2025 ~ | 16358 | 15070 |
|  OCS Group Holdings Ltd. | OCS Group Holdings Ltd. | OCS Group Holdings Ltd. |
|  9.961% due 11/28/2031 | 23300 | 31349 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 144800 | 170280 |
|  4.804% (EUR006M + 2.450%) due 04/01/2027 «~ | 451800 | 534575 |
|  Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III |
|  6.043% (TSFR3M + 2.000%) due 03/26/2026 «~(l) | 60600 | 60607 |
|  Poseidon Bidco SASU | Poseidon Bidco SASU | Poseidon Bidco SASU |
|  7.000% (EUR003M + 5.000%) due 03/13/2030 ~ | 235200 | 129784 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp |
|  4.117% (EUR003M + 2.100%) due 02/27/2026 «~(l) | $| 33548 | 39386 |
|  Project Flash | Project Flash | Project Flash | Project Flash |
|  TBD% (TSFR1M + 2.500%) due 01/09/2030 «~µ |  | 108450 | 107500 |
|  TBD% (TSFR1M + 2.250%) due 04/30/2030 «~µ |  | 564028 | 564028 |
|  TBD% due 04/30/2030 «~µ |  | 570540 | 570540 |
|  TBD% (TSFR3M + 2.250%) due 04/30/2030 «~µ |  | 556733 | 556733 |
|  Project Hudson II | Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « |  | 75800 | 76757 |
|  Project Nova | Project Nova | Project Nova | Project Nova |
|  7.250% (PRIME) due 08/31/2026 «~ |  | 43300 | 43300 |
|  Project Quasar Pledgco SLU | Project Quasar Pledgco SLU | Project Quasar Pledgco SLU | Project Quasar Pledgco SLU |
|  5.130% (EUR001M + 3.250%) due 04/17/2026 «~ | EUR | 70081 | 80149 |
|  SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH |
|  9.808% (TSFR3M + 5.500%) due 03/29/2030 ~ | $| 211294 | 195258 |
|  Softbank Vision Fund II | Softbank Vision Fund II | Softbank Vision Fund II | Softbank Vision Fund II |
|  TBD% - 7.652% (TSFR3M + 3.650%) due 12/23/2029 «~ |  | 447500 | 447500 |
|  Subcalidora 2 | Subcalidora 2 | Subcalidora 2 | Subcalidora 2 |
|  7.750% (EUR003M + 5.750%) due 08/14/2029 «~ | EUR | 129849 | 153212 |
|  Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
|  11.002% (TSFR3M + 7.000%) due 05/13/2027 ~ | $| 55486 | 54294 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.300% - 5.234% due 11/28/2025 « | GBP | 81278 | 74332 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.252% (TSFR3M + 2.250%) due 03/22/2030 ~ | $| 19798 | 19801 |
|  6.502% (TSFR3M + 2.500%) due 02/28/2031 ~ |  | 76771 | 76820 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.014% (EUR003M + 3.000%) due 12/15/2028 «~ | EUR | 20200 | 23820 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.278% (TSFR1M + 5.000%) due 06/28/2028 ~ | $| 24270 | 23235 |
|  Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. |
|  8.000% due 03/15/2029 « |  | 4351 | 1762 |
|  Total Loan Participations and Assignments (Cost $6,091,530) | Total Loan Participations and Assignments (Cost $6,091,530) | Total Loan Participations and Assignments (Cost $6,091,530) | 6093285 |
| CORPORATE BONDS & NOTES 9.2% | CORPORATE BONDS & NOTES 9.2% | CORPORATE BONDS & NOTES 9.2% | CORPORATE BONDS & NOTES 9.2% |
| BANKING & FINANCE 3.0% | BANKING & FINANCE 3.0% | BANKING & FINANCE 3.0% | BANKING & FINANCE 3.0% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.904% (T-BILL 3MO + 11.000%) due 09/14/2031 ~ |  | 6700 | 6700 |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  12.338% (T-BILL 1MO + 8.434%) due 06/07/2027 ~ |  | 33700 | 36216 |
|  15.784% (T-BILL 1MO + 11.880%) due 06/08/2026 ~ |  | 34840 | 36669 |
|  Ambac Assurance Corp. | Ambac Assurance Corp. | Ambac Assurance Corp. | Ambac Assurance Corp. |
|  5.100% due 12/31/2099 (k) |  | 352 | 441 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 |  | 19725 | 17925 |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  12.407% (T-BILL 3MO + 8.500%) due 01/07/2032 ~ |  | 5200 | 5546 |
|  14.107% (T-BILL 3MO + 10.200%) due 05/07/2031 ~ |  | 13000 | 14125 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 |  | 50661 | 48719 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  1.875% due 01/09/2026 | EUR | 60500 | 70924 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  4.250% due 04/11/2027 | 28400 | 28442 |
|  6.527% due 11/07/2027 •  | 95200 | 97546 |
|  6.607% due 11/07/2028 | 61400 | 65671 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.202% due 04/25/2029 •  | 10600 | 10867 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.972% due 05/16/2029 •  | 54550 | 55371 |
|  5.674% due 03/12/2028 •  | 20700 | 21106 |
|  5.690% due 03/12/2030 •  | 51700 | 53725 |
|  6.224% due 05/09/2034 •  | 40060 | 43110 |
|  6.490% due 09/13/2029 •  | 25800 | 27331 |
|  6.496% due 09/13/2027 •  | 61100 | 62346 |
|  7.437% due 11/02/2033 •  | 7648 | 8778 |
|  Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. |
|  12.236% (BNMMDTSC + 8.332%) due 04/30/2031 ~ | 5800 | 6210 |
|  22.480% (BNMMDTSC + 18.500%) due 04/30/2031 ~ | 6700 | 7556 |
|  Blue Ridge Re Ltd. | Blue Ridge Re Ltd. | Blue Ridge Re Ltd. |
|  9.154% (FHMMUSTF + 5.250%) due 01/08/2031 ~ | 22908 | 23749 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.497% due 05/20/2030 •  | 7200 | 7449 |
|  Bonanza RE Ltd. | Bonanza RE Ltd. | Bonanza RE Ltd. |
|  3.970% (MSMMUSTF) due 01/08/2026 ~ | 2500 | 2435 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •(n) | 34200 | 35381 |
|  5.936% due 05/30/2035 •  | 8600 | 9012 |
|  6.612% due 10/19/2027 •  | 28400 | 29050 |
|  6.714% due 10/19/2029 •  | 66000 | 70097 |
|  7.003% due 10/19/2034 •  | 42300 | 47207 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.684% due 09/13/2027 •  | 41400 | 42307 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  10.832% (T-BILL 1MO + 6.900%) due 03/13/2032 ~ | 42300 | 44470 |
|  12.609% (T-BILL 1MO + 8.702%) due 04/05/2027 ~ | 9550 | 9980 |
|  Charles River Re Ltd. | Charles River Re Ltd. | Charles River Re Ltd. |
|  11.536% due 05/10/2031 •  | 2700 | 2865 |
|  CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. |
|  4.375% due 04/12/2027 ^(e) | 3700 | 347 |
|  4.450% due 08/17/2026 ^(e) | 3500 | 324 |
|  4.800% due 05/17/2028 ^(e) | 1300 | 123 |
|  5.250% due 05/13/2026 ^(e) | 2200 | 209 |
|  5.950% due 10/20/2025 ^(e) | 2600 | 270 |
|  6.000% due 07/16/2049 ^(e) | 4300 | 430 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 29567 | 27079 |
|  Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
|  2.700% due 07/12/2026 ^(e) | 17940 | 1945 |
|  3.125% due 10/22/2025 ^(e) | 26950 | 2897 |
|  3.875% due 10/22/2030 ^(e) | 18050 | 1985 |
|  4.800% due 08/06/2030 ^(e) | 2100 | 226 |
|  5.400% due 05/27/2049 ^(e) | 3400 | 375 |
|  5.625% due 01/14/2030 ^(e) | 1300 | 141 |
|  6.150% due 09/17/2049 ^(e) | 1900 | 210 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 140900 | 43016 |
|  10.100% due 12/15/2043 | 65500 | 20327 |
|  Credit Suisse AG AT1 Claim | 272096 | 35370 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  5.427% due 03/01/2028 •  | 18500 | 18821 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.250% due 01/30/2030 «(l) | 37300 | 38186 |
|  5.410% due 01/30/2032 «(l) | 36700 | 37702 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.552% due 01/07/2028 •  | 8850 | 8657 |
|  3.547% due 09/18/2031 •  | 57047 | 54092 |
|  6.720% due 01/18/2029 •  | 6776 | 7120 |
|  East Lane Re VII Ltd. | East Lane Re VII Ltd. | East Lane Re VII Ltd. |
|  12.822% (T-BILL 3MO + 8.890%) due 03/31/2026 ~ | 32100 | 32655 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  EPR Properties | EPR Properties | EPR Properties |
|  4.500% due 06/01/2027 | 500 | 501 |
|  4.750% due 12/15/2026 | 2445 | 2452 |
|  4.950% due 04/15/2028 | 3980 | 4012 |
|  Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. |
|  14.409% (GSMMUSTI + 10.500%) due 05/13/2031 ~ | 49280 | 52037 |
|  15.404% (GSMMUSTI + 11.500%) due 05/13/2031 ~ | 48900 | 51541 |
|  16.654% (T-BILL 1MO + 12.750%) due 05/13/2031 ~ | 31200 | 32858 |
|  FFC Senior Note Lease-Backed Pass-Through Trust | FFC Senior Note Lease-Backed Pass-Through Trust | FFC Senior Note Lease-Backed Pass-Through Trust |
|  5.141% due 07/10/2053 « | 46854 | 39141 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 39225 | 38602 |
|  2.900% due 02/16/2028 | 18359 | 17457 |
|  4.125% due 08/17/2027 | 2700 | 2656 |
|  4.950% due 05/28/2027 | 3700 | 3695 |
|  5.918% due 03/20/2028 | 21973 | 22354 |
|  6.798% due 11/07/2028 | 11573 | 12087 |
|  6.800% due 05/12/2028 | 26077 | 27087 |
|  7.350% due 11/04/2027 | 7300 | 7615 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  3.250% due 01/15/2032 | 4800 | 4322 |
|  4.000% due 01/15/2031 | 5300 | 5077 |
|  5.300% due 01/15/2029 (n) | 29811 | 30381 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 (n) | 26267 | 25924 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ | 10600 | 10604 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.840% due 06/07/2028 «(l) | 18500 | 18741 |
|  4.980% due 06/07/2030 «(l) | 12000 | 12257 |
|  Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
|  10.659% (T-BILL + 6.750%) due 03/13/2032 ~ | 3400 | 3475 |
|  12.154% (T-BILL 1MO + 8.250%) due 03/13/2032 ~ | 3600 | 3739 |
|  Hexagon IV RE Ltd. | Hexagon IV RE Ltd. | Hexagon IV RE Ltd. |
|  10.452% (EUR003M + 8.428%) due 01/07/2031 ~ | 21312 | 25425 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.041% due 03/13/2028 •  | 11280 | 11250 |
|  4.583% due 06/19/2029 •  | 73000 | 73526 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 | 300 | 258 |
|  4.650% due 04/01/2029 | 700 | 652 |
|  5.950% due 02/15/2028 (n) | 8000 | 7895 |
|  Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. |
|  11.904% (T-BILL 1MO + 8.000%) due 06/06/2027 ~ | 1350 | 1410 |
|  13.654% (T-BILL 1MO + 9.750%) due 06/06/2027 ~ | 900 | 948 |
|  16.154% (T-BILL 1MO + 12.250%) due 06/06/2028 ~ | 6000 | 6384 |
|  29.404% (T-BILL 1MO + 25.500%) due 06/06/2027 ~ | 10100 | 11333 |
|  Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. |
|  21.138% (T-BILL 1MO + 17.234%) due 06/08/2026 ~ | 16150 | 17734 |
|  26.703% (T-BILL 1MO + 22.796%) due 06/08/2026 ~ | 7600 | 8479 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 44166 | 50351 |
|  Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. |
|  3.250% due 11/12/2025 | 1768 | 2072 |
|  Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. |
|  2.750% (T-BILL 3MO + 2.750%) due 04/09/2029 ~ | 6121 | 6275 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 51000 | 59877 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.462% due 01/05/2028 •  | 57700 | 58574 |
|  Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
|  21.836% (T-BILL 1MO + 17.932%) due 05/27/2031 ~ | 25200 | 28147 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. |
|  11.154% (T-BILL 3MO + 7.250%) due 07/22/2031 ~ | 20700 | 20704 |
|  MMcapS Funding XVIII Ltd. | MMcapS Funding XVIII Ltd. | MMcapS Funding XVIII Ltd. |
|  4.550% (US0003M + 0.290%) due 12/26/2039 ~ | 14880 | 14359 |
|  4.760% (US0003M + 0.500%) due 12/26/2039 ~ | 10100 | 8711 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.598% (CAONINDX + 2.900%) due 01/10/2033 ~ | 8700 | 6287 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  2.972% due 02/16/2028 •  | 342 | 336 |
|  3.960% due 07/18/2030 •  | 57892 | 56970 |
|  4.302% due 03/08/2029 •  | 56000 | 55980 |
|  6.557% due 10/18/2027 •  | 30400 | 31096 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  13.654% (T-BILL 3MO + 9.750%) due 04/10/2033 ~ | 8750 | 9154 |
|  13.904% (T-BILL 3MO + 10.000%) due 12/07/2030 ~ | 22346 | 23493 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  3.073% due 05/22/2028 •  | 1188 | 1167 |
|  4.445% due 05/08/2030 •(n) | 163400 | 163871 |
|  4.892% due 05/18/2029 •  | 6900 | 7011 |
|  5.076% due 01/27/2030 •  | 177653 | 181510 |
|  5.475% (SOFRRATE + 1.250%) due 03/01/2028 ~ | 24300 | 24471 |
|  5.583% due 03/01/2028 •  | 42300 | 43102 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.000% due 03/09/2026 | 44978 | 44289 |
|  2.450% due 09/15/2028 | 4200 | 3857 |
|  2.750% due 03/09/2028 | 40800 | 38313 |
|  5.625% due 09/29/2028 | 3600 | 3605 |
|  6.226% (SOFRINDX + 2.050%) due 09/13/2027 ~ | 16100 | 16072 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 | 51800 | 48957 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  7.979% (EUR003M + 6.000%) due 01/17/2029 ~ | 2400 | 2841 |
|  9.789% (EUR003M + 7.810%) due 01/08/2027 ~ | 19700 | 23347 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 06/07/2032 ~ | 5800 | 6140 |
|  13.604% (T-BILL 1MO + 9.700%) due 06/09/2031 ~ | 1700 | 1815 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (h) | 142178 | 107156 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  14.402% (T-BILL 3MO + 10.500%) due 01/07/2028 ~ | 16100 | 16696 |
|  17.154% (T-BILL 3MO + 13.250%) due 01/07/2027 ~ | 73700 | 76751 |
|  Preferred Term Securities VIII Ltd./Preferred Term Securities VIII, Inc. | Preferred Term Securities VIII Ltd./Preferred Term Securities VIII, Inc. | Preferred Term Securities VIII Ltd./Preferred Term Securities VIII, Inc. |
|  5.464% (US0003M + 0.900%) due 01/03/2033 ~ | 3763 | 3744 |
|  Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. | Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. | Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. |
|  5.424% (US0003M + 0.860%) due 07/03/2033 ~ | 915 | 915 |
|  Preferred Term Securities XII Ltd./Preferred Term Securities XII, Inc. | Preferred Term Securities XII Ltd./Preferred Term Securities XII, Inc. | Preferred Term Securities XII Ltd./Preferred Term Securities XII, Inc. |
|  5.165% (US0003M + 0.880%) due 12/24/2033 ~ | 2342 | 2295 |
|  Preferred Term Securities XIX Ltd./Preferred Term Securities XIX, Inc. | Preferred Term Securities XIX Ltd./Preferred Term Securities XIX, Inc. | Preferred Term Securities XIX Ltd./Preferred Term Securities XIX, Inc. |
|  4.729% (US0003M + 0.430%) due 12/22/2035 ~ | 28471 | 26478 |
|  Preferred Term Securities XVI Ltd./Preferred Term Securities XVI, Inc. | Preferred Term Securities XVI Ltd./Preferred Term Securities XVI, Inc. | Preferred Term Securities XVI Ltd./Preferred Term Securities XVI, Inc. |
|  4.879% (US0003M + 0.580%) due 03/23/2035 ~ | 9679 | 8953 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Preferred Term Securities XVII Ltd./Preferred Term Securities XVII, Inc. | Preferred Term Securities XVII Ltd./Preferred Term Securities XVII, Inc. | Preferred Term Securities XVII Ltd./Preferred Term Securities XVII, Inc. |
|  4.685% (US0003M + 0.400%) due 06/23/2035 ~ | 7804 | 7453 |
|  4.785% (US0003M + 0.500%) due 06/23/2035 ~ | 10965 | 9704 |
|  Preferred Term Securities XVIII Ltd./Preferred Term Securities XVIII, Inc. | Preferred Term Securities XVIII Ltd./Preferred Term Securities XVIII, Inc. | Preferred Term Securities XVIII Ltd./Preferred Term Securities XVIII, Inc. |
|  4.779% (US0003M + 0.480%) due 09/23/2035 ~ | 14571 | 13697 |
|  5.049% (US0003M + 0.750%) due 09/23/2035 ~ | 20535 | 17865 |
|  Preferred Term Securities XX Ltd./Preferred Term Securities XX, Inc. | Preferred Term Securities XX Ltd./Preferred Term Securities XX, Inc. | Preferred Term Securities XX Ltd./Preferred Term Securities XX, Inc. |
|  4.699% (US0003M + 0.400%) due 03/22/2038 ~ | 37144 | 34982 |
|  4.749% (US0003M + 0.450%) due 03/22/2038 ~ | 7004 | 6059 |
|  Preferred Term Securities XXI Ltd./Preferred Term Securities XXI, Inc. | Preferred Term Securities XXI Ltd./Preferred Term Securities XXI, Inc. | Preferred Term Securities XXI Ltd./Preferred Term Securities XXI, Inc. |
|  4.699% (US0003M + 0.400%) due 03/22/2038 ~ | 25264 | 23180 |
|  Preferred Term Securities XXII Ltd./Preferred Term Securities XXII, Inc. | Preferred Term Securities XXII Ltd./Preferred Term Securities XXII, Inc. | Preferred Term Securities XXII Ltd./Preferred Term Securities XXII, Inc. |
|  4.699% (US0003M + 0.400%) due 09/22/2036 ~ | 28679 | 27030 |
|  Preferred Term Securities XXIII Ltd./Preferred Term Securities XXIII, Inc. | Preferred Term Securities XXIII Ltd./Preferred Term Securities XXIII, Inc. | Preferred Term Securities XXIII Ltd./Preferred Term Securities XXIII, Inc. |
|  4.609% (US0003M + 0.310%) due 12/22/2036 ~ | 47150 | 45500 |
|  4.679% (US0003M + 0.380%) due 12/22/2036 ~ | 1309 | 1047 |
|  4.689% (US0003M + 0.390%) due 12/22/2036 ~ | 2901 | 2582 |
|  4.919% (US0003M + 0.620%) due 12/22/2036 ~ | 30848 | 26375 |
|  Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc. | Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc. | Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc. |
|  4.599% (US0003M + 0.300%) due 03/22/2037 ~ | 43785 | 41158 |
|  4.679% (US0003M + 0.380%) due 03/22/2037 ~ | 45771 | 38905 |
|  Preferred Term Securities XXV Ltd./Preferred Term Securities XXV, Inc. | Preferred Term Securities XXV Ltd./Preferred Term Securities XXV, Inc. | Preferred Term Securities XXV Ltd./Preferred Term Securities XXV, Inc. |
|  4.649% (US0003M + 0.350%) due 06/22/2037 ~ | 48367 | 40628 |
|  Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. | Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. | Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. |
|  4.599% (US0003M + 0.300%) due 09/22/2037 ~ | 65 | 60 |
|  4.669% (US0003M + 0.370%) due 09/22/2037 ~ | 41913 | 35626 |
|  Preferred Term Securities XXVII Ltd./Preferred Term Securities XXVII, Inc. | Preferred Term Securities XXVII Ltd./Preferred Term Securities XXVII, Inc. | Preferred Term Securities XXVII Ltd./Preferred Term Securities XXVII, Inc. |
|  4.599% (US0003M + 0.300%) due 12/22/2037 ~ | 10081 | 9375 |
|  4.699% (US0003M + 0.400%) due 12/22/2037 ~ | 2118 | 1811 |
|  Preferred Term Securities XXVIII Ltd./Preferred Term Securities XXVIII, Inc. | Preferred Term Securities XXVIII Ltd./Preferred Term Securities XXVIII, Inc. | Preferred Term Securities XXVIII Ltd./Preferred Term Securities XXVIII, Inc. |
|  4.899% (US0003M + 0.600%) due 03/22/2038 ~ | 16829 | 13127 |
|  5.199% (US0003M + 0.900%) due 03/22/2038 ~ | 14081 | 13736 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  13.030% (T-BILL 1MO + 9.126%) due 06/06/2031 ~ | 20100 | 21348 |
|  Pyramid Funding Ltd. | Pyramid Funding Ltd. | Pyramid Funding Ltd. |
|  5.062% due 03/28/2035 « | 328763 | 389967 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.017% (EUR003M + 8.000%) due 01/06/2031 ~ | 3800 | 4531 |
|  Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. |
|  0.000% due 11/28/2025 «~(l) | 435 | 585 |
|  RNHB BV | RNHB BV | RNHB BV |
|  0.000% due 07/28/2026 «~ | 23920 | 27923 |
|  0.000% due 01/28/2027 «~ | 21408 | 25137 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>13</sub> |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 03/01/2027 «~ |  | 11775 | 13391 |
|  0.000% due 10/28/2027 «~ |  | 21087 | 24613 |
|  0.000% due 04/28/2028 «~ |  | 10673 | 13081 |
|  0.000% due 10/28/2028 «~ |  | 22876 | 28035 |
|  Sabine Re Ltd. | Sabine Re Ltd. | Sabine Re Ltd. | Sabine Re Ltd. |
|  12.424% (T-BILL 1MO + 8.520%) due 04/07/2031 ~ | $— | 6600 | 6955 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.469% due 01/11/2028 •  |  | 11100 | 10844 |
|  3.823% due 11/03/2028 •  |  | 31580 | 31271 |
|  6.534% due 01/10/2029 •  |  | 6200 | 6490 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  2.564% (EUR003M + 0.550%) due 12/15/2033 ~ |  | 428 | 475 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.447% due 01/12/2027 •  | $— | 83300 | 83711 |
|  6.691% due 01/10/2034 •  |  | 131700 | 143500 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2026 ^(d)(e) |  | 684 | 103 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 ^(d)(e) |  | 686 | 105 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 ^(d)(e) |  | 1375 | 210 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 ^(d)(e) |  | 2067 | 320 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 ^(d)(e) |  | 2072 | 321 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 ^(d)(e) |  | 976 | 150 |
|  Taranis Reinsurance DAC | Taranis Reinsurance DAC | Taranis Reinsurance DAC | Taranis Reinsurance DAC |
|  8.281% (EUR003M + 6.310%) due 01/07/2031 ~ |  | 13300 | 15557 |
|  10.961% (EUR003M + 8.990%) due 01/08/2031 ~ |  | 18600 | 22418 |
|  Titanium 2l Bondco SARL | Titanium 2l Bondco SARL | Titanium 2l Bondco SARL | Titanium 2l Bondco SARL |
|  6.250% due 01/14/2031 |  | 2955 | 912 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  9.940% (JMMMUSTF + 6.036%) due 06/07/2032 ~ | $— | 15100 | 15746 |
|  11.010% (JMMMUSTF + 7.106%) due 06/07/2032 ~ |  | 8900 | 9267 |
|  13.282% (BRMMUSDF + 9.378%) due 06/05/2031 ~ |  | 5400 | 5511 |
|  U.S. Capital Funding VI Ltd./U.S. Capital Funding VI Corp. | U.S. Capital Funding VI Ltd./U.S. Capital Funding VI Corp. | U.S. Capital Funding VI Ltd./U.S. Capital Funding VI Corp. | U.S. Capital Funding VI Ltd./U.S. Capital Funding VI Corp. |
|  4.870% due 07/10/2043 •  |  | 38279 | 32346 |
|  UBS AG | UBS AG | UBS AG | UBS AG |
|  7.500% due 02/15/2028 |  | 242450 | 261083 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  |  | 91335 | 84540 |
|  3.869% due 01/12/2029 •  |  | 7400 | 7339 |
|  4.194% due 04/01/2031 •  |  | 31069 | 30723 |
|  5.428% due 02/08/2030 •  |  | 19800 | 20461 |
|  5.959% due 01/12/2034 •(n) |  | 111300 | 119094 |
|  6.246% due 09/22/2029 •  |  | 92400 | 97505 |
|  6.327% due 12/22/2027 •(n) |  | 95300 | 97703 |
|  6.442% due 08/11/2028 •  |  | 149385 | 155245 |
|  6.537% due 08/12/2033 •  |  | 203100 | 224108 |
|  7.750% due 03/01/2029 •  |  | 47900 | 62730 |
|  9.016% due 11/15/2033 •(n) | $— | 19750 | 24753 |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |
|  10.500% due 02/15/2028 |  | 10179 | 10727 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  9.480% (BNMMDTSC + 5.500%) due 12/07/2026 ~ |  | 38700 | 39904 |
|  11.404% (T-BILL 3MO + 7.500%) due 02/22/2028 ~ |  | 25300 | 25529 |
|  12.654% (BNMMDTSC + 8.750%) due 12/07/2026 ~ |  | 49500 | 51765 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(l) | 52500 | 54160 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  8.904% (GSMMUSTI + 5.000%) due 03/08/2033 ~ | 3550 | 3589 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.875% due 02/15/2029 | 5805 | 5671 |
|  4.500% due 09/01/2026 | 16083 | 16087 |
|  4.500% due 01/15/2028 | 3495 | 3492 |
|  5.750% due 02/01/2027 | 12316 | 12474 |
|  Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. |
|  5.657% (MSMMUSTF + 1.750%) due 01/08/2030 ~ | 5700 | 5710 |
|  7.654% (MSMMUSTF + 3.750%) due 01/08/2030 ~ | 4500 | 4518 |
|  Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
|  8.500% due 05/09/2026 ^«(e) | 17914 | 0 |
|  Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC |
|  7.147% (EUR003M + 5.210%) due 07/05/2028 ~ | 400 | 475 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.404% (T-BILL 3MO + 6.500%) due 02/21/2028 ~ | 1800 | 1870 |
|  15.594% (T-BILL 3MO + 11.690%) due 02/26/2031 ~ | 4800 | 5185 |
|  Yellow Tulip Assetco BV | Yellow Tulip Assetco BV | Yellow Tulip Assetco BV |
|  0.000% due 07/30/2036 « | 45750 | 53318 |
|  Yellow Tulip Bidco BV | Yellow Tulip Bidco BV | Yellow Tulip Bidco BV |
|  0.000% due 07/30/2036 «~ | 47123 | 32232 |
|  |  | 6118197 |
| INDUSTRIALS 5.1% | INDUSTRIALS 5.1% | INDUSTRIALS 5.1% |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 25555 | 25614 |
|  Altice France SA | Altice France SA | Altice France SA |
|  3.375% due 01/15/2028 | 8706 | 8816 |
|  4.000% due 07/15/2029 | 3050 | 3096 |
|  4.125% due 01/15/2029 | 1200 | 1219 |
|  5.125% due 01/15/2029 | 23300 | 20053 |
|  5.125% due 07/15/2029 | 51547 | 44281 |
|  5.500% due 01/15/2028 | 42930 | 37993 |
|  5.500% due 10/15/2029 | 34165 | 29721 |
|  5.875% due 02/01/2027 | 3500 | 3718 |
|  8.125% due 02/01/2027 | 45340 | 43377 |
|  Amdocs Ltd. | Amdocs Ltd. | Amdocs Ltd. |
|  2.538% due 06/15/2030 | 23200 | 21267 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 24914 | 22621 |
|  3.000% due 04/15/2030 | 15256 | 14687 |
|  3.150% due 08/15/2033 | 1263 | 1185 |
|  3.200% due 12/15/2029 | 8448 | 8190 |
|  3.350% due 04/15/2031 | 18163 | 17542 |
|  3.375% due 11/01/2028 | 31191 | 30701 |
|  3.575% due 07/15/2029 | 7445 | 7304 |
|  3.600% due 03/22/2029 | 2705 | 2653 |
|  3.650% due 12/15/2029 | 3035 | 2929 |
|  3.650% due 08/15/2030 | 9557 | 9300 |
|  3.700% due 04/01/2028 | 13266 | 13190 |
|  Andre Perry Group, Inc. | Andre Perry Group, Inc. | Andre Perry Group, Inc. |
|  0.000% due 01/31/2026 «~ | 26693 | 31339 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 | 7300 | 7804 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(c) | 4057960 | 4057960 |
|  Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. |
|  0.000% due 06/05/2034 (h) | 1961 | 1608 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 13187 | 13089 |
|  2.950% due 02/01/2030 (n) | 19314 | 18192 |
|  3.200% due 03/01/2029 (n) | 10000 | 9652 |
|  3.450% due 11/01/2028 | 4404 | 4311 |
|  3.625% due 02/01/2031 | 40180 | 38511 |
|  5.040% due 05/01/2027 | 125660 | 127049 |
|  5.150% due 05/01/2030 | 35000 | 35927 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.259% due 05/01/2027 | $— | 71656 | 73757 |
|  6.298% due 05/01/2029 |  | 73606 | 78135 |
|  6.388% due 05/01/2031 (n) |  | 28100 | 30619 |
|  6.528% due 05/01/2034 (n) |  | 16300 | 18032 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 |  | 11264 | 10250 |
|  3.300% due 06/15/2034 |  | 2127 | 2015 |
|  3.800% due 03/20/2033 |  | 3494 | 3420 |
|  4.250% due 05/15/2034 |  | 10326 | 10090 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.450% due 02/15/2031 |  | 86400 | 78608 |
|  2.600% due 02/15/2033 (n) |  | 26905 | 23628 |
|  3.187% due 11/15/2036 |  | 7241 | 6182 |
|  3.419% due 04/15/2033 |  | 13531 | 12528 |
|  3.469% due 04/15/2034 |  | 40370 | 36858 |
|  Carvana Co. | Carvana Co. | Carvana Co. | Carvana Co. |
|  9.000% due 06/01/2031 |  | 266687 | 302147 |
|  Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) |
|  9.000% due 06/01/2030 (d) |  | 222865 | 233330 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  2.670% due 12/01/2026 |  | 64300 | 63107 |
|  3.276% due 12/01/2028 |  | 16500 | 15951 |
|  3.569% due 12/01/2031 |  | 51800 | 48419 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 |  | 7500 | 6975 |
|  4.625% due 12/15/2029 |  | 6100 | 5918 |
|  Claritev Corp. (6.500% Cash and 0.750% PIK) | Claritev Corp. (6.500% Cash and 0.750% PIK) | Claritev Corp. (6.500% Cash and 0.750% PIK) | Claritev Corp. (6.500% Cash and 0.750% PIK) |
|  7.250% due 03/31/2031 (d) |  | 34225 | 26610 |
|  CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group |
|  8.170% due 10/25/2031 «~ |  | 148000 | 148940 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  4.163% due 08/11/2036 |  | 4504 | 4254 |
|  5.773% due 01/10/2033 |  | 3352 | 3435 |
|  5.880% due 01/10/2028 |  | 393 | 396 |
|  7.507% due 01/10/2032 |  | 2880 | 3070 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.250% due 12/01/2026 |  | 284326 | 279616 |
|  5.750% due 12/01/2028 |  | 252793 | 242552 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.400% due 03/15/2027 |  | 4145 | 4161 |
|  4.950% due 05/15/2028 (n) |  | 4355 | 4428 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 |  | 72600 | 85378 |
|  Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA |
|  4.950% due 03/23/2027 | $— | 24600 | 21525 |
|  4.950% due 02/06/2028 |  | 15900 | 13356 |
|  7.288% due 08/16/2037 |  | 30730 | 23017 |
|  8.625% due 04/28/2034 |  | 141090 | 123454 |
|  Greene King Finance PLC | Greene King Finance PLC | Greene King Finance PLC | Greene King Finance PLC |
|  5.106% due 03/15/2034 |  | 1037 | 1381 |
|  5.905% (BP0003M + 1.800%) due 12/15/2034 ~ |  | 427 | 531 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | $— | 906 | 900 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 |  | 2213 | 1965 |
|  4.000% due 05/15/2034 |  | 50093 | 47219 |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  4.887% (US0003M + 0.450%) due 12/15/2030 ~ |  | 24 | 23 |
|  6.013% due 12/15/2030 |  | 3403 | 4606 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  5.750% due 12/31/2030 | $— | 5061 | 4423 |
|  MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
|  11.500% due 12/31/2030 (d) |  | 7939 | 8313 |
|  National Football League | National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(l) |  | 76800 | 78824 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 |  | 74963 | 73605 |
|  4.810% due 09/17/2030 |  | 212402 | 200228 |
|  7.500% due 07/17/2030 |  | 90700 | 95256 |
|  7.750% due 07/17/2032 |  | 48550 | 51415 |
|  8.125% due 07/17/2035 |  | 82100 | 88185 |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 | 3480 | 2774 |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(e) | 105630 | 17218 |
|  5.500% due 04/12/2037 ^(e) | 117045 | 19078 |
|  6.000% due 11/15/2026 ^(e) | 54167 | 8829 |
|  9.750% due 05/17/2035 ^(e) | 43640 | 7964 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  2.750% due 04/21/2027 | 3047 | 3542 |
|  5.950% due 01/28/2031 | 176125 | 170706 |
|  6.700% due 02/16/2032 | 412739 | 409284 |
|  6.750% due 09/21/2047 | 71382 | 58957 |
|  6.950% due 01/28/2060 | 57150 | 47042 |
|  7.690% due 01/23/2050 | 16197 | 14737 |
|  Prime Property Fund LLC | Prime Property Fund LLC | Prime Property Fund LLC |
|  5.250% due 09/30/2029 «(l) | 34500 | 34734 |
|  5.440% due 09/30/2031 «(l) | 34500 | 34728 |
|  Prosus NV | Prosus NV | Prosus NV |
|  1.288% due 07/13/2029 | 19700 | 21677 |
|  1.985% due 07/13/2033 | 26300 | 27134 |
|  2.085% due 01/19/2030 | 27600 | 31062 |
|  2.778% due 01/19/2034 | 20944 | 22593 |
|  3.061% due 07/13/2031 | 47100 | 42782 |
|  4.193% due 01/19/2032 | 28000 | 26884 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  3.375% due 06/18/2026 | 3835 | 5123 |
|  4.625% due 02/16/2026 | 45275 | 53358 |
|  5.750% due 10/15/2027 | 29673 | 40841 |
|  Russian Railways Via RZD Capital PLC | Russian Railways Via RZD Capital PLC | Russian Railways Via RZD Capital PLC |
|  7.487% due 03/25/2031 ^(e) | 60389 | 56852 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  4.750% due 06/02/2030 | 197600 | 200448 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.375% due 08/15/2031 | 120 | 112 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
|  5.152% due 09/20/2029 | 15533 | 15594 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 37536 | 56397 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  0.875% due 01/31/2030 | 31400 | 25464 |
|  1.250% due 01/31/2034 | 9800 | 7961 |
|  1.604% due 12/23/2029 | 11200 | 8049 |
|  2.375% due 04/22/2042 | 6300 | 5754 |
|  2.625% due 01/24/2034 | 23700 | 21809 |
|  3.500% due 02/25/2030 | 9100 | 8592 |
|  4.000% due 04/18/2029 | 11700 | 9709 |
|  4.375% due 01/18/2033 | 41600 | 34439 |
|  4.375% due 07/03/2036 | 27175 | 25511 |
|  4.625% due 06/04/2048 | 29100 | 27398 |
|  5.125% due 09/28/2039 | 14500 | 13657 |
|  5.500% due 02/11/2043 | 52700 | 49810 |
|  6.500% due 02/09/2034 | 3000 | 2859 |
|  7.125% due 04/30/2033 | 6800 | 6442 |
|  7.750% due 04/30/2046 | 25300 | 24255 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (h) | 2758 | 3208 |
|  Times Square Hotel Trust | Times Square Hotel Trust | Times Square Hotel Trust |
|  8.528% due 08/01/2026 | 221 | 222 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  4.875% due 09/30/2039 | 7713 | 6788 |
|  5.750% due 09/30/2039 | 57577 | 58409 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  10.625% due 06/28/2028 | 5107 | 4469 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 7997 | 7350 |
|  3.500% due 09/01/2031 | 2863 | 2751 |
|  4.000% due 10/11/2027 | 2322 | 2318 |
|  4.150% due 02/25/2033 | 3123 | 3055 |
|  5.875% due 04/15/2029 | 84815 | 87245 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 (n) | 1556 | 1616 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 31870 | 30569 |
|  3.875% due 11/01/2033 | 10800 | 9739 |
|  4.125% due 08/15/2031 (n) | 10300 | 9729 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 (n) | 138600 | 143519 |
|  8.125% due 06/01/2028 (n) | 259800 | 269093 |
|  8.375% due 06/01/2031 (n) | 53075 | 55765 |
|  9.500% due 02/01/2029 | 215900 | 238062 |
|  9.875% due 02/01/2032 (n) | 133350 | 145265 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 (n) | 41020 | 43206 |
|  6.750% due 01/15/2036 (n) | 46200 | 49101 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.300% due 03/22/2027 | 100000 | 101368 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  5.100% due 09/12/2034 (n) | 48000 | 47656 |
|  Yellowstone Energy LP | Yellowstone Energy LP | Yellowstone Energy LP |
|  5.750% due 12/31/2026 | 1247 | 1233 |
|  |  | 10439829 |
| UTILITIES 1.1% | UTILITIES 1.1% | UTILITIES 1.1% |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 (n) | 40350 | 41978 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 3358 | 3290 |
|  Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
|  1.500% due 02/17/2027 | 137850 | 125428 |
|  2.950% due 01/27/2029 | 93400 | 68672 |
|  3.000% due 06/29/2027 | 12000 | 9780 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.750% due 10/15/2031 | 46500 | 46539 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 44031 | 42336 |
|  2.500% due 02/01/2031 | 51959 | 46312 |
|  2.950% due 03/01/2026 | 69389 | 68919 |
|  3.000% due 06/15/2028 | 85600 | 82556 |
|  3.150% due 01/01/2026 | 223783 | 223087 |
|  3.250% due 06/01/2031 | 86160 | 79274 |
|  3.300% due 03/15/2027 | 83737 | 82645 |
|  3.300% due 12/01/2027 | 164659 | 161189 |
|  3.500% due 08/01/2050 | 24300 | 16603 |
|  3.750% due 07/01/2028 | 176652 | 173553 |
|  3.750% due 08/15/2042 | 2902 | 2217 |
|  4.000% due 12/01/2046 | 36917 | 27873 |
|  4.200% due 03/01/2029 | 65400 | 64865 |
|  4.250% due 03/15/2046 | 60021 | 47317 |
|  4.300% due 03/15/2045 | 37669 | 30262 |
|  4.400% due 03/01/2032 | 67000 | 65392 |
|  4.450% due 04/15/2042 | 46785 | 39309 |
|  4.500% due 07/01/2040 | 18037 | 15704 |
|  4.550% due 07/01/2030 (n) | 346519 | 344251 |
|  4.600% due 06/15/2043 | 47354 | 39912 |
|  4.650% due 08/01/2028 | 19885 | 19946 |
|  4.750% due 02/15/2044 | 16502 | 14155 |
|  5.450% due 06/15/2027 | 23667 | 24075 |
|  5.900% due 06/15/2032 | 20000 | 20924 |
|  6.400% due 06/15/2033 | 4948 | 5321 |
|  Peru LNG SRL | Peru LNG SRL | Peru LNG SRL |
|  5.375% due 03/22/2030 | 1050 | 1009 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 13661 | 14136 |
|  9.750% due 01/06/2027 | 6484 | 6723 |
|  Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
|  8.750% due 03/15/2032 (n) | 25100 | 30587 |
|  Sprint LLC | Sprint LLC | Sprint LLC |
|  7.625% due 03/01/2026 | 11900 | 11927 |
|  |  | 2098066 |
|  Total Corporate Bonds & Notes (Cost $18,656,252) | Total Corporate Bonds & Notes (Cost $18,656,252) | 18656092 |
| 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 | 4580 | 4096 |
|  3.714% due 06/01/2041 | 1100 | 864 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.850% due 06/01/2050 | 2720 | 2480 |
|  4.214% due 06/01/2050 | 26895 | 19961 |
|  |  | 27401 |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  6.630% due 02/01/2035 | 20569 | 21782 |
|  6.725% due 04/01/2035 | 5615 | 5970 |
|  7.350% due 07/01/2035 | 15314 | 16706 |
|  |  | 44458 |
|  Total Municipal Bonds & Notes (Cost $79,696) | Total Municipal Bonds & Notes (Cost $79,696) | 71859 |
| U.S. GOVERNMENT AGENCIES 60.0% | U.S. GOVERNMENT AGENCIES 60.0% | U.S. GOVERNMENT AGENCIES 60.0% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  1.500% due 05/01/2041 | 699 | 591 |
|  2.000% due 03/01/2026 - 03/01/2028 | 29 | 28 |
|  2.500% due 08/01/2027 - 10/01/2051 | 105178 | 93410 |
|  3.000% due 01/01/2026 - 04/01/2052 | 409485 | 368973 |
|  3.500% due 11/01/2025 - 03/01/2051 | 351497 | 327248 |
|  4.000% due 10/01/2038 - 03/01/2053 | 109527 | 105184 |
|  4.500% due 06/01/2038 - 08/01/2053 | 9855 | 9707 |
|  5.000% due 05/01/2026 - 07/01/2053 | 49185 | 49139 |
|  5.500% due 04/01/2027 - 09/01/2053 | 360086 | 364712 |
|  5.995% due 08/01/2034 •  | 1 | 1 |
|  6.000% due 07/01/2026 - 09/01/2054 | 132811 | 136252 |
|  6.102% due 05/01/2035 •  | 9 | 9 |
|  6.221% due 07/01/2033 •  | 2 | 2 |
|  6.245% due 03/01/2031 •  | 3 | 3 |
|  6.375% due 11/01/2031 - 09/01/2032 •  | 21 | 21 |
|  6.443% due 05/01/2037 •  | 1 | 1 |
|  6.451% due 04/01/2036 •  | 2 | 2 |
|  6.455% due 11/01/2029 •  | 2 | 2 |
|  6.473% due 05/01/2033 •  | 3 | 3 |
|  6.479% due 01/01/2035 •  | 17 | 17 |
|  6.486% due 12/01/2034 •  | 2 | 2 |
|  6.495% due 12/01/2037 •  | 1 | 1 |
|  6.500% due 10/01/2028 - 05/01/2055 | 771849 | 798239 |
|  6.501% due 07/01/2034 •  | 14 | 14 |
|  6.528% due 05/01/2029 •  | 1 | 1 |
|  6.532% due 01/01/2033 •  | 3 | 3 |
|  6.560% due 09/01/2037 •  | 1 | 1 |
|  6.715% due 01/01/2035 •  | 9 | 9 |
|  6.724% due 03/01/2032 - 10/01/2032 •  | 34 | 35 |
|  6.809% due 09/01/2033 •  | 18 | 19 |
|  6.820% due 07/01/2033 •  | 1 | 1 |
|  6.897% due 12/01/2033 •  | 13 | 13 |
|  7.000% due 01/01/2043 - 07/01/2055 | 875221 | 916670 |
|  7.055% due 09/01/2033 •  | 1 | 1 |
|  7.059% due 11/01/2035 •  | 29 | 31 |
|  7.230% due 09/01/2031 •  | 36 | 37 |
|  7.238% due 09/01/2034 •  | 21 | 22 |
|  7.258% due 09/01/2037 •  | 1 | 1 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  1.242% due 09/25/2030 ~(a) | 198476 | 8808 |
|  1.468% due 06/25/2030 ~(a) | 86495 | 4474 |
|  1.532% due 05/25/2030 ~(a) | 304293 | 16726 |
|  3.997% due 09/25/2035 ~(a) | 59782 | 9202 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  0.000% due 08/15/2056 - 08/15/2057 (b)(h) | 122390 | 82715 |
|  0.024% due 12/15/2042 •  | 1364 | 1097 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **15** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.927% due 01/15/2041 •  | $— | 718 | $— | 672 |
|  1.463% due 11/15/2037 •(a) |  | 3373 |  | 330 |
|  1.563% due 08/15/2037 •(a) |  | 469 |  | 44 |
|  1.713% due 06/15/2038 - 01/15/2042 •(a) |  | 2268 |  | 222 |
|  1.815% due 01/15/2038 ~(a) |  | 9749 |  | 501 |
|  1.887% due 02/15/2040 •  |  | 396 |  | 372 |
|  1.953% due 03/15/2037 •(a) |  | 2306 |  | 235 |
|  1.963% due 03/15/2037 - 06/15/2039 •(a) |  | 1097 |  | 112 |
|  2.063% due 09/15/2036 •(a) |  | 928 |  | 76 |
|  2.083% due 09/15/2036 •(a) |  | 538 |  | 56 |
|  2.163% due 04/15/2036 - 05/15/2036 •(a) |  | 3176 |  | 381 |
|  2.213% due 04/15/2026 •(a) |  | 1 |  | 0 |
|  2.263% due 01/15/2037 •(a) |  | 343 |  | 34 |
|  2.663% due 08/15/2036 •(a) |  | 908 |  | 106 |
|  3.000% due 03/15/2027 - 12/15/2032 (a) |  | 534 |  | 12 |
|  3.500% due 08/15/2042 |  | 6525 |  | 6191 |
|  4.000% due 01/15/2041 |  | 3685 |  | 3628 |
|  4.000% due 09/15/2048 (a) |  | 431 |  | 68 |
|  4.887% due 12/15/2046 •  |  | 14254 |  | 13919 |
|  4.937% due 06/15/2049 •  |  | 7755 |  | 7579 |
|  5.000% due 01/15/2034 - 05/15/2038 |  | 1757 |  | 1794 |
|  5.500% due 08/15/2036 - 06/15/2041 |  | 11849 |  | 12376 |
|  6.000% due 02/15/2031 - 02/15/2032 |  | 319 |  | 329 |
|  6.500% due 04/15/2029 - 11/25/2049 |  | 3910 |  | 4148 |
|  7.000% due 06/15/2029 - 03/15/2032 |  | 25 |  | 26 |
|  7.127% due 12/15/2031 - 02/15/2032 •  |  | 226 |  | 248 |
|  7.250% due 09/15/2030 |  | 3 |  | 3 |
|  7.500% due 09/15/2030 |  | 31 |  | 32 |
|  8.500% due 06/15/2031 |  | 16 |  | 17 |
|  9.265% due 10/15/2031 •  |  | 10 |  | 11 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  2.342% due 11/15/2043 •  |  | 7956 |  | 8085 |
|  2.502% due 08/15/2044 •  |  | 4086 |  | 4017 |
|  3.000% due 12/15/2042 - 10/15/2047 (a) |  | 30863 |  | 4709 |
|  3.500% due 12/15/2042 (a) |  | 3184 |  | 492 |
|  4.000% due 09/15/2048 (a) |  | 3588 |  | 465 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.532% due 08/25/2031 •  |  | 3 |  | 3 |
|  5.553% due 07/25/2044 •  |  | 3 |  | 3 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  1.500% due 12/01/2040 - 06/01/2051 |  | 809 |  | 667 |
|  2.000% due 10/01/2026 - 11/01/2051 |  | 12191 |  | 10021 |
|  2.500% due 02/01/2028 - 09/01/2051 |  | 55345 |  | 47275 |
|  3.000% due 11/01/2025 - 11/01/2051 |  | 2036932 |  | 1840493 |
|  3.500% due 10/01/2025 - 06/01/2051 |  | 454506 |  | 423997 |
|  3.564% due 04/01/2027 •  |  | 9 |  | 9 |
|  4.000% due 10/01/2025 - 01/01/2059 |  | 941685 |  | 906174 |
|  4.207% due 03/01/2033 •  |  | 3 |  | 3 |
|  4.500% due 10/01/2025 - 09/01/2053 |  | 42965 |  | 42570 |
|  5.000% due 06/01/2026 - 08/01/2053 |  | 87372 |  | 87168 |
|  5.395% due 09/01/2031 •  |  | 26 |  | 27 |
|  5.421% due 10/01/2044 •  |  | 1 |  | 1 |
|  5.500% due 06/01/2048 - 05/01/2054 |  | 473513 |  | 479507 |
|  5.621% due 10/01/2040 •  |  | 7 |  | 7 |
|  5.917% due 09/01/2030 •  |  | 2 |  | 2 |
|  5.949% due 02/01/2034 •  |  | 213 |  | 216 |
|  5.965% due 12/01/2035 •  |  | 12 |  | 12 |
|  6.000% due 10/01/2025 - 09/01/2054 |  | 177572 |  | 182193 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.135% due 07/01/2032 •  | $— | 3 | $— | 4 |
|  6.175% due 11/01/2033 •  |  | 4 |  | 4 |
|  6.182% due 04/01/2028 •  |  | 1 |  | 1 |
|  6.194% due 08/01/2033 •  |  | 4 |  | 4 |
|  6.269% due 03/01/2033 •  |  | 30 |  | 31 |
|  6.358% due 12/01/2033 •  |  | 5 |  | 5 |
|  6.452% due 04/01/2032 •  |  | 3 |  | 3 |
|  6.500% due 02/01/2026 - 05/01/2055 |  | 301586 |  | 312397 |
|  6.634% due 04/01/2033 •  |  | 1 |  | 1 |
|  7.000% due 07/01/2034 - 10/01/2055 |  | 741387 |  | 776688 |
|  7.017% due 10/01/2036 •  |  | 1 |  | 1 |
|  7.069% due 10/01/2032 •  |  | 2 |  | 2 |
|  7.124% due 09/01/2035 •  |  | 2 |  | 2 |
|  Federal National Mortgage Association Benchmark REMICS | Federal National Mortgage Association Benchmark REMICS | Federal National Mortgage Association Benchmark REMICS | Federal National Mortgage Association Benchmark REMICS | Federal National Mortgage Association Benchmark REMICS |
|  5.500% due 04/25/2037 |  | 3063 |  | 3148 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  4.382% due 09/25/2031 •  |  | 457 |  | 453 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.000% due 11/25/2042 •  |  | 19 |  | 15 |
|  0.017% due 09/25/2042 •  |  | 819 |  | 461 |
|  1.379% due 03/25/2041 •(a) |  | 1650 |  | 167 |
|  1.529% due 11/25/2049 •(a) |  | 17467 |  | 2386 |
|  1.559% due 06/25/2037 •(a) |  | 265 |  | 30 |
|  1.579% due 03/25/2037 - 03/25/2049 •(a) |  | 5558 |  | 702 |
|  1.599% due 12/25/2036 - 02/25/2037 •(a) |  | 923 |  | 71 |
|  1.629% due 04/25/2037 •(a) |  | 438 |  | 50 |
|  1.639% due 04/25/2037 •(a) |  | 668 |  | 56 |
|  1.679% due 08/25/2035 - 02/25/2043 •(a) |  | 2744 |  | 298 |
|  1.829% due 01/25/2038 •(a) |  | 1093 |  | 102 |
|  1.879% due 01/25/2040 •(a) |  | 1069 |  | 84 |
|  1.909% due 03/25/2037 •(a) |  | 1345 |  | 133 |
|  1.929% due 05/25/2037 •(a) |  | 391 |  | 34 |
|  1.939% due 06/25/2037 •(a) |  | 1564 |  | 187 |
|  1.969% due 04/25/2037 •(a) |  | 982 |  | 122 |
|  1.979% due 12/25/2037 •(a) |  | 916 |  | 92 |
|  2.079% due 10/25/2036 - 06/25/2040 •(a) |  | 1026 |  | 104 |
|  2.129% due 11/25/2035 •(a) |  | 34 |  | 0 |
|  2.179% due 11/25/2036 •(a) |  | 291 |  | 13 |
|  2.229% due 03/25/2036 •(a) |  | 455 |  | 35 |
|  2.319% due 04/25/2037 •(a) |  | 702 |  | 95 |
|  2.500% due 04/25/2042 - 08/25/2042 |  | 9634 |  | 9298 |
|  2.529% due 02/25/2038 •(a) |  | 3241 |  | 394 |
|  2.729% due 02/25/2037 •(a) |  | 238 |  | 29 |
|  3.000% due 06/25/2027 - 06/25/2042 (a) |  | 5810 |  | 176 |
|  4.000% due 12/25/2042 - 12/25/2047 (a) |  | 927 |  | 82 |
|  4.500% due 12/25/2039 - 07/25/2040 |  | 2878 |  | 2871 |
|  4.500% due 12/25/2042 (a) |  | 695 |  | 111 |
|  4.523% due 12/25/2036 •  |  | 15 |  | 15 |
|  4.583% due 03/25/2034 •  |  | 1 |  | 1 |
|  4.871% due 06/25/2029 - 08/25/2036 •  |  | 2 |  | 2 |
|  4.921% due 06/25/2049 •  |  | 3505 |  | 3415 |
|  5.000% due 08/25/2033 - 10/25/2041 |  | 12435 |  | 12669 |
|  5.031% due 03/25/2038 •  |  | 251 |  | 270 |
|  5.245% due 12/25/2050 •  |  | 11759 |  | 11733 |
|  5.500% due 11/25/2032 |  | 865 |  | 888 |
|  6.000% due 06/25/2029 - 09/25/2031 |  | 362 |  | 371 |
|  6.500% due 10/25/2031 - 02/25/2033 |  | 22 |  | 23 |
|  6.850% due 12/18/2027 |  | 1 |  | 1 |
|  7.000% due 06/25/2032 - 01/25/2048 |  | 54 |  | 55 |
|  7.500% due 11/25/2030 - 12/25/2030 |  | 1 |  | 0 |
|  8.500% due 06/25/2030 |  | 31 |  | 33 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.500% due 06/25/2028 |  | 1 |  | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.500% due 06/25/2042 ~ | $— | 8 | $— | 8 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 03/25/2044 •  |  | 2 |  | 2 |
|  4.871% due 09/25/2032 •  |  | 4 |  | 4 |
|  5.000% due 06/25/2043 |  | 14 |  | 14 |
|  7.500% due 06/25/2042 |  | 11 |  | 12 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  0.000% due 10/16/2053 ~(a) |  | 841 |  | 0 |
|  0.023% due 08/16/2048 ~(a) |  | 2714 |  | 1 |
|  1.087% due 03/16/2051 ~(a) |  | 592 |  | 0 |
|  3.000% due 01/20/2042 - 04/20/2052 |  | 249741 |  | 223195 |
|  3.500% due 01/20/2045 - 07/20/2055 |  | 1593862 |  | 1460077 |
|  4.000% due 06/20/2039 - 06/20/2054 |  | 162165 |  | 153601 |
|  4.500% due 07/20/2032 - 02/20/2049 |  | 80441 |  | 79681 |
|  4.625% due 10/20/2029 •  |  | 14 |  | 14 |
|  4.750% due 12/20/2026 - 12/20/2033 •  |  | 16 |  | 16 |
|  5.125% due 08/20/2033 •  |  | 2 |  | 2 |
|  5.625% due 01/20/2027 - 01/20/2035 •  |  | 71 |  | 70 |
|  6.100% due 06/15/2028 - 01/15/2029 |  | 83 |  | 85 |
|  6.490% due 01/15/2028 - 01/15/2029 |  | 92 |  | 93 |
|  6.500% due 01/20/2055 - 02/20/2055 |  | 561245 |  | 577013 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  1.950% due 10/20/2047 •(a) |  | 6843 |  | 961 |
|  3.500% due 03/20/2043 (a) |  | 244 |  | 39 |
|  4.000% due 03/20/2043 (a) |  | 710 |  | 79 |
|  4.866% due 10/20/2062 •  |  | 731 |  | 730 |
|  4.936% due 03/20/2063 •  |  | 112 |  | 112 |
|  4.977% due 04/20/2068 •  |  | 16726 |  | 16932 |
|  5.000% due 07/20/2033 |  | 79 |  | 79 |
|  5.216% due 11/20/2065 - 08/20/2066 •  |  | 11176 |  | 11199 |
|  5.236% due 10/20/2066 •  |  | 3493 |  | 3501 |
|  5.246% due 09/20/2066 •  |  | 1799 |  | 1803 |
|  5.266% due 05/20/2066 - 09/20/2066 •  |  | 23777 |  | 23843 |
|  5.296% due 08/20/2066 •  |  | 3376 |  | 3387 |
|  5.316% due 04/20/2066 - 11/20/2066 •  |  | 9568 |  | 9609 |
|  5.466% due 03/20/2066 - 01/20/2067 •  |  | 10351 |  | 10405 |
|  5.500% due 04/20/2037 |  | 137 |  | 139 |
|  5.592% due 04/20/2067 •  |  | 12300 |  | 12462 |
|  5.616% due 03/20/2066 •  |  | 2580 |  | 2598 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 11/01/2055 |  | 85000 |  | 70290 |
|  2.500% due 11/01/2055 |  | 110550 |  | 95198 |
|  3.000% due 10/01/2055 - 11/01/2055 |  | 164300 |  | 146695 |
|  3.500% due 07/01/2055 - 11/01/2055 |  | 30000 |  | 27355 |
|  4.000% due 10/01/2055 - 11/01/2055 |  | 865276 |  | 813635 |
|  4.500% due 10/01/2055 - 11/01/2055 |  | 2194878 |  | 2128048 |
|  5.000% due 10/01/2055 - 11/01/2055 |  | 685875 |  | 682171 |
|  5.500% due 10/01/2055 - 11/01/2055 |  | 329600 |  | 331957 |
|  6.000% due 10/01/2055 - 11/01/2055 |  | 1767700 |  | 1798033 |
|  6.500% due 10/01/2055 - 11/01/2055 |  | 377400 |  | 387654 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.370% due 04/01/2028 |  | 39 |  | 39 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 10/01/2040 - 10/01/2055 |  | 2950 |  | 2775 |
|  3.000% due 10/01/2040 - 11/01/2055 |  | 834957 |  | 771050 |
|  3.500% due 11/01/2055 |  | 1063865 |  | 971822 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 11/01/2055 - 12/01/2055 | 5789203 | 5455517 |
|  4.500% due 10/01/2055 - 11/01/2055 | 3065300 | 2972150 |
|  5.000% due 10/01/2055 - 12/01/2055 | 16265795 | 16122572 |
|  5.500% due 11/01/2055 - 12/01/2055 | 16588929 | 16715773 |
|  6.000% due 10/01/2055 - 12/01/2055 | 31052838 | 31719300 |
|  6.500% due 10/01/2055 - 12/01/2055 | 28707733 | 29686519 |
|  7.000% due 11/01/2055 | 28400 | 29738 |
|  Total U.S. Government Agencies (Cost $122,796,299) | Total U.S. Government Agencies (Cost $122,796,299) | 122045541 |
| U.S. TREASURY OBLIGATIONS 16.3% | U.S. TREASURY OBLIGATIONS 16.3% | U.S. TREASURY OBLIGATIONS 16.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.250% due 08/15/2046 (r) | 4400 | 2937 |
|  2.500% due 02/15/2045 (r) | 77400 | 55465 |
|  2.500% due 02/15/2046 | 2319 | 1638 |
|  2.500% due 05/15/2046 | 4955 | 3486 |
|  2.750% due 11/15/2047 | 100 | 72 |
|  2.875% due 05/15/2043 (r) | 118245 | 92674 |
|  2.875% due 08/15/2045 | 858035 | 652224 |
|  2.875% due 11/15/2046 (r) | 542700 | 406516 |
|  2.875% due 05/15/2049 (r) | 3300 | 2408 |
|  3.000% due 11/15/2044 | 615851 | 482024 |
|  3.000% due 08/15/2048 (r) | 2585 | 1944 |
|  3.000% due 02/15/2049 (r) | 125029 | 93642 |
|  3.125% due 02/15/2043 | 276604 | 225854 |
|  3.125% due 08/15/2044 (r) | 478709 | 383435 |
|  3.375% due 05/15/2044 | 712349 | 594700 |
|  3.625% due 08/15/2043 | 480378 | 419280 |
|  3.625% due 02/15/2044 (r) | 494809 | 429653 |
|  3.750% due 11/15/2043 | 355213 | 314627 |
|  4.250% due 08/15/2054 | 338200 | 312307 |
|  4.375% due 08/15/2043 | 494700 | 477588 |
|  4.500% due 11/15/2054 (r) | 1910600 | 1840147 |
|  4.625% due 05/15/2054 | 1587700 | 1560349 |
|  6.250% due 05/15/2030 | 845 | 935 |
|  U.S. Treasury Inflation Protected Securities (j) | U.S. Treasury Inflation Protected Securities (j) | U.S. Treasury Inflation Protected Securities (j) |
|  0.250% due 02/15/2050 | 206338 | 122204 |
|  0.625% due 02/15/2043 | 33608 | 25552 |
|  0.750% due 02/15/2042 (p) | 266833 | 211810 |
|  0.750% due 02/15/2045 | 178237 | 133042 |
|  0.875% due 02/15/2047 | 215985 | 159662 |
|  1.000% due 02/15/2046 (p) | 170211 | 131384 |
|  1.000% due 02/15/2048 | 248499 | 186406 |
|  1.000% due 02/15/2049 (p) | 623739 | 460715 |
|  1.375% due 02/15/2044 | 135331 | 115839 |
|  1.500% due 02/15/2053 | 339057 | 271648 |
|  2.125% due 02/15/2040 | 75774 | 76422 |
|  2.125% due 02/15/2041 | 19029 | 19028 |
|  2.500% due 01/15/2029 (p) | 26972 | 28192 |
|  0.125% due 04/15/2026 (p) | 16013 | 15929 |
|  0.125% due 07/15/2026 (p) | 676381 | 674069 |
|  0.125% due 10/15/2026 | 1009911 | 1004423 |
|  0.125% due 01/15/2031 (p) | 24322 | 22846 |
|  0.125% due 07/15/2031 (p) | 115933 | 108302 |
|  0.125% due 01/15/2032 (p) | 100102 | 92204 |
|  0.250% due 07/15/2029 (p) | 1510668 | 1465915 |
|  0.375% due 01/15/2027 (p) | 23418 | 23241 |
|  0.500% due 01/15/2028 (p) | 6137 | 6067 |
|  0.625% due 07/15/2032 (p) | 1209305 | 1144994 |
|  0.750% due 07/15/2028 (p) | 349010 | 347468 |
|  1.125% due 01/15/2033 (p) | 263738 | 255705 |
|  1.375% due 07/15/2033 (r) | 2612289 | 2573033 |
|  1.625% due 04/15/2030 | 1251110 | 1270687 |
|  1.750% due 01/15/2034 (p) | 539942 | 542688 |
|  1.875% due 07/15/2034 | 4130440 | 4192154 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  1.500% due 08/15/2026 (p) | 1100 | 1079 |
|  1.625% due 02/15/2026 (r) | 420 | 416 |
|  2.000% due 11/15/2026 | 200 | 196 |
|  2.375% due 03/31/2029 (p)(r) | 1051400 | 1007599 |
|  2.625% due 02/15/2029 (p) | 560 | 542 |
|  4.000% due 07/31/2032 (r) | 3746703 | 3764851 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.500% due 03/31/2026 (r) | $— | 2204000 | 2211168 |
|  4.500% due 04/15/2027 (p) |  | 2225400 | 2253174 |
|  Total U.S. Treasury Obligations (Cost $35,951,879) | Total U.S. Treasury Obligations (Cost $35,951,879) | Total U.S. Treasury Obligations (Cost $35,951,879) | 33274559 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 29.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 29.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 29.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 29.7% |
|  20 Times Square Trust | 20 Times Square Trust | 20 Times Square Trust | 20 Times Square Trust |
|  3.203% due 05/15/2035 ~ |  | 101116 | 93057 |
|  ACRA Trust | ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ |  | 14731 | 14826 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  3.951% due 01/25/2036 ~ |  | 18 | 16 |
|  4.413% due 11/25/2035 ~ |  | 23 | 18 |
|  4.512% due 08/25/2036 •  |  | 4775 | 1615 |
|  4.572% due 02/25/2036 ~ |  | 1172 | 739 |
|  4.615% due 07/25/2035 ~ |  | 131 | 127 |
|  4.632% due 08/25/2036 •  |  | 103 | 39 |
|  4.692% due 06/25/2037 •  |  | 217 | 252 |
|  4.746% due 08/25/2036 ~ |  | 1419 | 1225 |
|  4.759% due 07/25/2035 ~ |  | 147 | 138 |
|  4.772% due 03/25/2036 •  |  | 684 | 181 |
|  4.783% due 11/25/2035 ~ |  | 1290 | 900 |
|  4.792% due 01/25/2036 •  |  | 2146 | 2050 |
|  4.812% due 11/25/2035 •  |  | 1938 | 1853 |
|  4.812% due 01/25/2036 •  |  | 341 | 323 |
|  5.131% due 01/25/2036 ~ |  | 3779 | 2833 |
|  5.222% due 08/25/2035 •  |  | 1882 | 1706 |
|  5.368% due 03/25/2036 ~ |  | 9577 | 2245 |
|  5.422% due 01/25/2035 •  |  | 3341 | 2994 |
|  5.450% due 09/25/2035 ~ |  | 327 | 288 |
|  5.559% due 01/25/2036 ~ |  | 465 | 439 |
|  5.882% due 05/25/2035 ~ |  | 1147 | 1126 |
|  6.436% due 01/25/2035 ~ |  | 172 | 166 |
|  6.600% due 08/25/2036 ~ |  | 3205 | 293 |
|  6.662% due 07/25/2035 ~ |  | 531 | 515 |
|  AG Trust | AG Trust | AG Trust | AG Trust |
|  6.166% due 07/15/2041 •  |  | 38061 | 38249 |
|  Alba PLC | Alba PLC | Alba PLC | Alba PLC |
|  4.275% due 12/15/2038 •  |  | 419 | 555 |
|  4.345% due 03/17/2039 •  |  | 2481 | 3251 |
|  American General Mortgage Loan Trust | American General Mortgage Loan Trust | American General Mortgage Loan Trust | American General Mortgage Loan Trust |
|  0.000% due 09/25/2048 (h) | $— | 109087 | 95487 |
|  0.000% due 03/25/2058 (h) |  | 64889 | 51828 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.462% due 05/25/2046 •  |  | 4684 | 4156 |
|  4.462% due 12/25/2046 •  |  | 19942 | 17289 |
|  4.482% due 10/25/2046 •  |  | 149 | 75 |
|  4.652% due 09/25/2046 •  |  | 13615 | 12994 |
|  4.652% due 06/25/2047 •  |  | 1181 | 1124 |
|  4.853% due 02/25/2047 •  |  | 25630 | 8858 |
|  5.073% due 11/25/2046 •  |  | 143333 | 35032 |
|  6.750% due 06/25/2037 þ |  | 8570 | 7742 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  4.552% due 03/25/2046 •  |  | 5850 | 5330 |
|  4.592% due 06/25/2046 •  |  | 11161 | 1910 |
|  4.632% due 12/25/2046 •  |  | 4576 | 3890 |
|  4.652% due 12/25/2046 •  |  | 1641 | 1583 |
|  4.672% due 03/25/2046 •  |  | 6336 | 5679 |
|  4.797% due 10/25/2034 •  |  | 507 | 503 |
|  4.872% due 11/25/2045 •  |  | 136 | 95 |
|  5.908% due 09/25/2035 þ |  | 18095 | 9912 |
|  6.000% due 06/25/2035 þ |  | 14172 | 9944 |
|  6.095% due 09/25/2035 •  |  | 27046 | 10084 |
|  6.195% due 12/25/2035 •  |  | 258 | 88 |
|  6.195% due 11/25/2045 •  |  | 17872 | 6676 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  2.387% due 07/25/2066 ~ |  | 3345 | 2517 |
|  4.800% due 11/25/2067 þ |  | 29230 | 29104 |
|  5.338% due 05/27/2069 þ |  | 17272 | 17360 |
|  5.985% due 01/25/2069 þ |  | 4180 | 4226 |
|  6.197% due 01/25/2069 þ |  | 30604 | 30996 |
|  6.500% due 12/25/2067 þ |  | 11736 | 11862 |
|  AOA Mortgage Trust | AOA Mortgage Trust | AOA Mortgage Trust | AOA Mortgage Trust |
|  5.140% due 10/15/2038 •  |  | 7275 | 7275 |
|  Atlas Funding PLC | Atlas Funding PLC | Atlas Funding PLC | Atlas Funding PLC |
|  5.123% due 01/20/2061 •  |  | 4851 | 6559 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ATLX Trust | ATLX Trust | ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2063 þ | $— | 13917 | $— | 13434 |
|  3.850% due 04/25/2064 þ |  | 3165 |  | 3074 |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  |  | 65443 |  | 88212 |
|  5.736% due 12/28/2049 •  |  | 15118 |  | 20432 |
|  6.486% due 12/28/2049 •  |  | 14835 |  | 20126 |
|  6.986% due 12/28/2049 •  |  | 8841 |  | 11953 |
|  Avon Finance No. 3 PLC | Avon Finance No. 3 PLC | Avon Finance No. 3 PLC | Avon Finance No. 3 PLC | Avon Finance No. 3 PLC |
|  0.000% due 11/28/2050 (b)(h) |  | 16523 |  | 18951 |
|  0.000% due 11/28/2050 (a)(h) |  | 9500 |  | 5 |
|  5.086% due 11/28/2050 •  |  | 317351 |  | 428571 |
|  5.736% due 11/28/2050 •  |  | 31368 |  | 42376 |
|  6.486% due 11/28/2050 •  |  | 18535 |  | 25126 |
|  6.986% due 11/28/2050 •  |  | 10550 |  | 14255 |
|  7.486% due 11/28/2050 •  |  | 11976 |  | 16183 |
|  7.986% due 11/28/2050 •  |  | 13129 |  | 17715 |
|  BAMLL | BAMLL | BAMLL | BAMLL | BAMLL |
|  4.160% due 05/25/2056 ~ | $— | 1332704 |  | 1278651 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  0.952% due 07/07/2043 ~(a) |  | 1083 |  | 10 |
|  2.847% due 04/20/2042 ~ |  | 160580 |  | 130274 |
|  4.325% due 08/15/2046 ~ |  | 5000 |  | 4563 |
|  5.315% due 09/15/2038 •  |  | 200 |  | 192 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  4.672% due 06/25/2046 •  |  | 1339 |  | 1089 |
|  5.500% due 10/25/2033 |  | 1743 |  | 1760 |
|  5.500% due 12/25/2035 |  | 42 |  | 38 |
|  6.000% due 07/25/2034 |  | 6798 |  | 6823 |
|  6.000% due 03/25/2036 |  | 1019 |  | 949 |
|  6.000% due 06/25/2046 |  | 84 |  | 74 |
|  6.000% due 07/25/2046 |  | 185 |  | 157 |
|  Banc of America Commercial Mortgage Pass-Through Certificates | Banc of America Commercial Mortgage Pass-Through Certificates | Banc of America Commercial Mortgage Pass-Through Certificates | Banc of America Commercial Mortgage Pass-Through Certificates | Banc of America Commercial Mortgage Pass-Through Certificates |
|  3.110% due 04/25/2050 «~ |  | 129580 |  | 125641 |
|  3.110% due 08/25/2052 «~ |  | 45364 |  | 40152 |
|  Banc of America Funding Corp. | Banc of America Funding Corp. | Banc of America Funding Corp. | Banc of America Funding Corp. | Banc of America Funding Corp. |
|  4.436% due 09/25/2048 ~ |  | 9633 |  | 9050 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.787% due 12/20/2034 ~ |  | 96 |  | 80 |
|  2.997% due 03/20/2036 ~ |  | 367 |  | 297 |
|  3.392% due 05/26/2037 ~ |  | 28011 |  | 21903 |
|  3.620% due 04/20/2036 ~ |  | 264 |  | 216 |
|  4.285% due 06/20/2047 ~ |  | 974 |  | 859 |
|  4.376% due 10/20/2046 ~ |  | 218 |  | 183 |
|  4.402% due 10/25/2036 •  |  | 3436 |  | 2949 |
|  4.454% due 09/20/2035 ~ |  | 5 |  | 5 |
|  4.462% due 03/20/2036 ~ |  | 25 |  | 22 |
|  4.483% due 05/26/2037 •  |  | 2942 |  | 2627 |
|  4.497% due 09/20/2035 ~ |  | 83 |  | 71 |
|  4.497% due 11/20/2035 ~ |  | 1369 |  | 1149 |
|  4.570% due 02/20/2047 •  |  | 2014 |  | 1886 |
|  4.572% due 03/25/2037 •  |  | 2124 |  | 1560 |
|  4.602% due 05/20/2036 ~ |  | 1219 |  | 1078 |
|  4.630% due 07/20/2036 •  |  | 4154 |  | 4147 |
|  4.630% due 10/20/2036 •  |  | 2591 |  | 2015 |
|  4.642% due 06/25/2037 •  |  | 1187 |  | 911 |
|  4.670% due 06/20/2047 •  |  | 7305 |  | 6023 |
|  4.672% due 08/25/2036 •  |  | 1005 |  | 835 |
|  4.678% due 04/20/2035 ~ |  | 67 |  | 61 |
|  4.700% due 05/20/2035 •  |  | 3626 |  | 3581 |
|  4.753% due 05/20/2036 ~ |  | 55 |  | 48 |
|  4.772% due 03/20/2036 ~ |  | 195 |  | 173 |
|  4.772% due 07/25/2036 •  |  | 15 |  | 11 |
|  4.776% due 11/20/2035 ~ |  | 1184 |  | 1024 |
|  4.780% due 11/20/2035 ~ |  | 2574 |  | 2184 |
|  4.810% due 05/20/2036 •  |  | 64114 |  | 15146 |
|  4.832% due 07/25/2037 •  |  | 9980 |  | 9584 |
|  4.835% due 09/20/2046 ~ |  | 509 |  | 459 |
|  4.852% due 07/25/2037 •  |  | 6539 |  | 6289 |
|  4.870% due 09/20/2035 •  |  | 2268 |  | 1729 |
|  4.971% due 01/20/2047 ~ |  | 46 |  | 40 |
|  5.072% due 05/25/2037 •  |  | 812 |  | 697 |
|  5.300% due 04/20/2035 •  |  | 7610 |  | 6804 |
|  5.334% due 05/25/2035 ~ |  | 7 |  | 6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **17** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.414% due 05/20/2034 ~ | $— | 292 | $— | 267 |
|  5.500% due 09/25/2034 |  | 10 |  | 10 |
|  5.500% due 12/20/2034 |  | 110 |  | 110 |
|  5.500% due 04/25/2035 |  | 65 |  | 66 |
|  5.500% due 03/25/2036 |  | 31 |  | 28 |
|  5.543% due 11/20/2035 ~ |  | 1471 |  | 1274 |
|  5.583% due 06/20/2035 •  |  | 341 |  | 269 |
|  5.585% due 05/20/2035 ~ |  | 1363 |  | 1205 |
|  5.750% due 01/25/2037 |  | 2024 |  | 1731 |
|  5.993% due 12/20/2036 ~ |  | 649 |  | 642 |
|  6.000% due 05/20/2033 |  | 13 |  | 13 |
|  6.000% due 02/25/2034 |  | 325 |  | 313 |
|  6.000% due 09/25/2036 |  | 2161 |  | 1853 |
|  6.000% due 08/25/2037 |  | 2318 |  | 1917 |
|  6.000% due 10/26/2037 ~ |  | 4063 |  | 3772 |
|  6.388% due 04/25/2037 þ |  | 176 |  | 152 |
|  6.392% due 07/20/2036 ~ |  | 587 |  | 592 |
|  7.613% due 10/20/2035 ~ |  | 539 |  | 520 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  2.622% due 07/25/2035 ~ |  | 529 |  | 402 |
|  3.182% due 08/25/2035 ~ |  | 588 |  | 545 |
|  3.197% due 12/25/2032 ~ |  | 131 |  | 112 |
|  3.497% due 06/25/2035 ~ |  | 312 |  | 224 |
|  3.989% due 02/25/2035 ~ |  | 272 |  | 236 |
|  4.675% due 10/25/2035 ~ |  | 1835 |  | 1735 |
|  4.833% due 01/25/2036 ~ |  | 452 |  | 398 |
|  5.046% due 02/25/2036 ~ |  | 1748 |  | 1626 |
|  5.111% due 02/25/2035 ~ |  | 62 |  | 61 |
|  5.119% due 09/25/2035 ~ |  | 184 |  | 162 |
|  5.162% due 05/25/2035 ~ |  | 664 |  | 562 |
|  5.214% due 11/20/2046 ~ |  | 10 |  | 9 |
|  5.242% due 08/25/2035 ~ |  | 1010 |  | 965 |
|  5.332% due 12/25/2035 ~ |  | 1175 |  | 1081 |
|  5.333% due 06/25/2035 ~ |  | 52 |  | 48 |
|  5.391% due 05/25/2035 ~ |  | 1461 |  | 1306 |
|  5.469% due 09/25/2035 ~ |  | 1364 |  | 1195 |
|  5.487% due 07/25/2035 ~ |  | 390 |  | 372 |
|  5.500% due 03/25/2035 |  | 1451 |  | 1330 |
|  5.500% due 09/25/2035 |  | 1161 |  | 1031 |
|  5.533% due 11/25/2035 ~ |  | 947 |  | 852 |
|  5.669% due 01/25/2036 ~ |  | 1029 |  | 941 |
|  5.726% due 03/25/2033 ~ |  | 60 |  | 58 |
|  5.841% due 07/25/2034 ~ |  | 159 |  | 153 |
|  5.891% due 04/25/2035 ~ |  | 75 |  | 75 |
|  6.000% due 09/25/2037 |  | 71 |  | 58 |
|  6.000% due 07/25/2046 •  |  | 1559 |  | 1389 |
|  6.012% due 01/25/2035 ~ |  | 3704 |  | 3625 |
|  6.391% due 12/25/2033 ~ |  | 18 |  | 17 |
|  6.457% due 05/25/2034 ~ |  | 200 |  | 195 |
|  6.636% due 01/25/2034 ~ |  | 378 |  | 378 |
|  6.669% due 09/25/2033 ~ |  | 671 |  | 646 |
|  6.870% due 06/25/2034 ~ |  | 69 |  | 68 |
|  6.939% due 02/25/2035 ~ |  | 82 |  | 81 |
|  6.996% due 12/25/2033 ~ |  | 150 |  | 149 |
|  6.997% due 04/25/2033 ~ |  | 133 |  | 125 |
|  7.495% due 11/25/2035 ~ |  | 58 |  | 55 |
|  7.498% due 11/25/2033 ~ |  | 52 |  | 52 |
|  Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust |
|  4.232% due 11/15/2046 ~ |  | 399220 |  | 395542 |
|  4.232% due 08/15/2053 ~ |  | 160044 |  | 141872 |
|  Bank | Bank | Bank | Bank | Bank |
|  0.451% due 02/15/2061 ~(a) |  | 215517 |  | 1693 |
|  Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust |
|  5.750% due 07/20/2032 ~ |  | 14 |  | 13 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  0.000% due 07/25/2053 ~ |  | 169511 |  | 171883 |
|  0.000% due 03/25/2064 ~ |  | 4 |  | 4 |
|  0.000% due 10/01/2075 « |  | 49 |  | 49 |
|  7.591% due 03/25/2064 ~ |  | 153062 |  | 157938 |
|  7.645% due 10/01/2075 « |  | 261723 |  | 269586 |
|  Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC |
|  0.000% due 11/16/2062 (h) |  | 34588 |  | 35369 |
|  4.987% due 11/16/2062 •  |  | 412778 |  | 555958 |
|  5.887% due 11/16/2062 •  |  | 42391 |  | 57697 |
|  6.387% due 11/16/2062 •  |  | 21161 |  | 28741 |
|  7.187% due 11/16/2062 •  |  | 14131 |  | 19231 |
|  8.487% due 11/16/2062 •  |  | 7101 |  | 9674 |
|  9.987% due 11/16/2062 •  |  | 7030 |  | 9574 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayview Commercial Asset Trust | Bayview Commercial Asset Trust | Bayview Commercial Asset Trust | Bayview Commercial Asset Trust | Bayview Commercial Asset Trust |
|  4.692% due 01/25/2037 •  | $— | 25 | $— | 23 |
|  BBCCRE Trust | BBCCRE Trust | BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
|  3.966% due 08/10/2033 |  | 5500 |  | 5085 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  1.008% due 11/26/2036 •  |  | 4849 |  | 1447 |
|  2.644% due 12/27/2049 ~ |  | 83 |  | 27 |
|  3.932% due 11/27/2047 ~ |  | 20098 |  | 15803 |
|  4.008% due 06/26/2037 ~ |  | 4780 |  | 4292 |
|  4.008% due 06/27/2037 ~ |  | 4056 |  | 3608 |
|  4.009% due 06/26/2037 ~ |  | 722 |  | 636 |
|  4.011% due 09/27/2037 •  |  | 2572 |  | 2458 |
|  4.055% due 06/25/2047 ~ |  | 1168 |  | 981 |
|  4.208% due 05/26/2047 ~ |  | 3080 |  | 2565 |
|  4.330% due 07/26/2036 ~ |  | 8489 |  | 3620 |
|  4.432% due 10/26/2035 ~ |  | 1424 |  | 1001 |
|  4.589% due 02/26/2036 ~ |  | 1077 |  | 1018 |
|  4.612% due 01/25/2037 •  |  | 241 |  | 225 |
|  4.621% due 12/20/2035 ~ |  | 9435 |  | 4161 |
|  4.632% due 03/25/2037 •  |  | 2275 |  | 2072 |
|  4.641% due 05/27/2037 ~ |  | 4369 |  | 3962 |
|  4.652% due 10/25/2036 •  |  | 984 |  | 1020 |
|  4.699% due 05/26/2037 •  |  | 2033 |  | 1970 |
|  4.797% due 03/26/2035 ~ |  | 403 |  | 390 |
|  4.855% due 07/26/2036 ~ |  | 151 |  | 127 |
|  4.877% due 05/25/2047 •  |  | 2541 |  | 2331 |
|  4.977% due 11/26/2035 ~ |  | 117 |  | 113 |
|  5.021% due 08/26/2036 ~ |  | 8518 |  | 7685 |
|  5.048% due 10/26/2035 ~ |  | 2228 |  | 2249 |
|  5.077% due 05/26/2037 •  |  | 6944 |  | 4840 |
|  5.250% due 02/26/2036 ~ |  | 654 |  | 248 |
|  5.250% due 04/26/2037 |  | 1285 |  | 716 |
|  5.669% due 01/26/2036 ~ |  | 784 |  | 636 |
|  5.750% due 04/25/2037 |  | 4828 |  | 2027 |
|  6.000% due 07/26/2036 ~ |  | 7097 |  | 3741 |
|  6.000% due 08/26/2037 ~ |  | 5775 |  | 5370 |
|  6.063% due 02/26/2036 ~ |  | 9 |  | 9 |
|  6.250% due 12/26/2036 ~ |  | 4354 |  | 3902 |
|  6.672% due 10/25/2047 •  |  | 3884 |  | 2910 |
|  10.290% due 04/26/2037 ~ |  | 4472 |  | 2031 |
|  BCP Trust | BCP Trust | BCP Trust | BCP Trust | BCP Trust |
|  5.064% due 06/15/2038 •  |  | 2300 |  | 2042 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  3.172% due 04/25/2035 ~ |  | 245 |  | 202 |
|  3.250% due 02/25/2034 ~ |  | 30 |  | 29 |
|  3.828% due 04/25/2035 ~ |  | 259 |  | 235 |
|  4.058% due 03/25/2036 ~ |  | 4990 |  | 4069 |
|  4.126% due 08/25/2036 ~ |  | 10974 |  | 7304 |
|  4.164% due 05/25/2036 ~ |  | 8666 |  | 6150 |
|  4.164% due 08/25/2036 ~ |  | 2652 |  | 1206 |
|  4.167% due 11/25/2036 ~ |  | 1981 |  | 894 |
|  4.217% due 11/25/2035 ~ |  | 4882 |  | 2625 |
|  4.262% due 05/25/2036 ~ |  | 8147 |  | 3568 |
|  4.281% due 04/25/2035 ~ |  | 204 |  | 200 |
|  4.289% due 09/25/2035 ~ |  | 806 |  | 332 |
|  4.467% due 11/25/2036 ~ |  | 4087 |  | 2324 |
|  4.511% due 02/25/2036 ~ |  | 981 |  | 695 |
|  4.592% due 02/25/2034 •  |  | 30 |  | 28 |
|  4.592% due 08/25/2036 •  |  | 7918 |  | 7042 |
|  4.592% due 11/25/2036 •  |  | 3717 |  | 3240 |
|  4.592% due 06/25/2046 •  |  | 5960 |  | 5487 |
|  4.612% due 12/25/2046 •  |  | 2150 |  | 1952 |
|  4.644% due 09/25/2035 ~ |  | 3750 |  | 1625 |
|  4.712% due 04/25/2036 •  |  | 2667 |  | 2404 |
|  4.714% due 05/25/2036 ~ |  | 5557 |  | 2644 |
|  4.752% due 02/25/2036 •  |  | 1195 |  | 1137 |
|  4.766% due 02/25/2036 ~ |  | 5701 |  | 4809 |
|  4.794% due 06/25/2034 ~ |  | 235 |  | 225 |
|  4.811% due 01/25/2047 ~ |  | 1485 |  | 723 |
|  4.838% due 09/25/2035 ~ |  | 3135 |  | 1714 |
|  4.850% due 11/25/2035 ~ |  | 6618 |  | 5049 |
|  4.888% due 07/25/2035 ~ |  | 6902 |  | 4624 |
|  4.912% due 04/25/2034 •  |  | 37 |  | 37 |
|  4.932% due 05/25/2035 ~ |  | 176 |  | 173 |
|  4.945% due 02/25/2034 ~ |  | 32 |  | 30 |
|  4.947% due 04/25/2035 •  |  | 148 |  | 275 |
|  5.127% due 06/25/2034 •  |  | 774 |  | 827 |
|  5.161% due 01/25/2036 ~ |  | 8540 |  | 8131 |
|  5.166% due 07/25/2035 ~ |  | 15560 |  | 9720 |
|  5.167% due 05/25/2035 ~ |  | 518 |  | 503 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.170% due 01/25/2036 ~ | $— | 2108 | $— | 2011 |
|  5.202% due 11/25/2034 •  |  | 4254 |  | 3652 |
|  5.215% due 05/25/2036 ~ |  | 10 |  | 6 |
|  5.216% due 02/25/2036 ~ |  | 521 |  | 489 |
|  5.232% due 10/25/2035 ~ |  | 8888 |  | 7356 |
|  5.247% due 01/25/2035 ~ |  | 210 |  | 192 |
|  5.247% due 07/25/2035 •  |  | 1579 |  | 1566 |
|  5.367% due 01/25/2035 ~ |  | 43 |  | 41 |
|  5.397% due 01/25/2035 •  |  | 3889 |  | 3715 |
|  5.425% due 05/25/2035 ~ |  | 85 |  | 81 |
|  5.442% due 01/25/2034 ~ |  | 84 |  | 82 |
|  5.458% due 04/25/2035 ~ |  | 73 |  | 70 |
|  5.619% due 09/25/2035 ~ |  | 3483 |  | 2714 |
|  5.842% due 08/25/2034 ~ |  | 430 |  | 422 |
|  5.922% due 09/25/2034 •  |  | 5335 |  | 5316 |
|  5.997% due 07/25/2034 •  |  | 1875 |  | 2170 |
|  6.185% due 12/25/2033 ~ |  | 158 |  | 155 |
|  6.300% due 09/25/2034 ~ |  | 20 |  | 19 |
|  6.625% due 09/25/2034 ~ |  | 69 |  | 67 |
|  7.122% due 07/25/2034 •  |  | 3609 |  | 3423 |
|  Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II |
|  4.215% due 09/25/2047 ~ |  | 17449 |  | 8273 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  3.834% due 07/25/2036 ~ |  | 1425 |  | 1238 |
|  3.859% due 11/25/2034 ~ |  | 636 |  | 581 |
|  4.057% due 09/25/2034 ~ |  | 500 |  | 456 |
|  4.146% due 08/25/2047 ~ |  | 677 |  | 594 |
|  4.208% due 05/25/2047 ~ |  | 1747 |  | 1573 |
|  4.247% due 06/25/2047 ~ |  | 4334 |  | 3818 |
|  4.475% due 02/25/2036 ~ |  | 249 |  | 230 |
|  4.526% due 08/25/2047 ~ |  | 2819 |  | 2471 |
|  4.554% due 07/25/2034 ~ |  | 71 |  | 67 |
|  4.604% due 02/25/2036 ~ |  | 4 |  | 4 |
|  4.616% due 04/25/2034 ~ |  | 373 |  | 346 |
|  4.725% due 02/25/2047 ~ |  | 1715 |  | 1542 |
|  4.761% due 02/25/2034 ~ |  | 116 |  | 109 |
|  4.764% due 02/25/2047 ~ |  | 2382 |  | 2129 |
|  4.807% due 03/25/2035 ~ |  | 327 |  | 301 |
|  4.889% due 08/25/2035 ~ |  | 665 |  | 578 |
|  4.910% due 02/25/2035 ~ |  | 365 |  | 359 |
|  4.912% due 04/25/2034 ~ |  | 201 |  | 195 |
|  4.928% due 08/25/2035 ~ |  | 131 |  | 123 |
|  4.947% due 07/25/2033 ~ |  | 42 |  | 39 |
|  5.053% due 01/25/2035 ~ |  | 249 |  | 241 |
|  5.302% due 01/25/2035 ~ |  | 62 |  | 60 |
|  5.391% due 02/25/2036 ~ |  | 993 |  | 911 |
|  5.702% due 05/25/2037 ~ |  | 2673 |  | 2339 |
|  6.081% due 08/25/2035 ~ |  | 574 |  | 573 |
|  6.172% due 10/25/2033 ~ |  | 72 |  | 65 |
|  6.224% due 08/25/2035 •  |  | 3684 |  | 2420 |
|  6.328% due 02/25/2036 ~ |  | 32 |  | 31 |
|  6.341% due 11/25/2034 ~ |  | 197 |  | 188 |
|  6.368% due 11/25/2034 ~ |  | 9 |  | 8 |
|  6.373% due 12/25/2046 •  |  | 3886 |  | 3276 |
|  6.398% due 12/25/2046 •  |  | 1332 |  | 1179 |
|  6.420% due 10/25/2035 •  |  | 785 |  | 752 |
|  6.530% due 02/25/2036 •  |  | 26 |  | 25 |
|  6.619% due 01/25/2035 ~ |  | 13 |  | 13 |
|  6.766% due 02/25/2036 ~ |  | 905 |  | 811 |
|  6.896% due 05/25/2034 ~ |  | 9 |  | 9 |
|  7.250% due 07/25/2034 ~ |  | 16 |  | 16 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.872% due 12/25/2035 •  |  | 2585 |  | 1214 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.432% due 12/25/2046 •  |  | 2502 |  | 2263 |
|  4.482% due 06/25/2037 •  |  | 33497 |  | 32366 |
|  4.612% due 03/25/2037 •  |  | 39514 |  | 35972 |
|  4.632% due 06/25/2037 •  |  | 6380 |  | 6049 |
|  4.672% due 11/25/2036 •  |  | 11880 |  | 10988 |
|  4.672% due 02/25/2037 •  |  | 7159 |  | 6751 |
|  4.672% due 09/25/2046 •  |  | 13369 |  | 11764 |
|  4.692% due 12/25/2036 •  |  | 3518 |  | 3454 |
|  4.712% due 08/25/2036 •  |  | 6805 |  | 6448 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.965% due 12/26/2046 ~ |  | 88 |  | 70 |
|  4.972% due 01/26/2036 ~ |  | 3453 |  | 2447 |
|  7.000% due 07/25/2037 ~ |  | 29892 |  | 9910 |
|  Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust |
|  4.748% due 05/20/2045 •  |  | 90 |  | 58 |
|  4.850% due 01/22/2045 •  |  | 342 |  | 325 |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  0.628% due 07/15/2053 ~(a) | 68256 | 1584 |
|  1.526% due 12/17/2053 ~(a) | 208425 | 11509 |
|  1.853% due 07/15/2053 ~(a) | 84535 | 4418 |
|  BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust |
|  5.492% due 02/15/2039 •  | 2813 | 2805 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  4.441% due 08/25/2057 ~ | 84597 | 82494 |
|  Bletchley Park Funding PLC | Bletchley Park Funding PLC | Bletchley Park Funding PLC |
|  4.842% due 07/27/2070 •  | 15532 | 21014 |
|  BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
|  5.215% due 08/15/2038 •  | 5581 | 5310 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.515% due 09/15/2036 •  | 3000 | 2909 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  5.163% due 02/15/2039 •  | 12717 | 12713 |
|  BX Trust | BX Trust | BX Trust |
|  4.899% due 04/15/2039 •  | 11716 | 11701 |
|  5.065% due 02/15/2036 •  | 12386 | 12387 |
|  5.641% due 04/15/2037 •  | 2403 | 2405 |
|  BXP Trust | BXP Trust | BXP Trust |
|  3.379% due 06/13/2039 | 28700 | 28052 |
|  CALI Mortgage Trust | CALI Mortgage Trust | CALI Mortgage Trust |
|  3.957% due 03/10/2039 | 9000 | 8640 |
|  Canada Square Funding PLC | Canada Square Funding PLC | Canada Square Funding PLC |
|  4.936% (SONIA3M IR + 0.950%) due 06/17/2058 ~ | 1040 | 1400 |
|  Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust |
|  3.000% due 03/25/2035 ~ | 36796 | 36052 |
|  4.000% due 10/25/2054 ~ | 59316 | 58311 |
|  Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through Certificates | Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through Certificates | Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through Certificates |
|  5.595% due 07/25/2033 •  | 34 | 33 |
|  CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust |
|  1.199% due 11/10/2049 ~(a) | 140604 | 902 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ | 75043 | 68232 |
|  3.250% due 09/25/2063 ~ | 73635 | 66825 |
|  3.250% due 03/25/2064 ~ | 45593 | 41016 |
|  3.250% due 08/25/2064 ~ | 34547 | 31003 |
|  3.250% due 09/25/2064 ~ | 43968 | 39515 |
|  3.375% due 12/25/2064 ~ | 13625 | 12357 |
|  3.375% due 04/25/2065 ~ | 32595 | 29602 |
|  3.500% due 06/25/2062 ~ | 36463 | 33830 |
|  5.606% due 09/25/2055 •  | 46800 | 46756 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.222% due 03/25/2037 ~ | 2468 | 2304 |
|  4.435% due 01/25/2036 ~ | 213 | 192 |
|  4.469% due 09/25/2036 ~ | 7 | 6 |
|  4.672% due 05/25/2036 •  | 8 | 2 |
|  4.739% due 12/25/2035 ~ | 31 | 30 |
|  4.752% due 12/25/2037 ~ | 231 | 200 |
|  5.500% due 11/25/2035 | 553 | 392 |
|  6.000% due 10/25/2036 | 448 | 163 |
|  6.000% due 11/25/2036 | 2031 | 851 |
|  6.000% due 12/25/2036 | 1004 | 403 |
|  6.000% due 02/25/2037 | 1503 | 577 |
|  6.000% due 03/25/2037 | 687 | 361 |
|  6.000% due 05/25/2037 | 11230 | 4680 |
|  6.000% due 06/25/2037 | 4749 | 1822 |
|  6.000% due 07/25/2037 | 692 | 300 |
|  6.152% due 06/25/2035 ~ | 1 | 1 |
|  6.250% due 10/25/2036 | 4087 | 1483 |
|  6.294% due 06/25/2035 ~ | 16 | 16 |
|  6.914% due 02/25/2037 ~ | 10 | 10 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.179% due 09/25/2036 ~ | 3009 | 2756 |
|  4.832% due 05/25/2037 •  | 8938 | 8627 |
|  4.872% due 07/25/2037 •  | 8120 | 7213 |
|  6.300% due 06/25/2036 ~ | 8223 | 7304 |
|  ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates |
|  4.125% due 08/25/2037 •  | 5347 | 4503 |
|  4.262% due 08/25/2037 þ | 3587 | 3056 |
|  4.952% due 08/25/2037 •  | 3410 | 3049 |
|  Chester A PLC | Chester A PLC | Chester A PLC |
|  0.000% due 03/17/2046 (h) | 116570 | 152218 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 05/20/2046 |  | 9 | $— | 45557 |
|  5.386% due 03/17/2046 •  |  | 131114 |  | 176756 |
|  6.236% due 03/17/2046 •  |  | 125536 |  | 169304 |
|  7.136% due 03/17/2046 •  |  | 116569 |  | 157340 |
|  7.986% due 03/17/2046 •  |  | 71735 |  | 96885 |
|  8.486% due 03/17/2046 •  |  | 35868 |  | 48418 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.422% due 01/25/2036 •  | $— | 1322 |  | 1269 |
|  4.452% due 05/25/2036 •  |  | 76 |  | 73 |
|  4.452% due 08/25/2047 •  |  | 2880 |  | 2511 |
|  4.502% due 05/25/2036 •  |  | 147 |  | 141 |
|  4.552% due 01/25/2035 •  |  | 58 |  | 57 |
|  4.572% due 08/25/2035 •  |  | 170 |  | 165 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  3.290% due 02/25/2035 ~ |  | 3956 |  | 3230 |
|  3.366% due 04/20/2036 ~ |  | 190 |  | 164 |
|  3.431% due 03/25/2035 ~ |  | 162 |  | 128 |
|  3.649% due 04/25/2035 ~ |  | 356 |  | 266 |
|  3.849% due 02/25/2034 ~ |  | 134 |  | 130 |
|  3.850% due 05/25/2047 ~ |  | 960 |  | 816 |
|  3.871% due 07/19/2033 ~ |  | 303 |  | 293 |
|  3.955% due 09/25/2037 ~ |  | 457 |  | 415 |
|  3.998% due 04/25/2047 ~ |  | 2125 |  | 2098 |
|  4.005% due 09/20/2035 ~ |  | 2932 |  | 2721 |
|  4.032% due 05/20/2036 ~ |  | 11398 |  | 10607 |
|  4.115% due 09/20/2036 ~ |  | 547 |  | 485 |
|  4.228% due 03/25/2037 ~ |  | 91 |  | 78 |
|  4.303% due 05/20/2036 ~ |  | 1637 |  | 1429 |
|  4.327% due 02/25/2047 ~ |  | 6289 |  | 5753 |
|  4.378% due 11/25/2037 ~ |  | 9250 |  | 8337 |
|  4.391% due 05/19/2033 ~ |  | 99 |  | 93 |
|  4.462% due 11/25/2037 ~ |  | 12474 |  | 11842 |
|  4.485% due 05/20/2036 ~ |  | 1032 |  | 939 |
|  4.527% due 11/20/2035 ~ |  | 382 |  | 357 |
|  4.541% due 06/20/2036 ~ |  | 3594 |  | 3167 |
|  4.542% due 04/25/2035 •  |  | 950 |  | 909 |
|  4.563% due 04/20/2036 ~ |  | 806 |  | 731 |
|  4.572% due 04/25/2037 •  |  | 3632 |  | 1130 |
|  4.593% due 09/25/2047 ~ |  | 659 |  | 591 |
|  4.595% due 10/20/2035 ~ |  | 645 |  | 636 |
|  4.615% due 08/20/2035 ~ |  | 3045 |  | 2877 |
|  4.622% due 11/25/2035 •  |  | 3484 |  | 1015 |
|  4.622% due 05/25/2037 •  |  | 2546 |  | 889 |
|  4.622% due 08/25/2037 •  |  | 3745 |  | 1139 |
|  4.629% due 02/20/2036 ~ |  | 2378 |  | 2099 |
|  4.636% due 10/20/2034 ~ |  | 525 |  | 479 |
|  4.667% due 09/25/2034 ~ |  | 13 |  | 12 |
|  4.672% due 10/25/2035 •  |  | 1098 |  | 481 |
|  4.672% due 04/25/2046 •  |  | 233 |  | 226 |
|  4.682% due 04/25/2037 ~ |  | 1203 |  | 1128 |
|  4.702% due 11/25/2037 ~ |  | 12734 |  | 11893 |
|  4.731% due 05/20/2036 ~ |  | 1849 |  | 1768 |
|  4.732% due 05/25/2035 •  |  | 174 |  | 154 |
|  4.752% due 03/25/2036 •  |  | 4597 |  | 4318 |
|  4.762% due 11/20/2035 ~ |  | 12579 |  | 10773 |
|  4.772% due 05/25/2036 •  |  | 1863 |  | 545 |
|  4.812% due 03/25/2035 •  |  | 174 |  | 163 |
|  4.819% due 11/20/2034 ~ |  | 977 |  | 936 |
|  4.822% due 05/25/2033 •  |  | 20 |  | 19 |
|  4.852% due 04/25/2035 •  |  | 2605 |  | 2496 |
|  4.872% due 03/25/2035 •  |  | 1129 |  | 643 |
|  4.872% due 05/25/2035 •  |  | 9621 |  | 8560 |
|  4.882% due 01/25/2036 ~ |  | 1697 |  | 1612 |
|  4.912% due 03/25/2035 •  |  | 9310 |  | 8406 |
|  4.932% due 02/25/2035 •  |  | 229 |  | 215 |
|  4.936% due 03/20/2036 ~ |  | 2954 |  | 2755 |
|  4.952% due 02/25/2035 •  |  | 521 |  | 486 |
|  4.964% due 07/25/2034 ~ |  | 47 |  | 45 |
|  4.972% due 03/25/2035 •  |  | 1829 |  | 948 |
|  4.972% due 02/25/2036 •  |  | 1 |  | 0 |
|  5.012% due 02/25/2035 •  |  | 4506 |  | 4219 |
|  5.032% due 09/25/2034 •  |  | 38 |  | 37 |
|  5.041% due 09/20/2035 ~ |  | 5148 |  | 4953 |
|  5.054% due 11/20/2035 ~ |  | 546 |  | 447 |
|  5.101% due 03/25/2035 ~ |  | 50 |  | 47 |
|  5.194% due 05/20/2034 ~ |  | 26 |  | 25 |
|  5.221% due 09/20/2034 ~ |  | 53 |  | 51 |
|  5.250% due 12/25/2027 |  | 354 |  | 207 |
|  5.250% due 07/25/2034 |  | 107 |  | 107 |
|  5.353% due 05/20/2035 ~ |  | 1270 |  | 1245 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.364% due 09/25/2034 ~ | $— | 83 | $— | 81 |
|  5.388% due 02/20/2035 ~ |  | 61 |  | 61 |
|  5.452% due 11/20/2034 ~ |  | 866 |  | 835 |
|  5.500% due 04/25/2035 |  | 10 |  | 9 |
|  5.500% due 05/25/2035 |  | 1560 |  | 1296 |
|  5.500% due 08/25/2035 |  | 3475 |  | 1811 |
|  5.500% due 09/25/2035 |  | 1830 |  | 1108 |
|  5.500% due 10/25/2035 |  | 3653 |  | 1883 |
|  5.500% due 11/25/2035 |  | 215 |  | 109 |
|  5.500% due 12/25/2035 |  | 32 |  | 17 |
|  5.500% due 01/25/2036 |  | 621 |  | 368 |
|  5.555% due 06/25/2047 ~ |  | 2157 |  | 2122 |
|  5.594% due 12/19/2033 ~ |  | 4 |  | 4 |
|  5.750% due 08/25/2034 |  | 123 |  | 122 |
|  5.750% due 02/25/2036 |  | 413 |  | 179 |
|  5.750% due 02/25/2037 |  | 186 |  | 77 |
|  5.750% due 03/25/2037 |  | 1945 |  | 825 |
|  5.750% due 05/25/2037 |  | 5383 |  | 2492 |
|  5.750% due 07/25/2037 |  | 1772 |  | 828 |
|  5.850% due 05/25/2036 |  | 2115 |  | 809 |
|  6.000% due 12/25/2035 |  | 11 |  | 6 |
|  6.000% due 04/25/2036 |  | 1444 |  | 678 |
|  6.000% due 02/25/2037 |  | 5661 |  | 2273 |
|  6.000% due 03/25/2037 |  | 3423 |  | 1483 |
|  6.000% due 04/25/2037 |  | 259 |  | 118 |
|  6.000% due 05/25/2037 |  | 2895 |  | 1182 |
|  6.000% due 07/25/2037 |  | 6293 |  | 2559 |
|  6.000% due 08/25/2037 |  | 5180 |  | 2219 |
|  6.000% due 09/25/2037 |  | 1922 |  | 947 |
|  6.000% due 10/25/2037 |  | 4269 |  | 2927 |
|  6.000% due 01/25/2038 |  | 7987 |  | 3307 |
|  6.222% due 10/25/2033 ~ |  | 13 |  | 13 |
|  6.224% due 02/20/2036 •  |  | 596 |  | 518 |
|  6.248% due 02/20/2036 •  |  | 464 |  | 433 |
|  6.250% due 09/25/2036 |  | 2031 |  | 780 |
|  6.250% due 10/25/2036 |  | 95 |  | 43 |
|  6.311% due 05/25/2034 ~ |  | 40 |  | 40 |
|  6.449% due 02/20/2036 •  |  | 3184 |  | 2827 |
|  6.491% due 02/25/2034 ~ |  | 78 |  | 75 |
|  6.500% due 11/25/2036 |  | 7587 |  | 2203 |
|  6.500% due 05/25/2037 |  | 199 |  | 88 |
|  6.500% due 10/25/2037 |  | 14540 |  | 5462 |
|  6.500% due 11/25/2037 |  | 3315 |  | 1084 |
|  6.500% due 12/25/2037 |  | 20913 |  | 8277 |
|  6.500% due 11/25/2047 |  | 12577 |  | 5991 |
|  6.589% due 10/20/2034 ~ |  | 853 |  | 851 |
|  6.639% due 02/20/2036 •  |  | 2010 |  | 1758 |
|  6.741% due 02/25/2034 ~ |  | 1 |  | 1 |
|  6.902% due 12/25/2033 ~ |  | 26 |  | 27 |
|  6.959% due 06/25/2034 ~ |  | 319 |  | 325 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.672% due 11/25/2034 •  |  | 2644 |  | 2544 |
|  4.672% due 09/25/2035 •  |  | 413 |  | 337 |
|  5.709% due 01/25/2034 |  | 12420 |  | 11766 |
|  CIM Trust | CIM Trust | CIM Trust | CIM Trust | CIM Trust |
|  3.250% due 10/25/2058 ~ |  | 58626 |  | 53804 |
|  3.295% due 10/25/2059 ~ |  | 17191 |  | 12979 |
|  3.639% due 07/25/2058 ~ |  | 15069 |  | 13862 |
|  4.064% due 12/25/2061 ~ |  | 19311 |  | 14968 |
|  4.512% due 12/25/2059 ~ |  | 10152 |  | 9830 |
|  4.750% due 06/25/2064 ~ |  | 22104 |  | 21969 |
|  5.000% due 05/25/2062 ~ |  | 17394 |  | 17394 |
|  5.000% due 02/25/2099 þ |  | 21367 |  | 21265 |
|  5.042% due 09/25/2059 ~ |  | 7242 |  | 7166 |
|  5.216% due 06/25/2064 ~ |  | 77946 |  | 71589 |
|  5.566% due 07/25/2061 ~ |  | 5661 |  | 5508 |
|  6.639% due 12/25/2067 þ |  | 20348 |  | 20503 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  5.750% due 06/25/2036 |  | 75 |  | 68 |
|  6.000% due 08/25/2036 |  | 2004 |  | 1853 |
|  Citicorp Mortgage Securities, Inc. | Citicorp Mortgage Securities, Inc. | Citicorp Mortgage Securities, Inc. | Citicorp Mortgage Securities, Inc. | Citicorp Mortgage Securities, Inc. |
|  4.722% due 02/25/2035 •  |  | 249 |  | 233 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  1.509% due 10/10/2049 ~(a) |  | 258254 |  | 1474 |
|  3.349% due 02/10/2049 |  | 14750 |  | 14718 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  0.000% due 10/01/2075 « |  | 1232 |  | 1234 |
|  3.650% due 10/01/2075 «(c) |  | 433138 |  | 372795 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  0.000% due 09/25/2037 ~ |  | 810 |  | 84 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **19** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 03/25/2052 ~ | $— | 362179 | $— | 311640 |
|  0.000% due 01/01/2054 ~ |  | 238665 |  | 248397 |
|  0.000% due 10/25/2054 ~ |  | 73921 |  | 77677 |
|  0.000% due 09/25/2060 ~ |  | 109405 |  | 83150 |
|  0.000% due 09/25/2060 ~(a) |  | 641807 |  | 23672 |
|  0.000% due 10/25/2060 ~ |  | 60286 |  | 37016 |
|  0.000% due 10/25/2060 ~(a) |  | 819121 |  | 36535 |
|  0.000% due 05/01/2061 ~ |  | 37159 |  | 21400 |
|  0.000% due 05/01/2061 ~(a) |  | 901443 |  | 29264 |
|  0.000% due 08/01/2061 ~ |  | 22794 |  | 16334 |
|  0.000% due 08/01/2061 ~(a) |  | 970467 |  | 87015 |
|  0.000% due 12/25/2061 ~ |  | 374270 |  | 303507 |
|  0.000% due 02/01/2062 ~ |  | 693609 |  | 567883 |
|  0.000% due 03/01/2062 ~ |  | 726874 |  | 609309 |
|  0.000% due 07/25/2062 ~ |  | 1072070 |  | 874891 |
|  0.000% due 10/25/2062 ~ |  | 378587 |  | 340859 |
|  0.000% due 02/25/2063 ~ |  | 924408 |  | 759076 |
|  0.000% due 10/25/2063 ~ |  | 324158 |  | 241257 |
|  0.000% due 09/25/2064 ~ |  | 505186 |  | 431100 |
|  0.000% due 02/25/2065 ~ |  | 377445 |  | 334140 |
|  0.000% due 03/01/2065 ~ |  | 27793 |  | 14777 |
|  0.000% due 03/01/2065 ~(a) |  | 1705306 |  | 50252 |
|  0.000% due 09/25/2068 ~ |  | 420864 |  | 343913 |
|  0.000% due 03/01/2070 ~ |  | 19060 |  | 14903 |
|  0.000% due 03/01/2070 ~(a) |  | 231605 |  | 15982 |
|  0.000% due 09/25/2076 ~ |  | 251631 |  | 208824 |
|  0.000% due 01/25/2082 (a) |  | 297 |  | 290 |
|  0.110% due 10/25/2060 ~(a) |  | 720815 |  | 3626 |
|  0.150% due 09/25/2060 ~(a) |  | 580345 |  | 2338 |
|  0.150% due 05/01/2061 ~(a) |  | 806445 |  | 5754 |
|  0.150% due 03/01/2070 ~(a) |  | 214564 |  | 888 |
|  0.151% due 03/01/2065 ~(a) |  | 1294970 |  | 8732 |
|  0.170% due 08/01/2061 ~(a) |  | 878992 |  | 2222 |
|  1.738% due 03/01/2065 ~ |  | 1451996 |  | 1245889 |
|  1.942% due 10/25/2060 ~ |  | 618421 |  | 557295 |
|  2.108% due 09/25/2060 ~ |  | 414552 |  | 381738 |
|  2.137% due 08/01/2061 ~ |  | 750055 |  | 682999 |
|  2.159% due 03/01/2070 ~ |  | 163382 |  | 153570 |
|  2.218% due 05/01/2061 ~ |  | 715922 |  | 634110 |
|  2.799% due 10/25/2035 ~ |  | 1390 |  | 623 |
|  3.125% due 05/01/2061 ~ |  | 44369 |  | 33761 |
|  3.229% due 03/01/2065 ~ |  | 103877 |  | 74763 |
|  3.250% due 08/01/2061 ~ |  | 48403 |  | 40519 |
|  3.500% due 05/01/2061 ~ |  | 30998 |  | 23622 |
|  3.666% due 05/25/2047 ~ |  | 12501 |  | 9540 |
|  3.750% due 08/01/2061 ~ |  | 35744 |  | 30676 |
|  3.754% due 05/01/2061 ~ |  | 23096 |  | 16944 |
|  3.832% due 10/25/2060 ~ |  | 66433 |  | 55429 |
|  3.991% due 09/25/2060 ~ |  | 66282 |  | 57941 |
|  4.000% due 01/25/2066 ~ |  | 7535 |  | 6712 |
|  4.061% due 03/25/2037 ~ |  | 5412 |  | 3964 |
|  4.072% due 09/25/2037 ~ |  | 210 |  | 211 |
|  4.112% due 10/25/2046 ~ |  | 1068 |  | 946 |
|  4.145% due 01/25/2082 ~ |  | 205493 |  | 180755 |
|  4.244% due 12/25/2035 ~ |  | 177 |  | 109 |
|  4.246% due 08/01/2061 ~ |  | 28297 |  | 24422 |
|  4.342% due 01/25/2037 •  |  | 115 |  | 103 |
|  4.402% due 06/25/2036 •  |  | 320 |  | 307 |
|  4.408% due 09/25/2064 ~ |  | 81171 |  | 69658 |
|  4.430% due 12/25/2035 ~ |  | 4249 |  | 3833 |
|  4.469% due 03/01/2070 ~ |  | 21753 |  | 20603 |
|  4.487% due 09/25/2037 ~ |  | 3456 |  | 3129 |
|  4.592% due 09/25/2036 •  |  | 1619 |  | 1539 |
|  4.602% due 12/25/2034 •  |  | 234 |  | 223 |
|  4.622% due 11/25/2036 •  |  | 2371 |  | 1883 |
|  4.717% due 08/25/2036 •  |  | 27803 |  | 11265 |
|  4.728% due 06/25/2036 ~ |  | 383 |  | 370 |
|  4.765% due 03/25/2037 ~ |  | 790 |  | 690 |
|  4.768% due 11/25/2036 ~ |  | 1140 |  | 983 |
|  4.772% due 09/25/2036 •  |  | 251 |  | 239 |
|  4.875% due 05/20/2047 •  |  | 5757 |  | 5138 |
|  5.045% due 03/25/2035 ~ |  | 6433 |  | 6292 |
|  5.094% due 04/25/2035 ~ |  | 713 |  | 678 |
|  5.145% due 08/25/2035 •  |  | 1444 |  | 1430 |
|  5.147% due 11/25/2036 ~ |  | 2823 |  | 1851 |
|  5.222% due 09/25/2037 •  |  | 1427 |  | 1277 |
|  5.250% due 03/25/2037 |  | 1601 |  | 1220 |
|  5.265% due 10/25/2035 ~ |  | 12 |  | 10 |
|  5.392% due 03/25/2036 •  |  | 831 |  | 800 |
|  5.411% due 03/25/2036 ~ |  | 499 |  | 490 |
|  5.470% due 03/25/2037 ~ |  | 440 |  | 409 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.476% due 07/25/2036 ~ | $— | 22 | $— | 31 |
|  5.482% due 08/25/2035 ~ |  | 123 |  | 117 |
|  5.500% due 11/25/2035 |  | 685 |  | 694 |
|  5.524% due 11/25/2036 ~ |  | 2240 |  | 1995 |
|  5.653% due 06/25/2036 ~ |  | 1433 |  | 1357 |
|  5.749% due 05/25/2035 ~ |  | 411 |  | 395 |
|  5.750% due 04/25/2047 |  | 3649 |  | 1947 |
|  6.000% due 05/25/2035 |  | 1325 |  | 1353 |
|  6.000% due 05/25/2037 |  | 2057 |  | 1708 |
|  6.000% due 08/25/2037 ~ |  | 10926 |  | 4615 |
|  6.250% due 11/25/2037 ~ |  | 1952 |  | 782 |
|  6.300% due 03/25/2036 •  |  | 79 |  | 79 |
|  6.490% due 05/25/2035 •  |  | 9 |  | 9 |
|  6.498% due 08/25/2035 ~ |  | 10 |  | 10 |
|  6.500% due 10/25/2036 ~ |  | 5357 |  | 2696 |
|  6.751% due 03/25/2034 ~ |  | 149 |  | 139 |
|  Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
|  4.036% due 09/25/2035 ~ |  | 204 |  | 137 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  1.178% due 02/25/2037 •(a) |  | 1228 |  | 95 |
|  4.822% due 01/25/2037 •  |  | 6541 |  | 5415 |
|  5.750% due 12/25/2036 |  | 203 |  | 181 |
|  5.750% due 03/25/2037 |  | 334 |  | 294 |
|  5.750% due 04/25/2037 |  | 2737 |  | 2429 |
|  6.000% due 07/25/2036 |  | 188 |  | 166 |
|  6.000% due 09/25/2036 |  | 3111 |  | 2894 |
|  6.000% due 11/25/2036 |  | 4772 |  | 4533 |
|  6.000% due 05/25/2037 |  | 6422 |  | 5885 |
|  6.000% due 06/25/2037 |  | 2418 |  | 2127 |
|  6.000% due 10/25/2037 |  | 1334 |  | 1239 |
|  CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust |
|  5.717% due 11/15/2038 •  |  | 1815 |  | 1794 |
|  6.264% due 11/15/2038 •  |  | 15102 |  | 14600 |
|  CNL Commercial Mortgage Loan Trust | CNL Commercial Mortgage Loan Trust | CNL Commercial Mortgage Loan Trust | CNL Commercial Mortgage Loan Trust | CNL Commercial Mortgage Loan Trust |
|  4.765% due 05/15/2031 •  |  | 93 |  | 91 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  4.301% due 03/25/2067 ~ |  | 12059 |  | 12026 |
|  5.903% due 12/25/2068 þ |  | 12304 |  | 12412 |
|  6.393% due 06/25/2069 þ |  | 25076 |  | 25458 |
|  6.421% due 05/25/2069 þ |  | 5651 |  | 5745 |
|  COLT Trust | COLT Trust | COLT Trust | COLT Trust | COLT Trust |
|  1.665% due 09/25/2061 ~ |  | 21839 |  | 20135 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  0.000% due 04/10/2047 ~(a) |  | 6241 |  | 0 |
|  0.901% due 08/10/2047 ~(a) |  | 24403 |  | 85 |
|  1.457% due 10/10/2049 ~(a) |  | 183764 |  | 819 |
|  2.819% due 01/10/2039 |  | 2200 |  | 2109 |
|  3.140% due 10/10/2036 |  | 13000 |  | 12259 |
|  4.228% due 05/10/2051 |  | 1400 |  | 1380 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  0.678% due 11/25/2035 •(a) |  | 2448 |  | 179 |
|  0.828% due 11/25/2035 •(a) |  | 2125 |  | 155 |
|  0.978% due 08/25/2036 •(a) |  | 7298 |  | 638 |
|  3.161% due 06/25/2046 ~ |  | 3249 |  | 3020 |
|  3.182% due 06/25/2037 ~ |  | 72 |  | 59 |
|  3.464% due 05/25/2035 ~ |  | 1736 |  | 1383 |
|  4.152% due 08/25/2036 ~ |  | 263 |  | 247 |
|  4.333% due 06/25/2037 ~ |  | 1363 |  | 1308 |
|  4.430% due 02/20/2047 •  |  | 13513 |  | 10933 |
|  4.440% due 03/20/2047 •  |  | 13803 |  | 11988 |
|  4.445% due 12/20/2046 •  |  | 26895 |  | 23708 |
|  4.460% due 09/20/2046 •  |  | 6919 |  | 6650 |
|  4.460% due 02/20/2047 •  |  | 4402 |  | 3586 |
|  4.482% due 04/25/2047 •  |  | 10031 |  | 8859 |
|  4.512% due 06/25/2036 •  |  | 6339 |  | 5995 |
|  4.542% due 04/25/2047 •  |  | 9764 |  | 8591 |
|  4.552% due 06/25/2037 •  |  | 12133 |  | 11053 |
|  4.562% due 06/25/2047 •  |  | 9253 |  | 7629 |
|  4.572% due 06/25/2035 •  |  | 2920 |  | 1848 |
|  4.572% due 07/25/2035 •  |  | 1979 |  | 1212 |
|  4.572% due 08/25/2035 •  |  | 877 |  | 549 |
|  4.572% due 05/25/2037 •  |  | 3390 |  | 1375 |
|  4.592% due 06/25/2036 •  |  | 8638 |  | 7438 |
|  4.592% due 11/25/2036 •  |  | 6641 |  | 6619 |
|  4.592% due 01/25/2037 •  |  | 16517 |  | 14722 |
|  4.592% due 05/25/2037 •  |  | 3390 |  | 1380 |
|  4.592% due 07/25/2046 •  |  | 3426 |  | 3399 |
|  4.592% due 09/25/2047 •  |  | 12004 |  | 11150 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.597% due 10/25/2034 •  | $— | 2846 | $— | 2837 |
|  4.602% due 05/25/2037 •  |  | 6293 |  | 2568 |
|  4.622% due 06/25/2035 •  |  | 2691 |  | 1833 |
|  4.622% due 07/25/2036 •  |  | 13350 |  | 5005 |
|  4.622% due 11/25/2036 •  |  | 3937 |  | 1696 |
|  4.622% due 03/01/2038 •  |  | 4047 |  | 2961 |
|  4.632% due 11/25/2036 •  |  | 1744 |  | 2359 |
|  4.632% due 05/25/2047 •  |  | 4384 |  | 4072 |
|  4.642% due 02/25/2037 •  |  | 302 |  | 86 |
|  4.650% due 07/20/2046 •  |  | 3924 |  | 3365 |
|  4.652% due 08/25/2046 •  |  | 9578 |  | 8323 |
|  4.652% due 09/25/2046 •  |  | 14151 |  | 13773 |
|  4.652% due 10/25/2046 •  |  | 1869 |  | 1753 |
|  4.661% due 03/25/2047 •  |  | 2277 |  | 1809 |
|  4.670% due 03/20/2046 •  |  | 3236 |  | 3026 |
|  4.670% due 05/20/2046 •  |  | 16546 |  | 14829 |
|  4.672% due 03/25/2035 •  |  | 1349 |  | 1279 |
|  4.672% due 02/25/2036 •  |  | 1073 |  | 925 |
|  4.672% due 06/25/2036 •  |  | 60 |  | 24 |
|  4.672% due 12/25/2036 •  |  | 325 |  | 67 |
|  4.672% due 08/25/2037 •  |  | 1931 |  | 1216 |
|  4.692% due 05/25/2035 •  |  | 2296 |  | 2207 |
|  4.692% due 07/25/2046 •  |  | 10064 |  | 9179 |
|  4.712% due 05/25/2035 •  |  | 1177 |  | 1111 |
|  4.712% due 09/25/2047 •  |  | 10246 |  | 9918 |
|  4.745% due 09/25/2034 •  |  | 101 |  | 93 |
|  4.752% due 01/25/2037 •  |  | 23698 |  | 20457 |
|  4.753% due 02/25/2037 ~ |  | 421 |  | 373 |
|  4.772% due 04/25/2034 •  |  | 500 |  | 481 |
|  4.772% due 05/25/2035 •  |  | 8020 |  | 5970 |
|  4.772% due 12/25/2035 •  |  | 23804 |  | 14786 |
|  4.772% due 04/25/2036 •  |  | 6028 |  | 2200 |
|  4.792% due 07/25/2035 •  |  | 1237 |  | 1128 |
|  4.792% due 08/25/2035 •  |  | 4561 |  | 4424 |
|  4.812% due 02/25/2036 •  |  | 1851 |  | 1594 |
|  4.812% due 07/25/2036 •  |  | 1468 |  | 1339 |
|  4.812% due 08/25/2047 •  |  | 41687 |  | 36622 |
|  4.822% due 11/25/2035 •  |  | 2448 |  | 1188 |
|  4.832% due 08/25/2035 •  |  | 3062 |  | 2944 |
|  4.832% due 12/25/2035 •  |  | 255 |  | 240 |
|  4.832% due 02/25/2037 •  |  | 8696 |  | 7393 |
|  4.832% due 10/25/2046 •  |  | 1892 |  | 1787 |
|  4.832% due 08/25/2047 •  |  | 1536 |  | 1303 |
|  4.852% due 02/25/2036 •  |  | 5038 |  | 4687 |
|  4.852% due 05/25/2036 •  |  | 3156 |  | 2745 |
|  4.856% due 11/25/2035 ~ |  | 152 |  | 142 |
|  4.860% due 08/25/2034 ~ |  | 1370 |  | 1297 |
|  4.871% due 12/25/2035 ~ |  | 32 |  | 32 |
|  4.872% due 12/25/2035 •  |  | 17014 |  | 13029 |
|  4.890% due 11/20/2035 •  |  | 4134 |  | 3730 |
|  4.892% due 08/25/2035 •  |  | 481 |  | 444 |
|  4.892% due 11/25/2035 •  |  | 3065 |  | 2919 |
|  4.893% due 12/25/2035 ~ |  | 56 |  | 53 |
|  4.910% due 11/20/2035 •  |  | 22960 |  | 22279 |
|  4.932% due 09/25/2035 •  |  | 596 |  | 434 |
|  4.932% due 10/25/2035 •  |  | 1232 |  | 817 |
|  4.972% due 09/25/2035 •  |  | 7004 |  | 6421 |
|  4.972% due 12/25/2035 •  |  | 10557 |  | 9832 |
|  4.976% due 03/25/2047 ~ |  | 4818 |  | 4587 |
|  5.000% due 08/25/2035 |  | 2309 |  | 1534 |
|  5.003% due 11/25/2046 •  |  | 551 |  | 503 |
|  5.022% due 01/25/2036 •  |  | 3183 |  | 1924 |
|  5.072% due 08/25/2035 •  |  | 979 |  | 499 |
|  5.072% due 01/25/2036 •  |  | 1185 |  | 1101 |
|  5.093% due 06/25/2046 •  |  | 1751 |  | 1621 |
|  5.153% due 12/25/2035 •  |  | 5964 |  | 5237 |
|  5.159% due 09/25/2034 ~ |  | 1006 |  | 957 |
|  5.272% due 08/25/2035 •  |  | 3330 |  | 1757 |
|  5.435% due 12/25/2034 ~ |  | 3497 |  | 3497 |
|  5.463% due 07/20/2035 •  |  | 1059 |  | 986 |
|  5.500% due 01/25/2035 |  | 11721 |  | 11783 |
|  5.500% due 02/25/2035 |  | 240 |  | 236 |
|  5.500% due 03/25/2035 |  | 13441 |  | 11982 |
|  5.500% due 05/25/2035 |  | 9176 |  | 7337 |
|  5.500% due 06/25/2035 |  | 1854 |  | 1141 |
|  5.500% due 07/25/2035 |  | 2178 |  | 1764 |
|  5.500% due 08/25/2035 |  | 2587 |  | 2218 |
|  5.500% due 09/25/2035 |  | 19089 |  | 13440 |
|  5.500% due 10/25/2035 |  | 2067 |  | 1175 |
|  5.500% due 11/25/2035 |  | 9255 |  | 5946 |
|  5.500% due 12/25/2035 |  | 7557 |  | 3681 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 01/25/2036 | $— | 4160 | $— | 3038 |
|  5.500% due 02/25/2036 |  | 26219 |  | 15846 |
|  5.503% due 08/25/2035 •  |  | 1469 |  | 1276 |
|  5.553% due 08/25/2035 •  |  | 91 |  | 88 |
|  5.713% due 08/25/2035 •  |  | 2491 |  | 2314 |
|  5.732% due 11/25/2035 •  |  | 6068 |  | 5696 |
|  5.750% due 05/25/2036 |  | 249 |  | 93 |
|  5.750% due 08/25/2036 |  | 3383 |  | 1653 |
|  5.750% due 03/25/2037 |  | 3366 |  | 1720 |
|  5.750% due 06/25/2037 |  | 2852 |  | 1209 |
|  5.750% due 07/25/2037 |  | 769 |  | 437 |
|  5.750% due 04/25/2047 |  | 1928 |  | 990 |
|  5.765% due 11/25/2035 þ |  | 3199 |  | 1509 |
|  5.798% due 06/25/2035 •  |  | 177 |  | 169 |
|  5.812% due 11/25/2035 •  |  | 2508 |  | 2297 |
|  5.922% due 08/25/2034 •  |  | 2004 |  | 1986 |
|  5.922% due 10/25/2034 •  |  | 1996 |  | 1976 |
|  6.000% due 11/25/2034 |  | 5795 |  | 6026 |
|  6.000% due 02/25/2035 |  | 15753 |  | 12339 |
|  6.000% due 02/25/2036 |  | 26748 |  | 14292 |
|  6.000% due 03/25/2036 |  | 8811 |  | 3943 |
|  6.000% due 04/25/2036 |  | 12394 |  | 5769 |
|  6.000% due 05/25/2036 |  | 14952 |  | 7394 |
|  6.000% due 06/25/2036 |  | 7081 |  | 3791 |
|  6.000% due 07/25/2036 |  | 7097 |  | 3756 |
|  6.000% due 08/25/2036 |  | 3583 |  | 2016 |
|  6.000% due 11/25/2036 |  | 3862 |  | 1971 |
|  6.000% due 01/25/2037 |  | 781 |  | 644 |
|  6.000% due 02/25/2037 |  | 3280 |  | 1170 |
|  6.000% due 03/25/2037 |  | 3561 |  | 1227 |
|  6.000% due 04/25/2037 |  | 7473 |  | 3243 |
|  6.000% due 05/25/2037 |  | 13973 |  | 5846 |
|  6.000% due 06/25/2037 |  | 478 |  | 211 |
|  6.000% due 08/25/2037 •  |  | 5112 |  | 2406 |
|  6.000% due 01/25/2047 |  | 5713 |  | 3123 |
|  6.074% due 11/25/2035 þ |  | 1659 |  | 783 |
|  6.203% due 10/20/2035 •  |  | 12239 |  | 8829 |
|  6.223% due 10/20/2035 •  |  | 3404 |  | 3089 |
|  6.250% due 10/25/2036 |  | 4583 |  | 2224 |
|  6.250% due 11/25/2036 |  | 4364 |  | 2000 |
|  6.250% due 12/25/2036 |  | 2958 |  | 1211 |
|  6.250% due 11/25/2046 |  | 1989 |  | 877 |
|  6.500% due 05/25/2036 |  | 2517 |  | 1133 |
|  6.500% due 06/25/2036 |  | 821 |  | 377 |
|  6.500% due 08/25/2036 |  | 2449 |  | 701 |
|  6.500% due 09/25/2036 |  | 6762 |  | 3363 |
|  6.500% due 12/25/2036 |  | 2384 |  | 1014 |
|  6.500% due 08/25/2037 |  | 9608 |  | 4027 |
|  6.500% due 09/25/2037 |  | 17747 |  | 6236 |
|  6.500% due 11/25/2037 |  | 7767 |  | 3390 |
|  7.000% due 08/25/2034 |  | 156 |  | 165 |
|  7.000% due 09/25/2036 |  | 24306 |  | 4763 |
|  7.250% due 08/25/2032 |  | 25 |  | 26 |
|  7.500% due 12/25/2034 |  | 104 |  | 12 |
|  Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization |
|  3.948% due 08/25/2037 ~ |  | 804 |  | 351 |
|  6.000% due 05/25/2036 |  | 49 |  | 27 |
|  6.000% due 08/25/2037 ~ |  | 1103 |  | 507 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  2.590% due 01/25/2033 ~ |  | 370 |  | 337 |
|  3.735% due 09/25/2032 ~ |  | 122 |  | 111 |
|  4.785% due 11/25/2031 •  |  | 175 |  | 81 |
|  4.922% due 11/25/2031 •  |  | 384 |  | 217 |
|  4.922% due 09/25/2035 •  |  | 2217 |  | 1465 |
|  5.250% due 09/25/2035 |  | 403 |  | 312 |
|  5.422% due 11/25/2034 •  |  | 2573 |  | 2303 |
|  5.787% due 06/25/2046 ~ |  | 119888 |  | 114683 |
|  5.790% due 11/25/2032 ~ |  | 141 |  | 136 |
|  6.000% due 09/25/2033 |  | 33 |  | 33 |
|  6.000% due 01/25/2036 |  | 2539 |  | 1459 |
|  6.500% due 01/25/2036 |  | 353 |  | 77 |
|  6.553% due 04/25/2033 ~ |  | 246 |  | 243 |
|  7.000% due 01/25/2036 |  | 4856 |  | 795 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.129% due 09/25/2069 ~ |  | 8649 |  | 8659 |
|  5.549% due 12/25/2069 ~ |  | 16323 |  | 16454 |
|  6.093% due 04/25/2069 þ |  | 23561 |  | 23830 |
|  6.147% due 07/25/2069 þ |  | 21607 |  | 21901 |
|  6.272% due 06/25/2069 þ |  | 32164 |  | 32616 |
|  6.615% due 03/25/2068 þ |  | 17616 |  | 17770 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CRSNT Trust | CRSNT Trust | CRSNT Trust | CRSNT Trust | CRSNT Trust |
|  0.000% due 04/15/2036 ~(a) | $— | 175301 | $— | 0 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  5.737% due 05/25/2037 ~ |  | 13479 |  | 2895 |
|  6.589% due 12/25/2036 þ |  | 15450 |  | 2202 |
|  6.672% due 06/25/2036 þ |  | 198 |  | 47 |
|  CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates |
|  4.622% due 10/25/2035 •  |  | 2987 |  | 2534 |
|  5.369% due 01/25/2034 ~ |  | 52 |  | 51 |
|  5.500% due 08/25/2034 |  | 178 |  | 165 |
|  5.500% due 06/25/2035 |  | 3118 |  | 2172 |
|  5.500% due 10/25/2035 |  | 2402 |  | 902 |
|  6.000% due 11/25/2035 |  | 227 |  | 49 |
|  6.553% due 10/25/2033 ~ |  | 10 |  | 10 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  4.622% due 11/25/2036 •  |  | 1288 |  | 786 |
|  4.772% due 07/25/2036 •  |  | 13131 |  | 4602 |
|  5.000% due 04/25/2037 |  | 203 |  | 166 |
|  5.500% due 03/25/2037 |  | 6115 |  | 2839 |
|  5.587% due 04/25/2037 ~ |  | 10881 |  | 2650 |
|  5.746% due 04/25/2037 ~ |  | 37820 |  | 9270 |
|  6.000% due 08/25/2036 |  | 3271 |  | 1418 |
|  6.000% due 02/25/2037 |  | 1514 |  | 822 |
|  6.000% due 06/25/2037 |  | 2110 |  | 326 |
|  6.079% due 04/25/2037 þ |  | 20629 |  | 5737 |
|  6.250% due 06/25/2036 |  | 9748 |  | 5578 |
|  6.250% due 08/25/2036 |  | 644 |  | 231 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  0.000% due 12/25/2054 (h) |  | 22 |  | 22 |
|  0.000% due 02/25/2056 (h) |  | 177 |  | 174 |
|  0.000% due 02/25/2056 ~ |  | 600323 |  | 551181 |
|  0.000% due 07/25/2057 (h) |  | 220 |  | 213 |
|  0.000% due 01/25/2058 (h) |  | 158 |  | 155 |
|  0.000% due 04/25/2058 (a) |  | 10 |  | 9 |
|  0.000% due 07/25/2058 (h) |  | 483 |  | 468 |
|  0.000% due 01/27/2059 (h) |  | 318 |  | 313 |
|  0.000% due 01/27/2059 (a) |  | 639760 |  | 0 |
|  0.000% due 04/25/2059 ~(a) |  | 308311 |  | 18 |
|  0.000% due 09/25/2059 ~ |  | 307 |  | 299 |
|  0.000% due 10/25/2060 (h) |  | 250 |  | 247 |
|  0.000% due 02/25/2061 ~(a) |  | 367006 |  | 3579 |
|  0.000% due 05/25/2061 ~ |  | 200 |  | 198 |
|  0.000% due 11/25/2076 (h) |  | 1122 |  | 1030 |
|  0.000% due 11/25/2076 (a) |  | 741909 |  | 0 |
|  0.388% due 02/25/2061 ~(a) |  | 226421 |  | 3641 |
|  0.393% due 05/25/2061 ~(a) |  | 392329 |  | 6271 |
|  1.250% due 02/25/2061 ~ |  | 105433 |  | 96634 |
|  1.467% due 05/25/2061 ~(a) |  | 443210 |  | 19420 |
|  1.650% due 05/25/2061 ~ |  | 264285 |  | 233976 |
|  2.000% due 01/25/2060 ~ |  | 15758 |  | 14305 |
|  2.000% due 10/25/2060 ~ |  | 20876 |  | 19004 |
|  2.100% due 05/25/2061 ~ |  | 40232 |  | 27143 |
|  2.450% due 05/25/2061 ~ |  | 33691 |  | 24629 |
|  2.500% due 02/25/2061 ~ |  | 27143 |  | 23323 |
|  2.629% due 12/25/2048 ~ |  | 207240 |  | 193567 |
|  2.680% due 07/25/2057 ~ |  | 401030 |  | 364147 |
|  2.800% due 05/25/2061 ~ |  | 28457 |  | 19997 |
|  2.843% due 07/25/2057 ~ |  | 31741 |  | 24242 |
|  3.000% due 02/25/2061 ~ |  | 20262 |  | 17176 |
|  3.051% due 02/25/2056 ~ |  | 357369 |  | 202202 |
|  3.145% due 07/25/2057 ~ |  | 217541 |  | 121963 |
|  3.228% due 07/25/2058 ~ |  | 2298337 |  | 1835602 |
|  3.250% due 01/27/2059 ~ |  | 274859 |  | 265745 |
|  3.250% due 04/25/2059 ~ |  | 123676 |  | 119723 |
|  3.359% due 11/30/2037 ~ |  | 4333 |  | 3989 |
|  3.403% due 10/25/2060 ~ |  | 1242837 |  | 1009595 |
|  3.431% due 11/10/2032 |  | 8800 |  | 7044 |
|  3.494% due 10/27/2036 ~ |  | 34900 |  | 8970 |
|  3.500% due 04/26/2038 ~ |  | 1143 |  | 1118 |
|  3.500% due 11/25/2076 ~ |  | 306539 |  | 298873 |
|  3.552% due 01/25/2058 ~ |  | 139128 |  | 114650 |
|  3.590% due 04/25/2059 ~ |  | 182996 |  | 138848 |
|  3.632% due 05/25/2061 ~ |  | 76541 |  | 44209 |
|  3.700% due 02/25/2061 ~ |  | 108000 |  | 73434 |
|  3.786% due 01/27/2059 ~ |  | 356200 |  | 272018 |
|  3.787% due 11/25/2076 ~ |  | 430959 |  | 326927 |
|  3.869% due 02/25/2061 ~ |  | 663 |  | 660 |
|  3.895% due 04/27/2037 ~ |  | 8262 |  | 4039 |
|  3.904% due 04/25/2062 ~ |  | 25135 |  | 24260 |
|  3.952% due 09/25/2057 ~ |  | 21900 |  | 20813 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 08/27/2037 ~ | $— | 6804 | $— | 6626 |
|  4.000% due 08/01/2057 ~ |  | 15523 |  | 14845 |
|  4.261% due 08/27/2037 ~ |  | 7264 |  | 6454 |
|  4.263% due 09/25/2057 ~ |  | 494012 |  | 433362 |
|  4.348% due 12/25/2054 ~ |  | 141127 |  | 111061 |
|  4.425% due 07/27/2037 •  |  | 898 |  | 873 |
|  4.492% due 05/27/2037 •  |  | 7084 |  | 6340 |
|  4.547% due 05/25/2067 ~ |  | 14519 |  | 14478 |
|  4.623% due 05/27/2037 •  |  | 25204 |  | 10731 |
|  4.699% due 05/27/2053 ~ |  | 80049 |  | 72156 |
|  4.717% due 10/27/2036 •  |  | 1909 |  | 1508 |
|  4.729% due 04/25/2058 ~ |  | 206697 |  | 192200 |
|  4.803% due 04/26/2047 ~ |  | 7801 |  | 4460 |
|  4.857% due 04/27/2036 ~ |  | 7521 |  | 6656 |
|  4.857% due 05/27/2036 ~ |  | 1423 |  | 1255 |
|  4.887% due 10/27/2036 •  |  | 2435 |  | 740 |
|  4.937% due 02/27/2046 •  |  | 9044 |  | 2453 |
|  5.147% due 11/26/2036 ~ |  | 2476 |  | 1615 |
|  5.225% due 09/25/2059 ~ |  | 253565 |  | 239582 |
|  5.382% due 08/27/2036 ~ |  | 4522 |  | 3685 |
|  5.561% due 04/25/2036 ~ |  | 4331 |  | 3156 |
|  5.665% due 07/15/2038 •  |  | 28700 |  | 26146 |
|  5.975% due 02/27/2047 ~ |  | 87298 |  | 33346 |
|  6.175% due 09/26/2036 ~ |  | 371 |  | 352 |
|  6.914% due 06/01/2050 ~ |  | 496622 |  | 495272 |
|  7.000% due 08/26/2036 |  | 1444 |  | 368 |
|  7.492% due 07/25/2049 ~ |  | 489808 |  | 523127 |
|  CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates |
|  6.000% due 04/26/2037 ~ |  | 428 |  | 426 |
|  CSMCM Trust | CSMCM Trust | CSMCM Trust | CSMCM Trust | CSMCM Trust |
|  0.000% due 07/25/2049 ~ |  | 31242 |  | 25053 |
|  0.000% due 01/27/2059 ~ |  | 26571 |  | 21734 |
|  0.000% due 09/25/2059 ~ |  | 23739 |  | 20192 |
|  0.000% due 10/27/2060 ~(a) |  | 52605 |  | 41799 |
|  0.000% due 10/27/2060 ~ |  | 6850 |  | 5461 |
|  3.139% due 02/25/2061 |  | 11073 |  | 8851 |
|  3.319% due 09/25/2048 ~ |  | 96772 |  | 69489 |
|  3.500% due 05/25/2061 |  | 18661 |  | 15341 |
|  3.657% due 07/25/2049 |  | 21010 |  | 24438 |
|  4.162% due 09/25/2057 ~ |  | 20801 |  | 17801 |
|  4.407% due 06/25/2048 ~ |  | 534539 |  | 461995 |
|  10.155% due 10/25/2058 ~ |  | 8769 |  | 7452 |
|  CSWF Corp. | CSWF Corp. | CSWF Corp. | CSWF Corp. | CSWF Corp. |
|  5.332% due 06/15/2034 •  |  | 173 |  | 168 |
|  Cupressus Mortgages Holdco SARL | Cupressus Mortgages Holdco SARL | Cupressus Mortgages Holdco SARL | Cupressus Mortgages Holdco SARL | Cupressus Mortgages Holdco SARL |
|  1.000% due 10/24/2050 «~ |  | 2000 |  | 639 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  3.843% due 04/10/2037 | $— | 2690 |  | 2542 |
|  5.660% due 10/15/2036 •  |  | 26500 |  | 26313 |
|  DBJPM Mortgage Trust | DBJPM Mortgage Trust | DBJPM Mortgage Trust | DBJPM Mortgage Trust | DBJPM Mortgage Trust |
|  1.699% due 09/15/2053 ~(a) |  | 50113 |  | 2278 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 |  | 18400 |  | 19071 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.422% due 02/25/2047 •  |  | 4242 |  | 2396 |
|  4.506% due 10/25/2035 ~ |  | 151 |  | 124 |
|  4.512% due 08/25/2036 •  |  | 2755 |  | 2522 |
|  4.512% due 01/25/2047 •  |  | 2185 |  | 2082 |
|  4.532% due 12/25/2036 •  |  | 2910 |  | 999 |
|  4.532% due 08/25/2047 •  |  | 25650 |  | 23920 |
|  4.552% due 07/25/2047 •  |  | 6265 |  | 5878 |
|  4.572% due 12/25/2036 •  |  | 1620 |  | 1504 |
|  4.572% due 03/25/2037 •  |  | 16463 |  | 15458 |
|  4.592% due 03/25/2037 •  |  | 14414 |  | 6757 |
|  4.622% due 04/25/2035 •  |  | 1317 |  | 1198 |
|  4.652% due 08/25/2036 •  |  | 3178 |  | 2907 |
|  4.652% due 10/25/2036 •  |  | 12918 |  | 3537 |
|  4.652% due 12/25/2036 •  |  | 2910 |  | 921 |
|  4.652% due 08/25/2047 •  |  | 8155 |  | 7538 |
|  4.672% due 02/25/2047 •  |  | 6582 |  | 6256 |
|  4.752% due 01/25/2047 •  |  | 1778 |  | 1569 |
|  4.832% due 08/25/2036 •  |  | 6166 |  | 5582 |
|  4.923% due 04/25/2047 •  |  | 13779 |  | 12488 |
|  4.932% due 08/25/2037 •  |  | 5630 |  | 4564 |
|  4.972% due 06/25/2037 •  |  | 32333 |  | 27957 |
|  5.250% due 09/25/2035 ~ |  | 2399 |  | 2182 |
|  5.500% due 11/25/2035 |  | 1819 |  | 836 |
|  5.500% due 11/25/2035 ~ |  | 18 |  | 33 |
|  5.500% due 12/25/2035 |  | 1171 |  | 993 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **21** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.622% due 11/25/2035 •  | $— | 1062 | $— | 1981 |
|  5.772% due 10/25/2047 •  |  | 22530 |  | 17414 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  4.572% due 04/25/2037 •  |  | 20537 |  | 14535 |
|  4.682% due 06/25/2036 ~ |  | 5403 |  | 5015 |
|  5.431% due 02/25/2036 ~ |  | 1455 |  | 1336 |
|  5.530% due 02/25/2036 ~ |  | 2501 |  | 2296 |
|  5.650% due 10/25/2036 ~ |  | 7540 |  | 6606 |
|  5.900% due 10/25/2036 ~ |  | 3230 |  | 2826 |
|  6.369% due 10/25/2036 þ |  | 517 |  | 452 |
|  6.386% due 10/25/2036 þ |  | 82 |  | 71 |
|  6.420% due 07/25/2036 ~ |  | 4610 |  | 4024 |
|  6.600% due 10/25/2036 þ |  | 2247 |  | 1968 |
|  Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust |
|  6.651% due 06/25/2034 ~ |  | 4 |  | 3 |
|  Dilosk RMBS No. 10 STS DAC | Dilosk RMBS No. 10 STS DAC | Dilosk RMBS No. 10 STS DAC | Dilosk RMBS No. 10 STS DAC | Dilosk RMBS No. 10 STS DAC |
|  2.754% due 09/24/2060 •  |  | 11952 |  | 14054 |
|  Domi BV | Domi BV | Domi BV | Domi BV | Domi BV |
|  2.694% due 06/15/2056 •  |  | 13228 |  | 15556 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.388% due 03/19/2037 •  | $— | 19823 |  | 16512 |
|  4.428% due 04/19/2047 •  |  | 62 |  | 61 |
|  4.448% due 10/19/2036 •  |  | 18023 |  | 12108 |
|  4.668% due 03/19/2045 •  |  | 845 |  | 808 |
|  4.748% due 02/19/2045 •  |  | 472 |  | 470 |
|  4.908% due 09/19/2045 •  |  | 1201 |  | 629 |
|  5.028% due 11/19/2044 •  |  | 1493 |  | 1404 |
|  5.048% due 11/19/2044 •  |  | 29 |  | 27 |
|  5.068% due 09/19/2044 •  |  | 1850 |  | 1675 |
|  5.093% due 04/19/2046 •  |  | 8861 |  | 7258 |
|  5.104% due 07/19/2044 ~ |  | 211 |  | 200 |
|  5.343% due 07/19/2044 ~ |  | 5 |  | 4 |
|  Durham Mortgages A PLC | Durham Mortgages A PLC | Durham Mortgages A PLC | Durham Mortgages A PLC | Durham Mortgages A PLC |
|  0.000% due 05/28/2054 (h) |  | 10 |  | 4802 |
|  0.000% due 05/28/2054 (b)(h) |  | 50495 |  | 58420 |
|  4.786% due 05/28/2054 •  |  | 721667 |  | 973484 |
|  5.136% due 05/28/2054 •  |  | 51843 |  | 69756 |
|  5.286% due 05/28/2054 •  |  | 44096 |  | 59229 |
|  5.886% due 05/28/2054 •  |  | 36945 |  | 49460 |
|  7.186% due 05/28/2054 •  |  | 25027 |  | 33456 |
|  8.186% due 05/28/2054 •  |  | 10725 |  | 14276 |
|  Durham Mortgages B PLC | Durham Mortgages B PLC | Durham Mortgages B PLC | Durham Mortgages B PLC | Durham Mortgages B PLC |
|  0.000% due 05/28/2055 (b)(h) |  | 55498 |  | 61380 |
|  0.000% due 05/28/2055 (h) |  | 10 |  | 22 |
|  4.886% due 05/28/2055 •  |  | 612489 |  | 825218 |
|  5.136% due 05/28/2055 •  |  | 45040 |  | 60447 |
|  5.286% due 05/28/2055 •  |  | 46041 |  | 61645 |
|  5.736% due 05/28/2055 •  |  | 33530 |  | 44730 |
|  6.686% due 05/28/2055 •  |  | 28025 |  | 37291 |
|  7.486% due 05/28/2055 •  |  | 27523 |  | 37705 |
|  Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV |
|  0.000% due 08/22/2067 ~ |  | 1830 |  | 63910 |
|  2.784% due 08/22/2067 •  |  | 903926 |  | 1063877 |
|  3.084% due 08/22/2067 •  |  | 66160 |  | 78002 |
|  3.484% due 08/22/2067 •  |  | 46312 |  | 54718 |
|  4.134% due 08/22/2067 •  |  | 44327 |  | 52465 |
|  5.534% due 08/22/2067 •  |  | 28448 |  | 32747 |
|  6.534% due 08/22/2067 •  |  | 888 |  | 1043 |
|  7.534% due 08/22/2067 •  |  | 19849 |  | 22830 |
|  Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV |
|  0.000% due 07/31/2027 «~ |  | 61488 |  | 70772 |
|  Dutch Property Finance BV | Dutch Property Finance BV | Dutch Property Finance BV | Dutch Property Finance BV | Dutch Property Finance BV |
|  2.848% due 04/28/2064 •  |  | 4634 |  | 5472 |
|  E-MAC NL BV | E-MAC NL BV | E-MAC NL BV | E-MAC NL BV | E-MAC NL BV |
|  4.199% due 07/25/2036 •  |  | 157 |  | 181 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.100% due 10/25/2070 þ | $— | 22800 |  | 22839 |
|  5.522% due 01/26/2060 þ |  | 15055 |  | 15186 |
|  5.655% due 02/25/2060 þ |  | 24043 |  | 24310 |
|  5.726% due 01/25/2060 þ |  | 14251 |  | 14434 |
|  5.732% due 02/25/2068 þ |  | 7214 |  | 7205 |
|  EMF-U.K. PLC | EMF-U.K. PLC | EMF-U.K. PLC | EMF-U.K. PLC | EMF-U.K. PLC |
|  5.085% due 03/13/2046 •  |  | 9422 |  | 12635 |
|  Eucalyptus Mortgages Ltd. | Eucalyptus Mortgages Ltd. | Eucalyptus Mortgages Ltd. | Eucalyptus Mortgages Ltd. | Eucalyptus Mortgages Ltd. |
|  1.000% due 10/24/2050 «~ |  | 114438 |  | 96800 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.255% due 06/15/2044 •  |  | 209 |  | 281 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.405% due 06/15/2044 •  |  | 5200 | $— | 6912 |
|  4.455% due 09/15/2044 •  |  | 1600 |  | 2138 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  4.555% due 09/10/2044 •  |  | 1062 |  | 1415 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.345% due 03/13/2045 •  |  | 9287 |  | 12403 |
|  4.505% due 09/13/2045 •  |  | 9951 |  | 13312 |
|  4.875% due 09/13/2045 •  |  | 17134 |  | 22490 |
|  5.055% due 06/13/2045 •  |  | 1018 |  | 1370 |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  3.500% due 09/25/2055 «þ | $— | 877823 |  | 852542 |
|  3.500% due 11/25/2074 |  | 143612 |  | 139151 |
|  3.500% due 02/25/2075 |  | 158742 |  | 153626 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  1.278% due 04/25/2037 •(a) |  | 2342 |  | 200 |
|  4.347% due 01/25/2036 ~ |  | 2338 |  | 1123 |
|  4.369% due 02/25/2036 ~ |  | 48 |  | 34 |
|  4.597% due 02/25/2036 ~ |  | 847 |  | 682 |
|  4.601% due 08/25/2035 ~ |  | 528 |  | 436 |
|  4.642% due 02/25/2037 •  |  | 155 |  | 41 |
|  5.017% due 09/25/2036 ~ |  | 1991 |  | 1498 |
|  5.022% due 04/25/2036 •  |  | 1242 |  | 391 |
|  5.032% due 04/25/2035 ~ |  | 2660 |  | 2624 |
|  5.074% due 08/25/2034 ~ |  | 47 |  | 47 |
|  5.149% due 09/25/2035 ~ |  | 1530 |  | 1358 |
|  5.286% due 08/25/2035 ~ |  | 3 |  | 2 |
|  5.326% due 04/25/2036 ~ |  | 562 |  | 468 |
|  5.361% due 12/25/2035 ~ |  | 744 |  | 564 |
|  5.643% due 02/25/2035 ~ |  | 292 |  | 280 |
|  5.750% due 02/25/2036 |  | 2289 |  | 921 |
|  6.000% due 11/25/2036 |  | 917 |  | 223 |
|  6.018% due 03/25/2035 ~ |  | 157 |  | 154 |
|  6.250% due 11/25/2036 |  | 1768 |  | 447 |
|  6.250% due 08/25/2037 |  | 80 |  | 27 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  0.000% due 10/25/2035 ~ |  | 37 |  | 0 |
|  4.634% due 11/25/2037 ~ |  | 23 |  | 9 |
|  4.747% due 10/25/2035 ~ |  | 350 |  | 321 |
|  4.893% due 01/25/2037 ~ |  | 306 |  | 147 |
|  5.186% due 05/25/2037 ~ |  | 1408 |  | 562 |
|  5.719% due 11/25/2037 ~ |  | 795 |  | 574 |
|  5.750% due 05/25/2037 |  | 131 |  | 39 |
|  6.002% due 08/25/2035 ~ |  | 31 |  | 21 |
|  Flamenco SPV | Flamenco SPV | Flamenco SPV | Flamenco SPV | Flamenco SPV |
|  4.000% due 12/31/2030 « |  | 409500 |  | 427360 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  5.097% due 01/25/2034 •  | $— | 995 |  | 954 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  3.450% due 10/25/2068 ~ |  | 1000 |  | 945 |
|  4.250% due 05/25/2067 ~ |  | 16122 |  | 15457 |
|  6.007% due 01/25/2059 þ |  | 12010 |  | 12128 |
|  6.085% due 06/25/2059 þ |  | 16543 |  | 16750 |
|  GMAC Commercial Mortgage Asset Corp. | GMAC Commercial Mortgage Asset Corp. | GMAC Commercial Mortgage Asset Corp. | GMAC Commercial Mortgage Asset Corp. | GMAC Commercial Mortgage Asset Corp. |
|  5.550% due 08/10/2038 |  | 4383 |  | 4311 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  3.600% due 03/18/2035 ~ |  | 2 |  | 2 |
|  3.685% due 11/19/2035 ~ |  | 91 |  | 75 |
|  3.763% due 11/19/2035 ~ |  | 42 |  | 37 |
|  4.063% due 03/18/2035 ~ |  | 171 |  | 156 |
|  7.399% due 03/18/2035 ~ |  | 64 |  | 65 |
|  7.500% due 05/25/2035 ~ |  | 306 |  | 291 |
|  Grace Trust | Grace Trust | Grace Trust | Grace Trust | Grace Trust |
|  0.390% due 12/10/2040 ~(a) |  | 174400 |  | 2357 |
|  Great Hall Mortgages No. 1 PLC | Great Hall Mortgages No. 1 PLC | Great Hall Mortgages No. 1 PLC | Great Hall Mortgages No. 1 PLC | Great Hall Mortgages No. 1 PLC |
|  4.405% due 06/18/2039 •  |  | 22102 |  | 29552 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.632% due 01/25/2037 •  | $— | 5093 |  | 4704 |
|  4.672% due 03/25/2047 •  |  | 8208 |  | 7698 |
|  4.692% due 04/25/2036 •  |  | 7377 |  | 6627 |
|  4.712% due 10/25/2046 •  |  | 7848 |  | 7588 |
|  4.792% due 10/25/2045 •  |  | 151 |  | 149 |
|  4.812% due 11/25/2045 •  |  | 25 |  | 24 |
|  4.892% due 10/25/2045 •  |  | 1593 |  | 1525 |
|  4.912% due 09/25/2046 •  |  | 4468 |  | 3603 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.732% due 06/25/2045 •  |  | 1137 |  | 904 |
|  4.752% due 08/25/2045 •  |  | 124 |  | 105 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC |
|  2.344% due 08/28/2039 •  | 8976 | 10242 |
|  Grosvenor Square RMBS PLC | Grosvenor Square RMBS PLC | Grosvenor Square RMBS PLC |
|  0.000% due 03/14/2053 (h) | 1 | 22910 |
|  5.186% due 03/14/2053 •  | 85752 | 115484 |
|  5.986% due 03/14/2053 •  | 64660 | 87079 |
|  6.986% due 03/14/2053 •  | 30790 | 41471 |
|  7.986% due 03/14/2053 •  | 24633 | 33162 |
|  9.486% due 03/14/2053 •  | 15395 | 20728 |
|  10.986% due 03/14/2053 •  | 9237 | 12428 |
|  11.986% due 03/14/2053 •  | 16984 | 22984 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  2.856% due 05/10/2034 | 40306 | 35554 |
|  5.220% due 12/15/2036 •  | 17000 | 16922 |
|  5.397% due 07/15/2035 •  | 6688 | 4548 |
|  5.520% due 12/15/2036 •  | 2766 | 2764 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  0.105% due 08/10/2044 ~(a) | 684 | 1 |
|  0.624% due 11/10/2049 ~(a) | 104670 | 296 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  2.000% due 12/25/2060 ~ | 12600 | 10886 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  0.000% due 06/25/2061 ~ | 249 | 237 |
|  0.000% due 06/25/2061 ~(a) | 566115 | 23526 |
|  0.000% due 01/25/2062 ~(a) | 599 | 586 |
|  0.000% due 02/27/2062 (h) | 561 | 455 |
|  0.000% due 02/25/2063 (h) | 1290 | 1221 |
|  0.000% due 07/25/2063 (h) | 362 | 354 |
|  0.000% due 01/25/2064 (b)(h) | 64 | 63 |
|  0.000% due 03/25/2064 (b)(h) | 1 | 1 |
|  0.000% due 03/25/2064 (h) | 492 | 486 |
|  0.000% due 07/25/2064 (b)(h) | 150 | 148 |
|  0.000% due 06/25/2065 (b)(h) | 1410 | 1373 |
|  0.000% due 08/25/2065 (b)(h) | 819 | 782 |
|  0.000% due 12/27/2067 ~(a) | 2903 | 2531 |
|  0.000% due 08/25/2071 ~ | 910 | 756 |
|  0.660% due 03/25/2052 ~(a) | 234949 | 8841 |
|  1.000% due 09/01/2075 «~ | 1482 | 1484 |
|  1.000% due 11/01/2075 «~ | 256 | 256 |
|  1.625% due 06/25/2061 ~ | 149160 | 138677 |
|  2.250% due 06/25/2061 ~ | 24938 | 21299 |
|  2.441% due 08/25/2071 ~ | 94560 | 89682 |
|  2.500% due 03/25/2052 ~ | 234949 | 195241 |
|  2.500% due 06/25/2061 ~ | 24253 | 20518 |
|  2.750% due 06/25/2061 ~ | 19676 | 16429 |
|  2.967% due 03/25/2052 ~ | 3749 | 1705 |
|  3.160% due 03/25/2052 ~ | 18702 | 16198 |
|  3.185% due 01/25/2064 ~ | 119828 | 100874 |
|  3.645% due 07/25/2064 ~ | 181658 | 156820 |
|  3.710% due 02/25/2063 ~ | 326720 | 280066 |
|  3.750% due 07/25/2061 ~ | 24006 | 23505 |
|  3.765% due 03/25/2064 ~ | 558213 | 473925 |
|  3.788% due 06/25/2065 ~ | 503062 | 448215 |
|  3.900% due 09/25/2061 þ | 20373 | 19950 |
|  3.992% due 06/25/2061 ~ | 55798 | 43618 |
|  3.992% due 07/25/2064 ~ | 71532 | 64538 |
|  4.056% due 12/27/2067 ~ | 530558 | 457470 |
|  4.085% due 02/27/2062 ~ | 324972 | 286190 |
|  4.100% due 07/25/2065 þ | 54256 | 52880 |
|  4.106% due 01/25/2062 ~ | 729515 | 691141 |
|  4.440% due 08/25/2065 ~ | 148018 | 136239 |
|  4.477% due 07/25/2063 ~ | 385634 | 358086 |
|  4.500% due 09/01/2075 « | 365220 | 328987 |
|  4.950% due 11/01/2075 « | 418491 | 406124 |
|  5.875% due 04/25/2065 ~ | 225803 | 235282 |
|  6.527% due 06/25/2063 ~ | 337774 | 341148 |
|  6.852% due 03/25/2064 ~ | 326400 | 335284 |
|  GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust |
|  4.672% due 02/25/2036 •  | 3170 | 3035 |
|  GSCG Trust | GSCG Trust | GSCG Trust |
|  2.936% due 09/06/2034 | 12950 | 10358 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.622% due 01/25/2035 •  | 12849 | 11285 |
|  4.622% due 03/25/2035 •  | 2062 | 1943 |
|  4.672% due 06/25/2034 •  | 19929 | 17954 |
|  7.056% due 10/20/2032 ~ | 7218 | 6796 |
|  GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust |
|  4.743% due 09/25/2036 ~ | 707 | 196 |
|  7.500% due 10/25/2036 ~ | 1004 | 110 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust |
|  3.581% due 04/26/2037 •  | $— | 42425 | $— | 23085 |
|  3.724% due 02/26/2037 •  |  | 17907 |  | 16939 |
|  4.412% due 10/26/2036 •  |  | 20157 |  | 19014 |
|  4.797% due 11/26/2036 •  |  | 12248 |  | 6698 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  3.790% due 01/25/2035 ~ |  | 9 |  | 8 |
|  3.837% due 08/25/2034 ~ |  | 181 |  | 169 |
|  4.250% due 03/25/2032 |  | 37 |  | 36 |
|  4.290% due 11/25/2035 ~ |  | 8 |  | 7 |
|  4.292% due 04/25/2036 ~ |  | 639 |  | 383 |
|  4.317% due 05/25/2035 ~ |  | 472 |  | 351 |
|  4.361% due 05/25/2037 ~ |  | 902 |  | 469 |
|  4.375% due 05/25/2037 ~ |  | 1235 |  | 1070 |
|  4.426% due 08/25/2034 ~ |  | 20 |  | 19 |
|  4.572% due 01/25/2035 •  |  | 32 |  | 30 |
|  4.572% due 08/25/2035 •  |  | 244 |  | 237 |
|  4.622% due 06/25/2035 •  |  | 502 |  | 484 |
|  4.658% due 01/25/2036 ~ |  | 3 |  | 4 |
|  4.661% due 04/25/2035 ~ |  | 47 |  | 45 |
|  4.668% due 01/25/2036 ~ |  | 2241 |  | 2118 |
|  4.712% due 08/25/2046 •  |  | 43701 |  | 9068 |
|  4.722% due 10/25/2035 ~ |  | 1260 |  | 628 |
|  4.722% due 07/25/2037 •  |  | 135 |  | 31 |
|  4.751% due 12/25/2034 ~ |  | 741 |  | 97 |
|  4.792% due 08/25/2046 •  |  | 34126 |  | 7509 |
|  4.915% due 08/25/2034 ~ |  | 94 |  | 90 |
|  4.921% due 03/25/2037 ~ |  | 125 |  | 106 |
|  4.930% due 05/25/2037 ~ |  | 6369 |  | 4054 |
|  4.977% due 11/25/2035 ~ |  | 5 |  | 5 |
|  5.000% due 07/25/2036 |  | 5 |  | 0 |
|  5.214% due 07/25/2035 ~ |  | 762 |  | 458 |
|  5.232% due 11/25/2035 ~ |  | 1041 |  | 483 |
|  5.272% due 04/25/2035 ~ |  | 21 |  | 20 |
|  5.297% due 09/25/2034 ~ |  | 4 |  | 4 |
|  5.381% due 09/25/2035 ~ |  | 1251 |  | 1144 |
|  5.500% due 03/25/2036 |  | 717 |  | 936 |
|  5.500% due 01/25/2037 |  | 169 |  | 813 |
|  5.600% due 05/25/2034 •  |  | 43 |  | 39 |
|  5.750% due 02/25/2036 |  | 234 |  | 206 |
|  5.880% due 04/25/2032 •  |  | 7 |  | 7 |
|  6.000% due 11/25/2035 |  | 243 |  | 84 |
|  6.000% due 02/25/2036 |  | 343 |  | 147 |
|  6.000% due 03/25/2036 |  | 10125 |  | 3275 |
|  6.000% due 06/25/2036 |  | 202 |  | 532 |
|  6.000% due 07/25/2036 |  | 1521 |  | 840 |
|  6.000% due 09/25/2036 |  | 1284 |  | 515 |
|  6.000% due 01/25/2037 |  | 36 |  | 22 |
|  6.120% due 11/25/2035 ~ |  | 150 |  | 76 |
|  6.170% due 10/25/2035 ~ |  | 118 |  | 113 |
|  6.250% due 10/25/2036 |  | 9172 |  | 8497 |
|  6.297% due 07/25/2035 ~ |  | 919 |  | 470 |
|  6.300% due 09/25/2034 ~ |  | 217 |  | 219 |
|  6.474% due 05/25/2035 ~ |  | 380 |  | 288 |
|  6.500% due 09/25/2036 |  | 1200 |  | 521 |
|  6.500% due 10/25/2036 |  | 543 |  | 186 |
|  6.612% due 05/25/2035 ~ |  | 1970 |  | 1710 |
|  6.625% due 01/25/2035 ~ |  | 133 |  | 127 |
|  7.000% due 07/25/2035 ~ |  | 142 |  | 141 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.007% due 08/19/2036 ~ |  | 211 |  | 180 |
|  4.304% due 06/19/2036 ~ |  | 238 |  | 95 |
|  4.432% due 05/25/2038 •  |  | 9498 |  | 7655 |
|  4.450% due 07/21/2036 •  |  | 5403 |  | 2557 |
|  4.468% due 07/19/2047 •  |  | 7707 |  | 7695 |
|  4.508% due 03/19/2037 •  |  | 17912 |  | 16673 |
|  4.548% due 01/25/2047 •  |  | 8343 |  | 7827 |
|  4.588% due 12/19/2036 •  |  | 1409 |  | 1265 |
|  4.628% due 09/19/2037 •  |  | 14826 |  | 12887 |
|  4.628% due 02/19/2046 •  |  | 1086 |  | 1008 |
|  4.648% due 05/19/2037 •  |  | 30862 |  | 24632 |
|  4.658% due 06/19/2036 ~ |  | 97 |  | 46 |
|  4.658% due 12/19/2036 •  |  | 39343 |  | 31182 |
|  4.668% due 11/19/2036 •  |  | 11149 |  | 10398 |
|  4.728% due 01/19/2036 •  |  | 72 |  | 73 |
|  4.728% due 12/19/2036 •  |  | 13435 |  | 12772 |
|  4.748% due 01/19/2036 •  |  | 336 |  | 218 |
|  4.754% due 12/19/2035 ~ |  | 1359 |  | 671 |
|  4.783% due 06/19/2045 •  |  | 3619 |  | 1625 |
|  4.788% due 03/19/2035 •  |  | 960 |  | 980 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.788% due 07/19/2045 •  | $— | 7571 | $— | 6984 |
|  4.808% due 02/19/2036 •  |  | 3587 |  | 1538 |
|  4.810% due 10/20/2045 •  |  | 5817 |  | 4080 |
|  4.815% due 07/19/2035 ~ |  | 3356 |  | 2499 |
|  4.818% due 06/19/2045 •  |  | 12162 |  | 6569 |
|  4.828% due 11/19/2036 •  |  | 8692 |  | 7676 |
|  4.828% due 07/19/2045 •  |  | 1199 |  | 1048 |
|  4.868% due 11/19/2035 •  |  | 344 |  | 223 |
|  4.868% due 08/19/2045 •  |  | 175 |  | 167 |
|  4.888% due 01/19/2035 •  |  | 125 |  | 101 |
|  4.908% due 09/19/2035 •  |  | 850 |  | 506 |
|  4.948% due 01/19/2035 •  |  | 698 |  | 676 |
|  5.003% due 12/19/2036 •  |  | 4692 |  | 4334 |
|  5.008% due 01/19/2035 •  |  | 131 |  | 129 |
|  5.028% due 12/19/2034 •  |  | 1979 |  | 1696 |
|  5.048% due 11/19/2034 •  |  | 76 |  | 72 |
|  5.048% due 12/19/2034 •  |  | 22 |  | 19 |
|  5.068% due 12/19/2034 •  |  | 9776 |  | 8084 |
|  5.108% due 11/19/2034 •  |  | 10107 |  | 6833 |
|  5.520% due 06/19/2034 •  |  | 12 |  | 11 |
|  5.674% due 11/19/2034 ~ |  | 15 |  | 14 |
|  5.788% due 02/19/2036 •  |  | 450 |  | 198 |
|  5.953% due 08/19/2034 ~ |  | 768 |  | 755 |
|  6.153% due 01/19/2036 •  |  | 8360 |  | 3289 |
|  6.153% due 10/20/2045 •  |  | 1888 |  | 1411 |
|  6.173% due 11/19/2034 ~ |  | 184 |  | 178 |
|  6.272% due 10/25/2037 •  |  | 10060 |  | 9436 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  0.614% due 11/05/2038 ~(a) |  | 118960 |  | 350 |
|  2.828% due 11/05/2035 |  | 71800 |  | 60204 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.682% due 04/25/2037 ~ |  | 3050 |  | 2750 |
|  4.792% due 01/25/2036 •  |  | 1867 |  | 1822 |
|  4.892% due 03/25/2035 •  |  | 203 |  | 166 |
|  5.247% due 12/25/2034 •  |  | 136 |  | 129 |
|  5.397% due 03/25/2035 •  |  | 61 |  | 45 |
|  5.472% due 03/25/2035 •  |  | 81 |  | 53 |
|  Homeward Opportunities Fund Trust | Homeward Opportunities Fund Trust | Homeward Opportunities Fund Trust | Homeward Opportunities Fund Trust | Homeward Opportunities Fund Trust |
|  5.082% due 07/25/2067 þ |  | 7228 |  | 7222 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  3.747% due 09/25/2037 ~ |  | 777 |  | 662 |
|  4.510% due 09/25/2037 ~ |  | 9995 |  | 8322 |
|  4.990% due 01/25/2037 ~ |  | 2110 |  | 1611 |
|  5.800% due 01/25/2037 ~ |  | 677 |  | 426 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  5.232% due 07/25/2035 •  |  | 632 |  | 610 |
|  5.262% due 07/25/2035 •  |  | 1614 |  | 1492 |
|  IM Pastor 4 FTA | IM Pastor 4 FTA | IM Pastor 4 FTA | IM Pastor 4 FTA | IM Pastor 4 FTA |
|  2.169% due 03/22/2044 •  |  | 7857 |  | 8265 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.552% due 10/25/2035 •  | $— | 3596 |  | 3327 |
|  4.792% due 04/25/2035 •  |  | 883 |  | 872 |
|  4.912% due 09/25/2034 •  |  | 4 |  | 4 |
|  4.912% due 03/25/2035 •  |  | 2908 |  | 2831 |
|  4.992% due 05/25/2035 •  |  | 23 |  | 22 |
|  5.217% due 10/25/2034 •  |  | 26 |  | 25 |
|  5.217% due 11/25/2034 •  |  | 40 |  | 39 |
|  5.251% due 09/25/2034 þ |  | 1523 |  | 1596 |
|  Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust |
|  5.450% due 03/25/2033 ~ |  | 930 |  | 925 |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  4.672% due 05/25/2036 •  |  | 6 |  | 5 |
|  4.752% due 03/25/2037 •  |  | 23272 |  | 20543 |
|  4.752% due 09/25/2037 •  |  | 6916 |  | 6038 |
|  4.792% due 01/25/2037 •  |  | 15224 |  | 13305 |
|  4.972% due 05/25/2036 •  |  | 283 |  | 265 |
|  4.992% due 09/25/2037 •  |  | 7158 |  | 6282 |
|  5.032% due 05/25/2037 •  |  | 9658 |  | 8303 |
|  6.372% due 05/25/2036 •  |  | 242 |  | 240 |
|  IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust |
|  5.774% due 01/25/2032 ~ |  | 3 |  | 3 |
|  IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust |
|  6.250% due 11/25/2037 |  | 1846 |  | 725 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  6.000% due 06/25/2037 |  | 9918 |  | 5839 |
|  6.500% due 09/25/2037 |  | 90 |  | 47 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.199% due 11/25/2035 ~ |  | 206 |  | 156 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.218% due 09/25/2037 ~ | $— | 8694 | $— | 3326 |
|  3.431% due 11/25/2037 ~ |  | 5892 |  | 4862 |
|  3.508% due 09/25/2036 ~ |  | 2343 |  | 1779 |
|  3.804% due 01/25/2036 ~ |  | 1473 |  | 1148 |
|  4.113% due 03/25/2037 ~ |  | 705 |  | 556 |
|  4.447% due 08/25/2037 ~ |  | 1089 |  | 1030 |
|  5.496% due 01/25/2036 ~ |  | 59 |  | 56 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.006% due 09/25/2035 ~ |  | 2903 |  | 1926 |
|  3.194% due 06/25/2037 ~ |  | 3961 |  | 2270 |
|  3.197% due 06/25/2037 ~ |  | 8496 |  | 6939 |
|  3.315% due 05/25/2036 ~ |  | 12327 |  | 8192 |
|  3.321% due 06/25/2035 ~ |  | 43 |  | 33 |
|  3.329% due 07/25/2037 ~ |  | 16372 |  | 10603 |
|  3.338% due 05/25/2037 ~ |  | 2951 |  | 2372 |
|  3.369% due 01/25/2036 ~ |  | 21 |  | 19 |
|  3.377% due 08/25/2037 ~ |  | 50 |  | 35 |
|  3.407% due 06/25/2036 ~ |  | 177 |  | 108 |
|  3.462% due 06/25/2036 ~ |  | 449 |  | 389 |
|  3.509% due 01/25/2035 ~ |  | 292 |  | 264 |
|  3.539% due 05/25/2037 •  |  | 36875 |  | 29343 |
|  3.542% due 02/25/2036 ~ |  | 2060 |  | 1464 |
|  3.561% due 06/25/2036 ~ |  | 18606 |  | 12732 |
|  3.656% due 10/25/2035 ~ |  | 4581 |  | 3683 |
|  3.686% due 08/25/2035 ~ |  | 5310 |  | 3956 |
|  3.711% due 05/25/2035 ~ |  | 1258 |  | 1114 |
|  3.719% due 05/25/2036 ~ |  | 7202 |  | 6966 |
|  3.860% due 12/25/2035 ~ |  | 961 |  | 518 |
|  3.879% due 09/25/2036 ~ |  | 55 |  | 35 |
|  3.885% due 05/25/2037 ~ |  | 14672 |  | 9802 |
|  3.932% due 07/25/2036 ~ |  | 5327 |  | 3458 |
|  3.953% due 11/25/2035 ~ |  | 1879 |  | 1782 |
|  3.959% due 12/25/2035 ~ |  | 2023 |  | 1180 |
|  4.049% due 09/25/2035 ~ |  | 4355 |  | 3576 |
|  4.335% due 08/25/2035 ~ |  | 1451 |  | 1332 |
|  4.405% due 12/25/2035 ~ |  | 4340 |  | 3036 |
|  4.421% due 06/25/2036 ~ |  | 2926 |  | 2259 |
|  4.424% due 11/25/2035 ~ |  | 5509 |  | 3832 |
|  4.468% due 11/25/2035 ~ |  | 2183 |  | 1334 |
|  4.496% due 03/25/2035 ~ |  | 12 |  | 12 |
|  4.496% due 01/25/2037 ~ |  | 2886 |  | 2466 |
|  4.512% due 07/25/2036 •  |  | 4725 |  | 4655 |
|  4.532% due 10/25/2036 •  |  | 47 |  | 42 |
|  4.572% due 06/25/2037 •  |  | 7882 |  | 2680 |
|  4.632% due 01/25/2037 •  |  | 3119 |  | 2768 |
|  4.652% due 09/25/2046 •  |  | 5658 |  | 5190 |
|  4.672% due 10/25/2036 •  |  | 1832 |  | 1666 |
|  4.672% due 06/25/2046 •  |  | 10713 |  | 9604 |
|  4.672% due 11/25/2046 •  |  | 18217 |  | 17408 |
|  4.692% due 04/25/2046 •  |  | 5343 |  | 4925 |
|  4.692% due 05/25/2046 •  |  | 23281 |  | 21319 |
|  4.712% due 04/25/2046 •  |  | 4336 |  | 3998 |
|  4.732% due 04/25/2035 •  |  | 1256 |  | 1194 |
|  4.732% due 09/25/2046 •  |  | 4370 |  | 4376 |
|  4.752% due 04/25/2035 •  |  | 3685 |  | 3033 |
|  4.752% due 07/25/2035 •  |  | 973 |  | 902 |
|  4.752% due 06/25/2037 •  |  | 10865 |  | 10146 |
|  4.772% due 02/25/2037 •  |  | 28845 |  | 19401 |
|  4.792% due 06/25/2035 •  |  | 2770 |  | 2220 |
|  4.792% due 07/25/2035 •  |  | 10612 |  | 7096 |
|  4.832% due 07/25/2035 •  |  | 1404 |  | 1129 |
|  4.852% due 11/25/2036 •  |  | 5371 |  | 5129 |
|  4.912% due 02/25/2035 •  |  | 793 |  | 739 |
|  4.912% due 07/25/2045 •  |  | 2144 |  | 1641 |
|  4.952% due 02/25/2035 •  |  | 592 |  | 527 |
|  4.972% due 01/25/2035 •  |  | 1202 |  | 928 |
|  4.976% due 07/25/2035 ~ |  | 4103 |  | 2160 |
|  5.072% due 08/25/2034 •  |  | 46 |  | 42 |
|  5.072% due 11/25/2034 •  |  | 4 |  | 4 |
|  5.072% due 07/25/2046 •  |  | 1017 |  | 912 |
|  5.152% due 09/25/2034 •  |  | 48 |  | 42 |
|  5.538% due 04/25/2035 ~ |  | 6 |  | 6 |
|  5.832% due 10/25/2036 •  |  | 6686 |  | 3462 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.244% due 05/25/2036 ~ |  | 554 |  | 305 |
|  4.559% due 01/25/2036 ~ |  | 1678 |  | 1035 |
|  4.632% due 06/25/2037 •  |  | 28655 |  | 14572 |
|  4.672% due 06/25/2037 •  |  | 10372 |  | 3820 |
|  5.194% due 11/25/2036 ~ |  | 2977 |  | 1516 |
|  5.843% due 05/26/2037 ~ |  | 23505 |  | 1940 |
|  6.000% due 03/25/2036 |  | 1505 |  | 700 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 12/27/2036 | $— | 20415 | $— | 9887 |
|  6.460% due 12/25/2036 þ |  | 1875 |  | 1895 |
|  6.500% due 03/25/2036 |  | 3788 |  | 1905 |
|  6.500% due 12/25/2036 þ |  | 36179 |  | 31300 |
|  6.810% due 08/25/2036 þ |  | 8647 |  | 8513 |
|  6.920% due 08/25/2036 þ |  | 19273 |  | 15879 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  0.322% due 03/05/2042 ~(a) |  | 158100 |  | 935 |
|  0.613% due 10/05/2040 ~(a) |  | 217800 |  | 2323 |
|  1.437% due 08/15/2049 ~(a) |  | 109452 |  | 657 |
|  1.974% due 01/05/2040 |  | 15870 |  | 14524 |
|  2.287% due 03/05/2042 |  | 33500 |  | 31237 |
|  4.128% due 07/05/2031 |  | 27783 |  | 25483 |
|  4.997% due 04/15/2037 •  |  | 58164 |  | 57366 |
|  5.275% due 06/15/2038 •  |  | 19290 |  | 18735 |
|  5.530% due 11/15/2038 •  |  | 1350 |  | 1349 |
|  5.565% due 03/15/2036 •  |  | 5000 |  | 4617 |
|  7.235% due 10/05/2040 |  | 70400 |  | 74581 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 02/25/2055 ~ |  | 130283 |  | 141913 |
|  0.000% due 10/25/2055 ~ |  | 255834 |  | 265115 |
|  4.274% due 10/25/2036 ~ |  | 565 |  | 406 |
|  4.341% due 10/25/2036 ~ |  | 172 |  | 95 |
|  4.433% due 06/25/2036 ~ |  | 236 |  | 160 |
|  4.471% due 01/25/2037 ~ |  | 225 |  | 181 |
|  4.526% due 05/25/2036 ~ |  | 1635 |  | 1334 |
|  4.530% due 06/25/2036 ~ |  | 97 |  | 64 |
|  4.625% due 07/25/2063 ~ |  | 31215 |  | 30685 |
|  4.677% due 06/25/2037 ~ |  | 191 |  | 151 |
|  4.746% due 04/25/2037 ~ |  | 3280 |  | 2704 |
|  4.750% due 01/25/2063 ~ |  | 11215 |  | 11089 |
|  4.755% due 08/25/2035 ~ |  | 1 |  | 1 |
|  4.791% due 08/25/2036 ~ |  | 4323 |  | 3466 |
|  4.863% due 08/25/2036 ~ |  | 1603 |  | 1246 |
|  4.983% due 11/25/2035 ~ |  | 2798 |  | 2185 |
|  5.030% due 10/25/2033 ~ |  | 9 |  | 8 |
|  5.060% due 06/25/2036 ~ |  | 1464 |  | 983 |
|  5.064% due 07/25/2035 ~ |  | 4 |  | 4 |
|  5.066% due 12/26/2037 ~ |  | 3494 |  | 2725 |
|  5.106% due 08/25/2035 ~ |  | 510 |  | 452 |
|  5.160% due 05/25/2036 ~ |  | 404 |  | 346 |
|  5.163% due 10/25/2037 ~ |  | 3623 |  | 2796 |
|  5.190% due 05/25/2036 ~ |  | 594 |  | 500 |
|  5.203% due 09/25/2035 ~ |  | 94 |  | 89 |
|  5.204% due 07/25/2035 ~ |  | 72 |  | 69 |
|  5.234% due 04/25/2036 ~ |  | 3796 |  | 3308 |
|  5.244% due 02/25/2036 ~ |  | 1238 |  | 859 |
|  5.250% due 11/25/2063 ~ |  | 766 |  | 770 |
|  5.258% due 06/25/2037 ~ |  | 2150 |  | 1663 |
|  5.312% due 11/25/2035 ~ |  | 669 |  | 521 |
|  5.378% due 02/25/2034 ~ |  | 2 |  | 2 |
|  5.424% due 10/25/2035 ~ |  | 289 |  | 251 |
|  5.425% due 11/25/2035 ~ |  | 95 |  | 77 |
|  5.464% due 04/25/2037 ~ |  | 357 |  | 268 |
|  5.500% due 09/25/2035 |  | 1940 |  | 1447 |
|  5.500% due 01/25/2036 |  | 603 |  | 248 |
|  5.500% due 08/25/2037 |  | 2022 |  | 789 |
|  5.561% due 09/25/2055 þ |  | 41638 |  | 41870 |
|  5.583% due 02/25/2035 ~ |  | 4 |  | 4 |
|  5.587% due 08/25/2036 ~ |  | 334 |  | 273 |
|  5.606% due 03/25/2055 •  |  | 52037 |  | 51970 |
|  5.664% due 04/25/2035 ~ |  | 63 |  | 61 |
|  5.706% due 02/25/2055 •  |  | 38007 |  | 38112 |
|  5.720% due 06/25/2035 ~ |  | 459 |  | 462 |
|  5.729% due 04/25/2036 ~ |  | 475 |  | 415 |
|  5.750% due 03/25/2037 |  | 340 |  | 118 |
|  5.792% due 07/25/2035 ~ |  | 446 |  | 435 |
|  5.824% due 06/25/2035 ~ |  | 16 |  | 16 |
|  5.826% due 10/25/2035 ~ |  | 4 |  | 3 |
|  5.855% due 08/25/2035 ~ |  | 265 |  | 260 |
|  5.990% due 07/25/2064 ~ |  | 13645 |  | 13792 |
|  5.999% due 04/25/2035 ~ |  | 25 |  | 24 |
|  6.000% due 10/25/2034 |  | 1394 |  | 951 |
|  6.000% due 07/25/2036 |  | 2145 |  | 925 |
|  6.000% due 06/25/2037 |  | 10941 |  | 3800 |
|  6.000% due 08/25/2037 |  | 14569 |  | 6193 |
|  6.069% due 06/25/2035 ~ |  | 29 |  | 23 |
|  6.193% due 07/25/2035 ~ |  | 15 |  | 15 |
|  6.262% due 07/25/2035 ~ |  | 113 |  | 112 |
|  6.361% due 10/25/2036 ~ |  | 586 |  | 458 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.500% due 09/25/2035 | $— | 122 | $— | 74 |
|  6.500% due 01/25/2056 ~ |  | 210917 |  | 215423 |
|  7.000% due 08/25/2037 |  | 763 |  | 372 |
|  7.390% due 12/25/2055 ~ |  | 225619 |  | 234501 |
|  8.512% due 01/25/2056 «~ |  | 332308 |  | 358103 |
|  JP Morgan Re-REMICS | JP Morgan Re-REMICS | JP Morgan Re-REMICS | JP Morgan Re-REMICS | JP Morgan Re-REMICS |
|  3.681% due 11/26/2036 •  |  | 6703 |  | 6550 |
|  JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust |
|  3.692% due 01/25/2063 ~ |  | 44096 |  | 41537 |
|  4.415% due 01/25/2063 ~ |  | 4395 |  | 4233 |
|  JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
|  0.793% due 12/15/2049 ~(a) |  | 147871 |  | 675 |
|  Jubilee Place 6 BV | Jubilee Place 6 BV | Jubilee Place 6 BV | Jubilee Place 6 BV | Jubilee Place 6 BV |
|  2.833% due 09/17/2060 •  |  | 7677 |  | 9064 |
|  Kentmere PLC | Kentmere PLC | Kentmere PLC | Kentmere PLC | Kentmere PLC |
|  0.000% due 01/28/2051 (h) |  | 23182 |  | 25447 |
|  4.833% due 01/28/2051 •  |  | 170913 |  | 230705 |
|  Kinbane 1 DAC | Kinbane 1 DAC | Kinbane 1 DAC | Kinbane 1 DAC | Kinbane 1 DAC |
|  3.870% due 09/25/2062 ~ |  | 30873 |  | 36956 |
|  4.870% due 09/25/2062 ~ |  | 28699 |  | 34388 |
|  5.870% due 09/25/2062 ~ |  | 19800 |  | 23713 |
|  6.870% due 09/25/2062 ~ |  | 11900 |  | 14031 |
|  Kinbane 2 DAC | Kinbane 2 DAC | Kinbane 2 DAC | Kinbane 2 DAC | Kinbane 2 DAC |
|  0.000% due 08/24/2075 ~(c) |  | 40300 |  | 47321 |
|  2.993% due 01/24/2063 ~ |  | 61266 |  | 72143 |
|  Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC |
|  0.000% due 02/22/2045 ~ |  | 6 |  | 13613 |
|  2.250% due 02/22/2045 |  | 26742 |  | 23050 |
|  4.906% due 02/22/2045 •  |  | 91643 |  | 122980 |
|  6.106% due 02/22/2045 •  |  | 82543 |  | 108250 |
|  Landmark Mortgage Securities No. 2 PLC | Landmark Mortgage Securities No. 2 PLC | Landmark Mortgage Securities No. 2 PLC | Landmark Mortgage Securities No. 2 PLC | Landmark Mortgage Securities No. 2 PLC |
|  2.204% due 06/17/2039 •  |  | 672 |  | 776 |
|  4.305% due 06/17/2039 •  |  | 2838 |  | 3767 |
|  Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC |
|  4.463% due 04/17/2044 •  |  | 15925 |  | 20891 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  0.000% due 12/25/2053 (b)(h) | $— | 370 |  | 364 |
|  0.000% due 12/25/2056 ~(a) |  | 697146 |  | 4657 |
|  0.000% due 07/25/2057 (h) |  | 445 |  | 434 |
|  0.000% due 07/25/2057 ~ |  | 196086 |  | 187252 |
|  0.000% due 04/25/2058 ~ |  | 305 |  | 295 |
|  0.000% due 08/26/2058 (h) |  | 708 |  | 639 |
|  0.000% due 01/28/2070 ~ |  | 3504 |  | 2476 |
|  0.125% due 12/26/2057 ~(a) |  | 330744 |  | 1494 |
|  1.344% due 12/26/2057 ~(a) |  | 52831 |  | 431 |
|  3.047% due 12/25/2056 ~ |  | 697146 |  | 552525 |
|  3.750% due 04/25/2058 ~ |  | 89196 |  | 87918 |
|  3.780% due 06/25/2057 ~ |  | 92451 |  | 87160 |
|  4.000% due 02/25/2058 ~ |  | 95415 |  | 95242 |
|  4.000% due 04/25/2058 ~ |  | 106604 |  | 98331 |
|  4.043% due 04/25/2058 ~ |  | 51618 |  | 28705 |
|  4.250% due 02/25/2058 ~ |  | 132996 |  | 131063 |
|  4.250% due 08/26/2058 ~ |  | 341809 |  | 336348 |
|  4.274% due 01/25/2058 ~ |  | 147608 |  | 135286 |
|  4.335% due 02/25/2058 ~ |  | 132995 |  | 95382 |
|  4.437% due 08/26/2058 ~ |  | 178636 |  | 136036 |
|  4.500% due 02/25/2058 ~ |  | 132996 |  | 125378 |
|  4.594% due 12/26/2057 ~ |  | 273659 |  | 224307 |
|  5.650% due 11/25/2060 þ |  | 13223 |  | 13241 |
|  5.652% due 01/28/2070 ~ |  | 354545 |  | 352970 |
|  5.794% due 12/25/2053 ~ |  | 1240237 |  | 1299724 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  2.428% due 03/25/2037 •(a) |  | 11884 |  | 1162 |
|  4.352% due 12/25/2035 ~ |  | 2881 |  | 433 |
|  4.592% due 10/25/2036 •  |  | 6433 |  | 1444 |
|  4.630% due 07/25/2037 ~ |  | 2643 |  | 1373 |
|  4.692% due 12/25/2036 •  |  | 5849 |  | 1124 |
|  4.872% due 07/25/2036 •  |  | 4805 |  | 1834 |
|  5.033% due 01/25/2036 ~ |  | 606 |  | 584 |
|  5.172% due 12/25/2035 •  |  | 550 |  | 297 |
|  5.500% due 12/25/2035 |  | 24 |  | 12 |
|  5.739% due 04/25/2036 ~ |  | 2747 |  | 1708 |
|  5.750% due 12/25/2035 |  | 3156 |  | 1931 |
|  6.000% due 01/25/2036 |  | 97 |  | 83 |
|  6.000% due 08/25/2037 |  | 1084 |  | 1032 |
|  6.500% due 09/25/2037 |  | 4650 |  | 1839 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.512% due 08/25/2036 •  | 2036 | 2302 |
|  4.572% due 11/25/2035 •  | 2 | 2 |
|  4.652% due 12/25/2036 •  | 2286 | 1846 |
|  4.652% due 11/25/2046 •  | 119 | 106 |
|  4.672% due 08/25/2046 •  | 5712 | 5982 |
|  4.672% due 11/25/2046 •  | 7994 | 7485 |
|  4.672% due 03/25/2047 •  | 49208 | 42338 |
|  4.672% due 07/25/2047 •  | 6663 | 6553 |
|  4.682% due 08/25/2046 •  | 4231 | 3828 |
|  4.692% due 09/25/2046 •  | 69 | 69 |
|  4.752% due 03/25/2047 •  | 10752 | 9304 |
|  4.872% due 12/25/2035 •  | 5 | 4 |
|  4.872% due 08/25/2037 •  | 20442 | 19447 |
|  5.372% due 07/25/2047 •  | 25833 | 19033 |
|  5.610% due 07/25/2035 þ | 523 | 471 |
|  5.653% due 03/25/2047 •  | 6103 | 5534 |
|  Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC |
|  2.099% due 01/01/2061 •  | 1318 | 1499 |
|  4.266% due 01/01/2061 •  | 13322 | 17451 |
|  4.295% due 12/01/2060 •  | 4999 | 6623 |
|  4.706% due 01/01/2061 •  | 2849 | 3800 |
|  Lugo Funding DAC | Lugo Funding DAC | Lugo Funding DAC |
|  3.026% due 05/26/2066 •  | 167558 | 197131 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  2.900% due 04/25/2036 ~ | 2677 | 1632 |
|  4.592% due 11/25/2036 •  | 1699 | 1549 |
|  4.612% due 12/25/2036 •  | 7865 | 6916 |
|  4.672% due 02/25/2046 •  | 16921 | 12193 |
|  4.832% due 05/25/2037 •  | 2502 | 2446 |
|  LUX | LUX | LUX |
|  6.841% due 08/15/2040 •  | 36100 | 36572 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  0.283% due 09/10/2039 ~(a) | 807900 | 2561 |
|  Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC |
|  4.755% due 12/15/2049 •  | 3097 | 4162 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.188% due 07/25/2035 ~ | 588 | 519 |
|  3.417% due 07/25/2035 ~ | 132 | 118 |
|  3.543% due 09/25/2035 ~ | 727 | 437 |
|  3.812% due 04/25/2035 ~ | 1539 | 1404 |
|  3.820% due 09/25/2033 ~ | 252 | 242 |
|  4.024% due 10/25/2034 ~ | 122 | 112 |
|  4.247% due 12/25/2033 ~ | 5 | 5 |
|  4.291% due 12/25/2032 ~ | 265 | 254 |
|  4.752% due 05/25/2037 •  | 716 | 280 |
|  4.952% due 05/25/2047 •  | 5488 | 4580 |
|  5.006% due 11/25/2036 ~ | 36 | 18 |
|  5.037% due 04/25/2034 ~ | 378 | 377 |
|  5.372% due 09/25/2037 •  | 21028 | 8315 |
|  5.381% due 09/25/2034 ~ | 23 | 22 |
|  5.578% due 11/21/2034 ~ | 106 | 102 |
|  5.762% due 01/25/2036 ~ | 1227 | 1191 |
|  6.049% due 05/25/2034 ~ | 234 | 226 |
|  6.080% due 09/25/2034 ~ | 415 | 373 |
|  6.266% due 05/25/2034 ~ | 56 | 55 |
|  6.375% due 07/25/2034 ~ | 75 | 73 |
|  6.459% due 12/21/2034 ~ | 34 | 33 |
|  6.592% due 04/21/2034 ~ | 3626 | 3573 |
|  6.625% due 10/25/2032 ~ | 29 | 30 |
|  6.625% due 09/25/2033 ~ | 8 | 8 |
|  6.625% due 12/25/2033 ~ | 13 | 13 |
|  6.780% due 06/25/2035 ~ | 1 | 1 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  5.500% due 07/25/2034 | 582 | 590 |
|  5.500% due 08/25/2034 | 1339 | 1331 |
|  5.500% due 04/25/2035 | 227 | 132 |
|  5.750% due 11/25/2033 | 1482 | 1450 |
|  7.000% due 06/25/2034 | 6 | 6 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  5.500% due 06/26/2034 | 6 | 6 |
|  6.000% due 06/25/2036 •  | 980 | 546 |
|  6.000% due 06/25/2036 | 124 | 67 |
|  6.250% due 01/25/2038 | 3701 | 1887 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  4.262% due 05/25/2036 ~ | 126 | 103 |
|  4.622% due 05/25/2035 •  | 1410 | 680 |
|  4.632% due 07/25/2035 •  | 14883 | 7054 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust |
|  4.500% due 02/25/2033 | $— | 102 | $— | 98 |
|  6.035% due 10/25/2032 ~ |  | 3 |  | 3 |
|  6.250% due 05/25/2032 ~ |  | 124 |  | 122 |
|  6.375% due 10/25/2032 ~ |  | 31 |  | 30 |
|  6.500% due 08/25/2032 ~ |  | 16 |  | 16 |
|  6.722% due 10/25/2032 ~ |  | 8 |  | 8 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  4.965% due 11/15/2031 •  |  | 37 |  | 36 |
|  5.005% due 09/15/2030 •  |  | 30 |  | 22 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.412% due 01/25/2037 •  |  | 50065 |  | 15110 |
|  4.492% due 03/25/2037 •  |  | 24449 |  | 5750 |
|  4.572% due 01/25/2037 •  |  | 6342 |  | 1914 |
|  4.582% due 06/25/2037 ~ |  | 20281 |  | 9154 |
|  4.672% due 03/25/2037 •  |  | 17488 |  | 4562 |
|  4.692% due 03/25/2037 •  |  | 13969 |  | 2270 |
|  4.872% due 03/25/2037 •  |  | 209 |  | 49 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.186% due 02/25/2034 ~ |  | 258 |  | 225 |
|  3.898% due 09/25/2036 ~ |  | 5459 |  | 4124 |
|  3.968% due 09/25/2037 ~ |  | 3014 |  | 2604 |
|  4.278% due 05/25/2034 ~ |  | 44 |  | 39 |
|  4.440% due 03/25/2036 ~ |  | 1543 |  | 759 |
|  4.572% due 09/25/2037 •  |  | 4991 |  | 2770 |
|  4.732% due 04/25/2029 •  |  | 194 |  | 180 |
|  4.732% due 03/25/2030 •  |  | 34 |  | 32 |
|  4.732% due 09/25/2037 •  |  | 8988 |  | 5045 |
|  4.750% due 07/25/2033 ~ |  | 52 |  | 51 |
|  4.774% due 03/25/2030 •  |  | 69 |  | 61 |
|  4.890% due 09/25/2035 ~ |  | 26 |  | 20 |
|  4.932% due 06/25/2028 •  |  | 235 |  | 219 |
|  4.932% due 11/25/2029 •  |  | 360 |  | 318 |
|  4.952% due 04/25/2028 •  |  | 2 |  | 2 |
|  4.954% due 10/25/2028 •  |  | 5 |  | 5 |
|  4.974% due 11/25/2029 •  |  | 8 |  | 8 |
|  5.087% due 04/25/2035 ~ |  | 540 |  | 486 |
|  5.161% due 07/25/2030 •  |  | 59 |  | 59 |
|  5.255% due 01/25/2030 •  |  | 1 |  | 1 |
|  5.275% due 06/25/2037 ~ |  | 3604 |  | 3463 |
|  5.302% due 05/25/2029 ~ |  | 31 |  | 28 |
|  5.335% due 01/25/2029 •  |  | 59 |  | 51 |
|  5.356% due 07/25/2035 ~ |  | 281 |  | 116 |
|  5.457% due 02/25/2035 ~ |  | 589 |  | 560 |
|  5.601% due 02/25/2036 ~ |  | 1025 |  | 1009 |
|  5.683% due 07/25/2035 ~ |  | 252 |  | 227 |
|  5.889% due 12/25/2035 ~ |  | 693 |  | 669 |
|  5.945% due 12/25/2035 ~ |  | 1652 |  | 745 |
|  5.969% due 05/25/2036 ~ |  | 638 |  | 626 |
|  6.019% due 10/25/2036 ~ |  | 6922 |  | 5846 |
|  6.054% due 02/25/2033 ~ |  | 8 |  | 7 |
|  6.187% due 02/25/2034 ~ |  | 24 |  | 23 |
|  6.236% due 09/25/2029 ~ |  | 18 |  | 18 |
|  6.250% due 10/25/2036 |  | 1566 |  | 571 |
|  6.261% due 05/25/2036 ~ |  | 140 |  | 139 |
|  6.292% due 01/25/2029 ~ |  | 1044 |  | 1026 |
|  6.375% due 01/25/2029 ~ |  | 1 |  | 1 |
|  6.404% due 12/25/2034 ~ |  | 47 |  | 46 |
|  6.450% due 07/25/2033 ~ |  | 23 |  | 22 |
|  6.500% due 05/25/2036 ~ |  | 2 |  | 2 |
|  6.556% due 12/25/2034 ~ |  | 3 |  | 3 |
|  6.618% due 07/25/2034 ~ |  | 295 |  | 290 |
|  6.644% due 09/25/2033 ~ |  | 220 |  | 213 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.625% due 06/25/2037 ~ |  | 3296 |  | 1903 |
|  6.250% due 08/25/2036 •  |  | 2646 |  | 2277 |
|  Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC |
|  3.008% due 03/24/2081 •  |  | 85214 |  | 100250 |
|  MF1 Trust | MF1 Trust | MF1 Trust | MF1 Trust | MF1 Trust |
|  5.220% due 12/15/2034 •  | $— | 5140 |  | 5140 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  2.855% due 07/25/2060 ~ |  | 5200 |  | 4366 |
|  4.250% due 02/25/2066 ~ |  | 3407 |  | 3277 |
|  4.400% due 03/25/2068 þ |  | 53320 |  | 52866 |
|  6.105% due 12/25/2068 þ |  | 15343 |  | 15486 |
|  6.775% due 10/25/2058 þ |  | 17985 |  | 18197 |
|  MKT Mortgage Trust | MKT Mortgage Trust | MKT Mortgage Trust | MKT Mortgage Trust | MKT Mortgage Trust |
|  2.694% due 02/12/2040 |  | 16065 |  | 14284 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  0.817% due 11/12/2049 ~(a) | 35 | 0 |
|  0.980% due 07/15/2053 ~(a) | 54413 | 2063 |
|  1.906% due 07/15/2053 ~(a) | 96013 | 6466 |
|  2.509% due 04/05/2042 ~ | 2000 | 1768 |
|  3.340% due 03/15/2049 | 416 | 415 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  2.223% due 06/25/2037 ~ | 10588 | 5461 |
|  3.582% due 07/25/2035 ~ | 118 | 106 |
|  3.600% due 11/25/2037 ~ | 829 | 715 |
|  3.777% due 12/25/2037 ~ | 3354 | 2157 |
|  3.963% due 05/25/2036 ~ | 6939 | 3709 |
|  4.302% due 09/25/2035 ~ | 31 | 20 |
|  4.372% due 08/25/2034 ~ | 289 | 263 |
|  4.452% due 01/25/2035 ~ | 164 | 150 |
|  4.552% due 01/25/2036 •  | 934 | 498 |
|  4.572% due 08/25/2035 •  | 1063 | 568 |
|  4.955% due 07/25/2034 ~ | 53 | 49 |
|  5.010% due 08/25/2034 ~ | 1 | 1 |
|  5.012% due 11/25/2035 ~ | 63 | 24 |
|  5.395% due 10/25/2034 ~ | 18 | 17 |
|  5.500% due 11/25/2035 | 35 | 30 |
|  5.511% due 09/25/2034 ~ | 725 | 718 |
|  6.000% due 08/25/2037 | 272 | 86 |
|  6.000% due 10/25/2037 | 6349 | 3268 |
|  6.114% due 10/25/2034 ~ | 21 | 21 |
|  6.126% due 06/25/2036 ~ | 95 | 94 |
|  6.150% due 09/25/2034 ~ | 389 | 381 |
|  6.255% due 09/25/2034 ~ | 236 | 232 |
|  6.319% due 07/25/2034 ~ | 81 | 83 |
|  7.013% due 08/25/2036 þ | 5751 | 1143 |
|  Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust |
|  5.250% due 05/26/2037 ~ | 6960 | 3093 |
|  6.250% due 08/26/2047 ~ | 10746 | 5651 |
|  14.821% due 07/26/2036 •  | 2432 | 1715 |
|  Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust |
|  3.376% due 06/26/2047 •  | 33860 | 29756 |
|  3.809% due 04/26/2047 •  | 24384 | 17358 |
|  3.811% due 06/26/2047 •  | 401 | 316 |
|  4.684% due 12/27/2046 •  | 14227 | 11113 |
|  5.073% due 04/26/2047 ~ | 2625 | 1276 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  0.000% due 11/25/2069 ~ | 257708 | 268290 |
|  0.000% due 11/01/2075 «(c) | 1642 | 1643 |
|  4.000% due 06/25/2064 þ | 30361 | 29675 |
|  4.250% due 11/01/2075 «(c) | 263775 | 238420 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.110% due 05/25/2042 •  | 19113 | 17110 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  4.692% due 04/25/2036 •  | 8618 | 7311 |
|  MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust |
|  4.572% due 06/25/2047 •  | 1267 | 1085 |
|  4.732% due 06/25/2047 •  | 10537 | 9262 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  4.772% due 11/25/2035 •  | 11377 | 9413 |
|  4.872% due 08/25/2035 •  | 595 | 595 |
|  MSJP | MSJP | MSJP |
|  0.562% due 09/05/2047 ~(a) | 31700 | 640 |
|  1.049% due 09/05/2047 ~(a) | 52410 | 979 |
|  NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust |
|  6.500% due 03/25/2034 | 341 | 311 |
|  7.500% due 03/25/2034 | 1195 | 1125 |
|  NAAC Reperforming Loan REMICS Trust Certificates | NAAC Reperforming Loan REMICS Trust Certificates | NAAC Reperforming Loan REMICS Trust Certificates |
|  6.500% due 02/25/2035 | 1037 | 902 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  3.047% due 08/15/2036 | 10000 | 9225 |
|  3.821% due 02/15/2039 | 34500 | 32333 |
|  New Century Alternative Mortgage Loan Trust | New Century Alternative Mortgage Loan Trust | New Century Alternative Mortgage Loan Trust |
|  6.667% due 07/25/2036 þ | 1025 | 200 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.187% due 04/15/2032 •  | 1100 | 1094 |
|  5.487% due 04/15/2032 •  | 14615 | 14440 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 1217 | 1177 |
|  3.000% due 07/25/2059 ~ | 9300 | 8613 |
|  3.344% due 12/25/2057 ~ | 6507 | 6292 |
|  3.482% due 02/25/2058 ~ | 5790 | 5630 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.488% due 08/25/2059 ~ | $— | 14164 | $— | 13172 |
|  3.748% due 08/27/2057 ~ |  | 8357 |  | 8157 |
|  3.750% due 11/25/2058 ~ |  | 15394 |  | 14902 |
|  3.784% due 09/25/2057 ~ |  | 15434 |  | 14675 |
|  3.913% due 12/25/2057 ~ |  | 8662 |  | 8221 |
|  4.000% due 08/25/2059 ~ |  | 42221 |  | 40438 |
|  4.000% due 10/25/2059 ~ |  | 9894 |  | 9634 |
|  4.182% due 10/25/2059 ~ |  | 30869 |  | 30096 |
|  4.238% due 08/25/2059 ~ |  | 58021 |  | 56105 |
|  4.250% due 12/25/2058 ~ |  | 13787 |  | 13525 |
|  4.500% due 02/25/2057 ~ |  | 1423 |  | 1410 |
|  4.500% due 12/25/2057 ~ |  | 14633 |  | 14277 |
|  4.500% due 02/25/2058 ~ |  | 3948 |  | 3918 |
|  4.500% due 12/25/2058 ~ |  | 14479 |  | 14202 |
|  4.750% due 02/25/2057 ~ |  | 9363 |  | 9225 |
|  4.893% due 05/25/2058 ~ |  | 14981 |  | 14643 |
|  6.864% due 10/25/2063 þ |  | 107922 |  | 109519 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  4.932% due 08/25/2035 •  |  | 214 |  | 197 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  2.614% due 12/15/2050 •  |  | 1761 |  | 2044 |
|  3.264% due 12/15/2050 •  |  | 1733 |  | 1983 |
|  3.514% due 12/15/2050 •  |  | 2899 |  | 3167 |
|  4.311% due 12/01/2050 •  |  | 860 |  | 1137 |
|  5.105% due 12/15/2050 •  |  | 9198 |  | 12163 |
|  5.355% due 12/15/2050 •  |  | 2599 |  | 3416 |
|  NLT Trust | NLT Trust | NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ | $— | 13606 |  | 12419 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.350% due 10/25/2035 ~ |  | 194 |  | 174 |
|  4.592% due 10/25/2036 •  |  | 1808 |  | 1551 |
|  4.832% due 04/25/2037 •  |  | 38 |  | 39 |
|  4.893% due 02/25/2036 ~ |  | 611 |  | 438 |
|  5.087% due 02/25/2036 ~ |  | 1327 |  | 952 |
|  5.272% due 05/25/2035 •  |  | 6760 |  | 6052 |
|  5.437% due 02/25/2036 ~ |  | 252 |  | 187 |
|  5.771% due 08/25/2034 ~ |  | 659 |  | 647 |
|  6.000% due 05/25/2033 |  | 1 |  | 1 |
|  6.215% due 08/25/2036 ~ |  | 3920 |  | 1020 |
|  6.431% due 08/25/2036 ~ |  | 9738 |  | 2535 |
|  7.000% due 04/25/2033 |  | 5 |  | 5 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  0.000% due 08/27/2047 ~ |  | 83224 |  | 66497 |
|  0.326% due 10/26/2036 •  |  | 3049 |  | 2663 |
|  2.749% due 10/25/2036 ~ |  | 5964 |  | 3376 |
|  5.172% due 07/25/2036 •  |  | 2337 |  | 2267 |
|  6.000% due 07/26/2037 |  | 14301 |  | 5248 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  0.398% due 09/25/2046 •  |  | 66006 |  | 26226 |
|  NRPL Trust | NRPL Trust | NRPL Trust | NRPL Trust | NRPL Trust |
|  0.000% due 05/01/2058 (h) |  | 326 |  | 321 |
|  0.000% due 05/01/2058 ~ |  | 220386 |  | 200440 |
|  0.000% due 09/25/2062 (h) |  | 358 |  | 352 |
|  0.000% due 09/25/2063 (h) |  | 101 |  | 99 |
|  0.000% due 11/25/2063 (h) |  | 374 |  | 355 |
|  3.873% due 09/25/2063 ~ |  | 161407 |  | 138320 |
|  4.418% due 11/25/2063 ~ |  | 178926 |  | 160019 |
|  4.504% due 09/25/2062 ~ |  | 156503 |  | 137496 |
|  NRPLM Trust | NRPLM Trust | NRPLM Trust | NRPLM Trust | NRPLM Trust |
|  0.000% due 09/27/2063 ~ |  | 6816 |  | 5479 |
|  4.439% due 11/25/2063 ~ |  | 7637 |  | 6450 |
|  4.459% due 09/27/2062 |  | 7134 |  | 5870 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  3.215% due 07/25/2061 |  | 3000 |  | 2639 |
|  3.750% due 02/25/2068 ~ |  | 11160 |  | 10376 |
|  3.750% due 11/25/2069 ~ |  | 46710 |  | 44868 |
|  5.379% due 06/25/2069 ~ |  | 19984 |  | 20078 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.360% due 11/15/2038 •  |  | 26300 |  | 26231 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  3.270% due 01/25/2062 ~ |  | 4657 |  | 4532 |
|  3.631% due 03/25/2053 ~ |  | 37942 |  | 37366 |
|  3.688% due 04/25/2053 ~ |  | 57918 |  | 57074 |
|  5.110% due 08/25/2062 þ |  | 15955 |  | 15948 |
|  5.928% due 11/25/2063 þ |  | 16735 |  | 16884 |
|  6.030% due 01/25/2064 þ |  | 22502 |  | 22793 |
|  6.113% due 03/25/2063 þ |  | 30307 |  | 30443 |
|  6.233% due 05/25/2064 þ |  | 18421 |  | 18693 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **25** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.319% due 01/25/2062 þ | $— | 14565 | $— | 14598 |
|  6.465% due 10/25/2063 þ |  | 25792 |  | 26111 |
|  6.520% due 07/25/2063 þ |  | 22386 |  | 22591 |
|  6.567% due 06/25/2063 þ |  | 27766 |  | 27989 |
|  6.844% due 04/25/2063 þ |  | 13472 |  | 13658 |
|  7.045% due 09/25/2063 þ |  | 22858 |  | 23208 |
|  7.159% due 10/25/2063 þ |  | 34114 |  | 34715 |
|  Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust |
|  5.156% due 11/25/2054 •  |  | 16466 |  | 16492 |
|  OPEN Trust | OPEN Trust | OPEN Trust | OPEN Trust | OPEN Trust |
|  7.239% due 11/15/2040 •  |  | 6001 |  | 6013 |
|  PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust |
|  4.972% due 07/25/2037 •  |  | 625 |  | 616 |
|  6.000% due 02/25/2037 |  | 2045 |  | 1702 |
|  PRET LLC | PRET LLC | PRET LLC | PRET LLC | PRET LLC |
|  5.249% due 10/25/2055 « |  | 175400 |  | 175323 |
|  5.963% due 11/25/2054 þ |  | 29955 |  | 30010 |
|  PRET Trust | PRET Trust | PRET Trust | PRET Trust | PRET Trust |
|  3.900% due 10/25/2063 ~ |  | 17647 |  | 17095 |
|  4.000% due 08/25/2064 þ |  | 9014 |  | 8741 |
|  4.000% due 03/25/2065 «þ |  | 121700 |  | 118437 |
|  4.000% due 07/25/2069 þ |  | 3754 |  | 3649 |
|  4.075% due 06/25/2064 ~ |  | 18513 |  | 17783 |
|  4.150% due 04/25/2065 þ |  | 34922 |  | 33905 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.622% due 06/25/2036 •  |  | 5 |  | 5 |
|  7.000% due 07/25/2034 |  | 61 |  | 59 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.333% due 03/25/2059 þ |  | 17048 |  | 17261 |
|  6.431% due 05/25/2059 þ |  | 703 |  | 714 |
|  6.584% due 09/25/2058 þ |  | 25865 |  | 26136 |
|  7.225% due 11/25/2058 þ |  | 15241 |  | 15503 |
|  Proteus RMBS DAC | Proteus RMBS DAC | Proteus RMBS DAC | Proteus RMBS DAC | Proteus RMBS DAC |
|  0.000% due 10/29/2054 ~ |  | 1219 |  | 0 |
|  0.000% due 10/29/2054 (b)(h) |  | 85302 |  | 70495 |
|  2.871% due 10/29/2054 •  |  | 85590 |  | 99361 |
|  3.321% due 10/29/2054 •  |  | 52929 |  | 60998 |
|  3.621% due 10/29/2054 •  |  | 38495 |  | 43966 |
|  4.601% due 10/29/2054 •  |  | 28871 |  | 32913 |
|  6.471% due 10/29/2054 •  |  | 24059 |  | 27351 |
|  PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ | $— | 6867 |  | 6732 |
|  3.750% due 04/25/2055 þ |  | 21491 |  | 20944 |
|  4.000% due 06/25/2053 þ |  | 29380 |  | 29101 |
|  4.000% due 11/25/2053 þ |  | 3119 |  | 3086 |
|  4.000% due 01/25/2054 þ |  | 1672 |  | 1649 |
|  4.000% due 05/25/2054 þ |  | 705 |  | 697 |
|  4.000% due 07/25/2054 þ |  | 723 |  | 713 |
|  4.000% due 08/25/2054 þ |  | 718 |  | 708 |
|  4.000% due 11/25/2054 þ |  | 25586 |  | 25039 |
|  4.000% due 10/25/2064 þ |  | 60972 |  | 59808 |
|  4.200% due 12/25/2064 þ |  | 12341 |  | 12187 |
|  4.500% due 08/25/2055 þ |  | 15788 |  | 15641 |
|  5.228% due 08/25/2069 þ |  | 9350 |  | 9376 |
|  5.250% due 07/25/2055 þ |  | 11083 |  | 11168 |
|  5.503% due 08/25/2030 þ |  | 74635 |  | 74799 |
|  5.699% due 11/25/2029 þ |  | 7747 |  | 7757 |
|  5.729% due 07/25/2030 þ |  | 11125 |  | 11144 |
|  5.774% due 08/25/2028 þ |  | 30669 |  | 30724 |
|  5.870% due 11/25/2029 þ |  | 26660 |  | 26688 |
|  5.897% due 12/25/2029 þ |  | 24571 |  | 24571 |
|  6.179% due 06/25/2030 þ |  | 28926 |  | 29015 |
|  6.255% due 05/25/2030 þ |  | 7453 |  | 7476 |
|  PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust |
|  5.674% due 12/26/2069 þ |  | 14301 |  | 14424 |
|  5.802% due 11/25/2069 þ |  | 33690 |  | 34072 |
|  6.221% due 11/25/2068 þ |  | 4893 |  | 4946 |
|  6.250% due 08/25/2068 þ |  | 23934 |  | 24114 |
|  6.265% due 12/25/2068 þ |  | 7966 |  | 8060 |
|  6.327% due 06/25/2069 þ |  | 15869 |  | 16238 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  1.484% due 12/26/2034 ~ |  | 131 |  | 55 |
|  4.104% due 08/25/2035 ~ |  | 535 |  | 186 |
|  4.168% due 11/25/2037 ~ |  | 6301 |  | 5267 |
|  4.422% due 02/25/2047 •  |  | 30974 |  | 9511 |
|  4.522% due 02/25/2036 •  |  | 5491 |  | 3536 |
|  4.572% due 08/25/2035 •  |  | 2117 |  | 1474 |
|  4.572% due 04/25/2037 •  |  | 2173 |  | 1638 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.602% due 03/25/2037 •  | $— | 154 | $— | 29 |
|  4.612% due 01/25/2037 •  |  | 1833 |  | 1626 |
|  4.622% due 01/25/2036 •  |  | 1886 |  | 1334 |
|  4.632% due 05/25/2036 •  |  | 4905 |  | 4494 |
|  4.632% due 07/25/2036 •  |  | 21041 |  | 6769 |
|  4.632% due 09/25/2036 •  |  | 4992 |  | 4626 |
|  4.632% due 11/25/2036 •  |  | 1739 |  | 907 |
|  4.632% due 01/25/2037 •  |  | 451 |  | 307 |
|  4.632% due 06/25/2046 •  |  | 40046 |  | 8409 |
|  4.652% due 09/25/2036 •  |  | 2321 |  | 2147 |
|  4.672% due 06/25/2036 •  |  | 102 |  | 74 |
|  4.672% due 05/25/2047 •  |  | 4078 |  | 3783 |
|  4.682% due 09/25/2046 •  |  | 1768 |  | 1744 |
|  4.702% due 05/25/2046 •  |  | 10767 |  | 9682 |
|  4.792% due 12/25/2045 •  |  | 8690 |  | 7195 |
|  4.812% due 02/25/2046 •  |  | 4013 |  | 1537 |
|  4.812% due 05/25/2046 •  |  | 613 |  | 490 |
|  4.832% due 12/25/2045 •  |  | 283 |  | 173 |
|  4.872% due 04/25/2036 •  |  | 15762 |  | 14064 |
|  4.872% due 08/25/2036 •  |  | 2889 |  | 2274 |
|  4.972% due 11/25/2035 •  |  | 1775 |  | 1469 |
|  4.990% due 08/25/2035 ~ |  | 1588 |  | 1321 |
|  5.153% due 01/25/2046 •  |  | 8861 |  | 6917 |
|  5.154% due 12/25/2035 ~ |  | 885 |  | 816 |
|  5.188% due 07/25/2035 ~ |  | 2213 |  | 1124 |
|  5.255% due 04/25/2035 ~ |  | 6929 |  | 4842 |
|  5.263% due 12/25/2035 ~ |  | 5775 |  | 5089 |
|  5.370% due 07/25/2035 ~ |  | 665 |  | 629 |
|  5.500% due 08/25/2035 |  | 944 |  | 694 |
|  5.500% due 03/25/2037 |  | 488 |  | 404 |
|  5.500% due 06/25/2037 |  | 2800 |  | 2182 |
|  5.513% due 09/25/2045 •  |  | 232 |  | 199 |
|  5.566% due 07/25/2035 ~ |  | 4306 |  | 2955 |
|  5.653% due 08/25/2035 •  |  | 136 |  | 107 |
|  5.750% due 01/25/2037 |  | 1729 |  | 1303 |
|  6.000% due 08/25/2035 |  | 284 |  | 253 |
|  6.000% due 10/25/2035 |  | 5297 |  | 1623 |
|  6.000% due 12/25/2035 |  | 4020 |  | 3496 |
|  6.000% due 06/25/2036 |  | 249 |  | 200 |
|  6.000% due 08/25/2036 |  | 13511 |  | 11427 |
|  6.000% due 09/25/2036 |  | 1606 |  | 1290 |
|  6.000% due 01/25/2037 |  | 1246 |  | 957 |
|  6.000% due 02/25/2037 |  | 6675 |  | 5476 |
|  6.000% due 03/25/2037 |  | 5110 |  | 4419 |
|  6.000% due 05/25/2037 |  | 5980 |  | 5010 |
|  6.000% due 06/25/2037 |  | 10623 |  | 8542 |
|  6.500% due 08/25/2036 |  | 11435 |  | 9388 |
|  6.500% due 02/25/2037 |  | 3720 |  | 3148 |
|  6.750% due 06/25/2037 |  | 6096 |  | 2239 |
|  7.273% due 08/25/2047 •  |  | 62315 |  | 9181 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.161% due 12/26/2036 ~ |  | 9676 |  | 9267 |
|  4.162% due 08/26/2045 •  |  | 78 |  | 76 |
|  4.318% due 03/26/2037 •  |  | 22973 |  | 19790 |
|  4.444% due 02/28/2047 ~ |  | 10409 |  | 7047 |
|  4.470% due 12/26/2036 ~ |  | 1397 |  | 1158 |
|  4.667% due 10/26/2036 ~ |  | 5808 |  | 5438 |
|  4.677% due 06/27/2036 •  |  | 1000 |  | 889 |
|  4.899% due 03/26/2036 ~ |  | 4786 |  | 3260 |
|  4.937% due 02/26/2037 •  |  | 7740 |  | 5988 |
|  4.962% due 01/26/2036 •  |  | 1138 |  | 1084 |
|  5.854% due 09/28/2047 ~ |  | 71214 |  | 50963 |
|  5.954% due 12/26/2037 •  |  | 16411 |  | 14007 |
|  6.187% due 12/26/2037 •  |  | 17632 |  | 15081 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.158% due 10/25/2044 þ |  | 25286 |  | 25365 |
|  5.472% due 06/25/2055 þ |  | 75106 |  | 75914 |
|  5.553% due 03/25/2055 þ |  | 44836 |  | 45400 |
|  5.582% due 12/25/2044 þ |  | 39499 |  | 39949 |
|  5.653% due 01/25/2045 þ |  | 42232 |  | 42759 |
|  5.846% due 08/25/2044 þ |  | 39968 |  | 40421 |
|  6.808% due 09/25/2043 ~ |  | 7189 |  | 7284 |
|  Regal Trust IV | Regal Trust IV | Regal Trust IV | Regal Trust IV | Regal Trust IV |
|  4.433% due 09/29/2031 •  |  | 17 |  | 16 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  7.000% due 11/25/2031 |  | 35 |  | 30 |
|  7.500% due 07/25/2032 |  | 302 |  | 98 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  2.418% due 04/25/2037 •(a) |  | 9672 |  | 1282 |
|  4.572% due 07/25/2035 •  |  | 2764 |  | 1226 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.582% due 04/25/2037 •  | $— | 9672 | $— | 1862 |
|  4.622% due 06/25/2036 •  |  | 5902 |  | 1569 |
|  4.691% due 01/25/2034 ~ |  | 65 |  | 62 |
|  4.722% due 11/25/2034 •  |  | 540 |  | 503 |
|  4.822% due 08/25/2033 •  |  | 393 |  | 370 |
|  4.972% due 07/25/2036 •  |  | 4023 |  | 2573 |
|  5.250% due 09/25/2033 |  | 269 |  | 269 |
|  5.500% due 07/25/2035 |  | 5113 |  | 2960 |
|  5.500% due 09/25/2035 |  | 18598 |  | 8012 |
|  6.000% due 02/25/2036 |  | 6499 |  | 2397 |
|  6.000% due 09/25/2036 |  | 4451 |  | 1296 |
|  6.000% due 11/25/2036 |  | 6413 |  | 2189 |
|  6.000% due 01/25/2037 |  | 3333 |  | 1040 |
|  6.000% due 03/25/2037 |  | 6781 |  | 2073 |
|  6.000% due 04/25/2037 |  | 533 |  | 266 |
|  6.000% due 05/25/2037 |  | 6401 |  | 3199 |
|  6.000% due 07/25/2037 |  | 9959 |  | 3626 |
|  6.000% due 08/25/2037 |  | 633 |  | 295 |
|  6.250% due 11/25/2036 |  | 11790 |  | 4191 |
|  6.500% due 09/25/2036 |  | 3261 |  | 970 |
|  6.500% due 04/25/2037 |  | 19161 |  | 5110 |
|  Residential Mortgage Securities 33 PLC | Residential Mortgage Securities 33 PLC | Residential Mortgage Securities 33 PLC | Residential Mortgage Securities 33 PLC | Residential Mortgage Securities 33 PLC |
|  0.000% due 06/20/2048 (h) |  | 950 |  | 16 |
|  4.986% due 06/20/2048 •  |  | 211441 |  | 285823 |
|  5.486% due 06/20/2048 •  |  | 28170 |  | 38044 |
|  5.886% due 06/20/2048 •  |  | 24420 |  | 33105 |
|  6.736% due 06/20/2048 •  |  | 12198 |  | 16612 |
|  7.986% due 06/20/2048 •  |  | 11272 |  | 15282 |
|  8.986% due 06/20/2048 •  |  | 9398 |  | 12680 |
|  10.486% due 06/20/2048 •  |  | 21625 |  | 30630 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  2.174% due 12/15/2043 •  |  | 3421 |  | 3925 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  4.247% due 08/25/2035 ~ | $— | 1377 |  | 550 |
|  5.486% due 11/25/2036 ~ |  | 967 |  | 817 |
|  5.500% due 03/25/2036 |  | 242 |  | 198 |
|  5.500% due 03/25/2037 |  | 1766 |  | 1235 |
|  5.577% due 09/25/2036 ~ |  | 6 |  | 5 |
|  5.720% due 07/27/2037 ~ |  | 88 |  | 70 |
|  5.736% due 10/25/2037 ~ |  | 4100 |  | 2495 |
|  5.750% due 09/25/2036 |  | 248 |  | 197 |
|  5.885% due 10/25/2037 ~ |  | 2462 |  | 2159 |
|  6.000% due 04/25/2037 •  |  | 50 |  | 39 |
|  6.000% due 04/25/2037 |  | 946 |  | 730 |
|  6.000% due 10/25/2037 |  | 298 |  | 136 |
|  6.278% due 04/25/2037 ~ |  | 305 |  | 265 |
|  6.500% due 03/25/2032 |  | 21 |  | 21 |
|  Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC |
|  0.000% due 08/28/2056 ~(a) |  | 2143 |  | 4 |
|  0.000% due 08/28/2056 (h) |  | 73909 |  | 67944 |
|  4.686% due 08/28/2056 •  |  | 676013 |  | 909815 |
|  4.986% due 08/28/2056 •  |  | 98285 |  | 132530 |
|  5.186% due 08/28/2056 •  |  | 85685 |  | 115065 |
|  5.586% due 08/28/2056 •  |  | 44102 |  | 59261 |
|  6.486% due 08/28/2056 •  |  | 18901 |  | 25168 |
|  6.986% due 08/28/2056 •  |  | 3454 |  | 4634 |
|  7.986% due 08/28/2056 •  |  | 16380 |  | 21950 |
|  Ripon SPV Assets | Ripon SPV Assets | Ripon SPV Assets | Ripon SPV Assets | Ripon SPV Assets |
|  0.000% due 08/20/2056 « |  | 24190 |  | 31884 |
|  RMAC No. 3 PLC | RMAC No. 3 PLC | RMAC No. 3 PLC | RMAC No. 3 PLC | RMAC No. 3 PLC |
|  5.187% due 02/15/2047 •  |  | 6600 |  | 8908 |
|  RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC |
|  2.179% due 06/12/2044 •  |  | 991 |  | 1140 |
|  2.299% due 06/12/2044 •  |  | 1965 |  | 2256 |
|  4.255% due 06/12/2044 •  |  | 6736 |  | 8944 |
|  4.275% due 06/12/2044 •  |  | 31901 |  | 41949 |
|  4.606% due 06/12/2044 •  | $— | 16585 |  | 16220 |
|  Roundstone Securities No. 2 DAC | Roundstone Securities No. 2 DAC | Roundstone Securities No. 2 DAC | Roundstone Securities No. 2 DAC | Roundstone Securities No. 2 DAC |
|  0.000% due 06/28/2058 ~ |  | 23145 |  | 23598 |
|  2.880% due 06/28/2058 •  |  | 392545 |  | 462113 |
|  2.980% due 06/28/2058 •  |  | 39593 |  | 46543 |
|  3.180% due 06/28/2058 •  |  | 33617 |  | 39360 |
|  3.980% due 06/28/2058 •  |  | 28014 |  | 32697 |
|  4.000% due 06/28/2058 ~ |  | 63499 |  | 23233 |
|  4.980% due 06/28/2058 •  |  | 16808 |  | 19523 |
|  5.480% due 06/28/2058 •  |  | 8964 |  | 10243 |
|  Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust |
|  5.545% due 01/25/2065 þ | $— | 1803 |  | 1816 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust |
|  5.000% due 11/25/2064 ~ | $— | 7100 | $— | 6020 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.129% due 08/20/2047 ~ |  | 2407 |  | 1629 |
|  3.514% due 07/20/2037 ~ |  | 2461 |  | 1870 |
|  3.573% due 09/20/2046 ~ |  | 172 |  | 113 |
|  4.249% due 07/20/2037 ~ |  | 417 |  | 333 |
|  4.285% due 02/20/2047 ~ |  | 1147 |  | 887 |
|  4.327% due 09/20/2046 ~ |  | 1366 |  | 767 |
|  4.442% due 11/25/2063 ~ |  | 22551 |  | 22719 |
|  4.870% due 08/20/2034 •  |  | 114 |  | 105 |
|  4.910% due 06/20/2033 •  |  | 30 |  | 30 |
|  4.930% due 10/20/2034 •  |  | 1019 |  | 939 |
|  4.950% due 07/20/2033 •  |  | 80 |  | 80 |
|  5.010% due 04/20/2033 •  |  | 16 |  | 15 |
|  5.015% due 10/20/2034 •  |  | 29 |  | 22 |
|  5.069% due 10/25/2055 ~ |  | 16200 |  | 16288 |
|  5.216% due 11/20/2034 •  |  | 56 |  | 52 |
|  5.278% due 04/20/2033 •  |  | 126 |  | 124 |
|  Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 |
|  5.010% due 10/20/2027 •  |  | 1 |  | 1 |
|  5.050% due 10/20/2027 •  |  | 3 |  | 3 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.414% due 05/15/2038 •  |  | 1900 |  | 1888 |
|  Shamrock Residential DAC | Shamrock Residential DAC | Shamrock Residential DAC | Shamrock Residential DAC | Shamrock Residential DAC |
|  3.708% due 06/24/2071 •  |  | 14241 |  | 16726 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  5.151% due 01/15/2039 •  | $— | 74604 |  | 74536 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  4.242% due 06/25/2037 ~ |  | 1988 |  | 1770 |
|  5.883% due 04/25/2037 ~ |  | 907 |  | 491 |
|  5.958% due 02/25/2037 ~ |  | 1493 |  | 1285 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  4.887% due 06/28/2050 •  |  | 26343 |  | 35461 |
|  5.137% due 06/20/2060 •  |  | 123822 |  | 166812 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  0.000% due 07/25/2034 ~ | $— | 632 |  | 621 |
|  3.771% due 08/25/2036 ~ |  | 9971 |  | 7798 |
|  3.841% due 05/25/2036 ~ |  | 4304 |  | 3028 |
|  3.887% due 05/25/2036 ~ |  | 3321 |  | 1879 |
|  3.937% due 11/25/2035 ~ |  | 112 |  | 105 |
|  4.065% due 02/25/2036 ~ |  | 294 |  | 252 |
|  4.260% due 09/25/2036 ~ |  | 5746 |  | 3870 |
|  4.261% due 08/25/2047 ~ |  | 1482 |  | 1384 |
|  4.275% due 03/25/2035 ~ |  | 7642 |  | 6363 |
|  4.322% due 01/25/2036 ~ |  | 2462 |  | 1330 |
|  4.326% due 07/25/2037 ~ |  | 24 |  | 15 |
|  4.355% due 09/25/2036 ~ |  | 5714 |  | 5271 |
|  4.446% due 01/25/2037 ~ |  | 2617 |  | 1889 |
|  4.450% due 06/25/2036 ~ |  | 2226 |  | 1281 |
|  4.461% due 11/25/2035 ~ |  | 25 |  | 23 |
|  4.521% due 04/25/2035 ~ |  | 28 |  | 25 |
|  4.529% due 08/25/2035 ~ |  | 685 |  | 595 |
|  4.572% due 09/25/2034 •  |  | 130 |  | 121 |
|  4.572% due 02/25/2037 •  |  | 1359 |  | 1357 |
|  4.576% due 11/25/2035 ~ |  | 189 |  | 122 |
|  4.592% due 12/25/2036 •  |  | 1344 |  | 1362 |
|  4.632% due 07/25/2035 •  |  | 355 |  | 166 |
|  4.652% due 07/25/2035 ~ |  | 1207 |  | 1063 |
|  4.690% due 12/25/2035 ~ |  | 127 |  | 73 |
|  4.772% due 10/25/2034 •  |  | 229 |  | 207 |
|  4.781% due 05/25/2035 ~ |  | 860 |  | 721 |
|  4.792% due 02/25/2036 ~ |  | 4424 |  | 2298 |
|  4.817% due 12/25/2034 ~ |  | 15 |  | 14 |
|  4.822% due 01/25/2035 •  |  | 10 |  | 9 |
|  4.871% due 12/25/2035 ~ |  | 77 |  | 52 |
|  4.917% due 04/25/2035 •  |  | 446 |  | 456 |
|  4.944% due 09/25/2035 ~ |  | 681 |  | 611 |
|  5.093% due 09/25/2036 ~ |  | 2024 |  | 1236 |
|  5.120% due 04/25/2034 ~ |  | 4 |  | 4 |
|  5.201% due 02/25/2035 ~ |  | 553 |  | 558 |
|  5.216% due 03/25/2036 ~ |  | 501 |  | 402 |
|  5.291% due 05/25/2035 ~ |  | 2442 |  | 1709 |
|  5.361% due 10/25/2034 ~ |  | 546 |  | 523 |
|  5.362% due 10/25/2035 ~ |  | 814 |  | 759 |
|  5.404% due 09/25/2034 ~ |  | 157 |  | 153 |
|  5.455% due 10/25/2034 ~ |  | 19 |  | 18 |
|  5.594% due 03/25/2035 ~ |  | 178 |  | 161 |
|  5.690% due 11/25/2034 ~ |  | 1031 |  | 986 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.840% due 01/25/2035 ~ | $— | 497 | $— | 489 |
|  5.938% due 12/25/2034 ~ |  | 110 |  | 109 |
|  5.945% due 10/25/2037 •  |  | 2739 |  | 2505 |
|  5.988% due 02/25/2034 ~ |  | 147 |  | 144 |
|  6.001% due 02/25/2034 ~ |  | 200 |  | 190 |
|  6.100% due 04/25/2034 ~ |  | 6 |  | 6 |
|  6.572% due 12/25/2037 •  |  | 8092 |  | 6911 |
|  6.833% due 03/25/2034 ~ |  | 202 |  | 198 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  3.498% due 05/25/2047 ~ |  | 21223 |  | 17126 |
|  3.680% due 05/25/2045 ~ |  | 46 |  | 39 |
|  4.392% due 08/25/2036 •  |  | 4015 |  | 3563 |
|  4.592% due 01/25/2037 •  |  | 1792 |  | 1618 |
|  4.632% due 06/25/2036 •  |  | 5048 |  | 4129 |
|  4.632% due 01/25/2037 •  |  | 4405 |  | 3941 |
|  4.632% due 07/25/2046 •  |  | 5187 |  | 4501 |
|  4.652% due 06/25/2036 •  |  | 1114 |  | 1102 |
|  4.652% due 07/25/2046 •  |  | 11861 |  | 8629 |
|  4.672% due 05/25/2036 •  |  | 6161 |  | 5087 |
|  4.672% due 10/25/2036 •  |  | 1688 |  | 1526 |
|  4.692% due 04/25/2036 •  |  | 4833 |  | 4405 |
|  4.692% due 05/25/2036 •  |  | 102 |  | 72 |
|  4.692% due 08/25/2036 •  |  | 12662 |  | 10533 |
|  4.692% due 05/25/2046 •  |  | 83 |  | 59 |
|  4.692% due 09/25/2047 •  |  | 8781 |  | 7685 |
|  4.712% due 09/25/2047 •  |  | 7202 |  | 6429 |
|  4.732% due 02/25/2036 •  |  | 25180 |  | 21891 |
|  4.732% due 07/25/2036 •  |  | 7 |  | 3 |
|  4.732% due 05/25/2045 •  |  | 2567 |  | 2450 |
|  4.748% due 07/19/2035 •  |  | 675 |  | 651 |
|  4.832% due 02/25/2036 •  |  | 5511 |  | 4634 |
|  4.872% due 08/25/2036 •  |  | 3502 |  | 2583 |
|  4.928% due 05/19/2035 •  |  | 389 |  | 374 |
|  4.970% due 05/25/2036 ~ |  | 149 |  | 29 |
|  5.122% due 05/25/2047 •  |  | 2418 |  | 1984 |
|  5.372% due 09/25/2047 •  |  | 11377 |  | 9809 |
|  5.613% due 03/25/2046 •  |  | 21 |  | 19 |
|  6.187% due 02/19/2035 ~ |  | 1 |  | 1 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.622% due 03/25/2035 •  |  | 1890 |  | 1708 |
|  4.622% due 04/25/2035 •  |  | 187 |  | 171 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.992% due 11/25/2035 •  |  | 1007 |  | 830 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  3.538% due 09/25/2033 ~ |  | 74 |  | 60 |
|  4.808% due 09/25/2033 ~ |  | 388 |  | 355 |
|  5.114% due 01/25/2034 ~ |  | 33 |  | 32 |
|  5.388% due 11/25/2033 ~ |  | 423 |  | 411 |
|  5.550% due 09/25/2033 ~ |  | 44 |  | 42 |
|  5.621% due 11/25/2033 ~ |  | 11 |  | 11 |
|  5.749% due 12/25/2033 ~ |  | 555 |  | 553 |
|  5.979% due 03/25/2033 ~ |  | 31 |  | 30 |
|  6.036% due 12/25/2033 ~ |  | 746 |  | 726 |
|  6.060% due 12/25/2033 ~ |  | 182 |  | 179 |
|  6.340% due 03/25/2033 ~ |  | 456 |  | 410 |
|  6.414% due 07/25/2033 ~ |  | 57 |  | 56 |
|  6.494% due 01/25/2034 ~ |  | 4 |  | 4 |
|  6.606% due 11/25/2033 ~ |  | 151 |  | 153 |
|  6.901% due 07/25/2032 ~ |  | 1 |  | 1 |
|  6.996% due 11/25/2032 ~ |  | 107 |  | 108 |
|  7.272% due 07/25/2032 •  |  | 764 |  | 705 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  5.500% due 04/25/2035 |  | 741 |  | 715 |
|  5.750% due 04/25/2035 |  | 4596 |  | 2318 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  4.264% due 10/25/2037 •  |  | 43689 |  | 13638 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  2.854% due 03/25/2044 ~ |  | 833 |  | 816 |
|  4.166% due 04/25/2036 •  |  | 3624 |  | 3364 |
|  4.314% due 10/25/2043 ~ |  | 622 |  | 569 |
|  4.605% due 03/25/2044 ~ |  | 2082 |  | 2026 |
|  4.801% due 04/25/2038 ~ |  | 7934 |  | 5111 |
|  4.812% due 03/25/2044 •  |  | 25 |  | 24 |
|  5.138% due 04/25/2045 ~ |  | 93 |  | 92 |
|  5.297% due 10/25/2043 ~ |  | 102 |  | 95 |
|  5.371% due 12/25/2044 ~ |  | 3676 |  | 3520 |
|  5.482% due 04/25/2038 ~ |  | 5377 |  | 4267 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Tib Finance PLC | Tib Finance PLC | Tib Finance PLC |
|  7.111% due 11/15/2034 «(l) | 60100 | 60049 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  | 420906 | 567516 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 2243 | 2158 |
|  3.000% due 10/25/2057 ~ | 8700 | 8361 |
|  3.000% due 06/25/2058 ~ | 16981 | 13842 |
|  3.750% due 03/25/2058 ~ | 24668 | 21917 |
|  3.750% due 09/25/2062 | 90890 | 87415 |
|  3.918% due 01/25/2063 ~ | 8504 | 7593 |
|  4.083% due 04/25/2056 ~ | 1000 | 950 |
|  4.089% due 04/25/2055 ~ | 20000 | 19586 |
|  4.228% due 03/25/2054 ~ | 24000 | 23543 |
|  4.541% due 10/27/2064 ~ | 70505 | 70685 |
|  4.562% due 10/25/2064 ~ | 161969 | 163202 |
|  5.043% due 07/25/2065 ~ | 39210 | 39677 |
|  5.725% due 11/25/2064 þ | 31512 | 31813 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  5.153% due 01/20/2066 •  | 106126 | 142955 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ | 152282 | 205332 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  1.000% due 09/06/2034 ~(c)(l) | 100000 | 99600 |
|  Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC |
|  2.148% due 10/10/2040 •  | 2423 | 2827 |
|  4.402% due 10/10/2040 •  | 7222 | 9662 |
|  4.452% due 10/10/2040 •  | 1983 | 2621 |
|  Valley Funding PLC | Valley Funding PLC | Valley Funding PLC |
|  0.000% due 05/16/2066 (h) | 49125 | 57093 |
|  4.986% due 05/16/2066 •  | 280912 | 378266 |
|  5.486% due 05/16/2066 •  | 29536 | 39817 |
|  5.986% due 05/16/2066 •  | 30820 | 41474 |
|  6.986% due 05/16/2066 •  | 15924 | 21443 |
|  7.986% due 05/16/2066 •  | 10274 | 13843 |
|  9.486% due 05/16/2066 •  | 5650 | 7640 |
|  VASA Trust | VASA Trust | VASA Trust |
|  5.165% due 07/15/2039 •  | 17800 | 17438 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.260% due 02/25/2067 þ | 22555 | 21729 |
|  5.218% due 09/25/2069 ~ | 23801 | 23827 |
|  5.364% due 10/25/2069 ~ | 16553 | 16654 |
|  5.402% due 05/25/2065 þ | 29760 | 30034 |
|  5.799% due 07/25/2069 þ | 29438 | 29747 |
|  5.811% due 05/25/2068 þ | 20411 | 20486 |
|  5.850% due 12/25/2067 þ | 12543 | 12542 |
|  5.930% due 03/25/2068 þ | 19718 | 19769 |
|  5.999% due 02/25/2068 þ | 11991 | 12002 |
|  6.116% due 03/25/2069 þ | 45191 | 45752 |
|  6.192% due 06/25/2069 þ | 29322 | 29751 |
|  6.218% due 06/25/2069 þ | 26029 | 26401 |
|  6.259% due 12/25/2068 þ | 14332 | 14498 |
|  6.338% due 04/25/2069 þ | 20038 | 20332 |
|  6.443% due 08/25/2068 þ | 19407 | 19577 |
|  6.476% due 06/25/2068 þ | 12576 | 12669 |
|  6.665% due 09/25/2068 þ | 45433 | 45988 |
|  6.790% due 10/25/2067 þ | 11922 | 11889 |
|  6.876% due 11/25/2068 ~ | 13345 | 13565 |
|  7.070% due 10/25/2068 þ | 43464 | 44184 |
|  Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ | 15055 | 15192 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  1.616% due 01/25/2037 •  | 21680 | 7407 |
|  1.670% due 08/25/2036 •  | 18632 | 6136 |
|  2.857% due 05/20/2036 ~ | 265 | 251 |
|  6.358% due 08/20/2035 ~ | 249 | 245 |
|  7.177% due 10/20/2035 ~ | 366 | 359 |
|  7.280% due 10/20/2035 ~ | 105 | 102 |
|  7.488% due 10/20/2035 ~ | 49 | 47 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.411% due 05/25/2037 ~ | 4638 | 3821 |
|  3.486% due 01/25/2037 ~ | 2738 | 2285 |
|  3.498% due 06/25/2037 ~ | 11317 | 9316 |
|  3.509% due 01/25/2037 ~ | 1584 | 1365 |
|  3.714% due 01/25/2037 ~ | 4881 | 4242 |
|  3.752% due 10/25/2036 ~ | 466 | 424 |
|  3.875% due 05/25/2037 ~ | 484 | 424 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **27** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.877% due 10/25/2036 ~ | $— | 111 | $— | 101 |
|  3.949% due 12/25/2046 •  |  | 6594 |  | 5712 |
|  3.988% due 03/25/2037 ~ |  | 11690 |  | 10142 |
|  4.009% due 06/25/2037 ~ |  | 2708 |  | 2385 |
|  4.037% due 06/25/2037 ~ |  | 1100 |  | 967 |
|  4.046% due 03/25/2037 ~ |  | 5600 |  | 5004 |
|  4.099% due 11/25/2036 ~ |  | 359 |  | 316 |
|  4.108% due 02/25/2037 ~ |  | 1392 |  | 1198 |
|  4.161% due 12/25/2036 ~ |  | 2228 |  | 2024 |
|  4.181% due 02/25/2037 ~ |  | 11789 |  | 11003 |
|  4.189% due 05/25/2046 •  |  | 8103 |  | 7657 |
|  4.197% due 07/25/2037 ~ |  | 36741 |  | 33747 |
|  4.200% due 02/25/2037 ~ |  | 6872 |  | 6192 |
|  4.208% due 11/25/2036 ~ |  | 1394 |  | 1258 |
|  4.242% due 04/25/2037 ~ |  | 6182 |  | 5652 |
|  4.380% due 01/25/2036 ~ |  | 481 |  | 450 |
|  4.387% due 02/25/2037 ~ |  | 5632 |  | 5222 |
|  4.441% due 08/25/2036 ~ |  | 7610 |  | 6862 |
|  4.470% due 12/25/2036 ~ |  | 26 |  | 23 |
|  4.538% due 08/25/2046 ~ |  | 35 |  | 33 |
|  4.546% due 10/25/2035 ~ |  | 1347 |  | 1238 |
|  4.565% due 01/25/2036 ~ |  | 169 |  | 168 |
|  4.577% due 03/25/2036 ~ |  | 1193 |  | 1082 |
|  4.662% due 07/25/2037 ~ |  | 1231 |  | 1123 |
|  4.680% due 09/25/2035 ~ |  | 149 |  | 142 |
|  4.732% due 04/25/2045 •  |  | 4990 |  | 5107 |
|  4.792% due 11/25/2045 •  |  | 1416 |  | 1371 |
|  4.812% due 12/25/2045 •  |  | 1424 |  | 1318 |
|  4.852% due 07/25/2045 •  |  | 2697 |  | 2600 |
|  4.852% due 12/25/2045 •  |  | 1999 |  | 1837 |
|  4.853% due 02/25/2047 •  |  | 11537 |  | 10685 |
|  4.853% due 03/25/2047 •  |  | 13956 |  | 12373 |
|  4.873% due 09/25/2036 ~ |  | 4044 |  | 3728 |
|  4.883% due 01/25/2047 •  |  | 570 |  | 545 |
|  4.892% due 01/25/2045 •  |  | 263 |  | 263 |
|  4.893% due 01/25/2047 •  |  | 2521 |  | 2324 |
|  4.903% due 06/25/2047 •  |  | 7063 |  | 5935 |
|  4.912% due 08/25/2045 •  |  | 11653 |  | 11609 |
|  4.913% due 04/25/2047 •  |  | 1553 |  | 1423 |
|  4.932% due 01/25/2045 •  |  | 1292 |  | 1291 |
|  4.936% due 01/25/2036 ~ |  | 755 |  | 727 |
|  4.952% due 01/25/2045 •  |  | 1515 |  | 1505 |
|  4.961% due 03/25/2035 ~ |  | 399 |  | 398 |
|  4.972% due 01/25/2045 •  |  | 22 |  | 22 |
|  4.992% due 11/25/2034 •  |  | 2098 |  | 2065 |
|  4.993% due 11/25/2046 •  |  | 5023 |  | 4310 |
|  5.012% due 11/25/2034 •  |  | 718 |  | 699 |
|  5.032% due 01/25/2045 •  |  | 609 |  | 609 |
|  5.033% due 10/25/2046 •  |  | 22389 |  | 19620 |
|  5.052% due 10/25/2044 •  |  | 550 |  | 540 |
|  5.055% due 12/25/2035 ~ |  | 7458 |  | 7088 |
|  5.072% due 10/25/2044 •  |  | 713 |  | 686 |
|  5.113% due 09/25/2046 •  |  | 3491 |  | 2963 |
|  5.133% due 06/25/2046 •  |  | 405 |  | 381 |
|  5.133% due 07/25/2046 •  |  | 3280 |  | 3088 |
|  5.143% due 06/25/2046 •  |  | 1011 |  | 935 |
|  5.152% due 11/25/2034 •  |  | 14 |  | 14 |
|  5.152% due 07/25/2044 •  |  | 2246 |  | 2182 |
|  5.153% due 02/25/2046 •  |  | 4696 |  | 4129 |
|  5.172% due 08/25/2045 •  |  | 1241 |  | 1226 |
|  5.201% due 07/25/2046 •  |  | 5044 |  | 4611 |
|  5.232% due 01/25/2035 ~ |  | 654 |  | 618 |
|  5.277% due 08/25/2034 ~ |  | 228 |  | 222 |
|  5.353% due 11/25/2042 •  |  | 63 |  | 61 |
|  5.422% due 06/25/2033 •  |  | 218 |  | 215 |
|  5.553% due 08/25/2042 •  |  | 37 |  | 36 |
|  5.644% due 02/25/2033 ~ |  | 119 |  | 116 |
|  5.663% due 08/25/2033 ~ |  | 108 |  | 108 |
|  5.677% due 09/25/2033 ~ |  | 578 |  | 574 |
|  5.822% due 11/25/2033 •  |  | 267 |  | 259 |
|  5.832% due 10/25/2045 •  |  | 446 |  | 450 |
|  6.381% due 06/25/2033 ~ |  | 248 |  | 244 |
|  6.700% due 12/25/2032 ~ |  | 78 |  | 76 |
|  WaMu Mortgage-Backed Pass-Through Certificates | WaMu Mortgage-Backed Pass-Through Certificates | WaMu Mortgage-Backed Pass-Through Certificates | WaMu Mortgage-Backed Pass-Through Certificates | WaMu Mortgage-Backed Pass-Through Certificates |
|  6.173% due 12/19/2039 ~ |  | 75 |  | 74 |
|  Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC |
|  0.000% due 12/21/2049 (h) |  | 7 |  | 38916 |
|  4.937% due 12/21/2049 •  |  | 102876 |  | 138856 |
|  5.636% due 12/21/2049 •  |  | 46014 |  | 62348 |
|  6.136% due 12/21/2049 •  |  | 23010 |  | 30993 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.636% due 12/21/2049 •  | GBP | 13146 | 17625 |
|  7.136% due 12/21/2049 •  |  | 13146 | 17489 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  3.918% due 09/25/2036 þ | $| 26982 | 7119 |
|  4.118% due 10/25/2036 þ |  | 53 | 18 |
|  4.186% due 10/25/2036 þ |  | 6280 | 1695 |
|  4.652% due 07/25/2046 •  |  | 213 | 182 |
|  4.672% due 07/25/2035 •  |  | 563 | 491 |
|  4.722% due 05/25/2035 •  |  | 2474 | 2092 |
|  4.732% due 12/25/2036 •  |  | 2377 | 1974 |
|  4.792% due 12/25/2035 •  |  | 1255 | 1119 |
|  4.853% due 01/25/2047 •  |  | 12826 | 11056 |
|  4.853% due 04/25/2047 •  |  | 3012 | 2494 |
|  4.872% due 03/25/2036 •  |  | 723 | 663 |
|  4.873% due 12/25/2046 •  |  | 4281 | 3511 |
|  4.923% due 04/25/2047 •  |  | 4243 | 3524 |
|  5.003% due 10/25/2046 •  |  | 9443 | 8273 |
|  5.073% due 09/25/2046 •  |  | 13065 | 10883 |
|  5.093% due 04/25/2046 •  |  | 21888 | 19891 |
|  5.123% due 05/25/2046 •  |  | 1873 | 1661 |
|  5.500% due 06/25/2035 |  | 935 | 816 |
|  5.500% due 08/25/2035 |  | 799 | 711 |
|  5.500% due 11/25/2035 |  | 296 | 242 |
|  5.500% due 04/25/2037 |  | 4366 | 4302 |
|  5.722% due 09/25/2035 •  |  | 286 | 249 |
|  5.750% due 11/25/2035 |  | 370 | 357 |
|  5.750% due 01/25/2036 |  | 2582 | 2204 |
|  6.000% due 11/25/2035 |  | 932 | 926 |
|  6.000% due 04/25/2036 |  | 1790 | 1574 |
|  6.000% due 04/25/2037 |  | 4254 | 3782 |
|  6.500% due 11/25/2035 |  | 478 | 339 |
|  6.500% due 03/25/2036 |  | 8151 | 6499 |
|  6.500% due 07/25/2036 þ |  | 1348 | 285 |
|  6.500% due 08/25/2036 |  | 13289 | 11745 |
|  6.721% due 07/25/2036 þ |  | 20632 | 4351 |
|  6.949% due 07/25/2036 þ |  | 1877 | 395 |
|  7.000% due 05/25/2036 þ |  | 2491 | 2203 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  3.725% due 06/25/2033 ~ |  | 118 | 110 |
|  5.319% due 05/25/2033 ~ |  | 384 | 392 |
|  7.500% due 04/25/2033 |  | 4 | 4 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.000% due 07/25/2037 |  | 304 | 276 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  1.101% due 01/15/2052 ~(a) |  | 114367 | 2671 |
|  1.747% due 10/15/2049 ~(a) |  | 235991 | 2118 |
|  5.693% due 10/15/2042 «•(c) |  | 54900 | 54763 |
|  5.793% due 07/15/2037 •  |  | 48500 | 48688 |
|  Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust |
|  4.650% due 12/27/2046 ~ |  | 11247 | 5420 |
|  4.797% due 09/27/2047 •  |  | 13742 | 12805 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  5.979% due 10/25/2036 ~ |  | 759 | 709 |
|  6.000% due 06/25/2036 |  | 249 | 223 |
|  6.000% due 06/25/2037 |  | 309 | 293 |
|  6.000% due 11/25/2037 |  | 478 | 468 |
|  6.085% due 04/25/2036 ~ |  | 1244 | 1234 |
|  6.123% due 01/25/2038 ~ |  | 2917 | 2651 |
|  6.156% due 11/25/2037 ~ |  | 13 | 12 |
|  6.205% due 08/25/2036 ~ |  | 324 | 300 |
|  6.288% due 04/25/2037 ~ |  | 57 | 51 |
|  6.461% due 08/25/2035 ~ |  | 53 | 52 |
|  6.502% due 10/25/2036 ~ |  | 1095 | 1009 |
|  6.678% due 04/25/2036 ~ |  | 533 | 529 |
|  6.902% due 10/25/2034 ~ |  | 10 | 10 |
|  WSTN Trust | WSTN Trust | WSTN Trust | WSTN Trust |
|  6.518% due 07/05/2037 ~ |  | 66300 | 67646 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $62,247,363) | Total Non-Agency Mortgage-Backed Securities (Cost $62,247,363) | Total Non-Agency Mortgage-Backed Securities (Cost $62,247,363) | 60378238 |
| ASSET-BACKED SECURITIES 20.1% | ASSET-BACKED SECURITIES 20.1% | ASSET-BACKED SECURITIES 20.1% | ASSET-BACKED SECURITIES 20.1% |
| AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
|  5.117% due 09/15/2032 |  | 5265 | 5312 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.215% due 09/15/2032 | $| 3422 | 3441 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  4.986% due 02/18/2028 •  |  | 10668 | 10672 |
|  Bumper NL BV | Bumper NL BV | Bumper NL BV | Bumper NL BV |
|  2.570% due 03/21/2036 •  | EUR | 6400 | 7534 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  5.052% due 05/15/2028 •  | $| 29954 | 29984 |
|  5.102% due 09/15/2027 •  |  | 2245 | 2247 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  2.900% due 03/10/2028 |  | 4427 | 4334 |
|  4.550% due 01/10/2028 |  | 2181 | 2169 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  5.380% due 01/18/2028 |  | 3801 | 3803 |
|  6.040% due 07/16/2029 |  | 23006 | 23217 |
|  6.270% due 10/15/2029 |  | 31500 | 31748 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.750% due 07/17/2028 |  | 37521 | 37727 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  4.760% due 05/17/2027 |  | 7349 | 7349 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.890% due 04/16/2029 |  | 23400 | 23587 |
|  5.080% due 01/16/2029 |  | 13000 | 13114 |
|  Golden Bar Securitisation SRL | Golden Bar Securitisation SRL | Golden Bar Securitisation SRL | Golden Bar Securitisation SRL |
|  3.079% due 09/22/2043 •  | EUR | 16227 | 19182 |
|  Red & Black Auto Italy SRL | Red & Black Auto Italy SRL | Red & Black Auto Italy SRL | Red & Black Auto Italy SRL |
|  2.706% due 07/28/2036 •  |  | 6638 | 7828 |
|  Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes |
|  4.965% due 01/18/2033 | $| 1850 | 1861 |
|  5.141% due 01/18/2033 |  | 4300 | 4321 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.930% due 09/17/2029 |  | 37500 | 37821 |
|  5.240% due 05/15/2028 |  | 31319 | 31394 |
|  5.470% due 12/16/2030 |  | 79500 | 80688 |
|  5.610% due 07/17/2028 |  | 57152 | 57449 |
|  5.770% due 11/15/2030 |  | 110000 | 112092 |
|  Taupe Funding Trust I | Taupe Funding Trust I | Taupe Funding Trust I | Taupe Funding Trust I |
|  0.000% due 08/20/2031 «(h) |  | 95 | 18763 |
|  6.160% due 08/20/2031 |  | 12607 | 12819 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.032% due 08/16/2027 •  |  | 11206 | 11212 |
|  |  |  | 601668 |
| AUTOMOBILE SEQUENTIAL 2.7% | AUTOMOBILE SEQUENTIAL 2.7% | AUTOMOBILE SEQUENTIAL 2.7% | AUTOMOBILE SEQUENTIAL 2.7% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  4.140% due 07/16/2029 |  | 40900 | 41012 |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
|  4.970% due 09/15/2032 |  | 9608 | 9700 |
|  American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
|  4.730% due 01/12/2029 |  | 11686 | 11714 |
|  4.810% due 03/13/2028 |  | 3488 | 3491 |
|  American Heritage Auto Receivables Issuer Trust | American Heritage Auto Receivables Issuer Trust | American Heritage Auto Receivables Issuer Trust | American Heritage Auto Receivables Issuer Trust |
|  4.480% due 08/15/2028 |  | 19600 | 19658 |
|  American Heritage Auto Receivables Trust | American Heritage Auto Receivables Trust | American Heritage Auto Receivables Trust | American Heritage Auto Receivables Trust |
|  4.830% due 03/15/2028 |  | 8391 | 8411 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  5.430% due 01/18/2029 |  | 68100 | 68823 |
|  5.750% due 02/18/2028 |  | 11661 | 11677 |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  4.380% due 01/17/2034 |  | 26500 | 26600 |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  4.920% due 05/15/2029 |  | 4700 | 4706 |
|  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 |
|  5.130% due 10/20/2028 |  | 86416 | 87906 |
|  5.440% due 02/22/2028 |  | 16865 | 17120 |
|  5.780% due 04/20/2028 |  | 35413 | 36180 |
|  6.120% due 04/20/2027 |  | 43730 | 44002 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.530% due 02/15/2028 |  | 9631 | 9710 |
|  Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust |
|  5.660% due 03/15/2028 |  | 14844 | 14909 |
|  BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust |
|  4.844% due 07/20/2027 | CAD | 12189 | 8829 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.180% due 10/25/2027 | 60900 | 61101 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  5.350% due 11/15/2028 | 19075 | 19268 |
|  5.570% due 12/15/2026 | 1358 | 1359 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.720% due 09/15/2028 | 25200 | 25245 |
|  4.730% due 02/15/2028 | 13600 | 13625 |
|  4.840% due 09/15/2027 | 10524 | 10530 |
|  5.340% due 04/17/2028 | 11870 | 11897 |
|  5.530% due 01/18/2028 | 2022 | 2023 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.670% due 12/15/2027 | 17918 | 17953 |
|  5.340% due 08/16/2027 | 1166 | 1170 |
|  5.500% due 01/16/2029 | 76300 | 77421 |
|  5.650% due 05/17/2027 | 25435 | 25481 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.190% due 03/15/2029 | 58800 | 58833 |
|  4.760% due 05/15/2028 | 36915 | 36997 |
|  5.400% due 11/15/2028 | 7100 | 7188 |
|  5.780% due 09/15/2027 | 3887 | 3900 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  0.800% due 01/10/2027 | 2275 | 2269 |
|  4.070% due 02/12/2029 | 109703 | 109738 |
|  4.260% due 10/10/2029 | 45700 | 45796 |
|  4.310% due 09/10/2030 | 26200 | 26344 |
|  4.500% due 06/12/2028 | 20298 | 20319 |
|  4.530% due 01/10/2029 | 52000 | 52098 |
|  4.550% due 05/10/2030 | 91400 | 92148 |
|  4.610% due 11/10/2027 | 6362 | 6363 |
|  4.620% due 02/10/2028 | 13112 | 13126 |
|  4.640% due 01/10/2030 | 34800 | 35046 |
|  4.680% due 02/10/2028 | 16767 | 16811 |
|  4.740% due 12/10/2030 | 20300 | 20621 |
|  4.740% due 04/10/2031 | 61238 | 62138 |
|  4.780% due 05/10/2028 | 7493 | 7505 |
|  4.840% due 12/10/2027 | 5930 | 5934 |
|  4.850% due 06/12/2028 | 2000 | 2015 |
|  4.910% due 08/10/2029 | 14300 | 14434 |
|  5.050% due 04/10/2029 | 15800 | 15899 |
|  5.080% due 03/11/2030 | 23200 | 23636 |
|  5.210% due 06/10/2030 | 28000 | 28567 |
|  5.330% due 07/10/2029 | 36300 | 36632 |
|  5.380% due 03/12/2029 | 38537 | 39242 |
|  5.420% due 04/10/2028 | 29824 | 29943 |
|  5.500% due 08/10/2027 | 154 | 154 |
|  5.620% due 01/10/2029 | 9518 | 9612 |
|  5.630% due 11/10/2027 | 2778 | 2780 |
|  5.710% due 07/10/2028 | 18900 | 19013 |
|  5.710% due 07/10/2029 | 20000 | 20525 |
|  5.740% due 11/13/2029 | 9100 | 9390 |
|  5.820% due 08/10/2028 | 14261 | 14365 |
|  5.900% due 08/10/2027 | 3734 | 3737 |
|  5.980% due 12/10/2027 | 5535 | 5555 |
|  6.160% due 10/10/2028 | 8034 | 8118 |
|  6.160% due 09/10/2029 | 15200 | 15784 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.180% due 08/27/2029 | 27000 | 27087 |
|  4.400% due 11/26/2027 | 9766 | 9774 |
|  5.220% due 07/25/2029 | 54900 | 55667 |
|  5.250% due 09/27/2027 | 18280 | 18318 |
|  5.520% due 06/25/2029 | 148000 | 150219 |
|  5.530% due 09/27/2027 | 12229 | 12257 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 | 19272 | 19406 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.710% due 03/15/2029 | 28197 | 28275 |
|  4.910% due 06/15/2028 | 12199 | 12218 |
|  5.880% due 02/15/2028 | 11293 | 11323 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.140% due 09/15/2032 | 74300 | 74332 |
|  4.290% due 10/16/2028 | 125300 | 125338 |
|  4.500% due 09/15/2028 | 34300 | 34354 |
|  4.940% due 12/15/2027 | 24655 | 24673 |
|  Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust |
|  6.240% due 01/16/2029 | 10939 | 11026 |
|  6.260% due 11/15/2029 | 4000 | 4107 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.560% due 11/20/2028 | 30300 | 30578 |
|  4.650% due 10/20/2027 | 19800 | 19894 |
|  4.690% due 07/20/2027 | 25235 | 25327 |
|  4.820% due 02/20/2029 | 17800 | 18095 |
|  4.980% due 08/21/2028 | 14600 | 14830 |
|  5.310% due 04/20/2027 | 10615 | 10673 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.450% due 03/15/2028 | 21771 | 21781 |
|  4.530% due 03/15/2028 | 44700 | 44757 |
|  4.780% due 06/15/2027 | 17286 | 17297 |
|  5.280% due 08/15/2030 | 12640 | 12662 |
|  5.650% due 12/15/2027 | 8050 | 8061 |
|  Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust |
|  4.540% due 06/15/2029 | 13100 | 13165 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.460% due 04/15/2030 | 6700 | 6858 |
|  5.540% due 04/16/2029 | 16800 | 17022 |
|  5.760% due 11/15/2027 | 7724 | 7743 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  4.920% due 02/15/2031 | 40604 | 40546 |
|  4.940% due 11/15/2030 | 21070 | 21050 |
|  5.690% due 02/15/2030 | 15308 | 15445 |
|  5.890% due 06/15/2030 | 12267 | 12385 |
|  6.790% due 10/15/2029 | 10784 | 10920 |
|  FHF Trust | FHF Trust | FHF Trust |
|  4.430% due 01/18/2028 | 2147 | 2147 |
|  First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
|  6.440% due 10/16/2028 | 9299 | 9388 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  4.880% due 11/15/2028 | 5309 | 5325 |
|  5.640% due 03/15/2028 | 14797 | 14849 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  5.053% due 07/15/2028 | 25998 | 18946 |
|  Ford Auto Securitization Trust II | Ford Auto Securitization Trust II | Ford Auto Securitization Trust II |
|  3.724% due 11/15/2028 | 36900 | 26711 |
|  3.843% due 09/15/2030 | 29300 | 21369 |
|  3.945% due 10/15/2026 | 4617 | 3320 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.480% due 12/15/2026 | 463 | 463 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.490% due 01/16/2029 | 10875 | 10924 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.520% due 07/17/2028 | 61600 | 61738 |
|  4.750% due 07/17/2028 | 14500 | 14553 |
|  4.760% due 10/15/2027 | 13872 | 13883 |
|  5.020% due 04/17/2028 | 9700 | 9732 |
|  5.350% due 08/16/2027 | 4968 | 4974 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.430% due 12/17/2029 | 27430 | 27510 |
|  4.460% due 10/15/2030 | 13800 | 13898 |
|  5.240% due 03/15/2030 | 9836 | 9911 |
|  5.580% due 06/17/2030 | 19940 | 20197 |
|  5.590% due 10/15/2029 | 6174 | 6252 |
|  5.960% due 10/16/2028 | 27306 | 27555 |
|  6.370% due 06/15/2028 | 9728 | 9793 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.210% due 10/20/2027 | 36300 | 36375 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.470% due 02/16/2028 | 12182 | 12206 |
|  5.130% due 04/16/2029 | 84800 | 85904 |
|  GMF Canada Leasing Trust | GMF Canada Leasing Trust | GMF Canada Leasing Trust |
|  4.827% due 08/20/2029 | 23700 | 17226 |
|  4.883% due 12/21/2026 | 14837 | 10711 |
|  GreenState Auto Receivables Trust | GreenState Auto Receivables Trust | GreenState Auto Receivables Trust |
|  5.530% due 08/16/2027 | 7222 | 7235 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  5.650% due 02/16/2027 | 957 | 958 |
|  Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust |
|  5.230% due 01/16/2029 | 57600 | 58253 |
|  5.500% due 03/15/2027 | 3097 | 3098 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  5.800% due 12/15/2026 | 23819 | 23883 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.410% due 05/15/2029 | 77000 | 77620 |
|  4.840% due 03/15/2029 | 57200 | 57849 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.520% due 03/15/2029 | 12900 | 12956 |
|  4.600% due 12/15/2027 | 33739 | 33791 |
|  4.640% due 11/15/2027 | 10547 | 10555 |
|  5.460% due 07/16/2029 | 5700 | 5802 |
|  5.610% due 08/15/2028 | 13057 | 13148 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  4.759% due 07/15/2026 | 4411 | 4412 |
|  4.970% due 10/15/2029 | 15678 | 15696 |
|  5.100% due 10/15/2030 | 11995 | 12013 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.220% due 02/17/2032 | 42300 | 42854 |
|  5.590% due 02/17/2032 | 9163 | 9177 |
|  Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
|  4.340% due 03/15/2029 | 39800 | 40002 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  4.940% due 05/20/2030 | 11817 | 11885 |
|  Oscar U.S. Funding XIII LLC | Oscar U.S. Funding XIII LLC | Oscar U.S. Funding XIII LLC |
|  1.270% due 09/11/2028 | 2141 | 2077 |
|  Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC |
|  4.470% due 03/12/2029 | 9300 | 9316 |
|  4.630% due 12/10/2027 | 18350 | 18371 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.120% due 09/15/2028 | 10600 | 10611 |
|  4.700% due 06/15/2029 | 28600 | 28792 |
|  5.040% due 09/15/2027 | 16960 | 16981 |
|  Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust |
|  4.350% due 10/20/2027 | 41000 | 41105 |
|  4.470% due 12/21/2026 | 10910 | 10915 |
|  4.670% due 11/22/2027 | 38800 | 39007 |
|  4.840% due 01/20/2027 | 12769 | 12789 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  4.731% due 07/27/2026 | 1250 | 1251 |
|  4.811% due 07/27/2026 | 35587 | 35623 |
|  5.124% due 04/25/2034 | 29600 | 29751 |
|  7.130% due 01/26/2032 | 15684 | 15709 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 | 11181 | 11256 |
|  Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust |
|  7.090% due 06/25/2032 | 5179 | 5226 |
|  Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes |
|  4.911% due 01/18/2033 | 1990 | 2005 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.620% due 11/15/2028 | 19400 | 19445 |
|  4.630% due 10/16/2028 | 144300 | 144778 |
|  4.710% due 06/15/2028 | 105817 | 106024 |
|  4.850% due 01/16/2029 | 94300 | 94643 |
|  4.880% due 09/15/2027 | 20708 | 20717 |
|  5.250% due 04/17/2028 | 3880 | 3886 |
|  5.410% due 07/15/2027 | 3353 | 3355 |
|  5.630% due 01/16/2029 | 70725 | 71096 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.680% due 04/20/2027 | 20655 | 20690 |
|  4.830% due 04/20/2028 | 34100 | 34374 |
|  5.560% due 11/22/2027 | 56300 | 56685 |
|  5.670% due 11/20/2026 | 1174 | 1175 |
|  6.520% due 04/20/2028 | 16200 | 16413 |
|  SBNA Auto Receivables Trust | SBNA Auto Receivables Trust | SBNA Auto Receivables Trust |
|  5.210% due 04/16/2029 | 12600 | 12729 |
|  5.320% due 12/15/2028 | 30896 | 31027 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  4.670% due 11/15/2028 | 26700 | 26798 |
|  5.110% due 06/15/2029 | 39500 | 39833 |
|  5.160% due 05/15/2030 | 36300 | 36955 |
|  5.450% due 12/15/2027 | 18688 | 18719 |
|  5.700% due 10/16/2028 | 18999 | 19163 |
|  5.700% due 08/15/2029 | 12200 | 12520 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.550% due 06/20/2030 | 41300 | 41557 |
|  4.650% due 05/22/2028 | 41738 | 41808 |
|  4.710% due 05/22/2028 | 12554 | 12573 |
|  4.940% due 01/21/2031 | 3650 | 3710 |
|  4.950% due 05/21/2029 | 14581 | 14682 |
|  5.470% due 10/20/2028 | 2192 | 2209 |
|  5.710% due 10/20/2027 | 8224 | 8234 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **29** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Taupe Funding Trust I | Taupe Funding Trust I | Taupe Funding Trust I |
|  5.830% due 01/21/2031 | 709 | 709 |
|  5.860% due 01/21/2031 | 65104 | 65333 |
|  5.940% due 01/21/2031 | 69065 | 69918 |
|  Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust |
|  4.790% due 01/20/2027 | 14275 | 14290 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  5.380% due 06/20/2028 | 45000 | 45441 |
|  5.380% due 02/20/2029 | 15000 | 15284 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.400% due 06/15/2029 | 56100 | 56507 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.360% due 12/15/2027 | 1669 | 1604 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  6.280% due 11/15/2027 | 2821 | 2833 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.660% due 09/15/2028 | 95550 | 95850 |
|  4.710% due 04/17/2028 | 28800 | 28958 |
|  4.820% due 09/15/2027 | 43930 | 43985 |
|  5.440% due 05/17/2027 | 11126 | 11143 |
|  5.560% due 02/15/2028 | 17300 | 17426 |
|  5.750% due 08/16/2027 | 23931 | 23990 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.430% due 12/17/2029 | 69100 | 69506 |
|  5.270% due 09/17/2029 | 25900 | 26190 |
|  5.480% due 09/15/2027 | 673 | 673 |
|  5.610% due 02/15/2028 | 3344 | 3358 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.140% due 05/15/2030 | 53300 | 53326 |
|  4.980% due 02/15/2030 | 21400 | 21541 |
|  5.370% due 02/15/2028 | 8562 | 8577 |
|  |  | 5421631 |
| CASINO SERVICES 0.0% | CASINO SERVICES 0.0% | CASINO SERVICES 0.0% |
|  Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. |
|  5.000% due 03/12/2038 « | 72704 | 48929 |
| CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  5.400% due 10/16/2036 •  | 6455 | 6450 |
|  ACRES LLC | ACRES LLC | ACRES LLC |
|  5.755% due 08/18/2040 •  | 111600 | 111975 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.255% due 08/17/2041 •  | 34271 | 34310 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.584% due 02/17/2039 •  | 8815 | 8831 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.931% due 01/17/2037 •  | 8548 | 8572 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.750% due 11/22/2038 •  | 59 | 58 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.456% due 02/18/2040 •  | 100200 | 100327 |
|  5.586% due 02/18/2043 •  | 194700 | 195089 |
|  5.871% due 03/19/2039 •  | 38000 | 38184 |
|  6.769% due 09/17/2037 •  | 54262 | 54336 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.050% due 09/17/2039 •  | 58912 | 59046 |
|  |  | 617178 |
| CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.140% due 08/15/2028 | 179500 | 175258 |
|  1.970% due 01/15/2029 | 220500 | 214838 |
|  |  | 390096 |
| HOME EQUITY OTHER 4.4% | HOME EQUITY OTHER 4.4% | HOME EQUITY OTHER 4.4% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  5.187% due 10/25/2035 •  | 9557 | 9079 |
|  6.297% due 01/25/2035 •  | 931 | 911 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.532% due 01/25/2037 •  | 39578 | 28664 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.552% due 10/25/2036 •  | $— | 33254 | $— | 29720 |
|  4.552% due 11/25/2036 •  |  | 5832 |  | 3463 |
|  4.592% due 11/25/2036 •  |  | 13237 |  | 5391 |
|  4.692% due 09/25/2036 •  |  | 33142 |  | 29172 |
|  4.772% due 11/25/2036 •  |  | 2468 |  | 1005 |
|  4.932% due 03/25/2035 •  |  | 2044 |  | 2009 |
|  4.972% due 06/25/2034 •  |  | 1592 |  | 1603 |
|  5.052% due 09/25/2033 •  |  | 608 |  | 593 |
|  5.172% due 02/25/2034 •  |  | 1587 |  | 1598 |
|  5.247% due 06/25/2035 •  |  | 11954 |  | 11355 |
|  5.272% due 06/25/2037 •  |  | 2177 |  | 1838 |
|  5.277% due 03/25/2035 •  |  | 1539 |  | 1408 |
|  5.397% due 12/25/2032 •  |  | 20 |  | 20 |
|  6.042% due 12/25/2033 •  |  | 4412 |  | 4579 |
|  6.447% due 01/25/2034 •  |  | 316 |  | 199 |
|  6.972% due 07/25/2033 •  |  | 276 |  | 273 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.492% due 02/25/2037 •  |  | 17060 |  | 16996 |
|  4.542% due 09/25/2036 •  |  | 1486 |  | 1427 |
|  4.542% due 02/25/2037 •  |  | 5000 |  | 4774 |
|  4.872% due 07/25/2034 •  |  | 1423 |  | 1444 |
|  5.142% due 09/25/2035 •  |  | 2351 |  | 2279 |
|  5.172% due 10/25/2034 •  |  | 33 |  | 48 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.392% due 10/25/2036 •  |  | 152 |  | 59 |
|  4.412% due 11/25/2036 •  |  | 7441 |  | 3062 |
|  4.452% due 07/25/2036 •  |  | 36945 |  | 9039 |
|  4.512% due 11/25/2036 •  |  | 26892 |  | 11069 |
|  4.512% due 12/25/2036 •  |  | 9215 |  | 3361 |
|  4.512% due 01/25/2037 •  |  | 1004 |  | 609 |
|  4.532% due 12/25/2036 •  |  | 91795 |  | 47887 |
|  4.552% due 06/25/2036 •  |  | 9630 |  | 9284 |
|  4.552% due 07/25/2036 •  |  | 41331 |  | 33517 |
|  4.552% due 10/25/2036 •  |  | 39227 |  | 18783 |
|  4.552% due 12/25/2036 •  |  | 19761 |  | 12630 |
|  4.572% due 04/25/2036 •  |  | 3586 |  | 3504 |
|  4.572% due 07/25/2036 •  |  | 34348 |  | 9746 |
|  4.612% due 11/25/2036 •  |  | 5990 |  | 2464 |
|  4.612% due 01/25/2037 •  |  | 1071 |  | 649 |
|  4.652% due 02/25/2036 •  |  | 3510 |  | 3495 |
|  4.712% due 08/25/2036 •  |  | 21229 |  | 20140 |
|  4.712% due 11/25/2036 •  |  | 8044 |  | 3309 |
|  4.712% due 12/25/2036 •  |  | 7680 |  | 2432 |
|  4.712% due 01/25/2037 •  |  | 19290 |  | 4183 |
|  4.712% due 05/25/2037 •  |  | 19553 |  | 2966 |
|  4.752% due 07/25/2036 •  |  | 17615 |  | 5258 |
|  4.772% due 07/25/2036 •  |  | 31397 |  | 7681 |
|  4.772% due 01/25/2037 •  |  | 1004 |  | 608 |
|  4.812% due 08/25/2036 •  |  | 6723 |  | 6045 |
|  4.872% due 02/25/2036 •  |  | 176 |  | 175 |
|  4.932% due 08/25/2035 •  |  | 2284 |  | 2250 |
|  4.932% due 11/25/2035 •  |  | 233 |  | 253 |
|  5.172% due 09/25/2033 •  |  | 1006 |  | 1004 |
|  5.172% due 12/25/2034 •  |  | 916 |  | 835 |
|  5.202% due 02/25/2036 •  |  | 1280 |  | 1208 |
|  5.232% due 08/25/2035 •  |  | 1718 |  | 1451 |
|  5.247% due 06/25/2034 •  |  | 5505 |  | 5245 |
|  5.262% due 05/25/2035 •  |  | 3358 |  | 2709 |
|  5.277% due 07/25/2035 •  |  | 9667 |  | 9552 |
|  5.307% due 06/25/2035 •  |  | 4312 |  | 4138 |
|  5.322% due 12/25/2033 •  |  | 629 |  | 631 |
|  5.397% due 04/25/2035 •  |  | 3371 |  | 3052 |
|  5.442% due 07/25/2033 •  |  | 1235 |  | 1185 |
|  7.467% due 06/25/2034 •  |  | 840 |  | 712 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.752% due 01/25/2037 •  |  | 5265 |  | 3990 |
|  4.917% due 12/25/2035 •  |  | 7544 |  | 7126 |
|  5.022% due 03/25/2035 •  |  | 9303 |  | 8267 |
|  5.062% due 03/25/2035 •  |  | 2347 |  | 1118 |
|  5.272% due 03/25/2035 •  |  | 246 |  | 236 |
|  Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates |
|  4.977% due 10/25/2035 •  |  | 4217 |  | 4079 |
|  5.172% due 09/25/2034 •  |  | 851 |  | 969 |
|  5.172% due 10/25/2034 •  |  | 246 |  | 301 |
|  5.322% due 01/25/2034 •  |  | 310 |  | 313 |
|  5.997% due 10/25/2034 •  |  | 2704 |  | 2951 |
|  6.102% due 12/25/2034 •  |  | 5917 |  | 5384 |
|  6.372% due 12/25/2034 •  |  | 107 |  | 11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust |
|  4.872% due 09/27/2027 •  | $— | 6 | $— | 6 |
|  4.922% due 09/22/2028 •  |  | 12 |  | 12 |
|  5.152% due 02/25/2029 •  |  | 70 |  | 69 |
|  Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust |
|  4.372% due 10/25/2036 •  |  | 7154 |  | 2120 |
|  4.432% due 10/25/2036 •  |  | 9042 |  | 2680 |
|  4.447% due 10/25/2036 •  |  | 3087 |  | 1706 |
|  4.512% due 10/25/2036 •  |  | 21399 |  | 6342 |
|  4.827% due 04/25/2036 •  |  | 8478 |  | 8337 |
|  4.932% due 03/25/2036 •  |  | 11988 |  | 11455 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  2.826% due 06/25/2033 •  |  | 887 |  | 848 |
|  3.351% due 04/25/2034 •  |  | 981 |  | 946 |
|  3.702% due 05/25/2034 þ |  | 5525 |  | 4741 |
|  4.086% due 11/25/2034 •  |  | 10851 |  | 9580 |
|  5.022% due 01/25/2036 •  |  | 4309 |  | 4251 |
|  5.142% due 07/25/2034 •  |  | 5 |  | 5 |
|  5.142% due 01/25/2036 •  |  | 14093 |  | 13800 |
|  5.187% due 01/25/2035 •  |  | 218 |  | 224 |
|  5.232% due 10/25/2035 •  |  | 2718 |  | 2612 |
|  5.247% due 05/25/2035 •  |  | 8905 |  | 8664 |
|  5.247% due 07/25/2035 •  |  | 11300 |  | 10935 |
|  5.247% due 09/25/2035 •  |  | 12785 |  | 11579 |
|  5.292% due 09/25/2034 •  |  | 339 |  | 345 |
|  5.292% due 01/25/2035 •  |  | 2072 |  | 2041 |
|  5.322% due 05/25/2035 •  |  | 4588 |  | 4269 |
|  5.322% due 07/25/2035 •  |  | 9000 |  | 8157 |
|  5.367% due 09/25/2034 •  |  | 11378 |  | 10689 |
|  5.442% due 03/25/2035 •  |  | 6952 |  | 6785 |
|  5.547% due 08/25/2035 •  |  | 2782 |  | 2710 |
|  5.832% due 01/25/2035 •  |  | 2184 |  | 2100 |
|  5.997% due 05/25/2034 •  |  | 9109 |  | 9033 |
|  5.997% due 08/25/2035 •  |  | 14800 |  | 13880 |
|  6.027% due 10/25/2034 •  |  | 1771 |  | 1686 |
|  6.147% due 07/25/2034 •  |  | 744 |  | 739 |
|  6.252% due 05/25/2035 •  |  | 1000 |  | 868 |
|  7.047% due 03/25/2033 •  |  | 50 |  | 40 |
|  7.647% due 11/25/2032 •  |  | 1054 |  | 1110 |
|  7.797% due 11/25/2032 •  |  | 3 |  | 2 |
|  9.522% due 02/25/2033 •  |  | 929 |  | 886 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.972% due 10/25/2031 •  |  | 7 |  | 7 |
|  5.097% due 08/25/2031 •  |  | 205 |  | 221 |
|  5.672% due 01/25/2033 •  |  | 23 |  | 24 |
|  6.072% due 07/25/2032 •  |  | 16 |  | 17 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.382% due 09/25/2036 •  |  | 9110 |  | 2939 |
|  4.452% due 07/25/2036 •  |  | 7851 |  | 2137 |
|  4.512% due 09/25/2036 •  |  | 4076 |  | 1315 |
|  4.572% due 06/25/2036 •  |  | 31449 |  | 8576 |
|  4.572% due 07/25/2036 •  |  | 85007 |  | 52985 |
|  4.592% due 05/25/2036 •  |  | 5219 |  | 1252 |
|  4.622% due 04/25/2036 •  |  | 17898 |  | 9789 |
|  4.632% due 04/25/2036 •  |  | 6485 |  | 2033 |
|  4.652% due 03/25/2036 •  |  | 13863 |  | 12869 |
|  4.752% due 06/25/2036 •  |  | 5382 |  | 1467 |
|  4.752% due 07/25/2036 •  |  | 5132 |  | 1397 |
|  4.812% due 05/25/2036 •  |  | 15142 |  | 3632 |
|  4.832% due 04/25/2036 •  |  | 6449 |  | 2021 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.779% due 10/25/2034 •  |  | 445 |  | 438 |
|  4.962% due 11/25/2035 •  |  | 25774 |  | 22967 |
|  5.007% due 10/25/2035 •  |  | 576 |  | 572 |
|  5.032% due 02/25/2036 •  |  | 2647 |  | 2159 |
|  5.397% due 11/25/2034 •  |  | 1255 |  | 1259 |
|  6.072% due 11/25/2034 •  |  | 3311 |  | 3054 |
|  6.147% due 11/25/2034 •  |  | 2189 |  | 1891 |
|  6.372% due 11/25/2034 •  |  | 85 |  | 96 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  3.239% due 03/25/2036 •  |  | 11178 |  | 10418 |
|  3.556% due 12/25/2036 •  |  | 1594 |  | 1553 |
|  3.610% due 01/25/2036 •  |  | 17633 |  | 16135 |
|  3.648% due 12/25/2036 •  |  | 13543 |  | 12879 |
|  4.270% due 11/25/2035 •  |  | 16330 |  | 14493 |
|  4.562% due 11/25/2036 •  |  | 5138 |  | 5039 |
|  4.617% due 11/25/2036 •  |  | 35221 |  | 34363 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.172% due 06/25/2035 •  | $— | 3803 | $— | 3746 |
|  5.247% due 10/25/2034 •  |  | 3813 |  | 3840 |
|  5.292% due 05/25/2035 •  |  | 4691 |  | 4640 |
|  5.292% due 07/25/2035 •  |  | 2580 |  | 2515 |
|  5.352% due 04/25/2035 •  |  | 3982 |  | 3669 |
|  5.367% due 02/25/2035 •  |  | 43 |  | 44 |
|  5.382% due 07/25/2035 •  |  | 3794 |  | 3442 |
|  5.915% due 03/15/2032 •  |  | 27 |  | 30 |
|  6.117% due 05/25/2035 •  |  | 7217 |  | 6863 |
|  Basic Asset-Backed Securities Trust | Basic Asset-Backed Securities Trust | Basic Asset-Backed Securities Trust | Basic Asset-Backed Securities Trust | Basic Asset-Backed Securities Trust |
|  4.842% due 04/25/2036 •  |  | 7443 |  | 7097 |
|  Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust |
|  4.805% due 05/28/2037 •  |  | 2726 |  | 2591 |
|  Bayview Financial Asset Trust | Bayview Financial Asset Trust | Bayview Financial Asset Trust | Bayview Financial Asset Trust | Bayview Financial Asset Trust |
|  4.722% due 03/25/2037 •  |  | 3217 |  | 3246 |
|  5.072% due 03/25/2037 •  |  | 1672 |  | 1693 |
|  5.172% due 03/25/2037 •  |  | 1749 |  | 1772 |
|  5.422% due 03/25/2037 •  |  | 950 |  | 963 |
|  5.772% due 03/25/2037 •  |  | 880 |  | 902 |
|  Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust |
|  5.150% due 04/28/2036 •  |  | 3556 |  | 3567 |
|  Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust |
|  5.210% due 12/28/2040 •  |  | 609 |  | 608 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  2.709% due 09/25/2034 •  |  | 15 |  | 15 |
|  4.532% due 02/25/2037 •  |  | 7267 |  | 7120 |
|  4.552% due 04/25/2037 •  |  | 4690 |  | 4521 |
|  4.572% due 11/25/2036 •  |  | 723 |  | 719 |
|  4.572% due 06/25/2047 •  |  | 218 |  | 217 |
|  4.592% due 08/25/2036 •  |  | 2829 |  | 2752 |
|  4.612% due 12/25/2036 •  |  | 3970 |  | 3904 |
|  4.618% due 11/25/2035 •  |  | 19968 |  | 20394 |
|  4.622% due 05/25/2037 •  |  | 14775 |  | 12576 |
|  4.658% due 12/25/2035 •  |  | 3765 |  | 3737 |
|  4.722% due 06/25/2036 •  |  | 385 |  | 385 |
|  4.752% due 02/25/2037 •  |  | 24760 |  | 23860 |
|  4.772% due 01/25/2037 •  |  | 9029 |  | 8811 |
|  4.808% due 04/25/2035 •  |  | 2948 |  | 2959 |
|  4.812% due 05/25/2036 •  |  | 20032 |  | 19403 |
|  4.842% due 04/25/2036 •  |  | 13411 |  | 13225 |
|  4.892% due 05/25/2035 •  |  | 471 |  | 471 |
|  5.201% due 12/25/2035 •  |  | 1835 |  | 1835 |
|  5.222% due 10/25/2037 •  |  | 5984 |  | 5902 |
|  5.249% due 01/25/2035 •  |  | 4342 |  | 4421 |
|  5.272% due 10/25/2037 •  |  | 6793 |  | 6590 |
|  5.277% due 06/25/2035 •  |  | 2444 |  | 2403 |
|  5.292% due 10/25/2035 •  |  | 3325 |  | 3328 |
|  5.322% due 08/25/2037 •  |  | 658 |  | 598 |
|  5.352% due 06/25/2035 •  |  | 3162 |  | 3175 |
|  5.383% due 12/25/2034 •  |  | 12807 |  | 12861 |
|  5.872% due 08/25/2037 •  |  | 29266 |  | 25822 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.581% due 02/25/2036 •  |  | 6879 |  | 6792 |
|  4.722% due 01/25/2047 •  |  | 8907 |  | 8790 |
|  4.947% due 08/25/2036 •  |  | 139 |  | 139 |
|  5.032% due 01/25/2037 •  |  | 789 |  | 789 |
|  5.072% due 10/27/2032 •  |  | 5 |  | 5 |
|  5.112% due 08/25/2036 •  |  | 1400 |  | 1377 |
|  5.247% due 02/25/2034 •  |  | 1004 |  | 1025 |
|  5.272% due 11/25/2042 •  |  | 302 |  | 301 |
|  6.897% due 09/25/2035 •  |  | 4344 |  | 4396 |
|  Bear Stearns Second Lien Trust | Bear Stearns Second Lien Trust | Bear Stearns Second Lien Trust | Bear Stearns Second Lien Trust | Bear Stearns Second Lien Trust |
|  4.462% due 01/25/2037 •  |  | 461 |  | 454 |
|  4.712% due 08/25/2037 •  |  | 3639 |  | 3441 |
|  Bear Stearns Structured Products Trust | Bear Stearns Structured Products Trust | Bear Stearns Structured Products Trust | Bear Stearns Structured Products Trust | Bear Stearns Structured Products Trust |
|  6.272% due 03/25/2037 •  |  | 2350 |  | 2315 |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  3.928% due 10/25/2036 •  |  | 7096 |  | 5107 |
|  4.482% due 07/25/2037 •  |  | 5358 |  | 4967 |
|  4.592% due 11/25/2036 •  |  | 417 |  | 409 |
|  4.892% due 11/25/2036 •  |  | 40973 |  | 21846 |
|  C-BASS Mortgage Loan Asset-Backed Certificates | C-BASS Mortgage Loan Asset-Backed Certificates | C-BASS Mortgage Loan Asset-Backed Certificates | C-BASS Mortgage Loan Asset-Backed Certificates | C-BASS Mortgage Loan Asset-Backed Certificates |
|  3.171% due 11/25/2035 •  |  | 2905 |  | 2799 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  2.957% due 04/25/2037 •  |  | 1992 |  | 1188 |
|  3.009% due 01/25/2037 •  |  | 457 |  | 134 |
|  3.147% due 07/25/2036 •  |  | 13093 |  | 12531 |
|  4.392% due 11/25/2036 •  |  | 57 |  | 26 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.552% due 10/25/2036 •  | $— | 10234 | $— | 7426 |
|  4.732% due 11/25/2036 •  |  | 5079 |  | 2313 |
|  4.752% due 10/25/2036 •  |  | 1808 |  | 1257 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.422% due 04/25/2036 •  |  | 13146 |  | 12968 |
|  4.432% due 10/25/2036 •  |  | 13026 |  | 10020 |
|  4.492% due 01/25/2037 •  |  | 23866 |  | 18489 |
|  4.522% due 10/25/2036 •  |  | 4291 |  | 3301 |
|  4.532% due 02/25/2037 •  |  | 7513 |  | 7274 |
|  4.572% due 08/25/2036 •  |  | 4024 |  | 3898 |
|  4.692% due 12/26/2036 •  |  | 8317 |  | 7320 |
|  4.812% due 02/25/2036 •  |  | 9047 |  | 8492 |
|  5.022% due 10/25/2035 •  |  | 623 |  | 613 |
|  5.067% due 09/25/2035 •  |  | 1033 |  | 1028 |
|  5.262% due 06/25/2035 •  |  | 2623 |  | 2637 |
|  5.322% due 05/25/2035 •  |  | 3637 |  | 3539 |
|  6.297% due 05/25/2035 •  |  | 9929 |  | 9575 |
|  CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust |
|  5.187% due 11/25/2034 •  |  | 15 |  | 18 |
|  6.072% due 06/25/2034 •  |  | 268 |  | 269 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.450% due 06/25/2034 •  |  | 412 |  | 404 |
|  4.572% due 01/25/2032 •  |  | 18 |  | 18 |
|  4.732% due 07/25/2032 •  |  | 33 |  | 30 |
|  4.752% due 06/25/2036 •  |  | 18744 |  | 18557 |
|  4.872% due 01/25/2034 •  |  | 307 |  | 320 |
|  4.922% due 09/25/2032 •  |  | 189 |  | 190 |
|  4.962% due 03/25/2035 •  |  | 934 |  | 934 |
|  4.992% due 01/25/2035 •  |  | 5 |  | 5 |
|  5.097% due 01/25/2035 •  |  | 851 |  | 837 |
|  5.202% due 09/25/2034 •  |  | 2542 |  | 2528 |
|  5.232% due 10/25/2035 •  |  | 3900 |  | 3905 |
|  5.397% due 03/25/2035 •  |  | 885 |  | 789 |
|  5.472% due 01/25/2035 •  |  | 1291 |  | 1249 |
|  6.002% due 03/25/2033 •  |  | 55 |  | 54 |
|  6.072% due 10/25/2035 •  |  | 12568 |  | 12103 |
|  6.260% due 09/25/2034 þ |  | 768 |  | 760 |
|  Chase Funding Loan Acquisition Trust | Chase Funding Loan Acquisition Trust | Chase Funding Loan Acquisition Trust | Chase Funding Loan Acquisition Trust | Chase Funding Loan Acquisition Trust |
|  4.835% due 12/25/2032 þ |  | 478 |  | 479 |
|  5.127% due 06/25/2034 •  |  | 5617 |  | 5674 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.725% due 05/25/2033 |  | 3596 |  | 3466 |
|  4.772% due 05/25/2032 •  |  | 24 |  | 24 |
|  4.872% due 07/25/2033 •  |  | 6 |  | 6 |
|  5.160% due 03/25/2033 þ |  | 1472 |  | 1484 |
|  CHEC Loan Trust | CHEC Loan Trust | CHEC Loan Trust | CHEC Loan Trust | CHEC Loan Trust |
|  5.232% due 06/25/2034 •  |  | 68 |  | 70 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  |  | 28597 |  | 28958 |
|  Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust |
|  4.414% due 11/25/2036 þ |  | 1105 |  | 1088 |
|  4.484% due 06/25/2037 þ |  | 13851 |  | 13688 |
|  4.534% due 09/25/2036 þ |  | 17545 |  | 17130 |
|  Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates |
|  5.217% due 10/25/2034 •  |  | 3474 |  | 3391 |
|  5.847% due 10/25/2034 •  |  | 499 |  | 431 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.144% due 10/25/2037 þ |  | 11527 |  | 11166 |
|  4.332% due 07/25/2045 •  |  | 1153 |  | 810 |
|  4.432% due 01/25/2037 •  |  | 10145 |  | 7479 |
|  4.442% due 05/25/2037 •  |  | 32594 |  | 24542 |
|  4.462% due 05/25/2037 •  |  | 29128 |  | 19678 |
|  4.472% due 12/25/2036 •  |  | 2998 |  | 2049 |
|  4.532% due 03/25/2037 •  |  | 24791 |  | 22677 |
|  4.552% due 12/25/2036 •  |  | 4073 |  | 3981 |
|  4.592% due 09/25/2036 •  |  | 4219 |  | 3829 |
|  4.592% due 12/25/2036 •  |  | 6084 |  | 4162 |
|  4.632% due 01/25/2037 •  |  | 60607 |  | 44676 |
|  4.647% due 12/25/2036 •  |  | 14644 |  | 14318 |
|  4.677% due 05/25/2037 •  |  | 25635 |  | 24500 |
|  4.692% due 12/25/2036 •  |  | 4953 |  | 4923 |
|  4.722% due 08/25/2036 •  |  | 5247 |  | 5160 |
|  4.772% due 08/25/2036 •  |  | 3130 |  | 3121 |
|  4.772% due 01/25/2037 •  |  | 19731 |  | 14544 |
|  4.792% due 03/25/2036 •  |  | 3101 |  | 2845 |
|  4.872% due 12/25/2035 •  |  | 11397 |  | 11063 |
|  4.902% due 02/25/2035 •  |  | 1028 |  | 966 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.947% due 10/25/2035 •  | $— | 207 | $— | 205 |
|  4.962% due 10/25/2035 •  |  | 3900 |  | 3644 |
|  4.977% due 01/25/2036 •  |  | 1788 |  | 1791 |
|  5.007% due 09/25/2035 •  |  | 683 |  | 681 |
|  5.172% due 09/25/2035 •  |  | 6350 |  | 6186 |
|  5.322% due 02/25/2035 •  |  | 5 |  | 4 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.552% due 03/25/2037 •  |  | 1133 |  | 1132 |
|  4.562% due 05/25/2047 •  |  | 944 |  | 912 |
|  4.672% due 02/25/2037 •  |  | 1428 |  | 1359 |
|  4.707% due 11/25/2036 •  |  | 12870 |  | 12345 |
|  4.712% due 07/25/2034 •  |  | 3606 |  | 3560 |
|  4.752% due 03/25/2037 •  |  | 20684 |  | 19186 |
|  4.752% due 04/25/2037 •  |  | 4739 |  | 4230 |
|  4.772% due 01/25/2046 •  |  | 26791 |  | 25481 |
|  4.872% due 06/25/2033 •  |  | 4 |  | 4 |
|  4.952% due 12/25/2036 •  |  | 7011 |  | 5804 |
|  4.972% due 12/25/2033 •  |  | 324 |  | 325 |
|  5.172% due 09/25/2034 •  |  | 185 |  | 181 |
|  5.172% due 03/25/2047 •  |  | 5383 |  | 4245 |
|  5.322% due 07/25/2033 •  |  | 180 |  | 180 |
|  5.367% due 05/25/2035 •  |  | 1019 |  | 1003 |
|  5.472% due 10/25/2035 •  |  | 1796 |  | 1787 |
|  5.847% due 08/25/2034 •  |  | 9197 |  | 8546 |
|  6.297% due 01/25/2035 •  |  | 4674 |  | 4592 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.364% due 04/25/2035 •  |  | 533 |  | 526 |
|  3.984% due 01/25/2037 •  |  | 9274 |  | 9177 |
|  4.187% due 07/25/2034 ~ |  | 991 |  | 703 |
|  4.187% due 08/25/2034 ~ |  | 2442 |  | 2106 |
|  4.265% due 10/25/2046 ~ |  | 128 |  | 132 |
|  4.412% due 07/25/2037 •  |  | 37726 |  | 35459 |
|  4.412% due 08/25/2037 •  |  | 53078 |  | 48491 |
|  4.452% due 06/25/2047 •  |  | 4039 |  | 3863 |
|  4.462% due 11/25/2037 •  |  | 10157 |  | 9723 |
|  4.472% due 06/25/2047 •  |  | 16681 |  | 14827 |
|  4.489% due 05/25/2036 •  |  | 22800 |  | 22199 |
|  4.502% due 07/25/2037 •  |  | 46489 |  | 41455 |
|  4.502% due 10/25/2047 •  |  | 670 |  | 667 |
|  4.522% due 02/25/2036 •  |  | 5170 |  | 5015 |
|  4.522% due 06/25/2047 •  |  | 15220 |  | 14793 |
|  4.532% due 12/25/2036 •  |  | 7881 |  | 7299 |
|  4.532% due 11/25/2037 •  |  | 40366 |  | 37952 |
|  4.532% due 04/25/2046 •  |  | 17402 |  | 16622 |
|  4.552% due 05/25/2035 •  |  | 12137 |  | 11746 |
|  4.552% due 06/25/2035 •  |  | 11464 |  | 10512 |
|  4.552% due 02/25/2037 •  |  | 15179 |  | 14494 |
|  4.552% due 03/25/2037 •  |  | 12525 |  | 12318 |
|  4.552% due 05/25/2037 •  |  | 26081 |  | 24959 |
|  4.552% due 06/25/2037 •  |  | 13302 |  | 12557 |
|  4.552% due 04/25/2047 •  |  | 9076 |  | 8852 |
|  4.552% due 06/25/2047 •  |  | 35913 |  | 33773 |
|  4.562% due 10/25/2047 •  |  | 10000 |  | 8738 |
|  4.632% due 11/25/2047 •  |  | 17725 |  | 16683 |
|  4.672% due 09/25/2037 •  |  | 23378 |  | 21590 |
|  4.672% due 09/25/2047 •  |  | 21924 |  | 20557 |
|  4.712% due 05/25/2037 •  |  | 1943 |  | 1879 |
|  4.712% due 06/25/2037 •  |  | 3057 |  | 2997 |
|  4.712% due 09/25/2037 •  |  | 3955 |  | 4200 |
|  4.712% due 06/25/2047 •  |  | 43171 |  | 40875 |
|  4.712% due 09/25/2047 •  |  | 4714 |  | 4776 |
|  4.722% due 02/25/2037 •  |  | 1706 |  | 1701 |
|  4.732% due 05/25/2037 •  |  | 10337 |  | 9582 |
|  4.752% due 09/25/2036 •  |  | 15408 |  | 14456 |
|  4.752% due 02/25/2037 •  |  | 12752 |  | 12329 |
|  4.752% due 12/25/2046 •  |  | 12149 |  | 11790 |
|  4.772% due 04/25/2046 •  |  | 1409 |  | 1395 |
|  4.772% due 11/25/2047 •  |  | 18757 |  | 16903 |
|  4.792% due 12/25/2036 •  |  | 2003 |  | 1913 |
|  4.792% due 09/25/2046 •  |  | 9869 |  | 9487 |
|  4.797% due 08/25/2036 •  |  | 955 |  | 941 |
|  4.827% due 04/25/2036 •  |  | 2727 |  | 2714 |
|  4.852% due 06/25/2037 •  |  | 7258 |  | 7095 |
|  4.912% due 05/25/2047 •  |  | 19677 |  | 14695 |
|  4.932% due 08/25/2035 •  |  | 3912 |  | 3871 |
|  4.972% due 03/25/2036 •  |  | 4296 |  | 3866 |
|  4.977% due 09/25/2035 •  |  | 5937 |  | 5845 |
|  4.992% due 08/25/2035 •  |  | 8200 |  | 7638 |
|  5.007% due 04/25/2036 •  |  | 17937 |  | 17844 |
|  5.012% due 12/25/2034 •  |  | 616 |  | 603 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **31** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.037% due 02/25/2036 •  | $— | 4983 | $— | 4973 |
|  5.050% due 02/25/2036 ~ |  | 4 |  | 4 |
|  5.052% due 11/25/2034 •  |  | 247 |  | 240 |
|  5.112% due 10/25/2047 •  |  | 8290 |  | 8173 |
|  5.115% due 10/25/2035 ~ |  | 5000 |  | 4634 |
|  5.172% due 11/25/2034 •  |  | 224 |  | 220 |
|  5.172% due 05/25/2036 •  |  | 256 |  | 252 |
|  5.247% due 10/25/2034 •  |  | 4 |  | 4 |
|  5.247% due 12/25/2035 •  |  | 244 |  | 244 |
|  5.262% due 02/25/2036 •  |  | 6000 |  | 5456 |
|  5.270% due 02/25/2035 ~ |  | 3538 |  | 3475 |
|  5.322% due 11/25/2034 •  |  | 18 |  | 25 |
|  5.367% due 04/25/2036 •  |  | 11300 |  | 10973 |
|  5.382% due 08/25/2035 •  |  | 1859 |  | 1842 |
|  5.397% due 11/25/2035 •  |  | 3102 |  | 3079 |
|  5.412% due 01/25/2036 •  |  | 7675 |  | 7624 |
|  5.422% due 05/25/2035 •  |  | 247 |  | 245 |
|  5.442% due 04/25/2036 •  |  | 15319 |  | 13712 |
|  5.572% due 11/25/2034 ~ |  | 1888 |  | 1858 |
|  5.572% due 08/25/2035 •  |  | 3250 |  | 3170 |
|  5.922% due 06/25/2035 •  |  | 4581 |  | 4556 |
|  6.102% due 12/25/2035 •  |  | 9836 |  | 9052 |
|  6.147% due 07/25/2035 •  |  | 6454 |  | 6392 |
|  6.222% due 08/25/2035 •  |  | 2000 |  | 1899 |
|  6.672% due 10/25/2034 •  |  | 570 |  | 564 |
|  Countrywide Asset-Backed Notes Trust | Countrywide Asset-Backed Notes Trust | Countrywide Asset-Backed Notes Trust | Countrywide Asset-Backed Notes Trust | Countrywide Asset-Backed Notes Trust |
|  4.932% due 07/25/2036 •  |  | 94 |  | 94 |
|  6.147% due 12/25/2034 •  |  | 908 |  | 1028 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.168% due 01/25/2032 •  |  | 3 |  | 3 |
|  4.427% due 08/25/2032 •  |  | 85 |  | 79 |
|  5.076% due 02/25/2035 •  |  | 2612 |  | 2619 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  2.900% due 08/25/2035 •  |  | 6548 |  | 6250 |
|  3.045% due 12/25/2035 •  |  | 19631 |  | 18162 |
|  3.324% due 10/25/2034 •  |  | 1451 |  | 1393 |
|  3.404% due 12/25/2035 •  |  | 1709 |  | 1645 |
|  4.392% due 07/25/2037 •  |  | 4080 |  | 2721 |
|  4.492% due 07/25/2037 •  |  | 3772 |  | 2515 |
|  4.612% due 07/25/2037 •  |  | 3993 |  | 2662 |
|  5.187% due 01/25/2034 •  |  | 790 |  | 864 |
|  6.780% due 05/25/2035 þ |  | 1619 |  | 1501 |
|  DFC HEL Trust | DFC HEL Trust | DFC HEL Trust | DFC HEL Trust | DFC HEL Trust |
|  6.147% due 12/25/2031 •  |  | 1150 |  | 1094 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.322% due 05/25/2037 •  |  | 27003 |  | 26645 |
|  5.772% due 05/25/2037 •  |  | 1448 |  | 1431 |
|  5.872% due 05/25/2037 •  |  | 35744 |  | 32834 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.012% due 05/25/2040 •  |  | 27 |  | 27 |
|  5.372% due 08/25/2040 •  |  | 210 |  | 212 |
|  5.372% due 11/25/2041 •  |  | 28 |  | 28 |
|  Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
|  4.962% due 07/25/2035 •  |  | 7491 |  | 7350 |
|  5.172% due 10/25/2035 •  |  | 1682 |  | 1678 |
|  5.172% due 01/25/2036 •  |  | 6196 |  | 6044 |
|  EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust |
|  4.612% due 04/25/2037 •  |  | 23012 |  | 21471 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  5.277% due 04/25/2035 •  |  | 29 |  | 29 |
|  5.337% due 04/25/2035 •  |  | 1904 |  | 1859 |
|  5.772% due 12/25/2034 •  |  | 314 |  | 312 |
|  5.997% due 12/25/2034 •  |  | 756 |  | 739 |
|  6.072% due 04/25/2035 •  |  | 4623 |  | 4217 |
|  6.747% due 12/25/2034 •  |  | 501 |  | 468 |
|  8.172% due 12/25/2034 •  |  | 985 |  | 863 |
|  FBR Securitization Trust | FBR Securitization Trust | FBR Securitization Trust | FBR Securitization Trust | FBR Securitization Trust |
|  4.977% due 11/25/2035 •  |  | 203 |  | 202 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.552% due 07/25/2036 •  |  | 13556 |  | 10383 |
|  4.652% due 05/25/2036 •  |  | 20189 |  | 15224 |
|  4.677% due 11/25/2036 •  |  | 1535 |  | 998 |
|  4.917% due 02/25/2036 •  |  | 6051 |  | 5338 |
|  4.917% due 11/25/2036 •  |  | 9185 |  | 5973 |
|  5.442% due 03/25/2035 •  |  | 2264 |  | 1961 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  5.322% due 09/25/2033 •  |  | 66 |  | 66 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Finance of America HECM Buyout | Finance of America HECM Buyout | Finance of America HECM Buyout | Finance of America HECM Buyout | Finance of America HECM Buyout |
|  4.000% due 10/01/2034 ~ | $— | 45224 | $— | 45104 |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  3.500% due 07/25/2075 «þ |  | 560423 |  | 543961 |
|  Financial Asset Securities Corp. AAA Trust | Financial Asset Securities Corp. AAA Trust | Financial Asset Securities Corp. AAA Trust | Financial Asset Securities Corp. AAA Trust | Financial Asset Securities Corp. AAA Trust |
|  4.690% due 02/27/2035 •  |  | 1135 |  | 1092 |
|  First NLC Trust | First NLC Trust | First NLC Trust | First NLC Trust | First NLC Trust |
|  2.595% due 05/25/2035 •  |  | 1078 |  | 0 |
|  4.342% due 08/25/2037 •  |  | 3994 |  | 2014 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.472% due 08/25/2036 •  |  | 4578 |  | 1430 |
|  4.492% due 01/25/2037 •  |  | 21839 |  | 10109 |
|  4.532% due 11/25/2036 •  |  | 20179 |  | 7058 |
|  4.542% due 10/25/2036 •  |  | 8026 |  | 7338 |
|  4.572% due 10/25/2036 •  |  | 4864 |  | 1948 |
|  4.592% due 08/25/2036 •  |  | 30357 |  | 9479 |
|  4.612% due 02/25/2036 •  |  | 4722 |  | 4608 |
|  4.612% due 02/25/2037 •  |  | 17366 |  | 5361 |
|  4.752% due 08/25/2036 •  |  | 7772 |  | 2426 |
|  4.772% due 05/25/2036 •  |  | 6525 |  | 4242 |
|  4.812% due 04/25/2036 •  |  | 27900 |  | 25573 |
|  4.887% due 11/25/2035 •  |  | 2757 |  | 2549 |
|  4.947% due 01/25/2036 •  |  | 44985 |  | 37679 |
|  5.142% due 11/25/2034 •  |  | 1813 |  | 1641 |
|  5.202% due 06/25/2035 •  |  | 1137 |  | 1070 |
|  5.232% due 04/25/2035 •  |  | 5257 |  | 4579 |
|  5.277% due 04/25/2035 •  |  | 5237 |  | 683 |
|  5.322% due 11/25/2034 •  |  | 3877 |  | 3711 |
|  5.337% due 06/25/2035 •  |  | 1867 |  | 1848 |
|  5.427% due 06/25/2035 •  |  | 22416 |  | 19105 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.352% due 08/25/2036 •  |  | 2 |  | 1 |
|  4.532% due 08/25/2036 •  |  | 2148 |  | 2011 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.392% due 05/25/2036 •  |  | 5950 |  | 1234 |
|  4.412% due 03/25/2036 •  |  | 19 |  | 6 |
|  4.472% due 03/25/2037 •  |  | 29614 |  | 8031 |
|  4.512% due 06/25/2036 •  |  | 58744 |  | 10890 |
|  4.592% due 06/25/2036 •  |  | 34161 |  | 6359 |
|  4.612% due 10/25/2036 •  |  | 35581 |  | 8470 |
|  4.612% due 02/25/2037 •  |  | 7791 |  | 2166 |
|  4.632% due 03/25/2036 •  |  | 18830 |  | 6044 |
|  4.632% due 05/25/2036 •  |  | 21035 |  | 4390 |
|  4.632% due 11/25/2036 •  |  | 16486 |  | 3949 |
|  4.652% due 03/25/2036 •  |  | 12203 |  | 4056 |
|  4.712% due 05/25/2047 •  |  | 5117 |  | 2996 |
|  4.732% due 04/25/2047 •  |  | 3238 |  | 1405 |
|  4.752% due 06/25/2036 •  |  | 2559 |  | 648 |
|  4.772% due 01/25/2036 •  |  | 4122 |  | 1306 |
|  4.812% due 03/25/2036 •  |  | 21476 |  | 9713 |
|  4.912% due 04/25/2047 •  |  | 9943 |  | 4299 |
|  4.972% due 08/25/2037 •  |  | 429 |  | 425 |
|  5.007% due 06/25/2035 •  |  | 2071 |  | 2052 |
|  5.067% due 08/25/2035 •  |  | 4304 |  | 4269 |
|  5.247% due 06/25/2034 •  |  | 381 |  | 377 |
|  5.344% due 09/25/2035 ~ |  | 145 |  | 96 |
|  5.679% due 09/25/2036 ~ |  | 8914 |  | 2244 |
|  5.772% due 11/25/2036 ~ |  | 6816 |  | 1865 |
|  5.917% due 03/25/2037 ~ |  | 33029 |  | 5982 |
|  6.000% due 11/25/2037 |  | 524 |  | 257 |
|  6.376% due 09/25/2036 þ |  | 8014 |  | 2013 |
|  6.423% due 11/25/2036 þ |  | 19783 |  | 5403 |
|  6.483% due 03/25/2037 þ |  | 9203 |  | 2492 |
|  6.500% due 10/25/2037 |  | 4906 |  | 2722 |
|  6.500% due 11/25/2037 |  | 12685 |  | 4569 |
|  6.692% due 09/25/2036 þ |  | 8775 |  | 2202 |
|  6.948% due 06/25/2036 þ |  | 18224 |  | 4056 |
|  GSAA Trust | GSAA Trust | GSAA Trust | GSAA Trust | GSAA Trust |
|  6.720% due 04/25/2034 þ |  | 1579 |  | 1569 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  2.357% due 10/25/2036 •  |  | 1494 |  | 7 |
|  4.342% due 12/25/2036 •  |  | 612 |  | 303 |
|  4.362% due 01/25/2037 •  |  | 5894 |  | 3617 |
|  4.392% due 12/25/2036 •  |  | 899 |  | 445 |
|  4.432% due 08/25/2036 •  |  | 4200 |  | 3610 |
|  4.432% due 11/25/2036 •  |  | 889 |  | 416 |
|  4.442% due 12/25/2036 •  |  | 4757 |  | 2355 |
|  4.452% due 11/25/2035 •  |  | 179 |  | 13 |
|  4.532% due 12/25/2046 •  |  | 4740 |  | 2519 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.542% due 03/25/2047 •  | $— | 10862 | $— | 8229 |
|  4.552% due 06/25/2036 •  |  | 3195 |  | 3146 |
|  4.552% due 08/25/2036 •  |  | 4084 |  | 4014 |
|  4.552% due 11/25/2036 •  |  | 54984 |  | 25608 |
|  4.572% due 06/25/2036 •  |  | 26345 |  | 14634 |
|  4.572% due 12/25/2036 •  |  | 368 |  | 366 |
|  4.592% due 04/25/2036 •  |  | 1707 |  | 1149 |
|  4.612% due 01/25/2037 •  |  | 966 |  | 949 |
|  4.642% due 03/25/2047 •  |  | 1852 |  | 1403 |
|  4.672% due 11/25/2036 •  |  | 12151 |  | 5677 |
|  4.722% due 06/25/2036 •  |  | 7100 |  | 6170 |
|  4.752% due 06/25/2036 •  |  | 3193 |  | 1766 |
|  4.752% due 08/25/2036 •  |  | 20524 |  | 19384 |
|  4.792% due 02/25/2046 •  |  | 438 |  | 412 |
|  4.812% due 02/25/2036 •  |  | 7528 |  | 7315 |
|  4.917% due 11/25/2035 •  |  | 7988 |  | 7834 |
|  4.947% due 11/25/2035 •  |  | 57 |  | 56 |
|  5.052% due 07/25/2045 •  |  | 2099 |  | 2113 |
|  5.157% due 07/25/2045 •  |  | 6976 |  | 6538 |
|  5.172% due 11/25/2035 •  |  | 2567 |  | 2517 |
|  5.217% due 11/25/2035 •  |  | 4016 |  | 3680 |
|  5.247% due 03/25/2035 •  |  | 2822 |  | 2707 |
|  5.997% due 12/25/2034 •  |  | 4935 |  | 4795 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.385% due 10/25/2035 •  |  | 2329 |  | 2320 |
|  4.572% due 10/25/2036 •  |  | 536 |  | 540 |
|  4.572% due 11/25/2036 •  |  | 289 |  | 284 |
|  4.842% due 05/25/2036 •  |  | 14265 |  | 14606 |
|  4.887% due 04/25/2036 •  |  | 267 |  | 265 |
|  4.932% due 04/25/2036 •  |  | 7055 |  | 6805 |
|  4.977% due 01/25/2036 •  |  | 2958 |  | 2845 |
|  4.977% due 02/25/2036 •  |  | 14696 |  | 16215 |
|  4.977% due 04/25/2036 •  |  | 13095 |  | 12959 |
|  5.032% due 11/25/2032 •  |  | 128 |  | 120 |
|  5.217% due 11/25/2035 •  |  | 6051 |  | 5946 |
|  5.217% due 12/25/2035 •  |  | 2810 |  | 2731 |
|  5.337% due 08/25/2035 •  |  | 2610 |  | 2571 |
|  5.472% due 06/25/2032 •  |  | 89 |  | 89 |
|  5.472% due 07/25/2035 •  |  | 4685 |  | 4659 |
|  5.772% due 03/25/2035 •  |  | 771 |  | 756 |
|  5.872% due 03/25/2035 •  |  | 1629 |  | 1575 |
|  5.922% due 12/25/2034 •  |  | 1215 |  | 1224 |
|  6.472% due 06/25/2034 •  |  | 1688 |  | 1696 |
|  6.822% due 03/25/2033 •  |  | 3044 |  | 2902 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.432% due 11/25/2036 •  |  | 7485 |  | 6859 |
|  4.462% due 04/25/2037 •  |  | 1140 |  | 775 |
|  4.492% due 04/25/2037 •  |  | 36330 |  | 28355 |
|  4.512% due 11/25/2036 •  |  | 7998 |  | 6608 |
|  4.592% due 04/25/2037 •  |  | 7434 |  | 6611 |
|  4.592% due 07/25/2037 •  |  | 338 |  | 190 |
|  4.612% due 04/25/2037 •  |  | 3074 |  | 2193 |
|  4.652% due 07/25/2037 •  |  | 43796 |  | 17300 |
|  4.672% due 07/25/2037 •  |  | 14456 |  | 8137 |
|  4.752% due 08/25/2036 •  |  | 12332 |  | 11575 |
|  4.832% due 06/25/2036 •  |  | 7346 |  | 6777 |
|  4.872% due 03/25/2036 •  |  | 18294 |  | 16760 |
|  4.932% due 03/25/2036 •  |  | 14413 |  | 13648 |
|  5.052% due 10/25/2035 •  |  | 13050 |  | 12410 |
|  5.337% due 08/25/2035 •  |  | 8950 |  | 8869 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  6.230% due 12/25/2036 þ |  | 11900 |  | 3676 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.372% due 10/25/2036 •  |  | 2179 |  | 775 |
|  4.412% due 12/25/2036 •  |  | 26130 |  | 22681 |
|  4.412% due 01/25/2037 •  |  | 43492 |  | 33375 |
|  4.492% due 10/25/2036 •  |  | 15082 |  | 5392 |
|  4.552% due 10/25/2036 •  |  | 4276 |  | 1149 |
|  4.592% due 10/25/2036 •  |  | 7687 |  | 2759 |
|  4.612% due 12/25/2036 •  |  | 25757 |  | 6133 |
|  4.647% due 05/25/2037 •  |  | 1594 |  | 1586 |
|  4.652% due 04/25/2037 •  |  | 13514 |  | 6768 |
|  4.752% due 10/25/2036 •  |  | 1712 |  | 618 |
|  4.767% due 02/25/2036 •  |  | 4582 |  | 4441 |
|  4.792% due 04/25/2037 •  |  | 6827 |  | 3427 |
|  4.797% due 02/25/2036 •  |  | 16250 |  | 14116 |
|  4.857% due 12/25/2035 •  |  | 5593 |  | 5392 |
|  4.857% due 01/25/2036 •  |  | 1034 |  | 1031 |
|  4.887% due 01/25/2036 •  |  | 7185 |  | 6920 |
|  5.052% due 01/25/2036 •  |  | 5700 |  | 4995 |

---

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  4.332% due 05/25/2037 •  | $— | 5107 | $— | 1051 |
|  4.382% due 05/25/2037 •  |  | 10135 |  | 2085 |
|  4.432% due 05/25/2037 •  |  | 31657 |  | 6509 |
|  4.572% due 01/25/2037 •  |  | 74795 |  | 25032 |
|  4.592% due 08/25/2036 •  |  | 57982 |  | 15851 |
|  4.672% due 03/25/2036 •  |  | 9319 |  | 4875 |
|  4.792% due 08/25/2036 •  |  | 29439 |  | 8047 |
|  5.217% due 02/25/2035 •  |  | 268 |  | 273 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  2.706% due 10/25/2035 •  |  | 6100 |  | 5379 |
|  4.782% due 02/25/2036 •  |  | 2468 |  | 2449 |
|  4.812% due 03/25/2036 •  |  | 32490 |  | 31365 |
|  4.857% due 05/25/2035 •  |  | 167 |  | 166 |
|  4.857% due 01/25/2036 •  |  | 9804 |  | 10036 |
|  4.917% due 05/25/2035 •  |  | 16317 |  | 14146 |
|  4.977% due 09/25/2035 •  |  | 3011 |  | 2994 |
|  5.202% due 06/25/2035 •  |  | 16467 |  | 15640 |
|  5.247% due 12/25/2035 •  |  | 8591 |  | 8136 |
|  5.337% due 06/25/2035 •  |  | 11812 |  | 9938 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  3.927% due 11/25/2036 •  |  | 8511 |  | 8037 |
|  4.207% due 11/25/2036 •  |  | 1788 |  | 1919 |
|  4.492% due 08/25/2036 •  |  | 1932 |  | 1453 |
|  4.502% due 05/25/2037 •  |  | 21735 |  | 21362 |
|  4.512% due 05/25/2037 •  |  | 32875 |  | 30361 |
|  4.532% due 08/25/2036 •  |  | 1835 |  | 1817 |
|  4.542% due 07/25/2036 •  |  | 19453 |  | 17521 |
|  4.592% due 03/25/2037 •  |  | 1493 |  | 1486 |
|  4.677% due 07/25/2036 •  |  | 10579 |  | 10487 |
|  4.707% due 05/25/2036 •  |  | 21209 |  | 19488 |
|  4.752% due 04/25/2036 •  |  | 13491 |  | 13948 |
|  4.752% due 08/25/2036 •  |  | 16254 |  | 12282 |
|  4.932% due 07/25/2036 •  |  | 3200 |  | 3017 |
|  5.067% due 01/25/2037 •  |  | 2350 |  | 2090 |
|  6.330% due 07/25/2036 þ |  | 4770 |  | 1263 |
|  6.910% due 07/25/2036 þ |  | 6801 |  | 1797 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 10/25/2055 ~ |  | 121992 |  | 132695 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.452% due 09/25/2036 •  |  | 9752 |  | 2503 |
|  4.472% due 12/25/2036 •  |  | 13478 |  | 4620 |
|  4.492% due 11/25/2036 •  |  | 6510 |  | 1941 |
|  4.512% due 08/25/2036 •  |  | 5427 |  | 2167 |
|  4.562% due 07/25/2036 •  |  | 11907 |  | 8266 |
|  4.572% due 05/25/2036 •  |  | 42664 |  | 22516 |
|  4.572% due 06/25/2036 •  |  | 52423 |  | 24771 |
|  4.572% due 07/25/2036 •  |  | 8835 |  | 3491 |
|  4.572% due 09/25/2036 •  |  | 35964 |  | 23135 |
|  4.582% due 08/25/2036 •  |  | 24662 |  | 12864 |
|  4.582% due 10/25/2036 •  |  | 39388 |  | 21632 |
|  4.592% due 05/25/2036 •  |  | 8274 |  | 2387 |
|  4.592% due 08/25/2036 •  |  | 54692 |  | 21857 |
|  4.592% due 09/25/2036 •  |  | 2893 |  | 745 |
|  4.592% due 10/25/2036 •  |  | 47028 |  | 14711 |
|  4.592% due 12/25/2036 •  |  | 21344 |  | 14579 |
|  4.592% due 05/25/2046 •  |  | 5405 |  | 5184 |
|  4.612% due 12/25/2036 •  |  | 32356 |  | 11116 |
|  4.652% due 03/25/2046 •  |  | 68337 |  | 24278 |
|  4.672% due 01/25/2036 •  |  | 11525 |  | 11127 |
|  4.712% due 02/25/2036 •  |  | 6596 |  | 6528 |
|  4.712% due 11/25/2036 •  |  | 11749 |  | 3499 |
|  4.732% due 12/25/2036 •  |  | 22219 |  | 7639 |
|  4.752% due 08/25/2036 •  |  | 20945 |  | 8380 |
|  4.792% due 05/25/2036 •  |  | 25167 |  | 7293 |
|  4.872% due 01/25/2036 •  |  | 29967 |  | 28036 |
|  4.902% due 01/25/2046 •  |  | 36240 |  | 35117 |
|  5.052% due 08/25/2035 •  |  | 285 |  | 282 |
|  5.067% due 06/25/2034 •  |  | 786 |  | 810 |
|  5.127% due 07/25/2034 •  |  | 1239 |  | 1235 |
|  5.397% due 07/25/2033 •  |  | 1863 |  | 1855 |
|  5.472% due 11/25/2034 •  |  | 3089 |  | 2960 |
|  5.502% due 06/25/2033 •  |  | 1513 |  | 1576 |
|  5.697% due 02/25/2035 •  |  | 8445 |  | 7762 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.372% due 08/25/2036 •  |  | 4661 |  | 1586 |
|  4.372% due 10/25/2036 •  |  | 36582 |  | 11955 |
|  4.372% due 11/25/2036 •  |  | 291 |  | 86 |
|  4.372% due 01/25/2037 •  |  | 38997 |  | 10984 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.472% due 08/25/2036 •  | $— | 9793 | $— | 2814 |
|  4.472% due 10/25/2036 •  |  | 6936 |  | 3322 |
|  4.472% due 11/25/2036 •  |  | 12987 |  | 7682 |
|  4.472% due 01/25/2037 •  |  | 30995 |  | 8730 |
|  4.492% due 08/25/2036 •  |  | 6443 |  | 2279 |
|  4.512% due 10/25/2036 •  |  | 30165 |  | 9868 |
|  4.532% due 10/25/2036 •  |  | 29302 |  | 13029 |
|  4.562% due 10/25/2036 •  |  | 50469 |  | 19228 |
|  4.562% due 01/25/2037 •  |  | 24943 |  | 6493 |
|  4.572% due 03/25/2036 •  |  | 6074 |  | 3637 |
|  4.572% due 04/25/2036 •  |  | 24100 |  | 4886 |
|  4.572% due 08/25/2036 •  |  | 47041 |  | 14933 |
|  4.572% due 05/25/2037 •  |  | 5635 |  | 5026 |
|  4.592% due 08/25/2036 •  |  | 7869 |  | 2694 |
|  4.592% due 10/25/2036 •  |  | 6169 |  | 2955 |
|  4.592% due 01/25/2037 •  |  | 34225 |  | 9640 |
|  4.672% due 04/25/2036 •  |  | 62289 |  | 9454 |
|  4.692% due 10/25/2036 •  |  | 8090 |  | 3875 |
|  4.692% due 11/25/2036 •  |  | 17664 |  | 5201 |
|  4.692% due 05/25/2037 •  |  | 655 |  | 637 |
|  4.712% due 11/25/2036 •  |  | 2408 |  | 1425 |
|  4.732% due 01/25/2037 •  |  | 21330 |  | 6007 |
|  4.752% due 06/25/2036 •  |  | 3724 |  | 1268 |
|  4.752% due 08/25/2036 •  |  | 48191 |  | 15403 |
|  4.762% due 10/25/2036 •  |  | 5608 |  | 2147 |
|  4.792% due 06/25/2036 •  |  | 1458 |  | 1368 |
|  4.812% due 02/25/2036 •  |  | 8913 |  | 3250 |
|  4.842% due 01/25/2036 •  |  | 1401 |  | 1403 |
|  4.887% due 01/25/2036 •  |  | 11805 |  | 10681 |
|  5.022% due 03/25/2035 •  |  | 7580 |  | 7173 |
|  5.022% due 10/25/2035 •  |  | 9948 |  | 9704 |
|  5.247% due 05/25/2035 •  |  | 390 |  | 417 |
|  5.277% due 03/25/2035 •  |  | 2934 |  | 2936 |
|  5.322% due 05/25/2035 •  |  | 2000 |  | 1996 |
|  5.422% due 08/25/2037 •  |  | 15662 |  | 13842 |
|  8.922% due 05/25/2033 •  |  | 2718 |  | 2618 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  4.792% due 02/25/2036 •  |  | 1002 |  | 986 |
|  5.012% due 01/25/2037 •  |  | 9133 |  | 3569 |
|  Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
|  4.612% due 04/25/2037 •  |  | 33284 |  | 12540 |
|  4.612% due 05/25/2037 •  |  | 13390 |  | 9727 |
|  4.752% due 05/25/2037 •  |  | 23646 |  | 17292 |
|  4.772% due 04/25/2037 •  |  | 20387 |  | 7726 |
|  4.912% due 05/25/2037 •  |  | 14775 |  | 10874 |
|  5.972% due 10/25/2037 •  |  | 24773 |  | 15221 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.862% due 03/25/2037 þ |  | 21482 |  | 4217 |
|  3.972% due 11/25/2037 •  |  | 14012 |  | 6851 |
|  4.107% due 11/25/2037 •  |  | 27010 |  | 8523 |
|  4.412% due 04/25/2047 •  |  | 8211 |  | 3217 |
|  4.472% due 05/25/2037 •  |  | 2786 |  | 306 |
|  4.472% due 07/25/2037 •  |  | 3585 |  | 746 |
|  4.512% due 10/25/2037 •  |  | 20124 |  | 2969 |
|  4.562% due 08/25/2037 •  |  | 6524 |  | 5999 |
|  4.572% due 06/25/2037 •  |  | 13919 |  | 3655 |
|  4.572% due 08/25/2037 •  |  | 1637 |  | 1631 |
|  4.572% due 09/25/2037 •  |  | 42542 |  | 12040 |
|  4.592% due 03/25/2037 •  |  | 4989 |  | 1307 |
|  4.592% due 04/25/2037 •  |  | 9202 |  | 4328 |
|  4.592% due 05/25/2037 •  |  | 5555 |  | 3293 |
|  4.592% due 07/25/2037 •  |  | 2423 |  | 1378 |
|  4.602% due 03/25/2037 •  |  | 19447 |  | 6398 |
|  4.642% due 05/25/2037 •  |  | 6929 |  | 1936 |
|  4.652% due 04/25/2047 •  |  | 22958 |  | 8994 |
|  4.752% due 08/25/2037 •  |  | 971 |  | 831 |
|  4.772% due 03/25/2037 •  |  | 24320 |  | 18953 |
|  4.812% due 04/25/2047 •  |  | 1390 |  | 545 |
|  4.872% due 12/25/2036 •  |  | 10651 |  | 10221 |
|  4.872% due 01/25/2037 •  |  | 14010 |  | 13318 |
|  5.022% due 09/25/2035 •  |  | 1670 |  | 1669 |
|  5.067% due 09/25/2035 •  |  | 44 |  | 43 |
|  5.093% due 06/25/2034 •  |  | 259 |  | 258 |
|  5.142% due 05/25/2036 •  |  | 4034 |  | 3454 |
|  5.172% due 02/25/2047 •  |  | 22009 |  | 13052 |
|  5.202% due 07/25/2035 •  |  | 5724 |  | 5732 |
|  5.217% due 02/25/2036 •  |  | 1237 |  | 1242 |
|  5.247% due 04/25/2036 •  |  | 1693 |  | 1678 |
|  5.277% due 06/25/2036 •  |  | 2793 |  | 2298 |
|  5.307% due 02/25/2036 •  |  | 498 |  | 481 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.397% due 08/25/2036 •  | $— | 1055 | $— | 1278 |
|  7.835% due 04/25/2035 •  |  | 260 |  | 217 |
|  MESA Trust | MESA Trust | MESA Trust | MESA Trust | MESA Trust |
|  7.497% due 11/25/2031 •  |  | 688 |  | 599 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.332% due 05/25/2037 •  |  | 4218 |  | 3839 |
|  4.372% due 10/25/2036 •  |  | 3840 |  | 1689 |
|  4.372% due 11/25/2036 •  |  | 1430 |  | 843 |
|  4.382% due 03/25/2037 •  |  | 2627 |  | 1118 |
|  4.402% due 10/25/2036 •  |  | 12901 |  | 11531 |
|  4.402% due 12/25/2036 •  |  | 39365 |  | 24606 |
|  4.402% due 01/25/2037 •  |  | 19826 |  | 9147 |
|  4.412% due 10/25/2036 •  |  | 33458 |  | 14715 |
|  4.412% due 11/25/2036 •  |  | 2433 |  | 1164 |
|  4.412% due 05/25/2037 •  |  | 19727 |  | 16929 |
|  4.422% due 10/25/2036 •  |  | 13827 |  | 7219 |
|  4.422% due 12/25/2036 •  |  | 3798 |  | 1907 |
|  4.432% due 09/25/2036 •  |  | 216 |  | 93 |
|  4.452% due 02/25/2037 •  |  | 23570 |  | 7471 |
|  4.452% due 03/25/2037 •  |  | 23393 |  | 9958 |
|  4.452% due 05/25/2037 •  |  | 9794 |  | 8912 |
|  4.462% due 05/25/2037 •  |  | 11846 |  | 9173 |
|  4.472% due 09/25/2036 •  |  | 2559 |  | 1105 |
|  4.472% due 02/25/2037 •  |  | 8172 |  | 3611 |
|  4.472% due 05/25/2037 •  |  | 3208 |  | 1844 |
|  4.492% due 10/25/2036 •  |  | 1185 |  | 521 |
|  4.492% due 11/25/2036 •  |  | 9861 |  | 4716 |
|  4.502% due 10/25/2036 •  |  | 7898 |  | 4124 |
|  4.502% due 02/25/2037 •  |  | 28635 |  | 9078 |
|  4.522% due 12/25/2036 •  |  | 4100 |  | 2059 |
|  4.522% due 03/25/2037 •  |  | 38902 |  | 16562 |
|  4.522% due 05/25/2037 •  |  | 15211 |  | 13845 |
|  4.532% due 09/25/2036 •  |  | 40448 |  | 18007 |
|  4.532% due 02/25/2037 •  |  | 19826 |  | 8759 |
|  4.532% due 05/25/2037 •  |  | 9524 |  | 7375 |
|  4.552% due 08/25/2036 •  |  | 25760 |  | 12944 |
|  4.572% due 06/25/2036 •  |  | 4847 |  | 2431 |
|  4.572% due 09/25/2036 •  |  | 13172 |  | 4542 |
|  4.592% due 09/25/2036 •  |  | 22724 |  | 9803 |
|  4.602% due 02/25/2037 •  |  | 6790 |  | 3000 |
|  4.732% due 09/25/2036 •  |  | 3456 |  | 1490 |
|  4.767% due 03/25/2036 •  |  | 7150 |  | 6175 |
|  4.772% due 04/25/2036 •  |  | 11028 |  | 10590 |
|  4.772% due 08/25/2036 •  |  | 10353 |  | 5200 |
|  4.812% due 03/25/2036 •  |  | 3804 |  | 3728 |
|  4.872% due 12/25/2035 •  |  | 16527 |  | 15547 |
|  4.892% due 12/25/2035 •  |  | 4045 |  | 3988 |
|  4.932% due 01/25/2035 •  |  | 902 |  | 917 |
|  4.947% due 09/25/2035 •  |  | 281 |  | 270 |
|  4.977% due 02/25/2035 •  |  | 423 |  | 420 |
|  5.012% due 01/25/2034 •  |  | 4202 |  | 4306 |
|  5.052% due 01/25/2035 •  |  | 3087 |  | 3129 |
|  5.082% due 04/25/2034 •  |  | 1865 |  | 1893 |
|  5.097% due 08/25/2034 •  |  | 95 |  | 93 |
|  5.157% due 11/25/2034 •  |  | 1611 |  | 1554 |
|  5.172% due 05/25/2034 •  |  | 8203 |  | 8723 |
|  5.172% due 08/25/2034 •  |  | 9833 |  | 10214 |
|  5.187% due 07/25/2034 •  |  | 1555 |  | 1574 |
|  5.187% due 09/25/2034 •  |  | 6530 |  | 6601 |
|  5.202% due 07/25/2035 •  |  | 2473 |  | 2425 |
|  5.232% due 03/25/2035 •  |  | 4234 |  | 4090 |
|  5.247% due 07/25/2034 •  |  | 225 |  | 240 |
|  5.247% due 07/25/2035 •  |  | 3750 |  | 3340 |
|  5.262% due 06/25/2035 •  |  | 1010 |  | 1008 |
|  5.307% due 01/25/2035 •  |  | 2114 |  | 1958 |
|  5.307% due 03/25/2035 •  |  | 2526 |  | 2293 |
|  5.307% due 07/25/2035 •  |  | 1926 |  | 1895 |
|  5.332% due 09/25/2034 •  |  | 323 |  | 340 |
|  5.352% due 03/25/2033 •  |  | 5 |  | 5 |
|  5.367% due 01/25/2035 •  |  | 2614 |  | 2279 |
|  5.522% due 07/25/2037 •  |  | 14010 |  | 12328 |
|  8.072% due 02/25/2047 •  |  | 23382 |  | 19467 |
|  Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust |
|  4.632% due 03/25/2036 •  |  | 1985 |  | 1671 |
|  4.812% due 03/25/2036 •  |  | 69916 |  | 58837 |
|  4.827% due 01/25/2036 •  |  | 15700 |  | 13123 |
|  4.852% due 01/25/2036 •  |  | 6605 |  | 6442 |
|  4.852% due 02/25/2036 •  |  | 1936 |  | 1929 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.622% due 02/25/2033 •  |  | 191 |  | 204 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **33** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.372% due 12/25/2036 •  | $— | 3086 | $— | 1482 |
|  4.372% due 04/25/2037 •  |  | 5682 |  | 2953 |
|  4.412% due 12/25/2036 •  |  | 37926 |  | 18226 |
|  4.442% due 04/25/2037 •  |  | 8028 |  | 4172 |
|  4.592% due 04/25/2036 •  |  | 6465 |  | 4525 |
|  4.622% due 04/25/2037 •  |  | 16902 |  | 8785 |
|  4.782% due 02/25/2036 •  |  | 617 |  | 588 |
|  4.792% due 04/25/2036 •  |  | 9858 |  | 6892 |
|  5.262% due 05/25/2035 •  |  | 3749 |  | 3710 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.342% due 11/25/2036 •  |  | 7640 |  | 2458 |
|  4.382% due 11/25/2036 •  |  | 28344 |  | 9117 |
|  4.422% due 11/25/2036 •  |  | 1452 |  | 467 |
|  4.492% due 11/25/2036 •  |  | 19381 |  | 6233 |
|  4.572% due 07/25/2036 •  |  | 6230 |  | 2437 |
|  4.732% due 07/25/2036 •  |  | 24245 |  | 9543 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.612% due 10/25/2036 •  |  | 2120 |  | 591 |
|  4.612% due 11/25/2036 •  |  | 19606 |  | 3591 |
|  5.750% due 04/25/2037 ~ |  | 2114 |  | 1021 |
|  6.000% due 02/25/2037 ~ |  | 106 |  | 100 |
|  6.122% due 01/25/2047 þ |  | 89 |  | 84 |
|  6.254% due 01/25/2047 þ |  | 5590 |  | 2611 |
|  6.263% due 01/25/2047 þ |  | 6941 |  | 2005 |
|  6.419% due 09/25/2046 þ |  | 13083 |  | 2725 |
|  6.465% due 09/25/2046 þ |  | 3504 |  | 1150 |
|  6.604% due 09/25/2046 þ |  | 9125 |  | 1899 |
|  Morgan Stanley Structured Trust | Morgan Stanley Structured Trust | Morgan Stanley Structured Trust | Morgan Stanley Structured Trust | Morgan Stanley Structured Trust |
|  4.572% due 06/25/2037 •  |  | 43398 |  | 40083 |
|  Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust |
|  4.622% due 06/25/2037 •  |  | 154 |  | 151 |
|  4.647% due 06/25/2037 •  |  | 2527 |  | 2235 |
|  4.677% due 03/25/2037 •  |  | 1930 |  | 1920 |
|  4.692% due 03/25/2037 •  |  | 11347 |  | 11004 |
|  4.722% due 03/25/2037 •  |  | 8000 |  | 7309 |
|  4.772% due 06/25/2037 •  |  | 224 |  | 220 |
|  4.812% due 09/25/2036 •  |  | 25434 |  | 25232 |
|  4.827% due 09/25/2036 •  |  | 1338 |  | 1292 |
|  4.887% due 04/25/2037 •  |  | 17031 |  | 16443 |
|  4.912% due 04/25/2037 •  |  | 1434 |  | 1424 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.632% due 05/25/2036 •  |  | 6168 |  | 6208 |
|  4.856% due 11/25/2033 þ |  | 34 |  | 31 |
|  4.917% due 12/25/2035 •  |  | 4707 |  | 4551 |
|  5.007% due 10/25/2035 •  |  | 35480 |  | 31218 |
|  5.012% due 08/25/2034 •  |  | 81 |  | 82 |
|  5.037% due 02/25/2035 •  |  | 11057 |  | 10811 |
|  5.052% due 03/25/2035 •  |  | 807 |  | 806 |
|  5.217% due 09/25/2035 •  |  | 8606 |  | 8543 |
|  5.247% due 06/25/2035 •  |  | 4529 |  | 4485 |
|  5.277% due 07/25/2035 •  |  | 8528 |  | 8504 |
|  5.322% due 07/25/2035 •  |  | 32115 |  | 31819 |
|  5.337% due 03/25/2035 •  |  | 2853 |  | 2859 |
|  5.397% due 03/25/2035 •  |  | 3758 |  | 3725 |
|  Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust |
|  4.462% due 04/25/2037 •  |  | 11532 |  | 11263 |
|  4.502% due 04/25/2037 •  |  | 1896 |  | 1886 |
|  4.612% due 04/25/2037 •  |  | 14485 |  | 13616 |
|  4.772% due 04/25/2037 •  |  | 7785 |  | 6794 |
|  4.992% due 03/25/2036 •  |  | 5500 |  | 5473 |
|  5.127% due 03/25/2036 •  |  | 16347 |  | 15719 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.572% due 07/25/2036 •  |  | 18726 |  | 17603 |
|  4.707% due 03/25/2036 •  |  | 147 |  | 147 |
|  4.752% due 03/25/2036 •  |  | 4024 |  | 3984 |
|  4.902% due 02/25/2036 •  |  | 2161 |  | 2024 |
|  4.932% due 11/25/2035 •  |  | 6798 |  | 6593 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.452% due 09/25/2037 •  |  | 25036 |  | 24034 |
|  4.532% due 03/25/2037 •  |  | 84558 |  | 55217 |
|  4.572% due 06/25/2036 •  |  | 1155 |  | 857 |
|  4.612% due 01/25/2037 •  |  | 1075 |  | 355 |
|  4.962% due 01/25/2036 •  |  | 11241 |  | 10605 |
|  5.007% due 01/25/2036 •  |  | 13783 |  | 13318 |
|  5.097% due 06/25/2034 •  |  | 146 |  | 143 |
|  5.157% due 01/25/2036 •  |  | 3000 |  | 2599 |
|  5.187% due 10/25/2035 •  |  | 10291 |  | 10076 |
|  5.442% due 06/25/2035 •  |  | 20317 |  | 20204 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.392% due 03/25/2037 •  | $— | 749 | $— | 737 |
|  4.402% due 07/25/2037 •  |  | 3512 |  | 2297 |
|  4.442% due 05/25/2037 •  |  | 5901 |  | 3190 |
|  4.452% due 04/25/2037 •  |  | 19944 |  | 11186 |
|  4.452% due 07/25/2037 •  |  | 4126 |  | 2698 |
|  4.462% due 07/25/2037 •  |  | 821 |  | 735 |
|  4.472% due 07/25/2036 •  |  | 7388 |  | 4432 |
|  4.492% due 04/25/2037 •  |  | 98480 |  | 68711 |
|  4.492% due 05/25/2037 •  |  | 89985 |  | 54353 |
|  4.512% due 04/25/2037 •  |  | 6527 |  | 3482 |
|  4.552% due 01/25/2037 •  |  | 26356 |  | 16530 |
|  4.552% due 02/25/2037 •  |  | 28460 |  | 15605 |
|  4.552% due 03/25/2037 •  |  | 51256 |  | 31018 |
|  4.572% due 03/25/2037 •  |  | 36754 |  | 18261 |
|  4.572% due 05/25/2037 •  |  | 6750 |  | 3648 |
|  4.582% due 04/25/2037 •  |  | 2804 |  | 1596 |
|  4.772% due 03/25/2037 •  |  | 4536 |  | 2254 |
|  4.842% due 01/25/2036 •  |  | 54206 |  | 43014 |
|  5.067% due 05/25/2034 •  |  | 1725 |  | 1757 |
|  5.142% due 05/25/2035 •  |  | 3941 |  | 3405 |
|  5.172% due 01/25/2034 •  |  | 8835 |  | 8378 |
|  5.697% due 11/25/2034 •  |  | 7 |  | 8 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  4.902% due 12/25/2035 •  |  | 2157 |  | 2111 |
|  4.932% due 12/25/2035 •  |  | 8709 |  | 7724 |
|  4.962% due 11/25/2035 •  |  | 7962 |  | 7710 |
|  5.007% due 11/25/2035 •  |  | 5889 |  | 5125 |
|  5.127% due 10/25/2032 •  |  | 1026 |  | 1209 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  3.150% due 10/25/2035 þ |  | 5925 |  | 3334 |
|  4.552% due 10/25/2037 •  |  | 8242 |  | 8918 |
|  4.572% due 07/25/2037 •  |  | 13432 |  | 12314 |
|  4.767% due 03/25/2037 •  |  | 9242 |  | 9664 |
|  4.792% due 07/25/2037 •  |  | 6231 |  | 5713 |
|  4.947% due 06/25/2036 •  |  | 4744 |  | 4093 |
|  5.172% due 10/25/2036 •  |  | 5445 |  | 5392 |
|  5.292% due 03/25/2036 •  |  | 3163 |  | 2787 |
|  Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. |
|  5.217% due 09/25/2035 •  |  | 4000 |  | 3582 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.992% due 05/25/2035 •  |  | 1460 |  | 1455 |
|  5.007% due 08/25/2035 •  |  | 41 |  | 42 |
|  5.007% due 09/25/2035 •  |  | 1165 |  | 1146 |
|  5.052% due 08/25/2035 •  |  | 4000 |  | 3816 |
|  5.097% due 07/25/2035 •  |  | 16414 |  | 15881 |
|  5.202% due 05/25/2035 •  |  | 22971 |  | 21825 |
|  5.247% due 07/25/2035 •  |  | 21655 |  | 18699 |
|  5.277% due 06/25/2035 •  |  | 10093 |  | 9766 |
|  5.307% due 05/25/2035 •  |  | 4784 |  | 3939 |
|  5.322% due 10/25/2034 •  |  | 2331 |  | 2308 |
|  5.322% due 06/25/2035 •  |  | 4641 |  | 4060 |
|  5.442% due 03/25/2035 •  |  | 17052 |  | 15837 |
|  5.592% due 01/25/2036 •  |  | 5724 |  | 5517 |
|  5.847% due 02/25/2035 •  |  | 10653 |  | 10521 |
|  5.997% due 02/25/2035 •  |  | 3247 |  | 3002 |
|  6.042% due 10/25/2034 •  |  | 17186 |  | 16556 |
|  6.072% due 09/25/2034 •  |  | 2610 |  | 2539 |
|  6.072% due 12/25/2034 •  |  | 14131 |  | 14102 |
|  6.147% due 10/25/2034 •  |  | 3846 |  | 3453 |
|  6.147% due 12/25/2034 •  |  | 8426 |  | 8014 |
|  6.222% due 02/25/2035 •  |  | 17714 |  | 14424 |
|  6.372% due 09/25/2034 •  |  | 3062 |  | 2677 |
|  People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
|  5.997% due 10/25/2034 •  |  | 4024 |  | 3696 |
|  People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust |
|  4.402% due 09/25/2036 •  |  | 27844 |  | 5065 |
|  4.412% due 09/25/2036 •  |  | 24745 |  | 5968 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.582% due 06/25/2047 •  |  | 7442 |  | 6969 |
|  4.767% due 07/25/2036 •  |  | 1635 |  | 1576 |
|  4.812% due 05/25/2036 •  |  | 2320 |  | 2211 |
|  5.142% due 02/25/2036 •  |  | 1126 |  | 1075 |
|  5.917% due 04/25/2035 þ |  | 2156 |  | 2131 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  4.772% due 02/25/2037 •  |  | 2524 |  | 2493 |
|  4.972% due 11/25/2046 •  |  | 915 |  | 850 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.032% due 10/25/2046 •  | $— | 5066 | $— | 4971 |
|  5.247% due 02/25/2046 •  |  | 17808 |  | 17641 |
|  5.922% due 05/25/2039 •  |  | 1206 |  | 1255 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  4.795% due 09/25/2055 «þ |  | 81600 |  | 81458 |
|  5.344% due 09/25/2044 þ |  | 21290 |  | 21379 |
|  6.025% due 02/25/2044 ~ |  | 9252 |  | 9353 |
|  6.141% due 04/25/2044 ~ |  | 48422 |  | 49043 |
|  6.147% due 06/25/2044 þ |  | 56707 |  | 57508 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.434% due 08/25/2033 •  |  | 528 |  | 483 |
|  5.512% due 04/25/2037 þ |  | 6555 |  | 1650 |
|  5.580% due 11/25/2036 þ |  | 12329 |  | 3931 |
|  5.612% due 04/25/2037 þ |  | 853 |  | 219 |
|  5.675% due 06/25/2037 þ |  | 3891 |  | 951 |
|  5.731% due 11/25/2036 þ |  | 548 |  | 180 |
|  5.744% due 06/25/2037 þ |  | 137503 |  | 34042 |
|  5.761% due 04/25/2037 þ |  | 2781 |  | 732 |
|  5.797% due 08/25/2036 þ |  | 662 |  | 233 |
|  5.812% due 11/25/2036 þ |  | 9025 |  | 2998 |
|  5.879% due 06/25/2037 þ |  | 8523 |  | 2161 |
|  5.893% due 06/25/2037 þ |  | 6639 |  | 1688 |
|  5.906% due 06/25/2037 þ |  | 23928 |  | 6096 |
|  6.011% due 05/25/2036 þ |  | 9006 |  | 4276 |
|  6.066% due 02/25/2036 þ |  | 270 |  | 232 |
|  6.115% due 08/25/2036 þ |  | 17329 |  | 6423 |
|  6.120% due 11/25/2036 þ |  | 683 |  | 239 |
|  6.203% due 06/25/2037 þ |  | 38172 |  | 10394 |
|  7.750% due 09/25/2037 þ |  | 28964 |  | 11396 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.617% due 12/25/2036 •  |  | 15000 |  | 14250 |
|  4.712% due 12/25/2035 •  |  | 15555 |  | 14295 |
|  4.812% due 02/25/2036 •  |  | 1137 |  | 1108 |
|  4.917% due 02/25/2036 •  |  | 2099 |  | 2052 |
|  4.972% due 12/25/2035 •  |  | 19238 |  | 17329 |
|  5.022% due 04/25/2034 •  |  | 2168 |  | 2178 |
|  5.142% due 04/25/2034 •  |  | 1045 |  | 1054 |
|  5.142% due 10/25/2035 •  |  | 11246 |  | 10950 |
|  5.157% due 11/25/2035 •  |  | 7000 |  | 6738 |
|  5.217% due 09/25/2035 •  |  | 8230 |  | 8113 |
|  5.217% due 10/25/2035 •  |  | 700 |  | 618 |
|  5.322% due 08/25/2035 •  |  | 1148 |  | 1138 |
|  5.337% due 07/25/2035 •  |  | 5457 |  | 5409 |
|  5.847% due 04/25/2034 •  |  | 1610 |  | 1615 |
|  5.952% due 08/25/2035 •  |  | 12534 |  | 11791 |
|  6.252% due 04/25/2034 •  |  | 2821 |  | 2966 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.492% due 02/25/2037 •  |  | 5176 |  | 5076 |
|  4.512% due 10/25/2036 •  |  | 16744 |  | 16574 |
|  4.522% due 11/25/2036 •  |  | 58890 |  | 51507 |
|  4.552% due 07/25/2036 •  |  | 14658 |  | 14398 |
|  4.552% due 09/25/2036 •  |  | 897 |  | 890 |
|  4.612% due 11/25/2036 •  |  | 6271 |  | 5882 |
|  4.692% due 04/25/2037 •  |  | 4735 |  | 4639 |
|  4.712% due 01/25/2037 •  |  | 3890 |  | 3801 |
|  4.782% due 04/25/2036 •  |  | 23954 |  | 22119 |
|  4.792% due 07/25/2036 •  |  | 9266 |  | 8343 |
|  4.794% due 04/25/2034 •  |  | 844 |  | 831 |
|  4.812% due 07/25/2036 •  |  | 19099 |  | 16907 |
|  4.832% due 04/25/2036 •  |  | 2280 |  | 2283 |
|  4.872% due 02/25/2036 •  |  | 3336 |  | 3337 |
|  4.887% due 11/25/2035 •  |  | 14104 |  | 13555 |
|  4.932% due 10/25/2035 •  |  | 8637 |  | 8489 |
|  4.952% due 04/25/2037 •  |  | 27718 |  | 27054 |
|  4.952% due 05/25/2037 •  |  | 418 |  | 416 |
|  4.977% due 09/25/2035 •  |  | 6340 |  | 6068 |
|  4.977% due 11/25/2035 •  |  | 224 |  | 219 |
|  4.992% due 01/25/2036 •  |  | 1542 |  | 1529 |
|  5.112% due 09/25/2034 •  |  | 444 |  | 436 |
|  5.142% due 11/25/2035 •  |  | 10475 |  | 9278 |
|  5.157% due 12/25/2035 •  |  | 1516 |  | 1393 |
|  5.172% due 11/25/2035 •  |  | 6287 |  | 6218 |
|  5.232% due 08/25/2035 •  |  | 2705 |  | 2690 |
|  5.307% due 08/25/2035 •  |  | 4230 |  | 4154 |
|  5.517% due 03/25/2035 •  |  | 530 |  | 525 |
|  5.980% due 09/25/2034 ~ |  | 895 |  | 842 |
|  5.997% due 11/25/2034 •  |  | 89 |  | 89 |
|  5.997% due 08/25/2035 •  |  | 4551 |  | 4418 |
|  6.072% due 04/25/2035 •  |  | 1982 |  | 1932 |
|  6.144% due 01/25/2034 •  |  | 2163 |  | 2202 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.222% due 11/25/2034 •  | $— | 802 | $— | 800 |
|  6.747% due 11/25/2034 •  |  | 1948 |  | 1935 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  0.000% due 05/25/2035 •  |  | 1658 |  | 1374 |
|  1.209% due 11/25/2035 •  |  | 12994 |  | 9876 |
|  3.766% due 12/25/2033 •  |  | 1159 |  | 1131 |
|  4.452% due 05/25/2037 •  |  | 21580 |  | 15963 |
|  4.582% due 09/25/2037 •  |  | 7282 |  | 7041 |
|  4.762% due 09/25/2047 •  |  | 4148 |  | 3558 |
|  4.947% due 11/25/2037 •  |  | 7795 |  | 7573 |
|  4.992% due 11/25/2037 •  |  | 4873 |  | 4222 |
|  5.067% due 03/25/2031 •  |  | 143 |  | 125 |
|  5.202% due 11/25/2037 •  |  | 5426 |  | 4580 |
|  5.247% due 12/26/2034 •  |  | 186 |  | 171 |
|  6.022% due 12/25/2037 •  |  | 4745 |  | 4192 |
|  9.147% due 12/26/2034 •  |  | 532 |  | 73 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.392% due 12/25/2036 •  |  | 442 |  | 94 |
|  4.472% due 07/25/2036 •  |  | 19046 |  | 7521 |
|  4.532% due 12/25/2036 •  |  | 5824 |  | 5453 |
|  4.552% due 06/25/2036 •  |  | 6792 |  | 4630 |
|  4.552% due 07/25/2036 •  |  | 9611 |  | 8259 |
|  4.572% due 07/25/2036 •  |  | 19000 |  | 7502 |
|  4.572% due 09/25/2036 •  |  | 3740 |  | 1245 |
|  4.592% due 07/25/2036 •  |  | 5008 |  | 1655 |
|  4.592% due 12/25/2036 •  |  | 28506 |  | 6094 |
|  4.672% due 12/25/2036 •  |  | 65341 |  | 23681 |
|  4.722% due 02/25/2037 •  |  | 32358 |  | 29541 |
|  4.752% due 07/25/2036 •  |  | 3477 |  | 1373 |
|  4.772% due 06/25/2036 •  |  | 15375 |  | 10479 |
|  4.917% due 10/25/2035 •  |  | 3190 |  | 2620 |
|  4.947% due 01/25/2035 •  |  | 717 |  | 665 |
|  4.992% due 10/25/2035 •  |  | 963 |  | 845 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.552% due 10/25/2036 •  |  | 13298 |  | 12273 |
|  4.592% due 07/25/2036 •  |  | 8435 |  | 1755 |
|  4.732% due 07/25/2036 •  |  | 7894 |  | 1650 |
|  4.812% due 02/25/2036 •  |  | 1140 |  | 563 |
|  4.977% due 10/25/2035 •  |  | 2000 |  | 1882 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.774% due 04/25/2035 •  |  | 464 |  | 453 |
|  4.352% due 06/25/2037 •  |  | 3748 |  | 2502 |
|  4.422% due 06/25/2037 •  |  | 10415 |  | 6953 |
|  4.442% due 07/25/2037 •  |  | 1282 |  | 1143 |
|  4.442% due 08/25/2037 •  |  | 7673 |  | 6662 |
|  4.472% due 06/25/2037 •  |  | 121271 |  | 83436 |
|  4.482% due 06/25/2037 •  |  | 15354 |  | 10250 |
|  4.492% due 01/25/2037 •  |  | 570 |  | 416 |
|  4.492% due 02/25/2037 •  |  | 180 |  | 48 |
|  4.552% due 06/25/2037 •  |  | 4589 |  | 3063 |
|  4.572% due 03/25/2037 •  |  | 7593 |  | 7311 |
|  4.592% due 01/25/2037 •  |  | 28787 |  | 21021 |
|  4.612% due 11/25/2036 •  |  | 58927 |  | 15890 |
|  4.677% due 12/25/2036 •  |  | 8198 |  | 8187 |
|  4.732% due 06/25/2036 •  |  | 3863 |  | 3756 |
|  4.737% due 02/25/2036 •  |  | 10422 |  | 9901 |
|  4.737% due 06/25/2036 •  |  | 1209 |  | 1094 |
|  4.752% due 07/25/2036 •  |  | 8931 |  | 8253 |
|  4.752% due 01/25/2037 •  |  | 12529 |  | 9148 |
|  4.772% due 10/25/2036 •  |  | 19160 |  | 18444 |
|  4.772% due 11/25/2036 •  |  | 6214 |  | 5915 |
|  4.790% due 03/25/2036 •  |  | 920 |  | 823 |
|  4.827% due 03/25/2036 •  |  | 14893 |  | 14558 |
|  4.872% due 01/25/2037 •  |  | 15294 |  | 14898 |
|  4.962% due 12/25/2035 •  |  | 7346 |  | 6912 |
|  5.012% due 02/25/2037 •  |  | 19142 |  | 5155 |
|  5.022% due 06/25/2035 •  |  | 17750 |  | 16319 |
|  5.022% due 03/25/2036 •  |  | 271 |  | 270 |
|  5.127% due 01/25/2035 •  |  | 94 |  | 81 |
|  5.172% due 10/25/2037 •  |  | 1718 |  | 1338 |
|  5.222% due 09/25/2037 •  |  | 3103 |  | 2621 |
|  5.247% due 08/25/2035 •  |  | 8802 |  | 6739 |
|  5.247% due 11/25/2035 •  |  | 3946 |  | 3910 |
|  5.307% due 05/25/2035 •  |  | 3298 |  | 3309 |
|  5.352% due 07/25/2035 •  |  | 866 |  | 864 |
|  5.572% due 11/25/2033 •  |  | 11 |  | 13 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.532% due 07/25/2036 •  |  | 27060 |  | 20198 |
|  4.552% due 06/25/2036 •  |  | 8502 |  | 8341 |
|  4.572% due 07/25/2036 •  |  | 160 |  | 159 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.617% due 07/25/2036 •  | $— | 30544 | $— | 17716 |
|  4.872% due 01/25/2036 •  |  | 234 |  | 231 |
|  4.887% due 01/25/2036 •  |  | 42504 |  | 35165 |
|  4.892% due 01/25/2036 •  |  | 28594 |  | 27061 |
|  4.902% due 11/25/2035 •  |  | 8478 |  | 8343 |
|  4.992% due 04/25/2033 •  |  | 91 |  | 99 |
|  4.992% due 04/25/2035 •  |  | 254 |  | 252 |
|  4.992% due 07/25/2035 •  |  | 12004 |  | 11510 |
|  4.992% due 10/25/2035 •  |  | 14734 |  | 14481 |
|  5.007% due 09/25/2035 •  |  | 18793 |  | 17023 |
|  5.022% due 07/25/2035 •  |  | 2283 |  | 2225 |
|  5.037% due 08/25/2035 •  |  | 10784 |  | 10603 |
|  5.052% due 02/25/2035 •  |  | 3986 |  | 3945 |
|  5.052% due 03/25/2035 •  |  | 6335 |  | 6124 |
|  5.097% due 05/25/2034 •  |  | 236 |  | 230 |
|  5.172% due 04/25/2035 •  |  | 17440 |  | 16550 |
|  5.202% due 09/25/2034 •  |  | 229 |  | 198 |
|  5.202% due 06/25/2035 •  |  | 1280 |  | 1241 |
|  5.222% due 07/25/2033 •  |  | 548 |  | 537 |
|  5.222% due 08/25/2033 •  |  | 2633 |  | 2560 |
|  5.247% due 01/25/2035 •  |  | 5004 |  | 4707 |
|  5.247% due 05/25/2035 •  |  | 25492 |  | 23786 |
|  5.352% due 05/25/2035 •  |  | 1141 |  | 742 |
|  5.397% due 07/25/2033 •  |  | 321 |  | 319 |
|  5.547% due 11/25/2034 •  |  | 5203 |  | 5497 |
|  5.547% due 12/25/2034 •  |  | 512 |  | 500 |
|  5.772% due 11/25/2034 •  |  | 1489 |  | 1671 |
|  5.997% due 10/25/2034 •  |  | 2171 |  | 2198 |
|  5.997% due 11/25/2034 •  |  | 1948 |  | 2112 |
|  6.597% due 11/25/2034 •  |  | 96 |  | 107 |
|  6.897% due 08/25/2033 •  |  | 2 |  | 2 |
|  7.047% due 10/25/2033 •  |  | 99 |  | 115 |
|  7.272% due 06/25/2033 •  |  | 2235 |  | 2290 |
|  7.272% due 11/25/2034 •  |  | 2222 |  | 2285 |
|  7.422% due 08/25/2033 •  |  | 1046 |  | 981 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.364% due 02/25/2035 •  |  | 5546 |  | 5939 |
|  4.977% due 02/25/2035 •  |  | 3100 |  | 3151 |
|  5.022% due 02/25/2035 •  |  | 2425 |  | 2292 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.412% due 08/25/2046 •  |  | 13711 |  | 13233 |
|  4.422% due 09/25/2036 •  |  | 3782 |  | 3670 |
|  4.432% due 03/25/2036 •  |  | 9318 |  | 9113 |
|  4.492% due 10/25/2037 •  |  | 32877 |  | 20714 |
|  4.502% due 05/25/2047 •  |  | 1275 |  | 1254 |
|  4.532% due 05/25/2036 •  |  | 6220 |  | 6138 |
|  4.572% due 03/25/2037 •  |  | 15615 |  | 10458 |
|  4.582% due 08/25/2046 •  |  | 3086 |  | 2849 |
|  4.592% due 04/25/2036 •  |  | 2896 |  | 2888 |
|  4.592% due 01/25/2037 •  |  | 12449 |  | 11874 |
|  4.632% due 03/25/2037 •  |  | 3448 |  | 1274 |
|  4.692% due 02/25/2037 •  |  | 2632 |  | 2599 |
|  4.707% due 07/25/2036 •  |  | 45481 |  | 45264 |
|  4.707% due 09/25/2036 •  |  | 46323 |  | 45346 |
|  4.732% due 01/25/2037 •  |  | 34567 |  | 19903 |
|  4.752% due 01/25/2037 •  |  | 4620 |  | 4369 |
|  4.772% due 03/25/2037 •  |  | 14991 |  | 5545 |
|  4.772% due 11/25/2037 •  |  | 5750 |  | 5329 |
|  4.797% due 07/25/2036 •  |  | 2404 |  | 2375 |
|  4.812% due 04/25/2036 •  |  | 3937 |  | 3905 |
|  4.842% due 10/25/2036 •  |  | 3051 |  | 3040 |
|  4.872% due 01/25/2037 •  |  | 11915 |  | 9921 |
|  4.872% due 03/25/2037 •  |  | 5162 |  | 1910 |
|  4.892% due 05/25/2036 •  |  | 16773 |  | 16543 |
|  4.892% due 02/25/2037 •  |  | 1668 |  | 1650 |
|  4.947% due 04/25/2035 •  |  | 4515 |  | 4431 |
|  4.947% due 06/25/2035 •  |  | 2413 |  | 2355 |
|  4.977% due 02/25/2036 •  |  | 7983 |  | 7979 |
|  5.067% due 02/25/2036 •  |  | 4889 |  | 4830 |
|  5.172% due 05/25/2035 •  |  | 447 |  | 447 |
|  5.217% due 05/25/2035 •  |  | 115 |  | 115 |
|  5.247% due 05/25/2035 •  |  | 7853 |  | 7739 |
|  5.262% due 05/25/2035 •  |  | 444 |  | 435 |
|  5.277% due 11/25/2035 •  |  | 695 |  | 694 |
|  5.322% due 05/25/2035 •  |  | 4070 |  | 3718 |
|  5.372% due 10/25/2037 •  |  | 85524 |  | 36910 |
|  5.442% due 02/25/2035 •  |  | 234 |  | 216 |
|  5.922% due 05/25/2035 •  |  | 35 |  | 35 |
|  6.272% due 08/25/2037 •  |  | 189 |  | 189 |
|  6.372% due 11/25/2035 •  |  | 3000 |  | 2965 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.897% due 11/25/2035 •  | 3197 | 3160 |
|  7.647% due 08/25/2037 •  | 22510 | 21080 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  5.097% due 01/25/2035 •  | 794 | 836 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  4.812% due 05/25/2031 •  | 2587 | 1814 |
|  4.962% due 09/25/2035 •  | 6293 | 6052 |
|  7.326% due 05/25/2031 ~ | 4573 | 3284 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  4.612% due 07/25/2037 •  | 1386 | 1362 |
|  4.812% due 07/25/2037 •  | 4960 | 4503 |
|  4.812% due 08/25/2037 •  | 17280 | 7495 |
|  4.892% due 04/25/2037 •  | 12682 | 12380 |
|  5.237% due 09/25/2036 •  | 9371 | 3746 |
|  5.247% due 07/25/2035 •  | 6125 | 4645 |
|  5.397% due 04/25/2036 •  | 292 | 292 |
|  5.472% due 04/25/2036 •  | 1857 | 1862 |
|  6.522% due 10/25/2038 •  | 648 | 649 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.278% due 08/25/2065 þ | 68485 | 68924 |
|  5.348% due 07/25/2065 þ | 28300 | 28503 |
|  5.848% due 01/25/2064 ~ | 28156 | 28375 |
|  6.125% due 02/25/2064 ~ | 17355 | 17548 |
|  6.290% due 05/25/2064 ~ | 53802 | 54523 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  4.962% due 10/25/2035 •  | 3475 | 3211 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.442% due 07/25/2047 •  | 10739 | 6210 |
|  4.492% due 04/25/2037 •  | 40 | 15 |
|  4.497% due 05/25/2037 •  | 25738 | 24318 |
|  4.512% due 05/25/2037 •  | 16804 | 14966 |
|  4.522% due 05/25/2037 •  | 13061 | 11638 |
|  4.572% due 01/25/2037 •  | 27558 | 24036 |
|  Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust |
|  3.845% due 10/25/2036 •  | 115 | 40 |
|  4.572% due 05/25/2036 •  | 8532 | 6704 |
|  4.752% due 08/25/2036 •  | 8138 | 5260 |
|  Washington Mutural Asset-Backed Certificates WMABS Trust | Washington Mutural Asset-Backed Certificates WMABS Trust | Washington Mutural Asset-Backed Certificates WMABS Trust |
|  3.845% due 10/25/2036 •  | 11599 | 4080 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.707% due 07/25/2036 •  | 1797 | 1794 |
|  4.732% due 04/25/2037 •  | 5327 | 5266 |
|  4.752% due 07/25/2036 •  | 6795 | 6734 |
|  4.782% due 05/25/2036 •  | 3366 | 3362 |
|  4.827% due 05/25/2036 •  | 3440 | 3325 |
|  4.872% due 04/25/2037 •  | 5000 | 3667 |
|  5.997% due 11/25/2035 •  | 201 | 201 |
|  6.822% due 11/25/2035 •  | 12883 | 12583 |
|  |  | 9074380 |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.492% due 01/25/2037 •  | 8909 | 5018 |
|  4.592% due 01/25/2037 •  | 50007 | 28173 |
|  4.712% due 01/25/2037 •  | 29878 | 16835 |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  3.681% due 10/25/2036 •  | 29013 | 18869 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.110% due 01/25/2037 þ | 26065 | 7273 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  5.989% due 10/25/2046 ~ | 4 | 5 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.146% due 12/25/2035 þ | 6476 | 6381 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  3.908% due 07/25/2036 •  | 1724 | 1713 |
|  3.927% due 11/25/2036 •  | 3608 | 3310 |
|  4.097% due 03/25/2047 •  | 94 | 64 |
|  4.166% due 10/25/2030 þ | 3003 | 1495 |
|  4.166% due 01/25/2037 þ | 515 | 256 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.452% due 02/25/2037 •  | 2766 | 536 |
|  4.572% due 02/25/2037 •  | 3292 | 638 |
|  4.732% due 02/25/2037 •  | 2725 | 528 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **35** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.752% due 04/25/2037 •  | 50537 | 13363 |
|  4.992% due 04/25/2037 •  | 7227 | 1899 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.856% due 11/25/2033 ~ | 4 | 4 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.752% due 10/25/2046 •  | 2734 | 2421 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.792% due 05/25/2036 •  | 13877 | 5456 |
|  4.872% due 03/25/2036 •  | 10000 | 5111 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.752% due 01/25/2037 •  | 14771 | 9267 |
|  4.872% due 12/25/2035 •  | 10454 | 9582 |
|  4.892% due 12/25/2036 •  | 38715 | 23333 |
|  6.372% due 08/25/2037 •  | 7000 | 6965 |
|  Structured Asset Securities Corp. Pass-Through Certificates | Structured Asset Securities Corp. Pass-Through Certificates | Structured Asset Securities Corp. Pass-Through Certificates |
|  3.450% due 02/25/2032 | 43 | 9 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.692% due 03/25/2037 •  | 315 | 316 |
|  |  | 168820 |
| MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% |
|  ABSC Manufactured Housing Contract Resecuritization Trust | ABSC Manufactured Housing Contract Resecuritization Trust | ABSC Manufactured Housing Contract Resecuritization Trust |
|  8.400% due 12/02/2030 ~ | 3649 | 3676 |
|  BankAmerica Manufactured Housing Contract Trust | BankAmerica Manufactured Housing Contract Trust | BankAmerica Manufactured Housing Contract Trust |
|  7.179% due 12/10/2025 ~ | 5000 | 429 |
|  BCMSC Trust | BCMSC Trust | BCMSC Trust |
|  6.530% due 10/15/2028 ~ | 34 | 34 |
|  7.935% due 12/15/2030 ~ | 1705 | 1746 |
|  Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
|  7.220% due 03/15/2028 ~ | 279 | 281 |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  8.060% due 09/01/2029 ~ | 7260 | 948 |
|  GreenPoint Manufactured Housing | GreenPoint Manufactured Housing | GreenPoint Manufactured Housing |
|  7.723% due 06/08/2031 •  | 3533 | 3502 |
|  |  | 10616 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  BCMSC Trust | BCMSC Trust | BCMSC Trust |
|  7.575% due 06/15/2030 ~ | 16139 | 1055 |
|  Cascade MH Asset Trust | Cascade MH Asset Trust | Cascade MH Asset Trust |
|  5.695% due 11/25/2056 ~ | 5212 | 5370 |
|  Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
|  6.440% due 12/01/2030 | 699 | 702 |
|  7.860% due 03/01/2030 ~ | 11106 | 3084 |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  7.360% due 06/01/2030 ~ | 49423 | 12897 |
|  7.490% due 07/01/2031 þ | 6711 | 6827 |
|  7.770% due 09/01/2031 þ | 3218 | 3277 |
|  7.960% due 05/01/2031 | 21173 | 4052 |
|  7.970% due 05/01/2032 | 7164 | 926 |
|  8.200% due 05/01/2031 | 29477 | 5809 |
|  8.260% due 12/01/2030 ~ | 74286 | 12492 |
|  8.310% due 05/01/2032 ~ | 40754 | 5491 |
|  8.850% due 12/01/2030 ~ | 1831 | 220 |
|  Mid-State Trust XI | Mid-State Trust XI | Mid-State Trust XI |
|  4.864% due 07/15/2038 | 114 | 114 |
|  Newcastle Investment Trust | Newcastle Investment Trust | Newcastle Investment Trust |
|  0.000% due 05/01/2033 ~ | 29800 | 29519 |
|  Oakwood Mortgage Investors, Inc. | Oakwood Mortgage Investors, Inc. | Oakwood Mortgage Investors, Inc. |
|  7.945% due 03/15/2049 ~ | 2929 | 352 |
|  |  | 92187 |
| WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.572% due 02/25/2037 •  | 21588 | 16892 |
|  4.732% due 04/25/2036 •  | 4093 | 4214 |
|  4.772% due 05/25/2036 •  | 23316 | 5152 |
|  4.797% due 04/25/2035 •  | 408 | 387 |
|  4.837% due 12/25/2034 •  | 592 | 521 |
|  5.250% due 06/25/2034 þ | 1220 | 1190 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 06/25/2034 þ | $— | 130 | $— | 127 |
|  5.500% due 08/25/2035 ~ |  | 2507 |  | 1457 |
|  5.750% due 10/25/2034 þ |  | 1603 |  | 1554 |
|  6.000% due 10/25/2035 þ |  | 4460 |  | 2702 |
|  6.750% due 12/25/2036 þ |  | 1208 |  | 1228 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.072% due 09/25/2046 •  |  | 2021 |  | 1947 |
|  5.125% due 03/25/2034 þ |  | 361 |  | 523 |
|  5.203% due 07/25/2036 •  |  | 549 |  | 486 |
|  5.299% due 10/25/2036 ~ |  | 28 |  | 14 |
|  5.372% due 10/25/2033 •  |  | 15 |  | 16 |
|  5.452% due 01/25/2034 •  |  | 2069 |  | 1621 |
|  5.500% due 01/25/2034 þ |  | 3351 |  | 2797 |
|  5.500% due 08/25/2036 |  | 117 |  | 119 |
|  5.750% due 10/25/2033 þ |  | 34 |  | 40 |
|  5.750% due 01/25/2034 þ |  | 2910 |  | 2428 |
|  6.000% due 08/25/2036 |  | 1903 |  | 1913 |
|  6.500% due 08/25/2036 |  | 3103 |  | 924 |
|  6.522% due 04/25/2036 •  |  | 4637 |  | 4840 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.672% due 11/25/2046 •  |  | 7052 |  | 6962 |
|  4.692% due 06/25/2037 •  |  | 6302 |  | 5844 |
|  4.722% due 10/25/2036 •  |  | 589 |  | 589 |
|  4.722% due 01/25/2037 •  |  | 2500 |  | 2450 |
|  4.752% due 11/25/2036 •  |  | 2500 |  | 2360 |
|  4.947% due 03/25/2037 •  |  | 18353 |  | 18415 |
|  4.972% due 11/25/2046 •  |  | 12375 |  | 10395 |
|  5.749% due 08/25/2035 þ |  | 13 |  | 12 |
|  5.772% due 07/25/2037 •  |  | 8380 |  | 8270 |
|  5.830% due 11/25/2034 þ |  | 1977 |  | 1988 |
|  6.485% due 05/25/2036 þ |  | 10900 |  | 3917 |
|  6.582% due 03/25/2036 þ |  | 1724 |  | 814 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.752% due 04/25/2036 •  |  | 5919 |  | 5393 |
|  4.772% due 03/25/2036 •  |  | 451 |  | 483 |
|  4.952% due 03/25/2036 •  |  | 24253 |  | 21294 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.170% due 04/25/2035 •  |  | 2505 |  | 2457 |
|  4.377% due 09/25/2036 •  |  | 4950 |  | 4733 |
|  4.386% due 03/25/2036 •  |  | 16351 |  | 15713 |
|  4.387% due 07/25/2036 •  |  | 196 |  | 187 |
|  4.392% due 11/25/2036 •  |  | 12703 |  | 12196 |
|  4.422% due 12/25/2036 •  |  | 6825 |  | 5928 |
|  4.432% due 11/25/2036 •  |  | 46 |  | 48 |
|  4.552% due 12/25/2036 •  |  | 4673 |  | 1899 |
|  4.552% due 03/25/2037 •  |  | 19341 |  | 10117 |
|  4.572% due 05/25/2036 •  |  | 1019 |  | 1004 |
|  4.572% due 08/25/2036 •  |  | 19366 |  | 18876 |
|  4.582% due 09/25/2036 •  |  | 25760 |  | 24076 |
|  4.582% due 11/25/2036 •  |  | 3900 |  | 3377 |
|  4.592% due 12/25/2037 •  |  | 13146 |  | 12113 |
|  4.652% due 02/25/2036 •  |  | 9861 |  | 9435 |
|  4.692% due 12/25/2037 •  |  | 10480 |  | 9654 |
|  4.707% due 04/25/2036 •  |  | 9023 |  | 8598 |
|  4.712% due 01/25/2038 •  |  | 261 |  | 144 |
|  4.732% due 07/25/2036 •  |  | 13893 |  | 13720 |
|  4.842% due 02/25/2036 •  |  | 22223 |  | 21000 |
|  4.932% due 01/25/2036 •  |  | 78 |  | 78 |
|  4.977% due 11/25/2036 •  |  | 5945 |  | 5836 |
|  4.992% due 11/25/2035 •  |  | 15737 |  | 14860 |
|  5.052% due 09/25/2035 •  |  | 676 |  | 676 |
|  5.052% due 06/25/2036 •  |  | 7647 |  | 7535 |
|  5.082% due 10/25/2035 •  |  | 5957 |  | 7036 |
|  5.097% due 05/25/2034 •  |  | 1859 |  | 1816 |
|  5.172% due 07/25/2035 •  |  | 3963 |  | 3954 |
|  5.217% due 09/25/2035 •  |  | 10125 |  | 9404 |
|  5.222% due 07/25/2033 •  |  | 2096 |  | 2207 |
|  5.247% due 05/25/2035 •  |  | 12584 |  | 12337 |
|  5.277% due 09/25/2035 •  |  | 30600 |  | 29629 |
|  5.397% due 12/25/2034 •  |  | 334 |  | 371 |
|  5.457% due 12/25/2034 •  |  | 2042 |  | 2072 |
|  5.547% due 07/25/2034 •  |  | 930 |  | 926 |
|  5.697% due 10/25/2034 •  |  | 709 |  | 713 |
|  5.772% due 03/25/2034 •  |  | 211 |  | 208 |
|  5.982% due 05/25/2034 •  |  | 60 |  | 57 |
|  6.072% due 09/25/2034 •  |  | 581 |  | 636 |
|  6.147% due 07/25/2034 •  |  | 1011 |  | 1018 |
|  6.747% due 03/25/2034 •  |  | 1398 |  | 1334 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.393% due 11/25/2034 •  |  | 1152 |  | 1116 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.592% due 07/25/2036 •  | $— | 25833 | $— | 8124 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.442% due 02/25/2037 •  |  | 20413 |  | 17495 |
|  4.452% due 02/25/2037 •  |  | 10767 |  | 10038 |
|  4.592% due 05/25/2036 •  |  | 12330 |  | 10811 |
|  4.732% due 02/25/2037 •  |  | 7157 |  | 5674 |
|  4.792% due 11/25/2035 •  |  | 1349 |  | 1131 |
|  4.832% due 05/25/2036 •  |  | 1559 |  | 1573 |
|  4.987% due 01/25/2036 þ |  | 4266 |  | 3824 |
|  5.022% due 10/25/2035 •  |  | 340 |  | 398 |
|  5.032% due 11/25/2035 •  |  | 4391 |  | 3686 |
|  6.395% due 11/25/2035 •  |  | 3208 |  | 2083 |
|  6.640% due 04/25/2036 þ |  | 6198 |  | 6135 |
|  7.000% due 02/25/2037 ~ |  | 2210 |  | 2282 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  5.292% due 07/25/2035 •  |  | 6091 |  | 6022 |
|  5.322% due 04/25/2035 •  |  | 1139 |  | 1137 |
|  PRET LLC | PRET LLC | PRET LLC | PRET LLC | PRET LLC |
|  5.391% due 08/25/2055 þ |  | 51575 |  | 51653 |
|  5.657% due 08/25/2055 þ |  | 41080 |  | 41233 |
|  5.732% due 08/25/2055 þ |  | 26927 |  | 27014 |
|  5.744% due 06/25/2055 þ |  | 29292 |  | 29459 |
|  5.851% due 12/25/2054 þ |  | 39594 |  | 39686 |
|  5.925% due 10/25/2054 þ |  | 52800 |  | 52895 |
|  5.926% due 10/25/2054 þ |  | 24216 |  | 24287 |
|  5.963% due 09/25/2054 þ |  | 25463 |  | 25498 |
|  6.721% due 07/25/2051 þ |  | 328 |  | 329 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  4.872% due 09/25/2045 •  |  | 939 |  | 928 |
|  5.772% due 09/25/2047 •  |  | 5962 |  | 5951 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.622% due 08/25/2036 •  |  | 13503 |  | 13476 |
|  4.622% due 10/25/2036 •  |  | 1643 |  | 1610 |
|  4.662% due 02/25/2037 •  |  | 13613 |  | 13063 |
|  4.797% due 07/25/2036 •  |  | 6769 |  | 6620 |
|  4.818% due 12/25/2034 •  |  | 566 |  | 516 |
|  4.944% due 04/25/2034 •  |  | 4089 |  | 3717 |
|  5.003% due 10/25/2033 •  |  | 1168 |  | 1168 |
|  5.052% due 07/25/2035 •  |  | 11 |  | 11 |
|  5.082% due 07/25/2035 •  |  | 6500 |  | 6409 |
|  5.142% due 02/25/2034 •  |  | 202 |  | 202 |
|  5.282% due 12/25/2034 þ |  | 215 |  | 199 |
|  5.292% due 03/25/2035 •  |  | 89 |  | 89 |
|  5.292% due 06/25/2035 •  |  | 1649 |  | 1647 |
|  5.352% due 08/25/2034 •  |  | 1252 |  | 1262 |
|  5.352% due 03/25/2035 •  |  | 7313 |  | 7310 |
|  5.367% due 05/25/2035 •  |  | 4750 |  | 4928 |
|  5.397% due 06/25/2035 •  |  | 2100 |  | 2059 |
|  5.427% due 02/25/2035 •  |  | 5358 |  | 5347 |
|  5.472% due 01/25/2035 •  |  | 3736 |  | 3602 |
|  5.492% due 01/25/2035 þ |  | 433 |  | 363 |
|  5.547% due 02/25/2035 •  |  | 465 |  | 413 |
|  5.670% due 10/25/2034 þ |  | 428 |  | 429 |
|  6.177% due 02/25/2034 •  |  | 370 |  | 339 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.432% due 08/25/2036 •  |  | 6286 |  | 2055 |
|  4.432% due 11/25/2036 •  |  | 136 |  | 38 |
|  4.552% due 08/25/2036 •  |  | 34941 |  | 14520 |
|  4.592% due 09/25/2036 •  |  | 16913 |  | 12018 |
|  4.592% due 10/25/2036 •  |  | 61290 |  | 20483 |
|  4.592% due 11/25/2036 •  |  | 7082 |  | 1962 |
|  4.612% due 08/25/2036 •  |  | 32788 |  | 10717 |
|  4.772% due 05/25/2036 •  |  | 6231 |  | 3372 |
|  4.852% due 12/25/2035 •  |  | 1466 |  | 1444 |
|  4.872% due 11/25/2035 •  |  | 24159 |  | 20763 |
|  4.872% due 12/25/2035 •  |  | 13208 |  | 10465 |
|  5.232% due 01/25/2036 •  |  | 440 |  | 425 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.004% due 06/25/2037 •  |  | 3372 |  | 1701 |
|  4.542% due 04/25/2037 •  |  | 2155 |  | 1588 |
|  4.552% due 09/25/2037 •  |  | 17752 |  | 16691 |
|  4.552% due 11/25/2037 •  |  | 5151 |  | 4155 |
|  4.572% due 06/25/2037 •  |  | 1574 |  | 936 |
|  4.692% due 11/25/2037 •  |  | 8828 |  | 4897 |
|  4.752% due 03/25/2037 •  |  | 26984 |  | 12710 |
|  4.752% due 09/25/2037 •  |  | 14583 |  | 5063 |
|  5.442% due 12/25/2035 •  |  | 3904 |  | 3899 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.877% due 01/25/2055 þ | 24047 | 24116 |
|  5.889% due 02/25/2055 þ | 49860 | 49950 |
|  5.977% due 01/25/2055 þ | 40280 | 40379 |
|  |  | 1139844 |
| OTHER ABS 11.5% | OTHER ABS 11.5% | OTHER ABS 11.5% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  | 38400 | 38445 |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  5.408% due 04/15/2035 •  | 76900 | 76954 |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  5.608% due 07/15/2034 •  | 26050 | 26089 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.519% due 10/23/2034 •  | 25550 | 25596 |
|  Academic Loan Funding Trust | Academic Loan Funding Trust | Academic Loan Funding Trust |
|  5.271% due 12/26/2044 •  | 1186 | 1168 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  4.760% due 04/26/2032 | 5127 | 5147 |
|  5.010% due 12/26/2031 | 2504 | 2529 |
|  5.040% due 04/26/2032 | 3535 | 3551 |
|  5.070% due 10/27/2031 | 6066 | 6105 |
|  5.900% due 04/25/2031 | 721 | 728 |
|  Affirm Asset Securitization Trust | Affirm Asset Securitization Trust | Affirm Asset Securitization Trust |
|  5.220% due 12/17/2029 | 9661 | 9670 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.450% due 10/16/2034 | 45110 | 45090 |
|  4.670% due 07/15/2033 | 82500 | 83024 |
|  4.990% due 02/15/2033 | 97700 | 98536 |
|  AGL CLO 14 Ltd. | AGL CLO 14 Ltd. | AGL CLO 14 Ltd. |
|  5.455% due 12/02/2034 •  | 32100 | 32130 |
|  ALESCO Preferred Funding III Ltd. | ALESCO Preferred Funding III Ltd. | ALESCO Preferred Funding III Ltd. |
|  5.268% due 05/01/2034 •  | 2162 | 2124 |
|  ALESCO Preferred Funding IV Ltd. | ALESCO Preferred Funding IV Ltd. | ALESCO Preferred Funding IV Ltd. |
|  5.272% due 07/30/2034 •  | 4977 | 4653 |
|  ALESCO Preferred Funding IX Ltd. | ALESCO Preferred Funding IX Ltd. | ALESCO Preferred Funding IX Ltd. |
|  4.634% due 06/23/2036 •  | 9199 | 9015 |
|  4.724% due 06/23/2036 •  | 27500 | 22962 |
|  ALESCO Preferred Funding V Ltd. | ALESCO Preferred Funding V Ltd. | ALESCO Preferred Funding V Ltd. |
|  0.000% due 12/23/2034 ~ | 3250 | 2707 |
|  4.924% due 12/23/2034 •  | 2203 | 2092 |
|  ALESCO Preferred Funding VI Ltd. | ALESCO Preferred Funding VI Ltd. | ALESCO Preferred Funding VI Ltd. |
|  4.874% due 03/23/2035 •  | 5000 | 4512 |
|  ALESCO Preferred Funding VIII Ltd. | ALESCO Preferred Funding VIII Ltd. | ALESCO Preferred Funding VIII Ltd. |
|  4.744% due 12/23/2035 •  | 20821 | 18986 |
|  ALESCO Preferred Funding X Ltd. | ALESCO Preferred Funding X Ltd. | ALESCO Preferred Funding X Ltd. |
|  4.614% due 09/23/2036 •  | 6103 | 5874 |
|  4.774% due 09/23/2036 •  | 12000 | 10320 |
|  ALESCO Preferred Funding XI Ltd. | ALESCO Preferred Funding XI Ltd. | ALESCO Preferred Funding XI Ltd. |
|  4.724% due 12/23/2036 •  | 6519 | 6063 |
|  ALESCO Preferred Funding XII Ltd. | ALESCO Preferred Funding XII Ltd. | ALESCO Preferred Funding XII Ltd. |
|  4.838% due 07/15/2037 •  | 5221 | 5012 |
|  4.918% due 07/15/2037 •  | 27000 | 24570 |
|  ALESCO Preferred Funding XIV Ltd. | ALESCO Preferred Funding XIV Ltd. | ALESCO Preferred Funding XIV Ltd. |
|  4.594% due 09/23/2037 •  | 9937 | 9192 |
|  4.674% due 09/23/2037 •  | 2255 | 1849 |
|  ALESCO Preferred Funding XVII Ltd. | ALESCO Preferred Funding XVII Ltd. | ALESCO Preferred Funding XVII Ltd. |
|  5.024% due 09/23/2038 •  | 40345 | 38731 |
|  5.224% due 09/23/2038 •  | 10000 | 9050 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.525% due 01/20/2035 •  | 35200 | 35269 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  5.425% due 01/20/2035 •  | 19700 | 19725 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  5.375% due 10/20/2034 •  | 75350 | 75422 |
|  Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. |
|  6.025% due 04/20/2037 •  | 136100 | 136626 |
|  Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. |
|  3.900% due 07/28/2037 | 55263 | 54699 |
|  Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. |
|  3.619% due 04/25/2038 | 21900 | 21529 |
|  4.169% due 04/25/2038 | 2000 | 1941 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Anchorage Credit Funding 11 Ltd. | Anchorage Credit Funding 11 Ltd. | Anchorage Credit Funding 11 Ltd. |
|  3.400% due 04/25/2038 | 104674 | 102033 |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 | 5600 | 5444 |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 | 2000 | 1923 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 2000 | 1914 |
|  Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. |
|  5.327% due 10/22/2040 | 118100 | 118488 |
|  5.702% due 10/22/2040 | 23500 | 23624 |
|  Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. |
|  3.928% due 04/25/2038 | 60500 | 59628 |
|  Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. |
|  2.871% due 01/28/2039 | 9700 | 9393 |
|  Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. |
|  2.723% due 04/27/2039 | 1000 | 962 |
|  Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. |
|  4.620% due 04/25/2037 | 4708 | 4698 |
|  Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. |
|  4.430% due 07/25/2037 | 15670 | 15605 |
|  Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. |
|  3.793% due 10/25/2037 | 24213 | 23982 |
|  Andretti Placeholder | Andretti Placeholder | Andretti Placeholder |
|  3.076% due 01/07/2053 « | 507172 | 595446 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  6.125% due 04/20/2036 •  | 76200 | 76598 |
|  Apidos CLO XI Ltd. | Apidos CLO XI Ltd. | Apidos CLO XI Ltd. |
|  5.520% due 04/17/2034 •  | 86100 | 86228 |
|  Apidos CLO XXIV Ltd. | Apidos CLO XXIV Ltd. | Apidos CLO XXIV Ltd. |
|  5.537% due 10/20/2030 •  | 1023 | 1024 |
|  Aqua Finance Issuer Trust | Aqua Finance Issuer Trust | Aqua Finance Issuer Trust |
|  4.790% due 05/17/2051 | 37720 | 37969 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.366% due 05/15/2038 •  | 20750 | 24488 |
|  Arbour CLO VI DAC | Arbour CLO VI DAC | Arbour CLO VI DAC |
|  3.186% due 11/15/2037 •  | 54500 | 64130 |
|  Arbour CLO VII DAC | Arbour CLO VII DAC | Arbour CLO VII DAC |
|  3.194% due 12/15/2038 •  | 93400 | 109818 |
|  4.064% due 12/15/2038 •  | 3200 | 3764 |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  0.000% due 07/25/2039 •  | 91300 | 107530 |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.054% due 10/21/2034 •  | 34483 | 40528 |
|  ARES LIX CLO Ltd. | ARES LIX CLO Ltd. | ARES LIX CLO Ltd. |
|  5.610% due 04/25/2034 •  | 12800 | 12819 |
|  ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. |
|  5.278% due 07/25/2034 •  | 57900 | 58103 |
|  Ares LXV CLO Ltd. | Ares LXV CLO Ltd. | Ares LXV CLO Ltd. |
|  5.658% due 07/25/2034 •  | 11200 | 11278 |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.424% due 04/15/2034 •  | 124950 | 125110 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  5.464% due 10/28/2034 •  | 84300 | 84440 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | 10811 | 11092 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  0.000% due 10/15/2038 •(c) | 90700 | 90700 |
|  5.585% due 01/20/2035 •  | 83300 | 83404 |
|  Atlas Senior Loan Fund XII Ltd. | Atlas Senior Loan Fund XII Ltd. | Atlas Senior Loan Fund XII Ltd. |
|  5.760% due 10/24/2031 •  | 7085 | 7091 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  5.539% due 10/23/2032 •  | 64913 | 64994 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  5.385% due 10/20/2034 •  | 1000 | 1001 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  5.439% due 01/18/2035 •  | 77600 | 77891 |
|  Avoca Static CLO I DAC | Avoca Static CLO I DAC | Avoca Static CLO I DAC |
|  2.996% due 01/15/2035 •  | 34920 | 40959 |
|  3.726% due 01/15/2035 •  | 13500 | 15871 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.309% due 04/23/2035 •  | 63700 | 63926 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.469% due 10/23/2034 •  | $— | 22500 | $— | 22527 |
|  5.482% due 04/22/2035 •  |  | 23700 |  | 23747 |
|  5.482% due 07/17/2035 •  |  | 64800 |  | 65039 |
|  5.525% due 10/20/2034 •  |  | 66800 |  | 66912 |
|  5.548% due 07/16/2034 •  |  | 39400 |  | 39452 |
|  5.565% due 07/19/2034 •  |  | 78400 |  | 78510 |
|  5.798% due 07/16/2034 •  |  | 6300 |  | 6301 |
|  5.975% due 10/20/2034 •  |  | 12400 |  | 12396 |
|  Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. |
|  5.475% due 04/20/2035 •  |  | 34100 |  | 34220 |
|  Benefit Street Partners CLO XXV Ltd. | Benefit Street Partners CLO XXV Ltd. | Benefit Street Partners CLO XXV Ltd. | Benefit Street Partners CLO XXV Ltd. | Benefit Street Partners CLO XXV Ltd. |
|  5.318% due 01/15/2035 •  |  | 7000 |  | 7024 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  4.820% due 04/17/2036 |  | 16949 |  | 17128 |
|  4.840% due 09/17/2036 |  | 45800 |  | 46197 |
|  5.260% due 04/17/2036 |  | 25757 |  | 26061 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.411% due 11/15/2030 •  |  | 6155 |  | 6160 |
|  5.508% due 10/25/2030 •  |  | 51529 |  | 51621 |
|  BlueMountain CLO XXXI Ltd. | BlueMountain CLO XXXI Ltd. | BlueMountain CLO XXXI Ltd. | BlueMountain CLO XXXI Ltd. | BlueMountain CLO XXXI Ltd. |
|  5.737% due 04/19/2034 •  |  | 7000 |  | 7009 |
|  Bryant Park Funding Ltd. | Bryant Park Funding Ltd. | Bryant Park Funding Ltd. | Bryant Park Funding Ltd. | Bryant Park Funding Ltd. |
|  5.938% due 04/15/2037 •  |  | 43000 |  | 43211 |
|  Buckingham CDO II Ltd. | Buckingham CDO II Ltd. | Buckingham CDO II Ltd. | Buckingham CDO II Ltd. | Buckingham CDO II Ltd. |
|  7.680% due 04/05/2041 •  |  | 643393 |  | 39744 |
|  Buckingham CDO III Ltd. | Buckingham CDO III Ltd. | Buckingham CDO III Ltd. | Buckingham CDO III Ltd. | Buckingham CDO III Ltd. |
|  7.750% due 09/05/2051 •  |  | 990065 |  | 1832 |
|  Camber 4 PLC | Camber 4 PLC | Camber 4 PLC | Camber 4 PLC | Camber 4 PLC |
|  5.785% due 11/09/2053 •  |  | 198149 |  | 20 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.398% due 07/15/2034 •  |  | 4400 |  | 4404 |
|  5.418% due 10/15/2034 •  |  | 7000 |  | 7000 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  |  | 63300 |  | 74437 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% due 01/20/2037 •  | $— | 37500 |  | 37669 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  0.000% due 08/16/2029 •  |  | 51000 |  | 51052 |
|  5.724% due 10/16/2028 •  |  | 129300 |  | 129739 |
|  5.974% due 10/16/2028 •  |  | 10100 |  | 10120 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.415% due 07/20/2034 •  |  | 108200 |  | 108260 |
|  5.523% due 05/15/2031 •  |  | 1163 |  | 1164 |
|  5.545% due 07/20/2032 •  |  | 2599 |  | 2602 |
|  5.567% due 07/20/2031 •  |  | 3677 |  | 3683 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  5.548% due 07/16/2031 •  |  | 43677 |  | 43723 |
|  CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. |
|  5.315% due 07/20/2032 •  |  | 68932 |  | 68998 |
|  Cathedral Lake VIII Ltd. | Cathedral Lake VIII Ltd. | Cathedral Lake VIII Ltd. | Cathedral Lake VIII Ltd. | Cathedral Lake VIII Ltd. |
|  5.807% due 01/20/2035 •  |  | 11500 |  | 11543 |
|  CCG Receivables Trust | CCG Receivables Trust | CCG Receivables Trust | CCG Receivables Trust | CCG Receivables Trust |
|  5.820% due 09/16/2030 |  | 962 |  | 967 |
|  Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. |
|  5.637% due 04/20/2034 •  |  | 15000 |  | 15025 |
|  Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. |
|  3.164% due 07/25/2039 |  | 8700 |  | 8403 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.531% due 10/18/2030 •  |  | 7091 |  | 7093 |
|  5.642% due 04/17/2035 •  |  | 13000 |  | 13018 |
|  5.719% due 07/15/2036 •  |  | 18100 |  | 18128 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  5.330% due 05/25/2055 |  | 34046 |  | 34476 |
|  5.820% due 05/25/2055 |  | 16996 |  | 17337 |
|  6.006% due 06/25/2054 •  |  | 53623 |  | 53915 |
|  6.060% due 05/25/2055 |  | 14888 |  | 15091 |
|  6.256% due 05/25/2055 •  |  | 35689 |  | 36161 |
|  6.500% due 06/25/2054 |  | 53775 |  | 56216 |
|  6.890% due 05/25/2055 |  | 3843 |  | 3935 |
|  7.330% due 06/25/2054 |  | 19496 |  | 20391 |
|  7.580% due 06/25/2054 |  | 15346 |  | 16024 |
|  8.210% due 06/25/2054 |  | 3699 |  | 3898 |
|  8.490% due 05/25/2055 |  | 5266 |  | 5437 |
|  10.120% due 06/25/2054 |  | 6974 |  | 7323 |
|  Cologix Canadian Issuer LP | Cologix Canadian Issuer LP | Cologix Canadian Issuer LP | Cologix Canadian Issuer LP | Cologix Canadian Issuer LP |
|  4.940% due 01/25/2052 |  | 20400 |  | 14466 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  1.980% due 08/25/2050 | 612 | 551 |
|  Consumer Loan Finance | Consumer Loan Finance | Consumer Loan Finance |
|  0.000% due 11/25/2054 «(h) | 25510 | 12572 |
|  5.150% due 11/25/2054 | 48525 | 48870 |
|  5.350% due 11/25/2054 | 98647 | 100925 |
|  5.450% due 11/25/2054 | 24254 | 24703 |
|  5.750% due 11/25/2054 | 12127 | 12334 |
|  6.600% due 11/25/2054 | 15925 | 16169 |
|  8.750% due 11/25/2054 | 9098 | 9280 |
|  Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust |
|  0.000% due 11/25/2053 «(h) | 199055 | 91470 |
|  0.000% due 11/25/2054 «(h) | 18246 | 9102 |
|  5.150% due 11/25/2054 | 18850 | 18891 |
|  5.350% due 11/25/2054 | 60690 | 62124 |
|  5.450% due 11/25/2054 | 16779 | 17061 |
|  5.750% due 11/25/2054 | 8391 | 8528 |
|  6.250% due 11/25/2053 | 124793 | 125341 |
|  6.400% due 11/25/2053 | 610576 | 634203 |
|  6.600% due 11/25/2054 | 10556 | 10721 |
|  6.950% due 11/25/2053 | 131547 | 136390 |
|  7.400% due 11/25/2053 | 131547 | 136789 |
|  8.750% due 11/25/2054 | 6314 | 6432 |
|  9.100% due 11/25/2053 | 76716 | 79937 |
|  9.350% due 11/25/2053 | 71250 | 72398 |
|  Contego CLO III BV | Contego CLO III BV | Contego CLO III BV |
|  3.297% due 04/15/2038 •  | 85000 | 100130 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.525% due 01/20/2035 •  | 48400 | 48587 |
|  Crossroads Asset Trust | Crossroads Asset Trust | Crossroads Asset Trust |
|  4.910% due 02/20/2032 | 3500 | 3524 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.236% due 11/15/2033 •  | 51077 | 59996 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.876% due 08/15/2033 •  | 96429 | 113248 |
|  Davis Square Funding V Ltd. | Davis Square Funding V Ltd. | Davis Square Funding V Ltd. |
|  5.220% due 10/08/2040 •  | 583584 | 200510 |
|  5.360% due 10/08/2040 •  | 44806 | 10749 |
|  5.540% due 10/08/2040 •  | 52400 | 12555 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.690% due 08/22/2030 | 55726 | 55849 |
|  Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. |
|  5.499% due 10/15/2030 •  | 3979 | 3981 |
|  Diameter Capital CLO 4 Ltd. | Diameter Capital CLO 4 Ltd. | Diameter Capital CLO 4 Ltd. |
|  6.148% due 01/15/2037 •  | 92200 | 92504 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.928% due 04/15/2037 •  | 137400 | 138071 |
|  Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC |
|  1.760% due 04/15/2049 | 3500 | 3358 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  5.080% due 02/22/2027 | 25398 | 25475 |
|  Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund |
|  5.395% due 04/20/2034 •  | 2000 | 2002 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  5.475% due 10/19/2029 •  | 34521 | 34538 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  5.244% due 08/20/2034 •  | 100200 | 100294 |
|  Dryden Euro CLO | Dryden Euro CLO | Dryden Euro CLO |
|  3.342% due 10/18/2039 •  | 76700 | 90341 |
|  5.000% due 10/18/2039 | 12000 | 14256 |
|  Duke Funding High Grade III Ltd. | Duke Funding High Grade III Ltd. | Duke Funding High Grade III Ltd. |
|  5.100% due 08/02/2049 •  | 776047 | 6083 |
|  5.190% due 08/02/2049 •  | 285269 | 2318 |
|  5.304% due 08/02/2049 •  | 102000 | 10 |
|  Education Funding Trust | Education Funding Trust | Education Funding Trust |
|  3.557% due 02/01/2050 | 45705 | 39915 |
|  4.714% due 02/01/2050 | 32899 | 32602 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.448% due 07/25/2034 •  | 72500 | 72622 |
|  5.618% due 01/25/2035 •  | 77200 | 77472 |
|  5.918% due 01/25/2035 •  | 8500 | 8553 |
|  6.168% due 01/25/2035 •  | 13400 | 13426 |
|  Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. |
|  5.408% due 04/22/2035 •  | 30600 | 30716 |
|  Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. |
|  5.365% due 11/16/2034 •  | 34079 | 34130 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  5.409% due 07/23/2032 •  | 20171 | 20185 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  0.000% due 04/20/2033 •(c) | 42000 | 42000 |
|  Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust |
|  4.670% due 04/15/2052 | 15969 | 16052 |
|  Generate CLO 3 Ltd. | Generate CLO 3 Ltd. | Generate CLO 3 Ltd. |
|  6.155% due 10/20/2036 •  | 127900 | 128881 |
|  Goal Structured Solutions Trust | Goal Structured Solutions Trust | Goal Structured Solutions Trust |
|  5.121% due 09/25/2041 •  | 5070 | 5025 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.435% due 04/20/2035 •  | 89700 | 90007 |
|  GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust |
|  5.320% due 06/20/2049 | 48699 | 49291 |
|  Goodleap Sustainable Home Solutions Trust | Goodleap Sustainable Home Solutions Trust | Goodleap Sustainable Home Solutions Trust |
|  6.500% due 07/20/2055 | 7869 | 7689 |
|  GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC |
|  5.280% due 03/15/2027 | 11630 | 11695 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.890% due 06/25/2060 | 25066 | 25240 |
|  4.930% due 06/25/2060 | 23747 | 23843 |
|  5.020% due 06/25/2060 | 13800 | 14005 |
|  5.120% due 03/25/2060 | 26946 | 27044 |
|  5.150% due 10/27/2059 | 11660 | 11819 |
|  5.220% due 03/25/2060 | 15720 | 15941 |
|  5.250% due 10/27/2059 | 2082 | 2088 |
|  5.320% due 03/25/2060 | 22100 | 22619 |
|  5.390% due 03/25/2060 | 13900 | 14105 |
|  5.690% due 03/25/2060 | 7300 | 7408 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.550% due 06/25/2059 | 8400 | 8620 |
|  5.880% due 06/25/2059 | 6491 | 6526 |
|  Greywolf CLO III Ltd. | Greywolf CLO III Ltd. | Greywolf CLO III Ltd. |
|  5.562% due 04/22/2033 •  | 73629 | 73825 |
|  6.182% due 04/22/2033 •  | 32300 | 32341 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.266% due 01/15/2039 •  | 78600 | 92516 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.468% due 01/15/2035 •  | 54500 | 54533 |
|  Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC |
|  3.244% due 11/17/2037 •  | 88800 | 104383 |
|  Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC |
|  0.000% due 10/18/2039 •(c) | 55000 | 64677 |
|  3.371% due 07/18/2038 •  | 69000 | 81009 |
|  Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC |
|  3.205% due 01/22/2039 •  | 85000 | 100055 |
|  Henley CLO VII DAC | Henley CLO VII DAC | Henley CLO VII DAC |
|  2.929% due 04/25/2034 •  | 35700 | 41955 |
|  Hildene TruPS Securitization Ltd. | Hildene TruPS Securitization Ltd. | Hildene TruPS Securitization Ltd. |
|  6.225% due 05/22/2039 •  | 2179 | 2179 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  1.698% due 09/17/2041 | 6889 | 6235 |
|  1.901% due 12/17/2026 | 17510 | 17011 |
|  Hout Bay Corp. | Hout Bay Corp. | Hout Bay Corp. |
|  4.716% due 07/05/2041 •  | 463545 | 75469 |
|  4.916% due 07/05/2041 •  | 34165 | 38 |
|  5.046% due 07/05/2041 ^•(e) | 4046 | 0 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.308% due 01/16/2033 •  | 35937 | 35937 |
|  5.475% due 10/20/2034 •  | 75900 | 75989 |
|  5.550% due 04/17/2034 •  | 12100 | 12117 |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  5.454% due 12/31/2035 •  | 123200 | 123188 |
|  Indigo Credit Management II DAC | Indigo Credit Management II DAC | Indigo Credit Management II DAC |
|  3.479% due 07/15/2038 •  | 93500 | 110065 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  5.441% due 07/20/2035 •  | 47800 | 47994 |
|  Invesco Euro CLO III DAC | Invesco Euro CLO III DAC | Invesco Euro CLO III DAC |
|  3.126% due 10/30/2038 •  | 70200 | 82499 |
|  Invesco Euro CLO V DAC | Invesco Euro CLO V DAC | Invesco Euro CLO V DAC |
|  3.299% due 01/15/2034 •  | 80900 | 94979 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  5.438% due 07/25/2034 •  | 83300 | 83292 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  5.588% due 07/25/2035 •  | 79100 | 79190 |
|  Jupiter High-Grade CDO III Ltd. | Jupiter High-Grade CDO III Ltd. | Jupiter High-Grade CDO III Ltd. |
|  9.565% due 06/08/2042 «•  | 34500 | 0 |
|  KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. |
|  4.212% due 12/15/2042 | 6780 | 6736 |
|  KGS-Alpha SBA COOF Trust | KGS-Alpha SBA COOF Trust | KGS-Alpha SBA COOF Trust |
|  1.058% due 04/25/2038 «~(a) | 5234 | 105 |
|  KKR CLO 17 Ltd. | KKR CLO 17 Ltd. | KKR CLO 17 Ltd. |
|  5.659% due 04/15/2034 •  | 6000 | 6010 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  5.579% due 04/15/2031 •  | 1730 | 1731 |
|  KKR CLO 28 Ltd. | KKR CLO 28 Ltd. | KKR CLO 28 Ltd. |
|  5.758% due 02/09/2035 •  | 92500 | 92851 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  5.321% due 10/15/2034 •  | 113700 | 113702 |
|  KKR CLO 41 Ltd. | KKR CLO 41 Ltd. | KKR CLO 41 Ltd. |
|  5.648% due 04/15/2035 •  | 5750 | 5772 |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  5.349% due 07/20/2034 •  | 95400 | 95401 |
|  Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. |
|  4.300% due 01/15/2042 | 764 | 745 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  5.605% due 07/20/2034 •  | 42800 | 42856 |
|  LCM 35 Ltd. | LCM 35 Ltd. | LCM 35 Ltd. |
|  5.398% due 10/15/2034 •  | 53700 | 53763 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  5.388% due 01/15/2034 •  | 1000 | 1003 |
|  LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. |
|  5.617% due 04/20/2031 •  | 4241 | 4245 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  5.700% due 07/15/2029 | 1966 | 1950 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  4.470% due 02/21/2034 | 18900 | 18934 |
|  5.530% due 06/21/2032 | 20100 | 20412 |
|  Lyra Music Assets Delaware LP | Lyra Music Assets Delaware LP | Lyra Music Assets Delaware LP |
|  5.760% due 12/22/2064 | 103452 | 105050 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.990% due 08/18/2031 | 32030 | 32147 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  5.375% due 10/19/2034 •  | 76700 | 76826 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 120200 | 120326 |
|  Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. |
|  5.545% due 07/27/2031 •  | 1866 | 1867 |
|  Madison Park Funding XXIV Ltd. | Madison Park Funding XXIV Ltd. | Madison Park Funding XXIV Ltd. |
|  5.445% due 10/20/2029 •  | 2152 | 2153 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  5.582% due 10/22/2034 •  | 10200 | 10219 |
|  Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. |
|  5.577% due 04/20/2032 •  | 925 | 927 |
|  Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. |
|  5.378% due 04/15/2035 •  | 2000 | 2008 |
|  Magnetite XXV Ltd. | Magnetite XXV Ltd. | Magnetite XXV Ltd. |
|  5.780% due 01/25/2032 •  | 7546 | 7562 |
|  Man Euro CLO DAC | Man Euro CLO DAC | Man Euro CLO DAC |
|  3.776% due 10/15/2036 •  | 86900 | 102178 |
|  Marathon CLO XIII Ltd. | Marathon CLO XIII Ltd. | Marathon CLO XIII Ltd. |
|  5.518% due 04/15/2032 •  | 1620 | 1623 |
|  Marble Point CLO XIV Ltd. | Marble Point CLO XIV Ltd. | Marble Point CLO XIV Ltd. |
|  5.525% due 01/20/2032 •  | 6435 | 6425 |
|  Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. |
|  5.538% due 07/25/2034 •  | 87800 | 87917 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  0.000% due 04/16/2029 «(h) | 7 | 0 |
|  7.130% due 12/15/2033 | 12134 | 12278 |
|  Marzio Finance SRL | Marzio Finance SRL | Marzio Finance SRL |
|  2.726% due 09/28/2049 •  | 5419 | 6395 |
|  Mercury CDO Ltd. | Mercury CDO Ltd. | Mercury CDO Ltd. |
|  5.335% due 12/08/2040 •  | 6000 | 161 |
|  MidOcean Credit CLO VI | MidOcean Credit CLO VI | MidOcean Credit CLO VI |
|  5.555% due 04/20/2033 •  | 11655 | 11666 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MMcapS Funding XVII Ltd. | MMcapS Funding XVII Ltd. | MMcapS Funding XVII Ltd. |
|  4.883% due 12/01/2035 •  | 8470 | 8173 |
|  Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. |
|  6.813% due 10/15/2034 •  | 78100 | 78213 |
|  Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. |
|  5.778% due 04/15/2034 •  | 45900 | 45977 |
|  Nassau Ltd. | Nassau Ltd. | Nassau Ltd. |
|  5.729% due 07/15/2031 •  | 2076 | 2077 |
|  National Collegiate V Commutation Trust | National Collegiate V Commutation Trust | National Collegiate V Commutation Trust |
|  0.000% due 03/25/2038 •  | 61425 | 9110 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  5.588% due 04/15/2036 •  | 13400 | 13412 |
|  Navient Education Loan Trust | Navient Education Loan Trust | Navient Education Loan Trust |
|  5.020% due 07/15/2055 | 31709 | 32057 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  2.460% due 11/15/2068 | 7573 | 7327 |
|  5.715% due 07/16/2040 •  | 8791 | 8831 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.330% due 04/15/2069 | 15466 | 14345 |
|  1.690% due 05/15/2069 | 183 | 174 |
|  3.238% due 11/15/2045 ~ | 104695 | 98599 |
|  5.315% due 12/15/2059 •  | 3643 | 3632 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  5.150% due 02/16/2055 | 18554 | 18798 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  6.072% due 03/15/2072 •  | 54437 | 54938 |
|  7.230% due 03/15/2072 | 52400 | 57045 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  0.000% due 05/17/2055 •  | 185900 | 187277 |
|  0.000% due 06/22/2065 •  | 280900 | 281301 |
|  4.670% due 06/22/2065 | 369700 | 368787 |
|  4.712% due 09/27/2066 •  | 114 | 114 |
|  4.840% due 05/17/2055 | 203400 | 205130 |
|  6.589% due 02/20/2041 •  | 34801 | 35569 |
|  6.640% due 02/20/2041 | 33747 | 34996 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  5.330% due 07/17/2036 •  | 62500 | 62569 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  5.380% due 10/14/2036 •  | 73800 | 73887 |
|  Neuberger Berman Loan Advisers CLO 47 Ltd. | Neuberger Berman Loan Advisers CLO 47 Ltd. | Neuberger Berman Loan Advisers CLO 47 Ltd. |
|  5.620% due 04/14/2035 •  | 18800 | 18800 |
|  Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. |
|  5.550% due 07/25/2030 •  | 2973 | 2978 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  4.862% due 07/20/2034 •  | 79700 | 79700 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  5.228% due 06/15/2031 •  | 27151 | 27176 |
|  Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. |
|  5.478% due 11/13/2031 •  | 1552 | 1555 |
|  Ocean Trails CLO 8 | Ocean Trails CLO 8 | Ocean Trails CLO 8 |
|  5.608% due 07/15/2034 •  | 84500 | 84629 |
|  Ocean Trails CLO X | Ocean Trails CLO X | Ocean Trails CLO X |
|  6.018% due 10/15/2034 •  | 7750 | 7765 |
|  Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI |
|  5.355% due 07/20/2034 •  | 43800 | 43835 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.264% due 07/20/2036 •  | 83600 | 98458 |
|  3.300% due 10/20/2039 •  | 22600 | 26615 |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.475% due 10/20/2030 •  | 29183 | 29205 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  | 108600 | 108790 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.595% due 04/20/2034 •  | 62000 | 62066 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  1.750% due 09/14/2035 | 17057 | 16769 |
|  5.872% due 09/15/2036 •  | 18764 | 18969 |
|  5.940% due 05/15/2034 | 1126 | 1133 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 | 13898 | 13918 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 | 19800 | 19831 |
|  5.300% due 02/08/2033 | 4600 | 4606 |
|  5.860% due 02/09/2032 | 4661 | 4666 |
|  5.890% due 02/08/2033 | 500 | 501 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  OZLM XVII Ltd. | OZLM XVII Ltd. | OZLM XVII Ltd. |
|  5.475% due 07/20/2030 •  | 1360 | 1361 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  0.000% due 04/15/2032 «~ | 8513 | 4659 |
|  4.865% due 10/15/2032 | 58439 | 58638 |
|  4.961% due 10/15/2032 | 10599 | 10627 |
|  5.065% due 03/15/2032 | 9370 | 9399 |
|  5.092% due 07/15/2032 | 14036 | 14110 |
|  5.108% due 03/15/2033 | 11400 | 11486 |
|  5.156% due 07/15/2032 | 8411 | 8490 |
|  5.162% due 04/15/2032 | 2638 | 2640 |
|  5.183% due 06/15/2032 | 14978 | 15065 |
|  5.331% due 01/15/2032 | 8109 | 8145 |
|  5.617% due 04/15/2032 « | 9486 | 9504 |
|  5.637% due 07/15/2032 | 6369 | 6416 |
|  5.750% due 06/15/2032 | 14422 | 14530 |
|  5.823% due 04/15/2032 « | 5435 | 5450 |
|  5.871% due 07/15/2032 | 7072 | 7119 |
|  5.992% due 06/15/2032 | 4940 | 4978 |
|  6.261% due 04/15/2032 « | 5726 | 5747 |
|  6.278% due 10/15/2031 | 5589 | 5638 |
|  10.273% due 04/15/2032 « | 7048 | 6894 |
|  Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust |
|  6.093% due 11/15/2031 | 5387 | 5426 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 | 5425 | 5472 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 | 18600 | 18754 |
|  6.258% due 10/15/2031 | 12819 | 12896 |
|  6.319% due 08/15/2031 | 5797 | 5835 |
|  6.660% due 07/15/2031 | 1501 | 1511 |
|  9.099% due 04/15/2031 | 1520 | 1526 |
|  Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. |
|  5.265% due 05/21/2034 •  | 21660 | 21683 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  0.000% due 07/15/2035 «•(c) | 79500 | 93337 |
|  3.006% due 01/15/2033 •  | 14266 | 16749 |
|  3.006% due 05/15/2033 •  | 51570 | 60505 |
|  3.006% due 08/15/2033 •  | 57783 | 67767 |
|  3.026% due 05/15/2034 •  | 102044 | 119649 |
|  3.036% due 05/15/2034 •  | 58460 | 68541 |
|  3.170% due 10/15/2034 •  | 134400 | 157718 |
|  3.686% due 05/15/2033 •  | 1000 | 1176 |
|  3.870% due 10/15/2034 •  | 22500 | 26465 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.428% due 07/15/2034 •  | 74400 | 74460 |
|  Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. |
|  5.342% due 01/20/2034 •  | 49500 | 49527 |
|  Performer Funding 1 PLC | Performer Funding 1 PLC | Performer Funding 1 PLC |
|  0.000% due 06/21/2035 (h) | 164391 | 118561 |
|  5.973% due 06/21/2035 •  | 185225 | 249167 |
|  6.973% due 06/21/2035 •  | 129635 | 174924 |
|  7.973% due 06/21/2035 •  | 86490 | 118269 |
|  9.473% due 06/21/2035 •  | 37025 | 50585 |
|  11.473% due 06/21/2035 •  | 55585 | 75935 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  5.549% due 10/11/2034 •  | 45000 | 45053 |
|  Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 |
|  5.528% due 07/15/2034 •  | 46500 | 46573 |
|  Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
|  2.013% due 11/17/2040 | 6012 | 5631 |
|  2.709% due 02/17/2041 | 10575 | 10039 |
|  Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC |
|  7.819% due 01/03/2029 «~ | 174657 | 175570 |
|  Providus CLO II DAC | Providus CLO II DAC | Providus CLO II DAC |
|  3.186% due 10/15/2038 •  | 69000 | 81244 |
|  Rad CLO 10 Ltd. | Rad CLO 10 Ltd. | Rad CLO 10 Ltd. |
|  5.751% due 04/23/2034 •  | 14510 | 14537 |
|  RCKT Trust | RCKT Trust | RCKT Trust |
|  4.900% due 07/25/2034 | 9009 | 9031 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.930% due 08/18/2032 | 59389 | 59641 |
|  4.960% due 08/16/2032 | 15197 | 15242 |
|  5.880% due 07/15/2031 | 3869 | 3889 |
|  6.300% due 02/18/2031 | 668 | 669 |
|  Regatta XIX Funding Ltd. | Regatta XIX Funding Ltd. | Regatta XIX Funding Ltd. |
|  5.645% due 04/20/2035 •  | 24100 | 24117 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. |
|  5.518% due 01/15/2033 •  | 74427 | 74609 |
|  Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust |
|  5.110% due 12/15/2033 | 20700 | 20887 |
|  5.830% due 07/15/2036 | 10500 | 10743 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.293% due 07/20/2034 •  | 33500 | 33502 |
|  5.475% due 07/20/2035 •  | 70700 | 70970 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(c) | 69000 | 69000 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.611% due 10/23/2030 •  | 710 | 710 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.476% due 01/15/2035 •  | 85400 | 85731 |
|  Romark Credit Funding I Ltd. | Romark Credit Funding I Ltd. | Romark Credit Funding I Ltd. |
|  3.572% due 04/28/2038 | 52900 | 51720 |
|  Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. |
|  2.625% due 10/25/2039 | 1000 | 946 |
|  Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. |
|  5.539% due 09/15/2042 | 27400 | 27497 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 93100 | 93351 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.598% due 10/15/2034 •  | 72100 | 72262 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  5.385% due 07/20/2034 •  | 67800 | 67830 |
|  Sculptor European CLO IV DAC | Sculptor European CLO IV DAC | Sculptor European CLO IV DAC |
|  3.148% due 04/27/2038 •  | 102300 | 120430 |
|  Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. |
|  5.525% due 07/20/2034 •  | 66800 | 66904 |
|  Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. |
|  4.738% due 09/07/2039 •  | 19265 | 10821 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  5.365% due 01/20/2035 •  | 59400 | 59631 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.569% due 12/15/2039 •  | 237 | 232 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  2.339% due 10/25/2039 •  | 3655 | 4017 |
|  5.271% due 01/25/2075 •  | 18814 | 18782 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  0.000% due 03/15/2052 «(h) | 5989 | 7947 |
|  0.000% due 09/15/2053 (h) | 3 | 943 |
|  0.000% due 02/16/2055 «(h) | 34 | 34844 |
|  0.000% due 03/15/2055 «(h) | 47 | 586 |
|  0.000% due 10/16/2056 «(h) | 13 | 6066 |
|  0.000% due 10/15/2058 «(h) | 23 | 6448 |
|  3.940% due 02/16/2055 | 192825 | 188726 |
|  4.550% due 02/16/2055 | 76108 | 74919 |
|  4.780% due 03/15/2055 | 35479 | 34998 |
|  4.950% due 02/16/2055 | 22139 | 21957 |
|  4.960% due 03/15/2055 | 745045 | 748613 |
|  4.990% due 10/16/2056 | 221461 | 223259 |
|  5.020% due 03/17/2053 | 75746 | 76681 |
|  5.060% due 03/16/2054 | 34997 | 35518 |
|  5.090% due 10/16/2056 | 11314 | 11472 |
|  5.100% due 03/15/2055 | 35479 | 35629 |
|  5.122% due 09/15/2054 •  | 2526 | 2519 |
|  5.240% due 03/15/2056 | 18817 | 19248 |
|  5.260% due 03/15/2055 | 71359 | 68979 |
|  5.370% due 10/15/2058 | 99065 | 101219 |
|  5.380% due 07/15/2053 | 101509 | 104285 |
|  5.474% due 06/17/2052 •  | 10431 | 10431 |
|  5.474% due 07/15/2053 •  | 112483 | 112283 |
|  5.500% due 06/17/2052 | 42360 | 43655 |
|  5.550% due 03/15/2052 | 45291 | 46628 |
|  5.572% due 03/15/2055 •  | 82740 | 82895 |
|  5.670% due 11/15/2052 | 1688 | 1736 |
|  5.674% due 03/15/2052 •  | 45291 | 45376 |
|  5.722% due 10/16/2056 •  | 11829 | 11934 |
|  5.770% due 10/16/2056 | 126682 | 128699 |
|  5.822% due 02/16/2055 •  | 190284 | 192215 |
|  5.822% due 03/15/2056 •  | 62408 | 63185 |
|  5.950% due 02/16/2055 | 21360 | 21657 |
|  6.022% due 09/15/2053 •  | 111652 | 113719 |
|  6.150% due 09/15/2053 | 68778 | 72714 |
|  6.150% due 10/15/2058 | 33408 | 34580 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **39** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.172% due 10/16/2056 •  | $— | 337884 | $— | 345076 |
|  6.172% due 10/15/2058 •  |  | 151900 |  | 154737 |
|  6.222% due 05/16/2050 •  |  | 5561 |  | 5648 |
|  6.250% due 03/15/2052 |  | 10556 |  | 10867 |
|  6.360% due 10/16/2056 |  | 19950 |  | 20572 |
|  6.500% due 03/15/2052 |  | 4315 |  | 4532 |
|  6.580% due 10/15/2058 |  | 6844 |  | 7054 |
|  6.930% due 09/15/2053 |  | 43966 |  | 46916 |
|  7.230% due 10/15/2058 |  | 33628 |  | 34411 |
|  7.540% due 09/15/2053 |  | 8999 |  | 9552 |
|  7.560% due 10/16/2056 |  | 64173 |  | 66678 |
|  8.290% due 03/15/2052 |  | 4600 |  | 4826 |
|  8.870% due 09/15/2053 |  | 18543 |  | 20185 |
|  SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust |
|  0.000% due 02/15/2046 «(h) |  | 1000 |  | 16518 |
|  1.170% due 02/15/2046 |  | 119287 |  | 111679 |
|  2.550% due 02/15/2046 |  | 54100 |  | 46371 |
|  3.823% due 06/15/2050 ~ |  | 93421 |  | 89315 |
|  4.643% due 05/16/2050 ~ |  | 54807 |  | 52606 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  0.000% due 03/27/2034 «(h) |  | 10092 |  | 13655 |
|  0.000% due 06/15/2034 « |  | 29610 |  | 42407 |
|  0.000% due 10/25/2034 « |  | 18203 |  | 23345 |
|  4.190% due 10/25/2034 «(c) |  | 166755 |  | 166710 |
|  4.470% due 08/15/2034 |  | 72600 |  | 72768 |
|  4.530% due 10/25/2034 «(c) |  | 17045 |  | 16988 |
|  4.620% due 06/15/2034 « |  | 234488 |  | 235443 |
|  4.800% due 02/27/2034 |  | 20544 |  | 20653 |
|  4.900% due 10/25/2034 «(c) |  | 13240 |  | 13184 |
|  4.910% due 03/27/2034 « |  | 68109 |  | 68519 |
|  4.970% due 06/15/2034 « |  | 26600 |  | 26858 |
|  5.190% due 06/15/2034 « |  | 20600 |  | 20824 |
|  5.200% due 10/25/2034 «(c) |  | 9770 |  | 9720 |
|  5.250% due 03/27/2034 « |  | 9528 |  | 9664 |
|  5.590% due 06/15/2034 « |  | 15200 |  | 15393 |
|  5.770% due 03/27/2034 « |  | 7392 |  | 7588 |
|  6.260% due 03/27/2034 « |  | 5461 |  | 5652 |
|  Sound Point CLO XIX Ltd. | Sound Point CLO XIX Ltd. | Sound Point CLO XIX Ltd. | Sound Point CLO XIX Ltd. | Sound Point CLO XIX Ltd. |
|  5.579% due 04/15/2031 •  |  | 4316 |  | 4320 |
|  Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII |
|  5.749% due 07/15/2034 •  |  | 13000 |  | 13023 |
|  Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. |
|  5.760% due 10/25/2034 •  |  | 15700 |  | 15735 |
|  Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. |
|  5.598% due 01/25/2032 •  |  | 46553 |  | 46638 |
|  Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. |
|  5.589% due 04/15/2031 •  |  | 5532 |  | 5537 |
|  Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust |
|  5.360% due 07/15/2030 |  | 31900 |  | 32055 |
|  Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. |
|  6.005% due 01/20/2037 •  |  | 79000 |  | 79367 |
|  Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. |
|  6.125% due 01/20/2037 •  |  | 21325 |  | 21419 |
|  Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. |
|  5.509% due 04/18/2033 •  |  | 33484 |  | 33533 |
|  Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. |
|  5.261% due 10/23/2035 •  |  | 53600 |  | 53600 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  5.433% due 10/15/2035 •  |  | 41000 |  | 41163 |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  5.419% due 10/23/2035 •  |  | 58900 |  | 59140 |
|  T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust |
|  4.250% due 05/21/2029 |  | 29700 |  | 29834 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.484% due 08/16/2034 •  |  | 84500 |  | 84634 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.918% due 01/16/2037 •  |  | 43800 |  | 44006 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 |  | 7220 |  | 7277 |
|  5.290% due 06/20/2050 |  | 8300 |  | 8444 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  7.580% due 04/15/2029 |  | 963 |  | 964 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.488% due 04/15/2035 •  |  | 134200 |  | 134407 |
|  5.651% due 04/18/2036 •  |  | 11250 |  | 11271 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
|  5.465% due 01/20/2032 •  | 14889 | 14900 |
|  Tikehau CLO IX DAC | Tikehau CLO IX DAC | Tikehau CLO IX DAC |
|  3.244% due 01/20/2037 •  | 83700 | 98525 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  | 74250 | 87087 |
|  Trainer Wortham CBO V Ltd. | Trainer Wortham CBO V Ltd. | Trainer Wortham CBO V Ltd. |
|  5.147% due 01/04/2040 •  | 4690 | 1705 |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  5.405% due 10/20/2034 •  | 56500 | 56566 |
|  Tralee CLO VI Ltd. | Tralee CLO VI Ltd. | Tralee CLO VI Ltd. |
|  5.538% due 10/25/2032 •  | 12406 | 12429 |
|  Trapeza CDO IX Ltd. | Trapeza CDO IX Ltd. | Trapeza CDO IX Ltd. |
|  4.905% due 01/27/2040 •  | 16306 | 15491 |
|  Trapeza CDO XII Ltd. | Trapeza CDO XII Ltd. | Trapeza CDO XII Ltd. |
|  4.897% due 04/06/2042 •  | 8093 | 6980 |
|  Trapeza CDO XIII Ltd. | Trapeza CDO XIII Ltd. | Trapeza CDO XIII Ltd. |
|  4.768% due 11/09/2042 •  | 10903 | 10467 |
|  4.818% due 11/09/2042 •  | 14000 | 12285 |
|  Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. |
|  4.763% due 10/02/2039 ^•(e) | 5843 | 54 |
|  Tricon American Homes Trust | Tricon American Homes Trust | Tricon American Homes Trust |
|  1.482% due 11/17/2039 | 15741 | 14887 |
|  Trinitas CLO IX Ltd. | Trinitas CLO IX Ltd. | Trinitas CLO IX Ltd. |
|  5.525% due 01/20/2032 •  | 2570 | 2571 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  0.000% due 01/25/2034 •(c) | 42100 | 42100 |
|  5.648% due 01/25/2034 •  | 30800 | 30798 |
|  Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. |
|  5.378% due 01/25/2035 •  | 5000 | 5017 |
|  Trinitas CLO VIII Ltd. | Trinitas CLO VIII Ltd. | Trinitas CLO VIII Ltd. |
|  5.687% due 07/20/2031 •  | 4000 | 4004 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  5.310% due 10/20/2034 •  | 74000 | 74001 |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  5.365% due 07/20/2035 •  | 5500 | 5506 |
|  Trinitas Euro CLO I DAC | Trinitas Euro CLO I DAC | Trinitas Euro CLO I DAC |
|  3.232% due 07/15/2039 •  | 47800 | 56277 |
|  Tropic CDO V Ltd. | Tropic CDO V Ltd. | Tropic CDO V Ltd. |
|  4.869% due 07/15/2036 •  | 17887 | 17439 |
|  4.899% due 07/15/2036 •  | 28683 | 27607 |
|  TruPS Financials Note Securitization Ltd. | TruPS Financials Note Securitization Ltd. | TruPS Financials Note Securitization Ltd. |
|  5.433% due 03/30/2039 •  | 155484 | 154706 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.564% due 10/20/2033 •  | 28700 | 28740 |
|  TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. |
|  5.475% due 07/20/2037 •  | 5113 | 5119 |
|  U.S. Capital Funding V Ltd. | U.S. Capital Funding V Ltd. | U.S. Capital Funding V Ltd. |
|  4.870% due 10/10/2040 •  | 26140 | 24441 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  4.300% due 05/20/2030 | 1855 | 1849 |
|  7.900% due 10/20/2028 | 4866 | 4938 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  4.600% due 09/20/2035 | 25500 | 25528 |
|  5.020% due 09/20/2035 | 5700 | 5699 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 2204 | 2196 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 | 13559 | 13628 |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  5.465% due 10/20/2034 •  | 14700 | 14725 |
|  Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. |
|  5.577% due 07/20/2030 •  | 123 | 123 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.455% due 07/20/2032 •  | 83258 | 83323 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.301% due 04/20/2034 •  | 78300 | 78300 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.385% due 04/20/2034 •  | 137800 | 137977 |
|  5.525% due 07/20/2032 •  | 2207 | 2209 |
|  5.579% due 10/15/2030 •  | 201 | 201 |
|  5.838% due 04/15/2037 •  | 13330 | 13377 |

---

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WATR I Issuer Trust | WATR I Issuer Trust | WATR I Issuer Trust |
|  0.000% due 06/17/2050 « | 10852 | 18504 |
|  5.250% due 06/17/2050 « | 74764 | 74952 |
|  5.560% due 06/17/2050 « | 15970 | 16018 |
|  5.810% due 06/17/2050 « | 10020 | 10051 |
|  6.770% due 06/17/2050 « | 17130 | 17182 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.436% due 07/15/2034 •  | 58600 | 58735 |
|  5.505% due 04/20/2034 •  | 44500 | 44564 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.122% due 07/20/2034 •  | 94550 | 94563 |
|  5.378% due 10/15/2034 • | 65695 | 65791 |
|  |  | 23453926 |
|  Total Asset-Backed Securities (Cost $42,193,366) | Total Asset-Backed Securities (Cost $42,193,366) | 41019275 |
| SOVEREIGN ISSUES 7.3% | SOVEREIGN ISSUES 7.3% | SOVEREIGN ISSUES 7.3% |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ | 172089 | 88158 |
|  4.125% due 07/09/2035 þ | 142285 | 66926 |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ | 246546 | 167035 |
|  1.000% due 07/09/2029 | 29150 | 21163 |
|  3.500% due 07/09/2041 þ | 383591 | 186857 |
|  4.125% due 07/09/2035 þ | 449771 | 237085 |
|  4.125% due 07/09/2046 þ | 14928 | 7852 |
|  5.000% due 01/09/2038 þ | 113563 | 64050 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (h) | 14465673 | 2539037 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  3.750% due 09/19/2028 | 61900 | 72603 |
|  5.000% due 09/19/2032 | 47250 | 54865 |
|  5.625% due 02/19/2036 | 62100 | 70589 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 969400 | 984726 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 | 23763600 | 496518 |
|  Hellenic Republic Government Bonds | Hellenic Republic Government Bonds | Hellenic Republic Government Bonds |
|  2.000% due 04/22/2027 | 29093 | 34156 |
|  3.900% due 01/30/2033 | 46724 | 57720 |
|  4.000% due 01/30/2037 | 78168 | 95690 |
|  4.200% due 01/30/2042 | 33323 | 40869 |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  5.375% due 09/26/2030 | 82200 | 84649 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 | 128700 | 132426 |
|  5.375% due 02/19/2030 | 241200 | 249092 |
|  5.500% due 03/12/2034 | 100100 | 102961 |
|  5.625% due 02/19/2035 | 208300 | 215735 |
|  5.750% due 03/12/2054 | 71300 | 67588 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | 5099000 | 30045 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.400% due 03/20/2045 | 19652000 | 129452 |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.016% due 10/09/2028 (c) | 256400 | 256400 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  7.500% due 05/26/2033 | 451600 | 23260 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.750% due 05/29/2031 |  | 5392900 | $— | 287483 |
|  7.750% due 11/23/2034 |  | 5735230 |  | 296074 |
|  8.500% due 03/01/2029 |  | 8892700 |  | 492744 |
|  8.500% due 05/31/2029 |  | 2444800 |  | 135429 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  4.625% due 05/04/2033 |  | 130300 |  | 157614 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (j) |  | 827188 |  | 40934 |
|  3.000% due 12/03/2026 (j) |  | 492219 |  | 26667 |
|  4.000% due 11/30/2028 (j) |  | 1238094 |  | 67419 |
|  4.000% due 08/24/2034 (j) |  | 714118 |  | 37352 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  5.350% due 08/12/2040 |  | 24900 |  | 6366 |
|  5.400% due 08/12/2034 |  | 60700 |  | 16934 |
|  6.150% due 08/12/2032 |  | 159768 |  | 48781 |
|  7.300% due 08/12/2033 |  | 1767972 |  | 567876 |
|  7.600% due 08/12/2039 |  | 715171 |  | 225568 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 150680 |  | 42036 |
|  6.150% due 08/12/2032 |  | 2069891 |  | 631993 |
|  6.900% due 08/12/2037 |  | 448008 |  | 135011 |
|  6.950% due 08/12/2031 |  | 1748155 |  | 557675 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 |  | 8454150 |  | 464376 |
|  8.000% due 01/31/2030 |  | 1169600 |  | 67970 |
|  8.500% due 01/31/2037 |  | 3587800 |  | 191423 |
|  8.875% due 02/28/2035 |  | 10265100 |  | 583958 |
|  9.000% due 01/31/2040 |  | 798200 |  | 42324 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 |  | 82700 |  | 85385 |
|  2.000% due 04/14/2033 |  | 23900 |  | 22043 |
|  2.750% due 04/14/2041 |  | 44400 |  | 33613 |
|  2.875% due 04/13/2042 |  | 43200 |  | 32605 |
|  3.750% due 02/07/2034 |  | 25720 |  | 26359 |
|  5.125% due 09/24/2031 |  | 159600 |  | 187170 |
|  5.250% due 03/10/2030 |  | 129850 |  | 157196 |
|  5.250% due 05/30/2032 |  | 78700 |  | 92329 |
|  5.375% due 03/22/2031 |  | 80200 |  | 95951 |
|  5.500% due 09/18/2028 (n) |  | 13400 |  | 16540 |
|  5.625% due 02/22/2036 |  | 24850 |  | 28414 |
|  5.625% due 05/30/2037 |  | 98100 |  | 110259 |
|  5.875% due 07/11/2032 |  | 300000 |  | 360904 |
|  6.250% due 09/10/2034 |  | 131300 |  | 159086 |
|  6.375% due 09/18/2033 |  | 43500 |  | 53627 |
|  6.750% due 07/11/2039 |  | 194500 |  | 232995 |
|  Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond |
|  5.100% due 03/28/2035 « | $— | 5600 |  | 0 |
|  5.250% due 06/23/2047 « |  | 560200 |  | 0 |
|  5.625% due 04/04/2042 |  | 405400 |  | 283780 |
|  5.875% due 09/16/2043 |  | 124400 |  | 85144 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.750% due 03/05/2037 |  | 35400 |  | 41161 |
|  State of Israel | State of Israel | State of Israel | State of Israel | State of Israel |
|  3.800% due 05/13/2060 | $— | 105435 |  | 70449 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  40.854% (BISTREFI) due 09/06/2028 ~ |  | 577600 |  | 13545 |
|  42.493% (BISTREFI) due 05/20/2026 ~ |  | 72900 |  | 1775 |
|  42.493% (BISTREFI) due 08/19/2026 ~ |  | 52700 |  | 1283 |
|  42.493% (BISTREFI) due 05/17/2028 ~ |  | 12055300 |  | 285322 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  5.250% due 03/13/2030 | $— | 258921 |  | 253093 |
|  6.125% due 10/24/2028 |  | 76500 |  | 78050 |
|  7.625% due 04/26/2029 |  | 253315 |  | 269480 |
|  Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS |
|  6.875% due 07/03/2028 |  | 18400 |  | 18800 |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(i) |  | 971 |  | 512 |
|  0.000% due 02/01/2034 þ(i) |  | 3627 |  | 1510 |
|  0.000% due 02/01/2035 þ(i) |  | 3065 |  | 1494 |
|  0.000% due 02/01/2036 þ(i) |  | 2555 |  | 1243 |
|  4.500% due 02/01/2034 þ |  | 4646 |  | 2609 |
|  4.500% due 02/01/2035 þ |  | 6423 |  | 3549 |
|  4.500% due 02/01/2036 þ |  | 6702 |  | 3653 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  7.000% due 03/31/2038 ^(e) | 8428 | 1868 |
|  7.650% due 04/21/2035 ^(e) | 40703 | 8409 |
|  7.750% due 10/13/2029 ^(e) | 12195 | 2306 |
|  9.250% due 09/15/2027 ^(e) | 60703 | 14802 |
|  9.250% due 05/07/2028 ^(e) | 75546 | 17496 |
|  11.750% due 10/21/2026 ^(e) | 6260 | 1512 |
|  11.950% due 08/05/2031 ^(e) | 64700 | 15632 |
|  Total Sovereign Issues (Cost $14,201,005) | Total Sovereign Issues (Cost $14,201,005) | 14874467 |
|  | **SHARES** |  |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  SES SA «(f) | 7981591 | 94987 |
|  Uniti Group, Inc. (f) | 681286 | 4169 |
|  |  | 99156 |
| CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% |
|  Dreamwell, Inc. «(f)(l) | 1460 | 14 |
|  SSB Manufacturing Co. «(f)(l) | 1460 | 0 |
|  |  | 14 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Intelsat SA «(f)(l) | 7981591 | 0 |
|  MNSN Holdings, Inc. (f)(l) | 438 | 27 |
|  UBS Group AG | 245819 | 10039 |
|  XBP Global Holdings, Inc. (f) | 946912 | 764 |
|  |  | 10830 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  NVHL SA Class A «(f)(l) | 8220 | 0 |
|  NVHL SA Class B «(f)(l) | 8220 | 0 |
|  NVHL SA Class C «(f)(l) | 16440 | 0 |
|  NVHL SA Class E «(f)(l) | 8220 | 0 |
|  NVHL SA Class F «(f)(l) | 8220 | 0 |
|  NVHL SA Class G «(f)(l) | 8220 | 0 |
|  NVHL SA Class H «(f)(l) | 8220 | 0 |
|  NVHL SA Class I «(f)(l) | 8220 | 0 |
|  NVHL SA Class J «(f)(l) | 8220 | 0 |
|  |  | 0 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Drillco Holdings Luxembourg SA «(l) | 39510 | 856 |
|  Foresea Holdings SA « | 230111 | 4986 |
|  Westmoreland Mining Holdings «(f)(l) | 143733 | 54 |
|  Westmoreland Mining LLC «(f)(l) | 452949 | 509 |
|  |  | 6405 |
|  Total Common Stocks (Cost $407,880) | Total Common Stocks (Cost $407,880) | 116405 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 «(l) | 3 | 0 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Windstream Holdings II LLC - Exp. 10/25/2059 « | 1195360 | 6709 |
|  Total Warrants (Cost $7,282) | Total Warrants (Cost $7,282) | 6709 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% |
| BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% |
|  ADLER Group SA « | 520871 | 0 |
|  AGFC Capital Trust I | AGFC Capital Trust I | AGFC Capital Trust I |
|  6.329% (US0003M + 1.750%) due 01/15/2067 ~ | 105720000 | 71469 |
|  Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC |
|  6.500% due 07/27/2037 þ(k) | 5245000 | 4655 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  6.500% þ(k) | 244354225 | 330608 |
|  Encina Private Credit LLC « | 24670 | 0 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  10.250% ~ | 895621 | 156248 |
|  Windstream Holdings II LLC | Windstream Holdings II LLC | Windstream Holdings II LLC |
|  11.000% «(f) | 39145 | 39146 |
|  |  | 602126 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  11.000% due 11/07/2032 | 500 | 272 |
|  Total Preferred Securities (Cost $586,363) | Total Preferred Securities (Cost $586,363) | 602398 |
| REAL ESTATE INVESTMENT TRUSTS 0.2% | REAL ESTATE INVESTMENT TRUSTS 0.2% | REAL ESTATE INVESTMENT TRUSTS 0.2% |
| REAL ESTATE 0.2% | REAL ESTATE 0.2% | REAL ESTATE 0.2% |
|  VICI Properties, Inc. | 11625222 | 379099 |
|  Total Real Estate Investment Trusts (Cost $148,517) | Total Real Estate Investment Trusts (Cost $148,517) | 379099 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% |
| REPURCHASE AGREEMENTS (m) 0.1% | REPURCHASE AGREEMENTS (m) 0.1% | REPURCHASE AGREEMENTS (m) 0.1% |
|  |  | 178553 |
| SHORT-TERM NOTES 0.0% | SHORT-TERM NOTES 0.0% | SHORT-TERM NOTES 0.0% |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  4.858% due 06/15/2026 | 22777 | 22792 |
| NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% |
|  31.678% due 06/11/2026 - 06/29/2026 ~(g)(h) | 879080451 | 518583 |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  4.192% due 10/16/2025 - 01/27/2026 (g)(h)(p)(r) | 366808 | 364714 |
| Total Short-Term Instruments<br>(Cost $1,038,562) | Total Short-Term Instruments<br>(Cost $1,038,562) | 1084642 |
| Total Investments in Securities<br>(Cost $304,405,994) | Total Investments in Securities<br>(Cost $304,405,994) | 298602569 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **41** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 11.6% | INVESTMENTS IN AFFILIATES 11.6% | INVESTMENTS IN AFFILIATES 11.6% | INVESTMENTS IN AFFILIATES 11.6% |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Clear Channel Outdoor Holdings, Inc. (f) | 50862666 | $— | 80363 |
|  iHeartMedia, Inc. Class A (f) | 9028024 |  | 25910 |
|  iHeartMedia, Inc. Class B « | 12214441 |  | 30849 |
|  |  |  | 137122 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Uniti Group, Inc. « | 6136182 |  | 34492 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  AmSurg Corp. «(l) | 5968052 |  | 269438 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Sierra Hamilton Holder LLC «(l) | 15369768 |  | 2 |
| Total Common Stocks (Cost $962,054) | Total Common Stocks (Cost $962,054) |  | 441054 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 11.4% | SHORT-TERM INSTRUMENTS 11.4% | SHORT-TERM INSTRUMENTS 11.4% | SHORT-TERM INSTRUMENTS 11.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.4% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2379664019 | $— | 23175548 |
| Total Short-Term Instruments<br>(Cost $23,165,230) | Total Short-Term Instruments<br>(Cost $23,165,230) |  | 23175548 |
| Total Investments in Affiliates<br>(Cost $24,127,284) | Total Investments in Affiliates<br>(Cost $24,127,284) |  | 23616602 |
| Total Investments 158.3%<br>(Cost $328,533,278) | Total Investments 158.3%<br>(Cost $328,533,278) | $— | 322219171 |
|  Financial Derivative Instruments (o)(q) 0.1%<br> (Cost or Premiums, net $1,881,454) | Financial Derivative Instruments (o)(q) 0.1%<br> (Cost or Premiums, net $1,881,454) |  | 125435 |
| Other Assets and Liabilities, net (58.4)% | Other Assets and Liabilities, net (58.4)% |  | (118806418) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 203538188 |

---

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

^ Security is in default.

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Principal only security.

(c) When-issued security.

(d) Payment in-kind security.

(e) Security is not accruing income as of the date of this report.

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

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

(h) Zero coupon security.

(i) Security becomes interest bearing at a future date.

(j) Principal amount of security is adjusted for inflation.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  AmSurg Corp. | 11/02/2023 - 11/06/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269438 | 0.13% |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 | 06/10/2022 | 0 | 0 | 0.00 |
|  Deloitte LLP 5.250% due 01/30/2030 | 10/30/2024 | 37300 | 38186 | 0.02 |
|  Deloitte LLP 5.410% due 01/30/2032 | 10/30/2024 | 36700 | 37702 | 0.02 |
|  Dreamwell, Inc. | 04/24/2024 | 2431 | 14 | 0.00 |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | 790 | 856 | 0.00 |
|  Hardwood Funding LLC 4.840% due 06/07/2028 | 03/11/2025 | 18500 | 18741 | 0.01 |
|  Hardwood Funding LLC 4.980% due 06/07/2030 | 03/11/2025 | 12000 | 12257 | 0.01 |
|  Intelsat SA | 06/19/2017 - 08/29/2025 | 334873 | 0 | 0.00 |
|  MNSN Holdings, Inc. | 03/10/2023 | 4 | 27 | 0.00 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  NVHL SA Class A | 03/09/2012 | $0 | $0 | 0.00% |
|  NVHL SA Class B | 03/09/2012 | 0 | 0 | 0.00 |
|  NVHL SA Class C | 03/09/2012 | 0 | 0 | 0.00 |
|  NVHL SA Class E | 03/09/2012 | 0 | 0 | 0.00 |
|  NVHL SA Class F | 03/09/2012 | 0 | 0 | 0.00 |
|  NVHL SA Class G | 03/09/2012 | 0 | 0 | 0.00 |
|  NVHL SA Class H | 03/09/2012 | 0 | 0 | 0.00 |
|  NVHL SA Class I | 03/09/2012 | 0 | 0 | 0.00 |
|  NVHL SA Class J | 03/09/2012 | 0 | 0 | 0.00 |
|  National Football League 5.480% due 10/05/2028 | 03/14/2024 | 76800 | 78824 | 0.04 |
|  Pantheon Senior Debt Secondaries III 6.043% due 03/26/2026 | 03/18/2025 | 60600 | 60607 | 0.03 |
|  Prime Property Fund LLC 5.250% due 09/30/2029 | 09/17/2024 | 34500 | 34734 | 0.02 |
|  Prime Property Fund LLC 5.440% due 09/30/2031 | 09/17/2024 | 34500 | 34728 | 0.02 |
|  Project Alfa Investindustrial VIII SCSp 4.117% due 02/27/2026 | 02/28/2025 | 34800 | 39386 | 0.02 |
|  Ripon Investments Financing Ltd. 0.000% due 11/28/2025 | 01/11/2023 | 528 | 585 | 0.00 |
|  SSB Manufacturing Co. | 06/29/2023 | 2432 | 0 | 0.00 |
|  Sierra Hamilton Holder LLC | 07/31/2017 | 3896 | 2 | 0.00 |
|  Tib Finance PLC 7.111% due 11/15/2034 | 09/18/2024 | 60100 | 60049 | 0.03 |
|  Upstart Pass-Through Trust 1.000% due 09/06/2034 | 09/29/2025 | 99600 | 99600 | 0.04 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 52500 | 54160 | 0.02 |
|  Westmoreland Mining Holdings | 12/08/2014 - 03/26/2019 | 4033 | 54 | 0.00 |
|  Westmoreland Mining LLC | 06/30/2023 - 02/03/2025 | 1885 | 509 | 0.00 |
|  |  | $1158147 | $840459 | 0.41% |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BAR | 0.150% | 09/04/2025 | 12/03/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178553 | Barclays Bank PLC 4.050% due 09/02/2026 | $(178236) | $178553 | $178573 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178236) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178573 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BAR | 0.000% | 09/04/2025 | 12/03/2025 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178554) | $(178554) |
|  MYI | 0.000 | 09/11/2025 | TBD<sup>(3)</sup> |  | (1106) | (1299) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179853) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 3.500% | 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558307 | $(512900) | $(509136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 1.500 | 10/01/2055 | 32175 | (24526) | (24714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 10/01/2040 | 200 | (185) | (184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 11/01/2055 | 23700 | (19101) | (19109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 58150 | (48108) | (49000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 11/01/2055 | 152000 | (128068) | (128107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 10/01/2040 | 108300 | (108651) | (108174) |
|  Total Short Sales (0.4)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(841539) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(838424) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 43

------

Consolidated Schedule of Investments PIMCO Income 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 September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BAR | $178573 | $(178554) | $0 | $19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12891 |
|  MYI | 0 | (1299) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1299) | 1234 | (65) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179853) | $&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 | $(178554) | $0 | $(178554) |
|  Sovereign Issues | 0 | 0 | 0 | (1299) | (1299) |
|  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;(178554) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1299) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179853) |
|  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  | $(179853) |

---

(n) Securities with an aggregate market value of $194,927 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(135392) at a weighted average interest rate of 0.007%. 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;(o) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 4655 | $— | 349147 | $(1216) | $2397 | $0 |
|  Long Guilt December Futures  | 12/2025 | 118802 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14514120 | 11077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7989) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 14033 |  | 2924455 | 2459 | 1535 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 301153 |  | 32884496 | 65215 | 11763 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 293700 |  | 33041250 | 155554 | 0 | (4591) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 5679 |  | 681835 | 18968 | 0 | (3194) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 13372 |  | 1538825 | 14497 | 0 | (836) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266554 | $78008 | $(16610) |
| 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** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 2667 | $— | (642180) | $10202 | $0 | $(200) |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 2497 |  | (602432) | 8213 | 0 | (187) |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 2038 |  | (488903) | 9586 | 0 | (38) |
|  Euro-Bobl December Futures  | 12/2025 | 10837 |  | (1498919) | 2379 | 0 | (2036) |
|  Euro-Bund December Futures  | 12/2025 | 21513 |  | (3247338) | (8429) | 758 | (8587) |
|  Euro-Schatz December Futures  | 12/2025 | 76 |  | (9546) | 11 | 0 | (2) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 57086 |  | (6655871) | (137574) | 14271 | 0 |
|  |  |  |  |  | $(115612) | $15029 | $(11050) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27660) |

---

44 PIMCO INCOME FUND See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| **Reference Entity** | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Boeing Co. | (1.000)% | Quarterly | 06/20/2030 | 0.595% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37600 | $(694) | $24 | $(670) | $5 | $0 |
|  Ford Motor Co. | (5.000) | Quarterly | 06/20/2026 | 0.499 | 5800 | (318) | 124 | (194) | 1 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1012) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(864) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 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>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  Airbus Finance BV | 1.000% | Quarterly | 06/20/2028 | 0.179% | 25700 | $167 | $503 | $670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.226 | $2400 | 31 | (26) | 5 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.237 | 5700 | 88 | (55) | 33 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.402 | 23900 | (48) | 426 | 378 | 0 | (3) |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2029 | 0.528 | 1000 | (8) | 27 | 19 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2030 | 0.595 | 37600 | 69 | 601 | 670 | 0 | (6) |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2030 | 0.648 | 37600 | 658 | (22) | 636 | 2 | 0 |
|  Ford Motor Co. | 5.000 | Quarterly | 06/20/2026 | 0.552 | 6700 | 744 | (523) | 221 | 0 | 0 |
|  Ford Motor Co. | 5.000 | Quarterly | 12/20/2026 | 0.721 | 8800 | 1089 | (627) | 462 | 0 | (1) |
|  Ford Motor Co. | 5.000 | Quarterly | 06/20/2027 | 0.872 | 16700 | 1581 | (411) | 1170 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 12/20/2025 | 0.428 | 20000 | 904 | (676) | 228 | 0 | (1) |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 0.874 | 47500 | 4865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328 | 0 | (28) |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | 44800 | 471 | (160) | 311 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 | 8900 | 99 | 2 | 101 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2025 | 0.090 | 34900 | 207 | (113) | 94 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2026 | 0.090 | 55200 | (1884) | 2327 | 443 | 1 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2026 | 0.115 | 244400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10378) | 13550 | 3172 | 7 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2027 | 0.146 | 28700 | (2120) | 2620 | 500 | 0 | (4) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.217 | $13300 | 302 | (224) | 78 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.284 | 62700 | 1390 | (834) | 556 | 1 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2027 | 0.316 | 6600 | 0 | 77 | 77 | 0 | (1) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.391 | 51600 | (104) | 936 | 832 | 0 | (8) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.430 | 10000 | (46) | 223 | 177 | 1 | 0 |
|  |  |  |  |  |  | $(1923) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16084 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.EM-43 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $11500 | $(412) | $237 | $(175) | $0 | $(3) |
|  CDX.HY-44 5-Year Index | (5.000) | Quarterly | 06/20/2030 | 215810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17159) | (348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17507) | 888 | 0 |
|  CDX.IG-35 5-Year Index | (1.000) | Quarterly | 12/20/2025 | 205800 | (1977) | 1495 | (482) | 1 | 0 |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 176300 | (3934) | (120) | (4054) | 233 | 0 |
|  CDX.iTraxx Europe 43 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 948090 | 21131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074 | 25205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
|  |  |  |  |  | $(2351) | $5338 | $2987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $217028 | $(25440) | $25663 | $223 | $0 | $(35) |
|  CDX.EM-35 5-Year Index | 1.000 | Quarterly | 06/20/2026 | 1472 | (48) | 53 | 5 | 0 | (1) |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 1050548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46771 | 4591 | 0 | (423) |
|  CDX.EM-37 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 18081 | (1487) | 1553 | 66 | 0 | (7) |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 103850 | (8556) | 8849 | 293 | 0 | (39) |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 20100 | (1363) | 1391 | 28 | 0 | (7) |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 324300 | (17949) | 17450 | (499) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 112200 | (3866) | 3323 | (543) | 0 | (42) |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 152600 | (4431) | 3170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1261) | 0 | (57) |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 88900 | (1938) | 12 | (1926) | 0 | (27) |
|  CDX.HY-35 5-Year Index | 5.000 | Quarterly | 12/20/2025 | 12710 | 1217 | (1093) | 124 | 0 | (10) |
|  CDX.HY-36 5-Year Index | 5.000 | Quarterly | 06/20/2026 | 713856 | 17256 | 2078 | 19334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | 0 |
|  CDX.HY-37 5-Year Index | 5.000 | Quarterly | 12/20/2026 | 292992 | 7110 | 6093 | 13203 | 316 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **45** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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-38 5-Year Index | 5.000% | Quarterly | 06/20/2027 | $55997 | $84 | $3004 | $3088 | $54 | $0 |
|  CDX.HY-39 5-Year Index | 5.000 | Quarterly | 12/20/2027 | 52050 | (630) | 4093 | 3463 | 67 | 0 |
|  CDX.HY-40 5-Year Index | 5.000 | Quarterly | 06/20/2028 | 26558 | 0 | 1947 | 1947 | 29 | 0 |
|  CDX.HY-41 5-Year Index | 5.000 | Quarterly | 12/20/2028 | 9306 | 115 | 626 | 741 | 11 | 0 |
|  CDX.HY-42 5-Year Index | 5.000 | Quarterly | 06/20/2029 | 13205 | 700 | 408 | 1108 | 13 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 1241260 | 88525 | 6543 | 95068 | 0 | (1765) |
|  CDX.HY-44 5-Year Index | 0.000 | Quarterly | 06/20/2030 | 2468700 | 117586 | 82674 | 200260 | 0 | (78) |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 1815900 | 138193 | 4322 | 142515 | 1878 | 0 |
|  CDX.IG-37 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 2800 | 62 | (33) | 29 | 0 | 0 |
|  CDX.IG-38 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 14660 | 7 | 196 | 203 | 0 | 0 |
|  CDX.IG-39 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 4400 | (1) | 73 | 72 | 0 | 0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 20100 | 162 | 232 | 394 | 1 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 23500 | 281 | 223 | 504 | 2 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 14500 | 319 | 16 | 335 | 2 | 0 |
|  CDX.IG-44 5-Year Index | 0.000 | Quarterly | 06/20/2030 | 2999400 | 52437 | 16537 | 68974 | 0 | (76) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 1522700 | 34280 | 716 | 34996 | 261 | 0 |
|  CDX.iTraxx Europe 44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 210060 | 5340 | 23 | 5363 | 57 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236913 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592698 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2700) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 9/17/2030 | 7776500 | $(34929) | $(10005) | $(44934) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10699 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.750 | Annual | 9/21/2032 | 556500 | 46561 | 98453 | 145014 | 0 | (971) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 3/28/2034 | 47000 | (200) | 1997 | 1797 | 0 | (124) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 9/17/2035 | 255300 | 5369 | (1019) | 4350 | 0 | (817) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.750 | Annual | 9/21/2052 | 500150 | (1189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405412 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2048) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 9/17/2055 | 3360 | 159 | (57) | 102 | 0 | (26) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 9/20/2026 | 155370000 | (15083) | 23731 | 8648 | 123 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.176 | Annual | 4/27/2027 | 45730000 | (2247) | (1593) | (3840) | 0 | (75) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.020 | Semi-Annual | 9/20/2028 | 275310000 | 859 | 61411 | 62270 | 917 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 3/15/2029 | 1037000000 | 10945 | 265525 | 276470 | 4033 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700 | Annual | 9/18/2029 | 487930000 | 6321 | 49011 | 55332 | 2112 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 6/15/2032 | 93523200 | 560 | 35995 | 36555 | 791 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 9/18/2034 | 251200000 | 14320 | 47995 | 62315 | 3047 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 6/18/2035 | 41566000 | (8641) | 14022 | 5381 | 541 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 3/15/2042 | 45656000 | 44542 | 19681 | 64223 | 621 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.711 | Annual | 4/27/2042 | 11112000 | 4659 | 8782 | 13441 | 155 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.600 | Annual | 1/16/2026 | $1948100 | 24790 | 27985 | 52775 | 65 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 1/17/2026 | 1401600 | 301 | 27974 | 28275 | 18 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 6/20/2026 | 6228000 | 46405 | (43321) | 3084 | 983 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 6/21/2026 | 233830 | 3897 | (2867) | 1030 | 0 | (27) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.590 | Annual | 7/23/2026 | 1277500 | 17566 | (1592) | 15974 | 0 | (149) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.645 | Annual | 7/24/2026 | 1955700 | 27967 | (4630) | 23337 | 0 | (233) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.243 | Annual | 8/7/2026 | 605500 | 8174 | 1189 | 9363 | 0 | (69) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 12/20/2026 | 262500 | 360 | (864) | (504) | 0 | (64) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.380 | Semi-Annual | 1/4/2027 | 415700 | (35297) | 19579 | (15718) | 63 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.570 | Semi-Annual | 1/11/2027 | 246000 | (19628) | 11008 | (8620) | 47 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.570 | Semi-Annual | 1/12/2027 | 152500 | (12177) | 6865 | (5312) | 29 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 1/18/2027 | 287000 | (24222) | 13618 | (10604) | 55 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.443 | Semi-Annual | 1/18/2027 | 69300 | (5818) | 3275 | (2543) | 11 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.418 | Semi-Annual | 1/20/2027 | 146200 | (12381) | 6995 | (5386) | 28 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.550 | Semi-Annual | 1/20/2027 | 956100 | (91992) | 58613 | (33379) | 193 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.600 | Semi-Annual | 2/15/2027 | 218900 | (17689) | 10395 | (7294) | 48 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 2/16/2027 | 301850 | (29094) | 19025 | (10069) | 67 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.928 | Annual | 3/25/2027 | 324900 | (20928) | 9426 | (11502) | 74 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.788 | Annual | 5/3/2027 | 230500 | (16197) | 7790 | (8407) | 56 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 5/13/2027 | 4602700 | 6299 | (1280) | 5019 | 1638 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 6/15/2027 | 1353910 | 60418 | 7599 | 68017 | 0 | (380) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 6/15/2027 | 1141300 | 83500 | (42798) | 40702 | 0 | (333) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.250 | Annual | 6/17/2027 | 475000 | (21295) | 8980 | (12315) | 134 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.370 | Annual | 6/21/2027 | 326200 | (17356) | 9742 | (7614) | 94 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.605 | Annual | 6/28/2027 | 323400 | (10029) | 4038 | (5991) | 97 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.880 | Annual | 9/30/2027 | 832600 | (31564) | 9507 | (22057) | 307 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.900 | Annual | 10/4/2027 | 1290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24936) | (8206) | (33142) | 473 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.550 | Semi-Annual | 12/18/2027 | 467500 | (343) | 31140 | 30797 | 0 | (149) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2027 | 386810 | 27642 | (9009) | 18633 | 0 | (169) |

---

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| | | |
|:---|:---|:---|
| **46** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800% | Annual | 3/10/2028 | $197000 | $(907) | $2257 | $1350 | $99 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 5/31/2028 | 8700 | 0 | (41) | (41) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 5/31/2028 | 17500 | 0 | (91) | (91) | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 5/31/2028 | 6300 | 0 | (60) | (60) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 6/20/2028 | 2000 | (7) | (10) | (17) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 6/20/2028 | 4886285 | 34553 | 7247 | 41800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 6/21/2028 | 1844111 | 49187 | (38647) | 10540 | 0 | (1037) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.700 | Annual | 7/21/2028 | 165400 | (8264) | 4859 | (3405) | 88 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.675 | Annual | 7/24/2028 | 168000 | (8579) | 5016 | (3563) | 89 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.748 | Annual | 7/25/2028 | 253100 | (12159) | 7325 | (4834) | 136 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.468 | Annual | 7/27/2028 | 164800 | (9863) | 5414 | (4449) | 87 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 9/5/2028 | 291300 | (1056) | 4644 | 3588 | 175 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.510 | Annual | 11/30/2028 | 101680 | 0 | 289 | 289 | 0 | (62) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 | 152270 | 0 | 409 | 409 | 0 | (92) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 1157596 | 5177 | (13428) | (8251) | 0 | (721) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.518 | Semi-Annual | 1/20/2029 | 86750 | (8272) | 2037 | (6235) | 48 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.630 | Semi-Annual | 1/20/2029 | 120300 | (13896) | 5694 | (8202) | 68 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.630 | Semi-Annual | 1/26/2029 | 144450 | (16714) | 6922 | (9792) | 81 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 2/22/2029 | 310100 | (744) | 5785 | 5041 | 197 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 2/27/2029 | 105000 | (247) | 2085 | 1838 | 67 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 2/28/2029 | 444540 | (586) | 4142 | 3556 | 0 | (292) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 3/20/2029 | 429370 | (13903) | 1582 | (12321) | 0 | (301) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 6/15/2029 | 931450 | 67824 | 17431 | 85255 | 0 | (469) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 6/15/2029 | 4021540 | 218355 | 36051 | 254406 | 0 | (2160) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 6/20/2029 | 7592290 | (21879) | (70696) | (92575) | 0 | (4830) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 7/12/2029 | 611000 | 3603 | (1527) | 2076 | 390 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 3523991 | (4308) | (30017) | (34325) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1982) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 10590940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117413) | 11408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106005) | 0 | (5937) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 1833235 | 180095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47553) | 132542 | 0 | (878) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 3/4/2030 | 298600 | (586) | (4262) | (4848) | 0 | (157) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 3/19/2030 | 3164010 | 134190 | (62176) | 72014 | 0 | (1503) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 6/18/2030 | 193090 | 1129 | 567 | 1696 | 0 | (86) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 6/21/2030 | 5206670 | 64926 | 40342 | 105268 | 0 | (2267) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 6/22/2030 | 335900 | (6539) | 7516 | 977 | 153 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.650 | Semi-Annual | 7/15/2030 | 1390000 | 4653 | 191164 | 195817 | 0 | (410) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.711 | Semi-Annual | 7/28/2030 | 129300 | 25490 | (7687) | 17803 | 0 | (37) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.678 | Semi-Annual | 7/29/2030 | 122100 | 24301 | (7321) | 16980 | 0 | (35) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.674 | Semi-Annual | 8/5/2030 | 119100 | 23799 | (7239) | 16560 | 0 | (34) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 8/22/2030 | 47200 | (103) | 959 | 856 | 21 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 9/17/2030 | 422200 | (7111) | 170 | (6941) | 0 | (184) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.685 | Semi-Annual | 9/24/2030 | 150000 | 30405 | (9897) | 20508 | 0 | (40) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.725 | Semi-Annual | 9/25/2030 | 150000 | 30062 | (9810) | 20252 | 0 | (41) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.610 | Semi-Annual | 10/1/2030 | 150000 | 31144 | (8843) | 22301 | 0 | (37) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 61554 | 0 | 85 | 85 | 0 | (25) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 152700 | 0 | 200 | 200 | 0 | (62) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 123500 | 0 | 138 | 138 | 0 | (50) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 120900 | 0 | (14) | (14) | 0 | (49) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 219000 | 0 | (140) | (140) | 0 | (89) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 164600 | 0 | (229) | (229) | 0 | (67) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 287200 | 0 | (493) | (493) | 0 | (117) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.602 | Annual | 10/31/2030 | 268800 | 0 | (485) | (485) | 0 | (110) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.606 | Annual | 10/31/2030 | 123000 | 0 | (248) | (248) | 0 | (50) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 121200 | 0 | (360) | (360) | 0 | (50) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 79200 | 0 | (414) | (414) | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 63600 | 0 | (379) | (379) | 0 | (26) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 102100 | 0 | (667) | (667) | 0 | (42) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 183100 | 0 | (1216) | (1216) | 0 | (76) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 127100 | 0 | (858) | (858) | 0 | (53) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 79200 | 0 | (669) | (669) | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 79700 | 0 | (676) | (676) | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 79700 | 0 | (698) | (698) | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 50200 | 0 | (453) | (453) | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 79700 | 0 | (735) | (735) | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 79400 | 0 | (750) | (750) | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 79700 | 0 | (797) | (797) | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 219500 | 41566 | (13866) | 27700 | 0 | (55) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.700 | Semi-Annual | 12/18/2030 | 757500 | 27068 | 79811 | 106879 | 0 | (173) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 3023360 | 59184 | (52055) | 7129 | 0 | (1191) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 3/20/2031 | 473880 | (21722) | 2399 | (19323) | 0 | (202) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 4/30/2031 | 103800 | 0 | 951 | 951 | 0 | (37) |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **47** |

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------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.431% | Annual | 4/30/2031 | $173510 | $0 | $573 | $573 | $0 | $(64) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 5/13/2031 | 3309700 | (279) | 11116 | 10837 | 1236 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 6/16/2031 | 243400 | 11752 | 25206 | 36958 | 0 | (49) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 6/20/2031 | 6260230 | 69407 | 23965 | 93372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 6/20/2031 | 4540220 | (19339) | (49476) | (68815) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1763) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 6/30/2031 | 318670 | 22 | 3000 | 3022 | 0 | (109) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.370 | Semi-Annual | 7/19/2031 | 54100 | 9691 | (2705) | 6986 | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.360 | Semi-Annual | 7/20/2031 | 178300 | 32057 | (8936) | 23121 | 0 | (35) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 737500 | 1053 | (9567) | (8514) | 0 | (271) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 1/12/2032 | 42350 | (378) | (4665) | (5043) | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 1/24/2032 | 144550 | (2262) | (15612) | (17874) | 26 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.650 | Annual | 2/8/2032 | 182700 | (27818) | 5756 | (22062) | 43 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.770 | Annual | 2/14/2032 | 127720 | (18423) | 3964 | (14459) | 31 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 2/18/2032 | 262800 | (29548) | 2539 | (27009) | 52 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.730 | Annual | 2/24/2032 | 172450 | (25414) | 5526 | (19888) | 41 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 3/19/2032 | 2456150 | 97137 | (51649) | 45488 | 0 | (794) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 4/6/2032 | 324550 | (45166) | 11041 | (34125) | 77 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 5/15/2032 | 3553440 | (3570) | (53962) | (57532) | 0 | (1213) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.900 | Semi-Annual | 5/18/2032 | 5143500 | (37783) | 592647 | 554864 | 0 | (1109) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 6/15/2032 | 44875 | 8386 | (2000) | 6386 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 6/15/2032 | 413273 | 62250 | (16261) | 45989 | 0 | (70) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 6/18/2032 | 293700 | 3783 | 1159 | 4942 | 0 | (89) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 7/12/2032 | 651050 | (535) | (141) | (676) | 188 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 9/17/2032 | 1534660 | (32789) | 8322 | (24467) | 0 | (473) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 141130 | (2654) | 335 | (2319) | 0 | (40) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 2041770 | 202158 | 33167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235325 | 0 | (274) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 5/22/2033 | 7665070 | 44541 | (5272) | 39269 | 0 | (1547) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 6/6/2033 | 5784570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203749 | (53224) | 0 | (1214) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 6/14/2033 | 340200 | (14842) | 8434 | (6408) | 61 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 6/21/2033 | 1192605 | 80322 | (32421) | 47901 | 0 | (173) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 6/21/2033 | 223900 | (6237) | 5194 | (1043) | 42 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 7/10/2033 | 117200 | (1886) | 2602 | 716 | 22 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 7/12/2033 | 112600 | (914) | 2402 | 1488 | 22 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.730 | Annual | 8/3/2033 | 59500 | (584) | 1301 | 717 | 11 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 8/7/2033 | 64000 | (604) | 1400 | 796 | 12 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.760 | Annual | 8/23/2033 | 188900 | (1410) | 4137 | 2727 | 35 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 8/30/2033 | 95000 | (404) | 2045 | 1641 | 18 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 8/30/2033 | 239500 | 911 | 4900 | 5811 | 46 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 9/13/2033 | 282100 | 2212 | 5683 | 7895 | 55 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.165 | Annual | 9/27/2033 | 222000 | 5616 | 3145 | 8761 | 46 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/2/2033 | 159000 | 3897 | 2271 | 6168 | 31 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.170 | Annual | 10/3/2033 | 157500 | 4054 | 2249 | 6303 | 31 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/4/2033 | 200700 | 2883 | 2910 | 5793 | 38 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 | 93700 | 2454 | 1350 | 3804 | 19 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 97400 | 2352 | 1418 | 3770 | 19 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 10/18/2033 | 78200 | 2211 | 1134 | 3345 | 16 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 | 98300 | 2940 | 1428 | 4368 | 20 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 | 49200 | 1513 | 715 | 2228 | 10 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 | 49200 | 1613 | 713 | 2326 | 10 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.393 | Annual | 10/25/2033 | 46000 | 2026 | 655 | 2681 | 10 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 10/31/2033 | 56700 | (207) | 3778 | 3571 | 12 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.435 | Annual | 11/1/2033 | 52000 | (212) | 3426 | 3214 | 11 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 11/1/2033 | 100800 | (423) | 6774 | 6351 | 21 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 | 103100 | (469) | (4424) | (4893) | 0 | (20) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 103200 | (450) | (2689) | (3139) | 0 | (19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 | 102600 | (431) | (2045) | (2476) | 0 | (18) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 890960 | (27654) | 17337 | (10317) | 126 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 51800 | (220) | (590) | (810) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 105100 | (451) | (1301) | (1752) | 0 | (18) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 1/2/2034 | 51600 | (223) | (214) | (437) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 1/2/2034 | 51600 | (223) | (459) | (682) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 1/3/2034 | 51600 | (236) | 68 | (168) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 1/8/2034 | 103600 | (471) | 427 | (44) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 1/8/2034 | 105300 | (495) | 262 | (233) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 1/9/2034 | 105000 | 0 | 397 | 397 | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 1/17/2034 | 100400 | (459) | 782 | 323 | 0 | (15) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 1/23/2034 | 52100 | (217) | 610 | 393 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.738 | Annual | 1/23/2034 | 31300 | (131) | 374 | 243 | 5 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 1/24/2034 | 52000 | (213) | 276 | 63 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 1/24/2034 | 103700 | (420) | 628 | 208 | 16 | 0 |

---

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| | | |
|:---|:---|:---|
| **48** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.685% | Annual | 1/24/2034 | $104100 | $(427) | $800 | $373 | $16 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 1/31/2034 | 51100 | (221) | 147 | (74) | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.725 | Annual | 2/7/2034 | 51000 | (256) | 609 | 353 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.783 | Annual | 2/7/2034 | 41000 | (206) | 677 | 471 | 7 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 2/21/2034 | 207200 | (927) | 4600 | 3673 | 34 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 3/5/2034 | 106500 | (453) | 595 | 142 | 16 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 3/5/2034 | 53400 | (203) | 484 | 281 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 3/5/2034 | 105800 | (394) | 1035 | 641 | 16 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 4/10/2034 | 107500 | (403) | 2702 | 2299 | 18 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 4/15/2034 | 52700 | (199) | 1328 | 1129 | 9 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 4/16/2034 | 106800 | (368) | 3077 | 2709 | 18 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 4/17/2034 | 107000 | (364) | 4169 | 3805 | 19 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 4/22/2034 | 107000 | (423) | 4273 | 3850 | 19 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 4/22/2034 | 108800 | (379) | 4849 | 4470 | 20 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.105 | Annual | 4/24/2034 | 219100 | (728) | 8961 | 8233 | 39 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.078 | Annual | 4/29/2034 | 106500 | (305) | 4086 | 3781 | 19 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 4/30/2034 | 319800 | (898) | 12555 | 11657 | 56 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 5/3/2034 | 105800 | (286) | 4478 | 4192 | 19 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 5/6/2034 | 162700 | (529) | 7867 | 7338 | 30 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 6/5/2034 | 108900 | (440) | (3475) | (3915) | 0 | (19) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 6/20/2034 | 1168910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 7/2/2034 | 161600 | (493) | (4268) | (4761) | 0 | (27) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 7/2/2034 | 107000 | (349) | (3353) | (3702) | 0 | (18) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 7/10/2034 | 217900 | (665) | (3843) | (4508) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 7/12/2034 | 167900 | (571) | (2976) | (3547) | 0 | (26) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 8/5/2034 | 109800 | (423) | (1618) | (2041) | 0 | (17) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 8/6/2034 | 109900 | (434) | (1142) | (1576) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 8/7/2034 | 109700 | (373) | 72 | (301) | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 8/7/2034 | 109900 | (437) | (460) | (897) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 8/13/2034 | 109300 | (402) | (192) | (594) | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 8/14/2034 | 109300 | (361) | 696 | 335 | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 8/19/2034 | 165300 | (579) | 862 | 283 | 0 | (22) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 8/19/2034 | 52600 | (187) | 240 | 53 | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 8/20/2034 | 109400 | (388) | 1030 | 642 | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 8/21/2034 | 164600 | (593) | 1325 | 732 | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 8/21/2034 | 108700 | (370) | 786 | 416 | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 8/22/2034 | 109200 | (390) | 343 | (47) | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 8/28/2034 | 110200 | (408) | 846 | 438 | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 8/28/2034 | 110200 | (397) | 750 | 353 | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 8/28/2034 | 109900 | (396) | 459 | 63 | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 8/28/2034 | 206700 | (845) | 948 | 103 | 0 | (27) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 8/28/2034 | 66600 | (265) | 272 | 7 | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 8/28/2034 | 109900 | (401) | 90 | (311) | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 9/4/2034 | 55300 | (209) | 788 | 579 | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 9/4/2034 | 109500 | (415) | 1189 | 774 | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 9/4/2034 | 110100 | (413) | 1098 | 685 | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 9/5/2034 | 104200 | (412) | 2003 | 1591 | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 9/5/2034 | 110300 | (436) | 2099 | 1663 | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 9/10/2034 | 55100 | (264) | 1850 | 1586 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 9/16/2034 | 55500 | (254) | 1812 | 1558 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 9/16/2034 | 14600 | (64) | 432 | 368 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 9/16/2034 | 206500 | (893) | 6053 | 5160 | 0 | (22) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 9/18/2034 | 110600 | (393) | 3567 | 3174 | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 9/18/2034 | 110000 | (395) | 3407 | 3012 | 0 | (12) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 | 114400 | (416) | (2122) | (2538) | 12 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 | 114500 | (408) | (2870) | (3278) | 12 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 | 115300 | (392) | (2799) | (3191) | 12 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.395 | Annual | 10/17/2034 | 172400 | (578) | (4044) | (4622) | 18 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 10/17/2034 | 57600 | (193) | (1326) | (1519) | 6 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 115200 | (323) | (2235) | (2558) | 12 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 114400 | (340) | (2030) | (2370) | 12 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 114500 | (358) | (1818) | (2176) | 12 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 230500 | (744) | (3947) | (4691) | 24 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.485 | Annual | 10/30/2034 | 192200 | (629) | (2948) | (3577) | 21 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.495 | Annual | 10/30/2034 | 115800 | (371) | (1684) | (2055) | 12 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.455 | Annual | 11/1/2034 | 192200 | (639) | (3431) | (4070) | 20 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 11/1/2034 | 192200 | (639) | (3180) | (3819) | 20 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.435 | Annual | 11/5/2034 | 192700 | (694) | (3702) | (4396) | 19 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/6/2034 | 385500 | (1311) | (4115) | (5426) | 42 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 195000 | (760) | 3552 | 2792 | 25 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **49** |

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------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **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 | 3.793% | Annual | 11/19/2034 | $195100 | $(868) | $2532 | $1664 | $24 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 98100 | (440) | 1809 | 1369 | 12 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 26840 | 764 | (620) | 144 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 51300 | (273) | 24 | (249) | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 119400 | (382) | 3776 | 3394 | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 1/6/2035 | 119100 | (378) | 2926 | 2548 | 14 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 1/8/2035 | 118900 | (312) | 1906 | 1594 | 13 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 1/8/2035 | 59800 | (157) | 1010 | 853 | 7 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 1/8/2035 | 99700 | (274) | 2041 | 1767 | 12 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 1/8/2035 | 119200 | (346) | 2520 | 2174 | 14 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 1/8/2035 | 118500 | (318) | 2520 | 2202 | 14 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 1/13/2035 | 209600 | (572) | 4106 | 3534 | 24 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 1/15/2035 | 59700 | (161) | 1632 | 1471 | 7 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 1/15/2035 | 182500 | (504) | 5682 | 5178 | 22 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 1/15/2035 | 119700 | (329) | 4324 | 3995 | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 1/21/2035 | 60000 | (168) | 2323 | 2155 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 1/22/2035 | 119900 | (327) | 4531 | 4204 | 15 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 3/3/2035 | 60150 | (231) | (862) | (1093) | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 3/4/2035 | 120600 | (435) | (1941) | (2376) | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 3/5/2035 | 60300 | (213) | (782) | (995) | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 3/5/2035 | 120600 | (420) | (1610) | (2030) | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 3/12/2035 | 119700 | (355) | (1986) | (2341) | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 3/21/2035 | 199600 | (569) | (4544) | (5113) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 3/24/2035 | 241600 | (710) | (4549) | (5259) | 0 | (23) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 3/25/2035 | 121100 | (351) | (1809) | (2160) | 0 | (11) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 5/7/2035 | 243100 | (1185) | 2837 | 1652 | 17 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 6/18/2035 | 183360 | 4608 | 1874 | 6482 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 9/17/2035 | 122400 | (362) | 1439 | 1077 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 9/17/2035 | 350400 | (2976) | 188 | (2788) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/15/2049 | 51390 | 0 | 5371 | 5371 | 113 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 | 68390 | 0 | 6068 | 6068 | 150 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | 11/15/2049 | 27170 | 0 | 2125 | 2125 | 60 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.900 | Semi-Annual | 3/12/2050 | 1085000 | 7579 | 566593 | 574172 | 2481 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.950 | Semi-Annual | 12/11/2050 | 1343300 | 5165 | 703568 | 708733 | 3207 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.150 | Semi-Annual | 3/30/2051 | 3900 | 796 | 1170 | 1966 | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 4/7/2051 | 66100 | 9153 | 20855 | 30008 | 138 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 6/16/2051 | 3516800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7315 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.785 | Semi-Annual | 8/12/2051 | 89100 | 34101 | 1888 | 35989 | 221 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 6/15/2052 | 75000 | 39117 | 1005 | 40122 | 196 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 6/15/2052 | 54400 | 18804 | 1573 | 20377 | 144 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.975 | Semi-Annual | 6/17/2052 | 97800 | 41087 | 11619 | 52706 | 256 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.025 | Semi-Annual | 6/22/2052 | 75000 | 38806 | 965 | 39771 | 197 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.035 | Semi-Annual | 6/28/2052 | 48500 | 5217 | 20959 | 26176 | 127 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2052 | 1156093 | (2170) | (24925) | (27095) | 3173 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 724700 | 175728 | 107556 | 283284 | 1978 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 2/23/2053 | 56400 | (6615) | (2100) | (8715) | 0 | (147) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 7/12/2053 | 77700 | (5123) | (2663) | (7786) | 0 | (210) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.550 | Annual | 7/21/2053 | 42100 | (8856) | (1273) | (10129) | 0 | (109) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.537 | Annual | 7/24/2053 | 41900 | (8910) | (1259) | (10169) | 0 | (108) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.508 | Annual | 7/25/2053 | 64400 | (14023) | (1924) | (15947) | 0 | (166) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 | 31400 | 505 | (1329) | (824) | 0 | (88) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 10/16/2053 | 31800 | 794 | (1342) | (548) | 0 | (90) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 | 30800 | 715 | (1300) | (585) | 0 | (87) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 | 112780 | (612) | 14225 | 13613 | 327 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 3/5/2054 | 42500 | (364) | (2676) | (3040) | 0 | (120) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 9/17/2055 | 1106590 | 110060 | (25966) | 84094 | 3235 | 0 |
| Pay | 1-Year BRL-CDI | 9.874 | Maturity | 1/2/2026 | 608600 | (896) | (5735) | (6631) | 0 | (6) |
| Pay | 1-Year BRL-CDI | 9.899 | Maturity | 1/2/2026 | 307400 | (426) | (2891) | (3317) | 0 | (3) |
| Pay | 1-Year BRL-CDI | 9.939 | Maturity | 1/2/2026 | 508300 | (614) | (4762) | (5376) | 0 | (5) |
| Pay | 1-Year BRL-CDI | 10.052 | Maturity | 1/2/2026 | 1282200 | (1118) | (11922) | (13040) | 0 | (12) |
| Pay | 1-Year BRL-CDI | 10.085 | Maturity | 1/2/2026 | 1272700 | (990) | (11809) | (12799) | 0 | (12) |
| Pay | 1-Year BRL-CDI | 10.105 | Maturity | 1/2/2026 | 1260600 | (945) | (11689) | (12634) | 0 | (12) |
| Pay | 1-Year BRL-CDI | 9.998 | Maturity | 1/4/2027 | 920300 | (1059) | (12821) | (13880) | 0 | (50) |
| Pay | 1-Year BRL-CDI | 10.037 | Maturity | 1/4/2027 | 227200 | (218) | (3156) | (3374) | 0 | (12) |
| Pay | 1-Year BRL-CDI | 10.041 | Maturity | 1/4/2027 | 1041400 | (1033) | (14472) | (15505) | 0 | (56) |
| Pay | 1-Year BRL-CDI | 10.072 | Maturity | 1/4/2027 | 759770 | 0 | (9608) | (9608) | 0 | (36) |
| Pay | 1-Year BRL-CDI | 10.090 | Maturity | 1/4/2027 | 1963600 | (1584) | (27211) | (28795) | 0 | (104) |
| Pay | 1-Year BRL-CDI | 10.098 | Maturity | 1/4/2027 | 2297450 | 0 | (28784) | (28784) | 0 | (107) |
| Pay | 1-Year BRL-CDI | 10.138 | Maturity | 1/4/2027 | 488500 | (298) | (6749) | (7047) | 0 | (26) |
| Pay | 1-Year BRL-CDI | 10.165 | Maturity | 1/4/2027 | 1164990 | 0 | (14252) | (14252) | 0 | (53) |
| Pay | 1-Year BRL-CDI | 10.170 | Maturity | 1/4/2027 | 1944090 | 0 | (23741) | (23741) | 0 | (88) |

---

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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-Year BRL-CDI | 10.183% | Maturity | 1/4/2027 | BRL | 3492020 | $0 | $(42421) | $(42421) | $0 | $(159) |
| Pay | 1-Year BRL-CDI | 10.203 | Maturity | 1/4/2027 |  | 2720760 | 0 | (32825) | (32825) | 0 | (123) |
| Pay | 1-Year BRL-CDI | 10.210 | Maturity | 1/4/2027 |  | 391960 | 0 | (4716) | (4716) | 0 | (18) |
| Pay | 1-Year BRL-CDI | 10.256 | Maturity | 1/4/2027 |  | 2718360 | 0 | (32167) | (32167) | 0 | (120) |
| Pay | 1-Year BRL-CDI | 10.328 | Maturity | 1/4/2027 |  | 2200950 | 0 | (25359) | (25359) | 0 | (95) |
| Pay | 1-Year BRL-CDI | 11.250 | Maturity | 1/4/2027 |  | 280100 | 205 | (3790) | (3585) | 0 | (13) |
| Pay | 1-Year BRL-CDI | 11.275 | Maturity | 1/4/2027 |  | 141400 | 125 | (1908) | (1783) | 0 | (7) |
| Pay | 1-Year BRL-CDI | 11.290 | Maturity | 1/4/2027 |  | 141500 | 138 | (1907) | (1769) | 0 | (7) |
| Pay | 1-Year BRL-CDI | 11.731 | Maturity | 1/4/2027 |  | 72600 | 265 | (937) | (672) | 0 | (3) |
| Pay | 1-Year BRL-CDI | 11.746 | Maturity | 1/4/2027 |  | 314300 | 1177 | (4051) | (2874) | 0 | (11) |
| Pay | 1-Year BRL-CDI | 11.901 | Maturity | 1/4/2027 |  | 750900 | 3511 | (9530) | (6019) | 0 | (24) |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 1/4/2027 |  | 3372000 | 168 | (3163) | (2995) | 0 | (612) |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 1/4/2027 |  | 2400700 | 0 | (1241) | (1241) | 0 | (21) |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 1/2/2029 |  | 2208400 | (128) | (548) | (676) | 0 | (7) |
| Pay | 1-Year BRL-CDI | 13.354 | Maturity | 1/2/2029 |  | 4406400 | 346 | (3) | 343 | 480 | 0 |
| Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 6/19/2029 | NZD | 954400 | 5636 | 37178 | 42814 | 715 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 7/31/2028 | ZAR | 637200 | 586 | 1082 | 1668 | 17 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 7/31/2028 |  | 525100 | 488 | 890 | 1378 | 14 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.420 | Quarterly | 7/31/2028 |  | 1964800 | 1848 | 3326 | 5174 | 53 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.428 | Quarterly | 7/31/2028 |  | 1328900 | 1271 | 2245 | 3516 | 36 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.426 | Quarterly | 8/1/2028 |  | 793900 | 754 | 1353 | 2107 | 22 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 8/1/2028 |  | 1339900 | 1368 | 2262 | 3630 | 37 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 8/2/2028 |  | 1358100 | 1386 | 2286 | 3672 | 37 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.464 | Quarterly | 8/2/2028 |  | 1383600 | 1424 | 2326 | 3750 | 38 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.550 | Quarterly | 8/3/2028 |  | 1353700 | 1635 | 2221 | 3856 | 38 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.380 | Quarterly | 8/4/2028 |  | 629400 | 537 | 1088 | 1625 | 17 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 8/4/2028 |  | 1625100 | 1489 | 2784 | 4273 | 44 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 8/4/2028 |  | 663400 | 615 | 1135 | 1750 | 18 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.421 | Quarterly | 8/4/2028 |  | 673900 | 633 | 1151 | 1784 | 18 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.543 | Quarterly | 8/4/2028 |  | 674700 | 805 | 1111 | 1916 | 19 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.360 | Quarterly | 8/7/2028 |  | 1354200 | 1095 | 2360 | 3455 | 37 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.400 | Quarterly | 8/7/2028 |  | 1402200 | 1250 | 2415 | 3665 | 39 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 8/7/2028 |  | 407700 | 372 | 700 | 1072 | 11 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.000 | Quarterly | 1/3/2031 |  | 565500 | 5 | 1389 | 1394 | 38 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.001 | Quarterly | 1/6/2031 |  | 565500 | 0 | 1390 | 1390 | 38 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.010 | Quarterly | 1/7/2031 |  | 551100 | 0 | 1368 | 1368 | 37 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.030 | Quarterly | 1/7/2031 |  | 551100 | 0 | 1397 | 1397 | 37 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.053 | Quarterly | 1/7/2031 |  | 551100 | 0 | 1431 | 1431 | 37 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.058 | Quarterly | 1/7/2031 |  | 551100 | 0 | 1438 | 1438 | 37 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.063 | Quarterly | 1/8/2031 |  | 1707100 | 0 | 4474 | 4474 | 114 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.080 | Quarterly | 1/8/2031 |  | 758300 | 0 | 2023 | 2023 | 51 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.203 | Quarterly | 1/10/2031 |  | 2861600 | 0 | 8563 | 8563 | 194 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 6/17/2026 | AUD | 26340 | (732) | 556 | (176) | 1 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 3.000 | Semi-Annual | 3/21/2027 |  | 1525200 | (44781) | 35308 | (9473) | 544 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 9/18/2029 |  | 3312400 | 34171 | (16071) | 18100 | 2461 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 9/20/2033 |  | 1665500 | (23460) | 53475 | 30015 | 4377 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 3/20/2034 |  | 1291700 | (4830) | 26999 | 22169 | 3666 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 9/18/2034 |  | 578500 | 7641 | 1745 | 9386 | 1760 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 6/18/2035 |  | 5894200 | 80180 | 10640 | 90820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20421 | 0 |
| Pay | 6-Month CLP-CHILIBOR | 4.000 | Semi-Annual | 9/17/2030 | CLP | 1336400 | 13736 | (7911) | 5825 | 1589 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.329 | Annual | 12/30/2025 | EUR | 20500 | 1517 | (1189) | 328 | 2 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 4/11/2027 |  | 226800 | (22990) | 15305 | (7685) | 43 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 4/12/2027 |  | 96600 | (9973) | 6627 | (3346) | 18 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 5/11/2027 |  | 428500 | (45037) | 30299 | (14738) | 62 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 5/13/2027 |  | 491000 | (45034) | 32144 | (12890) | 77 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 5/18/2027 |  | 235750 | (21680) | 15427 | (6253) | 35 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.750 | Annual | 9/21/2027 |  | 721700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30289) | 23608 | (6681) | 172 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/9/2028 |  | 126800 | 3508 | 4638 | 8146 | 107 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 |  | 121000 | 3826 | 4431 | 8257 | 101 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 3/21/2029 |  | 9616100 | 25497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423436 | 8443 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 4/16/2029 |  | 112300 | (182) | 2672 | 2490 | 112 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.860 | Annual | 4/24/2029 |  | 91600 | (138) | 2550 | 2412 | 92 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.780 | Annual | 5/2/2029 |  | 112700 | (163) | 2739 | 2576 | 111 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.827 | Annual | 5/6/2029 |  | 114400 | (175) | 3017 | 2842 | 113 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 6/12/2029 |  | 89800 | (155) | 2883 | 2728 | 88 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.700 | Annual | 8/13/2029 |  | 69000 | (104) | (1139) | (1243) | 0 | (71) |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 8/14/2029 |  | 92500 | (126) | (1325) | (1451) | 0 | (95) |
| Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 9/25/2029 |  | 116300 | (197) | 264 | 67 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) |
| Receive | 6-Month EUR-EURIBOR | 2.360 | Annual | 10/7/2029 |  | 116900 | (219) | (1636) | (1855) | 0 | (141) |
| Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 3/4/2030 |  | 74900 | (102) | (675) | (777) | 0 | (93) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **51** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **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 | 6-Month EUR-EURIBOR | 2.950% | Annual | 3/20/2030 | EUR | 2341400 | $23882 | $87640 | $111522 | $3041 | $0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 4/9/2030 |  | 122000 | (249) | (90) | (339) | 0 | (172) |
| Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 4/29/2030 |  | 98600 | (185) | 143 | (42) | 0 | (137) |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 3/18/2031 |  | 922700 | 4543 | (1757) | 2786 | 1549 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.547 | Annual | 3/9/2033 |  | 252900 | (6296) | 10241 | 3945 | 613 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.270 | Annual | 8/21/2033 |  | 68000 | 2684 | 1419 | 4103 | 182 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/3/2033 |  | 202700 | 8465 | 9084 | 17549 | 582 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 3/4/2034 |  | 68000 | (210) | 2326 | 2116 | 191 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 3/5/2034 |  | 69500 | (220) | 2310 | 2090 | 195 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 4/29/2034 |  | 67700 | (191) | 1375 | 1184 | 199 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 8/19/2034 |  | 69400 | (183) | 379 | 196 | 0 | (203) |
| Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 8/29/2034 |  | 70000 | (195) | 454 | 259 | 0 | (200) |
| Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/1/2034 |  | 70100 | (188) | 815 | 627 | 0 | (210) |
| Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 61000 | (161) | (486) | (647) | 182 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 1/8/2035 |  | 73400 | (175) | (1869) | (2044) | 218 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 2/12/2035 |  | 74200 | (199) | 955 | 756 | 0 | (225) |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 3/7/2035 |  | 72900 | (183) | (444) | (627) | 221 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 3/13/2035 |  | 115200 | (299) | (229) | (528) | 351 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 3/24/2035 |  | 73000 | (199) | 981 | 782 | 225 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 3/27/2035 |  | 73000 | (189) | 288 | 99 | 223 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 4/1/2035 |  | 72900 | (185) | (1227) | (1412) | 227 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 4/9/2035 |  | 73200 | (256) | 1266 | 1010 | 0 | (233) |
| Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 4/9/2035 |  | 73300 | (280) | 1215 | 935 | 0 | (234) |
| Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 4/16/2035 |  | 73700 | (275) | 971 | 696 | 0 | (235) |
| Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 4/23/2035 |  | 113100 | (444) | 1735 | 1291 | 0 | (359) |
| Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 5/5/2035 |  | 73900 | (252) | 1735 | 1483 | 0 | (232) |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 3/18/2036 |  | 274400 | 140 | 243 | 383 | 919 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.500 | Annual | 3/20/2050 |  | 62400 | (3236) | (1311) | (4547) | 410 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 6/17/2050 |  | 626000 | (58467) | 412178 | 353711 | 0 | (2822) |
| Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 6/17/2050 |  | 2557071 | 9381 | 1299597 | 1308978 | 0 | (12120) |
| Pay | 6-Month EUR-EURIBOR | 0.500 | Annual | 9/21/2052 |  | 400 | (190) | (25) | (215) | 2 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/9/2052 |  | 3771700 | 54146 | 436157 | 490303 | 0 | (3234) |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 3/18/2056 |  | 2770 | 14 | 37 | 51 | 22 | 0 |
| Pay | 28-Day MXN-TIIE | 8.410 | Lunar | 12/11/2025 | MXN | 8240000 | (25) | 626 | 601 | 0 | (16) |
| Pay | 28-Day MXN-TIIE | 8.780 | Lunar | 12/15/2025 |  | 1750000 | (4) | 215 | 211 | 0 | (3) |
| Pay | 28-Day MXN-TIIE | 8.556 | Lunar | 12/18/2025 |  | 1337800 | (3) | 128 | 125 | 0 | (3) |
| Receive | 28-Day MXN-TIIE | 9.328 | Lunar | 12/18/2025 |  | 2978000 | 5 | (575) | (570) | 3 | 0 |
| Receive | 28-Day MXN-TIIE | 8.103 | Lunar | 12/22/2025 |  | 1486300 | 5 | (74) | (69) | 4 | 0 |
| Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.410 | Lunar | 2/5/2026 |  | 8240000 | (10479) | 11174 | 695 | 19 | 0 |
| Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.556 | Lunar | 7/27/2028 |  | 1337800 | (688) | 2858 | 2170 | 27 | 0 |
| Pay | 28-Day MXN-TIIE | 9.020 | Lunar | 12/17/2029 |  | 1164600 | 0 | 4223 | 4223 | 61 | 0 |
| Pay | 28-Day MXN-TIIE | 8.990 | Lunar | 12/18/2029 |  | 851700 | 0 | 3036 | 3036 | 46 | 0 |
| Pay | 28-Day MXN-TIIE | 9.135 | Lunar | 12/27/2029 |  | 1043200 | 0 | 4021 | 4021 | 56 | 0 |
| Pay | 28-Day MXN-TIIE | 9.150 | Lunar | 12/31/2029 |  | 1058100 | 0 | 4110 | 4110 | 57 | 0 |
| Pay | 28-Day MXN-TIIE | 9.108 | Lunar | 3/13/2030 |  | 4434100 | 0 | 17430 | 17430 | 259 | 0 |
| Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 9.328 | Lunar | 5/29/2031 |  | 2978000 | 0 | (12332) | (12332) | 0 | (199) |
| Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.780 | Lunar | 1/30/2034 |  | 1750000 | 129 | 5066 | 5195 | 69 | 0 |
| Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 8.103 | Lunar | 1/4/2038 |  | 1486300 | 4285 | (4071) | 214 | 0 | (194) |
| Pay | CAONREPO | 3.750 | Semi-Annual | 12/20/2025 | CAD | 2416000 | (10821) | 20705 | 9884 | 91 | 0 |
| Pay | CAONREPO | 2.625 | Semi-Annual | 3/19/2027 |  | 172700 | (4292) | 4856 | 564 | 30 | 0 |
| Pay | CAONREPO | 3.000 | Semi-Annual | 3/19/2027 |  | 376200 | (6203) | 8918 | 2715 | 64 | 0 |
| Pay | CAONREPO | 2.750 | Semi-Annual | 12/17/2027 |  | 132800 | (3112) | 3938 | 826 | 32 | 0 |
| Pay | CAONREPO | 3.400 | Semi-Annual | 6/20/2029 |  | 34700 | (109) | 1009 | 900 | 20 | 0 |
| Receive | CAONREPO | 1.000 | Semi-Annual | 6/16/2047 |  | 14000 | 4098 | (502) | 3596 | 0 | (57) |
| Receive | CAONREPO | 1.300 | Semi-Annual | 6/16/2047 |  | 340700 | 89216 | (13507) | 75709 | 0 | (1013) |
| Pay | UKRPI | 4.000 | Maturity | 9/15/2031 | GBP | 105100 | (17065) | 2217 | (14848) | 335 | 0 |
| Pay | UKRPI | 4.055 | Maturity | 9/15/2031 |  | 97100 | (15050) | 2148 | (12902) | 312 | 0 |
| Pay | UKRPI | 4.066 | Maturity | 9/15/2031 |  | 188200 | (28892) | 4202 | (24690) | 605 | 0 |
| Pay | UKRPI | 4.020 | Maturity | 10/15/2031 |  | 136900 | (21740) | 3127 | (18613) | 521 | 0 |
| Pay | UKRPI | 4.140 | Maturity | 10/15/2031 |  | 263700 | (37627) | 6613 | (31014) | 1015 | 0 |
| Pay | UKRPI | 4.400 | Maturity | 10/15/2031 |  | 119600 | (12820) | 3588 | (9232) | 472 | 0 |
| Pay | UKRPI | 4.250 | Maturity | 11/15/2031 |  | 267100 | (32869) | 7846 | (25023) | 1504 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7375497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9066398 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67694) |
|  |  |  |  |  |  |  | $2041400 | $7633980 | $9675380 | $127803 | $(70460) |

---

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(7)</sup> | Variation Margin<br>Asset<sup>(7)</sup> | | Market Value | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27660) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71656) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99316) |

---

(p) Securities with an aggregate market value of $4,798,042 and cash of $46,085 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

<sup>(7)</sup> Unsettled variation margin asset of $312 and liablity of $(1196) for closed swap aggreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | $436085 | 664055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320 | $0 |
|  | 10/2025 | 1607035 | 2235707 | 0 | (500) |
|  | 10/2025 | 1022 | 1757 | 0 | (3) |
|  | 11/2025 | 664055 | $436293 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3320) |
|  | 11/2025 | 2232171 | 1607035 | 503 | 0 |
|  BOA | 10/2025 | 188451 | 35215 | 0 | (193) |
|  | 10/2025 | 657558 | 768698 | 0 | (3309) |
|  | 10/2025 | 5592481 | 37338 | 0 | (478) |
|  | 10/2025 | 85403 | 24040 | 0 | (556) |
|  | 10/2025 | 292769 | 227757 | 796 | 0 |
|  | 10/2025 | $35432 | 188451 | 0 | (24) |
|  | 10/2025 | 8403 | 6727 | 47 | 0 |
|  | 10/2025 | 48588 | 163372 | 735 | 0 |
|  | 10/2025 | 109169 | 9656585 | 0 | (562) |
|  | 10/2025 | 34096 | 5032975 | 28 | (91) |
|  | 10/2025 | 91286 | 126384833 | 0 | (1209) |
|  | 10/2025 | 11526 | 20018 | 79 | 0 |
|  | 10/2025 | 26058 | 93765 | 0 | (267) |
|  | 11/2025 | 20018 | $11541 | 0 | (79) |
|  | 11/2025 | $35432 | 188451 | 180 | 0 |
|  | 11/2025 | 30222 | 101047 | 287 | 0 |
|  | 11/2025 | 37338 | 5573118 | 479 | 0 |
|  | 11/2025 | 538 | 9370 | 3 | 0 |
|  | 12/2025 | 196157 | $54646 | 0 | (1725) |
|  | 12/2025 | $58329 | 1097692 | 1127 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **53** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BPS | 10/2025 | 6220955 | $1038885 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129974) |
|  | 10/2025 | 2305234 | 323674 | 125 | 0 |
|  | 10/2025 | 83209 | 97826 | 232 | (98) |
|  | 10/2025 | 7093044953 | 428952 | 4293 | (551) |
|  | 10/2025 | 10523480 | 119458 | 1079 | 0 |
|  | 10/2025 | 7865135 | 52935 | 0 | (249) |
|  | 10/2025 | 1155 | 123 | 0 | 0 |
|  | 10/2025 | 119339 | 93138 | 624 | 0 |
|  | 10/2025 | 17127818 | 569631 | 7766 | (772) |
|  | 10/2025 | $1153789 | 6220955 | 15478 | (409) |
|  | 10/2025 | 41069 | 34794 | 0 | (219) |
|  | 10/2025 | 257175 | 4248991209 | 0 | (2512) |
|  | 10/2025 | 452456 | 625315380 | 0 | (6888) |
|  | 10/2025 | 1568 | 2659 | 0 | (27) |
|  | 10/2025 | 316781 | 1152984 | 460 | (107) |
|  | 10/2025 | 43511 | 1855645 | 866 | 0 |
|  | 10/2025 | 9708 | 295797 | 1 | 0 |
|  | 11/2025 | 1279589421 | $76570 | 0 | (77) |
|  | 11/2025 | 7756259 | 87140 | 3 | (7) |
|  | 11/2025 | 67104927 | 47870 | 18 | 0 |
|  | 11/2025 | $16555 | 88675 | 0 | (28) |
|  | 11/2025 | 93804 | 315214 | 1366 | 0 |
|  | 11/2025 | 52935 | 7837820 | 248 | 0 |
|  | 11/2025 | 11061 | 484447 | 72 | 0 |
|  | 12/2025 | 10633674 | $351887 | 873 | 0 |
|  | 12/2025 | $514 | 170734 | 0 | (2) |
|  | 12/2025 | 101426 | 1706414126 | 631 | 0 |
|  | 01/2026 | 292952 | $9708 | 2 | 0 |
|  | 04/2026 | 2129246 | 372743 | 0 | (10263) |
|  | 05/2026 | $28265 | 8614 | 59 | (3) |
|  | 06/2026 | 20378 | 6224 | 90 | 0 |
|  | 07/2026 | 12688 | 3875 | 59 | 0 |
|  | 06/2027 | 9877 | 2996 | 0 | (10) |
|  | 05/2029 | 42498 | $146100 | 5408 | 0 |
|  | 07/2029 | 5643 | 19410 | 717 | 0 |
|  | 05/2030 | 31578 | 108748 | 3761 | 0 |
|  | 08/2030 | 7815 | 26350 | 342 | 0 |
|  BRC | 10/2025 | 748484 | 542067 | 4222 | 0 |
|  | 10/2025 | 436065 | 546310 | 0 | (1476) |
|  | 10/2025 | 2973925 | 3478589 | 0 | (12950) |
|  | 10/2025 | 1708049 | 2296593 | 0 | (561) |
|  | 10/2025 | 49384142 | 3008 | 48 | 0 |
|  | 10/2025 | 266001 | 6393 | 0 | (5) |
|  | 10/2025 | 1382016 | 46383 | 975 | 0 |
|  | 10/2025 | $1759 | 2427 | 0 | (15) |
|  | 10/2025 | 583378 | 467823 | 4303 | 0 |
|  | 10/2025 | 8249769 | 7037250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12320 | 0 |
|  | 10/2025 | 103571 | 76490 | 0 | (699) |
|  | 10/2025 | 44 | 61325 | 0 | (1) |
|  | 10/2025 | 17040 | 318790 | 334 | 0 |
|  | 10/2025 | 9 | 87 | 0 | 0 |
|  | 10/2025 | 114017 | 416893 | 662 | 0 |
|  | 10/2025 | 766746 | 33053942 | 17787 | 0 |
|  | 10/2025 | 395843 | 6985759 | 8159 | 0 |
|  | 11/2025 | 1797957 | $1188538 | 0 | (1731) |
|  | 11/2025 | 7037251 | 8266398 | 0 | (12225) |
|  | 11/2025 |  | 9 | 0 | 0 |
|  | 11/2025 | 234591 | 63914 | 0 | (3584) |
|  | 11/2025 | 263 | 6 | 0 | 0 |
|  | 11/2025 | $546310 | 434336 | 1479 | 0 |
|  | 11/2025 | 364982 | 15887723 | 4492 | 0 |
|  | 11/2025 | 579088 | $32889 | 0 | (528) |
|  | 12/2025 | $7224 | 133576 | 11 | 0 |
|  | 12/2025 | 79598 | 3493366 | 252 | 0 |
|  BSH | 10/2025 | 5422620 | $1019558 | 699 | 0 |
|  | 10/2025 | 315800 | 85586 | 0 | (5343) |
|  | 10/2025 | $994819 | 5422620 | 24040 | 0 |
|  | 10/2025 | 3399 | 5869 | 4 | 0 |
|  | 10/2025 | 53144 | 184320 | 0 | (57) |
|  | 11/2025 | 5869 | $3403 | 0 | (4) |
|  | 11/2025 | 723935 | 198753 | 0 | (9557) |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 12/2025 | 720339 | $37791 | $0 | $(1226) |
|  | 12/2025 | 342142 | 94781 | 0 | (3589) |
|  | 01/2026 | 623303 | 174887 | 0 | (4159) |
|  | 02/2026 | 194890 | 54949 | 0 | (976) |
|  | 04/2026 | 4043727 | 711961 | 0 | (15420) |
|  | 05/2026 | 210613 | 58681 | 0 | (1575) |
|  CBK | 10/2025 | 935650 | 611579 | 0 | (7540) |
|  | 10/2025 | 2040059 | 381319 | 0 | (1988) |
|  | 10/2025 | 6836 | 4905 | 0 | (7) |
|  | 10/2025 | 43918 | 6184 | 20 | 0 |
|  | 10/2025 | 15358 | 2399 | 0 | (17) |
|  | 10/2025 | 1247856 | 1457977 | 0 | (7069) |
|  | 10/2025 | 628146 | 849041 | 4247 | 0 |
|  | 10/2025 | 4296318648 | 259806 | 2761 | (453) |
|  | 10/2025 | 14014332 | 157801 | 183 | 0 |
|  | 10/2025 | 344658499 | 249088 | 3445 | 0 |
|  | 10/2025 | 4539282 | 239769 | 0 | (7625) |
|  | 10/2025 | 680 | 67 | 0 | (1) |
|  | 10/2025 | 1306880 | 360307 | 0 | (15947) |
|  | 10/2025 | 1047949 | 816871 | 4476 | 0 |
|  | 10/2025 | 498633 | 15453 | 43 | 0 |
|  | 10/2025 | 22097990 | 745643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19583 | 0 |
|  | 10/2025 | $33565 | 50765 | 134 | (107) |
|  | 10/2025 | 374627 | 2040059 | 8836 | (155) |
|  | 10/2025 | 24 | 19 | 0 | 0 |
|  | 10/2025 | 197398 | 167939 | 128 | (358) |
|  | 10/2025 | 302836 | 223430 | 31 | (2376) |
|  | 10/2025 | 1515 | 11777 | 0 | (1) |
|  | 10/2025 | 198019 | 3259059805 | 0 | (2688) |
|  | 10/2025 | 964859 | 84986423 | 0 | (9020) |
|  | 10/2025 | 864 | 8614 | 0 | 0 |
|  | 10/2025 | 66914 | 234840 | 721 | 0 |
|  | 10/2025 | 124923 | 1184015 | 843 | 0 |
|  | 10/2025 | 1919330 | 2476711 | 676 | 0 |
|  | 10/2025 | 282043 | 8584650 | 199 | (293) |
|  | 10/2025 | 1215842 | $70208 | 0 | (194) |
|  | 11/2025 | 8612 | 864 | 0 | 0 |
|  | 11/2025 | 351795 | 95679 | 0 | (5529) |
|  | 11/2025 | 2470295 | 1919330 | 0 | (717) |
|  | 11/2025 | $4905 | 6826 | 7 | 0 |
|  | 11/2025 | 64746 | 216999 | 771 | 0 |
|  | 11/2025 | 157801 | 14041789 | 0 | (184) |
|  | 11/2025 | 2414 | 42316 | 28 | 0 |
|  | 12/2025 | 1165664 | $326039 | 0 | (9049) |
|  | 12/2025 | 5121561 | 169394 | 394 | (61) |
|  | 12/2025 | $104871 | 1762298939 | 529 | 0 |
|  | 01/2026 | 97741 | $27351 | 0 | (715) |
|  | 01/2026 | 3398269 | 112649 | 58 | 0 |
|  | 01/2026 | $381319 | 2084178 | 1613 | 0 |
|  | 02/2026 | 28824 | $8064 | 0 | (209) |
|  | 03/2026 | 33004 | 34 | 0 | 0 |
|  | 03/2026 | 587826 | 166550 | 0 | (1977) |
|  DUB | 10/2025 | 4939681 | 694721 | 1418 | 0 |
|  | 10/2025 | 2528685319 | 154287 | 2733 | 0 |
|  | 10/2025 | 22755123 | 256147 | 221 | 0 |
|  | 10/2025 | 352425967 | 254517 | 3338 | 0 |
|  | 10/2025 | 83809 | 65471 | 501 | 0 |
|  | 10/2025 | $161901 | 553183 | 5109 | 0 |
|  | 10/2025 | 230839 | 20412933 | 0 | (1241) |
|  | 10/2025 | 1006 | 1713 | 0 | (13) |
|  | 11/2025 | 552900 | $161901 | 0 | (5032) |
|  | 11/2025 | 1813312 | 20376 | 22 | 0 |
|  | 11/2025 | $256147 | 22800349 | 0 | (215) |
|  | 11/2025 | 661864 | $37608 | 0 | (585) |
|  | 12/2025 | 242057 | 67688 | 0 | (1893) |
|  | 01/2026 | 131735 | 37004 | 0 | (843) |
|  FAR | 10/2025 | 3399733 | 638922 | 337 | (193) |
|  | 10/2025 | 78140 | 98074 | 0 | (87) |
|  | 10/2025 | 2153705 | 303339 | 1058 | 0 |
|  | 10/2025 | 184320 | 50000 | 0 | (2615) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **55** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 854874 | $666430 | $3712 | $0 |
|  | 10/2025 | 658759 | 20473 | 115 | 0 |
|  | 10/2025 | $598488 | 3399733 | 40289 | 0 |
|  | 10/2025 | 4822060 | 3585551 | 145 | 0 |
|  | 10/2025 | 674555 | 59561870 | 0 | (4665) |
|  | 10/2025 | 1708983 | 251240530 | 0 | (10092) |
|  | 10/2025 | 309898 | 1131178 | 1266 | 0 |
|  | 10/2025 | 7741 | 136926 | 178 | 0 |
|  | 11/2025 | 3585551 | $4822917 | 0 | (136) |
|  | 11/2025 | 173037 | 46822 | 0 | (2954) |
|  | 11/2025 | $82458 | 443255 | 158 | 0 |
|  | 11/2025 | 98074 | 77831 | 88 | 0 |
|  | 12/2025 | 6612 | $350 | 0 | (8) |
|  | 12/2025 | 44810 | 12637 | 0 | (244) |
|  | 12/2025 | $281141 | 5326901 | 7386 | 0 |
|  | 01/2026 | 64479 | 350633 | 0 | (57) |
|  GLM | 10/2025 | 15901723 | $2812598 | 140 | (175324) |
|  | 10/2025 | 16833 | 21051 | 0 | (95) |
|  | 10/2025 | 169780 | 23886 | 57 | 0 |
|  | 10/2025 | 1734666185 | 104031 | 67 | 0 |
|  | 10/2025 | 86383 | 25770 | 0 | (309) |
|  | 10/2025 | 1408733 | 997 | 0 | (6) |
|  | 10/2025 | 32033 | 25000 | 167 | 0 |
|  | 10/2025 | $2955550 | 15901723 | 33406 | (1174) |
|  | 10/2025 | 108071 | 1786681811 | 12 | (994) |
|  | 10/2025 | 126432 | 11094449 | 0 | (1654) |
|  | 10/2025 | 998 | 1408733 | 6 | 0 |
|  | 10/2025 | 19004 | 355873 | 391 | 0 |
|  | 10/2025 | 4 | 124 | 0 | 0 |
|  | 11/2025 | 65077 | $87615 | 78 | 0 |
|  | 11/2025 | 233575 | 68947 | 0 | (1574) |
|  | 11/2025 | $54002 | 288900 | 0 | (156) |
|  | 11/2025 | 16514 | 55055 | 109 | 0 |
|  | 11/2025 | 180981 | 7880460 | 1275 | 0 |
|  | 12/2025 | 37676924 | $2240 | 0 | (13) |
|  | 12/2025 | 130997 | 6900 | 0 | (196) |
|  | 12/2025 | 199927 | 56662 | 0 | (808) |
|  | 12/2025 | $2195360 | 12089900 | 43842 | 0 |
|  | 12/2025 | 101208 | 1692192242 | 0 | (1) |
|  | 01/2026 | 587553 | 3195113 | 0 | (504) |
|  | 02/2026 | 139039 | $39648 | 0 | (250) |
|  | 04/2026 | 8292700 | 1462014 | 178 | (29845) |
|  IND | 10/2025 | 1661610 | 1085720 | 0 | (13767) |
|  | 10/2025 | 790579 | 48 | 1 | 0 |
|  | 10/2025 | $2614 | 16715 | 15 | 0 |
|  | 11/2025 | 16676 | $2614 | 0 | (15) |
|  JPM | 10/2025 | 6515312 | 1223080 | 573 | (1658) |
|  | 10/2025 | 217489 | 157364 | 1081 | 0 |
|  | 10/2025 | 474500 | 554945 | 0 | (2143) |
|  | 10/2025 | 4592127 | 6201062 | 25112 | 0 |
|  | 10/2025 | 5211699657 | 312157 | 0 | (215) |
|  | 10/2025 | 55552445 | 39813 | 241 | 0 |
|  | 10/2025 | 151674 | 117992 | 411 | 0 |
|  | 10/2025 | 308028 | 7397 | 0 | (6) |
|  | 10/2025 | 73504 | 2467 | 52 | 0 |
|  | 10/2025 | $10727 | 16232 | 14 | 0 |
|  | 10/2025 | 1189011 | 6515312 | 35154 | 0 |
|  | 10/2025 | 1821 | 11591 | 3 | 0 |
|  | 10/2025 | 127397 | 94769 | 58 | 0 |
|  | 10/2025 | 425787 | 7082187346 | 186 | (1368) |
|  | 10/2025 | 51761 | 173783 | 705 | 0 |
|  | 10/2025 | 39836 | 55552445 | 0 | (243) |
|  | 10/2025 | 60481 | 222257 | 657 | 0 |
|  | 10/2025 | 37043 | 1584398 | 744 | 0 |
|  | 10/2025 | 25303 | 768430 | 0 | (55) |
|  | 11/2025 | 11564 | $1821 | 0 | (3) |
|  | 11/2025 | 34023 | 45762 | 0 | (4) |
|  | 11/2025 | $2860 | 123927 | 12 | 0 |
|  | 11/2025 | 634453 | $35967 | 0 | (644) |
|  | 12/2025 | $387916 | 2102968 | 1581 | 0 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 12/2025 | $55906 | 1044317 | $659 | $0 |
|  MBC | 10/2025 | 1507 | $1097 | 14 | 0 |
|  | 10/2025 | 17665 | 22143 | 0 | (48) |
|  | 10/2025 | 2513715 | 353657 | 847 | 0 |
|  | 10/2025 | 376352 | 444659 | 2802 | 0 |
|  | 10/2025 | 1341594 | 1805587 | 1277 | 0 |
|  | 10/2025 | 258948412 | 15731 | 202 | 0 |
|  | 10/2025 | 3343892 | 22479 | 0 | (132) |
|  | 10/2025 | 620032384 | 444593 | 2769 | 0 |
|  | 10/2025 | 293068 | 228681 | 1487 | 0 |
|  | 10/2025 | 1836493 | 57062 | 307 | 0 |
|  | 10/2025 | $4234 | 6344 | 0 | (36) |
|  | 10/2025 | 7795 | 10776 | 0 | (52) |
|  | 10/2025 | 85581 | 67325 | 0 | (1007) |
|  | 10/2025 | 250629 | 1785354 | 0 | (47) |
|  | 10/2025 | 70840 | 60311 | 0 | (32) |
|  | 10/2025 | 468038 | 347431 | 549 | (1327) |
|  | 10/2025 | 7119 | 1053761 | 41 | (35) |
|  | 10/2025 | 318901 | 445308496 | 0 | (1523) |
|  | 10/2025 | 9 | 89 | 0 | 0 |
|  | 10/2025 | 33761 | 57563 | 0 | (389) |
|  | 10/2025 | 94259 | 902525 | 1608 | 0 |
|  | 10/2025 | 65910 | 2133836 | 34 | 0 |
|  | 11/2025 | 1781119 | $250629 | 41 | 0 |
|  | 11/2025 |  | 9 | 0 | 0 |
|  | 11/2025 | $195933 | 145731 | 95 | 0 |
|  | 11/2025 | 18312 | 60935 | 85 | 0 |
|  | 11/2025 | 31192 | 4616459 | 133 | 0 |
|  | 11/2025 | 365236 | $21070 | 0 | (6) |
|  | 12/2025 | 43751 | 12170 | 0 | (406) |
|  | 12/2025 | 9114000 | 300000 | 0 | (850) |
|  | 12/2025 | $290791 | 5461132 | 5006 | 0 |
|  MYI | 10/2025 | 265800 | $43710 | 0 | (6231) |
|  | 10/2025 | 4234 | 3067 | 24 | 0 |
|  | 10/2025 | 2537786 | 356642 | 453 | 0 |
|  | 10/2025 | 1486893 | 1739186 | 0 | (6502) |
|  | 10/2025 | 23678 | 31997 | 153 | 0 |
|  | 10/2025 | 1046908133 | 63595 | 826 | 0 |
|  | 10/2025 | 122500269 | 820552 | 0 | (7796) |
|  | 10/2025 | $49976 | 265800 | 0 | (34) |
|  | 10/2025 | 4931 | 81316870 | 0 | (57) |
|  | 10/2025 | 19533 | 2882339 | 0 | (43) |
|  | 10/2025 |  | 3 | 0 | 0 |
|  | 10/2025 | 172714 | 625230 | 0 | (742) |
|  | 10/2025 | 137111 | 4130889 | 0 | (1385) |
|  | 11/2025 | $820556 | 122076295 | 7799 | 0 |
|  | 12/2025 | 203244 | $58202 | 0 | (222) |
|  | 12/2025 | 4104015 | 137111 | 1639 | 0 |
|  | 12/2025 | $111921 | 2109084 | 2316 | 0 |
|  NGF | 10/2025 | 296034160 | $212852 | 1864 | 0 |
|  | 10/2025 | $94903 | 1570882172 | 0 | (749) |
|  | 10/2025 | 99376 | 4305074 | 1739 | 0 |
|  | 11/2025 | 97168 | 4238339 | 1140 | 0 |
|  | 12/2025 | 34487 | 1512287 | 111 | 0 |
|  RBC | 12/2025 | 49293 | 920250 | 552 | 0 |
|  RYL | 10/2025 | 372 | $504 | 3 | 0 |
|  SCX | 10/2025 | 1845646 | 259738 | 694 | 0 |
|  | 10/2025 | 12947 | 2015 | 0 | (21) |
|  | 10/2025 | 490556 | 661403 | 1655 | 0 |
|  | 10/2025 | 2181386628 | 130645 | 0 | (100) |
|  | 10/2025 | 16310669 | 183477 | 31 | 0 |
|  | 10/2025 | 708492 | 74934 | 0 | (322) |
|  | 10/2025 | 135108 | 105506 | 767 | 0 |
|  | 10/2025 | 13157893 | 444026 | 11705 | 0 |
|  | 10/2025 | $514260 | 8419250128 | 0 | (9644) |
|  | 10/2025 | 225641 | 19924470 | 0 | (1530) |
|  | 10/2025 | 109271 | 16066289 | 0 | (631) |
|  | 10/2025 | 32278 | 54992 | 0 | (397) |
|  | 10/2025 | 29734 | 279975 | 5 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **57** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 532437 | $413949 | $111 | $0 |
|  | 11/2025 | $162396 | 14466435 | 0 | (12) |
|  | 11/2025 | 101 | 14831 | 0 | 0 |
|  | 12/2025 | 25190 | $7053 | 0 | (188) |
|  | 12/2025 | $130645 | 2186899865 | 149 | 0 |
|  | 12/2025 | 57682 | 1068700 | 203 | 0 |
|  SOG | 10/2025 | 308987 | $58113 | 57 | 0 |
|  | 10/2025 | 12778 | 11037 | 0 | (158) |
|  | 10/2025 | 11052 | 12647 | 0 | (16) |
|  | 10/2025 | 7866 | $10630 | 51 | 0 |
|  | 10/2025 | 266774737 | 1792841 | 0 | (11093) |
|  | 10/2025 | 147320 | 85833 | 424 | 0 |
|  | 10/2025 | 184096 | 53080 | 57 | 0 |
|  | 10/2025 | 1642421 | 173860 | 0 | (598) |
|  | 10/2025 | $58096 | 308987 | 0 | (40) |
|  | 10/2025 | 891499 | 131105526 | 0 | (4962) |
|  | 10/2025 | 1276 | 1770654 | 0 | (14) |
|  | 10/2025 | 29 | 292 | 0 | 0 |
|  | 10/2025 | 113540 | 397862 | 1030 | 0 |
|  | 11/2025 | 12647 | 11072 | 16 | 0 |
|  | 11/2025 | 871 | $29 | 0 | 0 |
|  | 11/2025 | 60234 | 16925 | 0 | (398) |
|  | 11/2025 | $458113 | 2555522 | 18272 | (76) |
|  | 11/2025 | 1792841 | 265852141 | 11106 | 0 |
|  | 12/2025 | 523593 | $148702 | 0 | (1808) |
|  | 12/2025 | $669 | 12402 | 3 | 0 |
|  | 01/2026 | 364963 | $101880 | 0 | (2924) |
|  | 03/2026 | 15266995 | 15748 | 0 | (120) |
|  | 03/2026 | 184974 | 52569 | 0 | (454) |
|  SSB | 10/2025 | $8392 | 6736 | 70 | 0 |
|  | 11/2025 | 74 | $93 | 0 | 0 |
|  | 11/2025 | 4455624 | 5981257 | 0 | (12162) |
|  UAG | 10/2025 | 1270360 | 918535 | 5680 | 0 |
|  | 10/2025 | 90004 | 121493 | 446 | 0 |
|  | 10/2025 | 859541 | 257723 | 0 | (1779) |
|  | 10/2025 | 8404 | 826 | 0 | (16) |
|  | 10/2025 | $40977 | 61908 | 0 | (12) |
|  | 10/2025 | 12842 | 43944 | 425 | 0 |
|  | 10/2025 | 5078 | 448380 | 0 | (35) |
|  | 10/2025 | 1639 | 2749 | 0 | (45) |
|  | 10/2025 | 202334 | 734627 | 169 | (440) |
|  | 10/2025 | 65920 | 2133303 | 8 | 0 |
|  | 10/2025 | 63404 | 1095387 | 23 | 0 |
|  | 10/2025 | 1095905 | $63404 | 0 | (23) |
|  | 11/2025 | 43922 | 12842 | 0 | (419) |
|  | 11/2025 | $4012 | 189086 | 383 | 0 |
|  | 11/2025 | 629903 | $35732 | 0 | (616) |
|  | 12/2025 | 4216219 | 221175 | 0 | (7193) |
|  | 12/2025 | $366 | 121254 | 0 | (3) |
|  | 12/2025 | 1113 | 20957 | 23 | 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;486210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(666270) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.180% | 07/21/2032 | 174900 | $28054 | $9950 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.180 | 07/21/2032 | 285300 | 45762 | 87247 |
| GLM Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.110 | 07/26/2032 | 122300 | 19813 | 6819 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.110 | 07/26/2032 | 177300 | 28722 | 55666 |
| MYC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.400 | 07/20/2027 | 140900 | 18592 | 1997 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.400 | 07/20/2027 | 158900 | 20967 | 43105 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.170 | 07/19/2032 | 141400 | 22426 | 7951 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.170 | 07/19/2032 | 159400 | 25281 | 48866 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261601 |

---

58 PIMCO INCOME FUND See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | **Strike<br>Price** | **Strike<br>Price** | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| UAG | Put - OTC USD versus TRY | TRY | 41.600 | 11/12/2025 | 23600 | $(898) | $(19) |
|  | Call - OTC USD versus TRY |  | 56.900 | 11/12/2025 | 23600 | (658) | (81) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1556) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) |

---

#### INTEREST RATE-CAPPED OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Exercise<br>Rate | Floating Rate Index | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| FAR Call - OTC 2-Year Interest Rate Cap  | 0.022% | 1-Day USD-SOFR Compounded-OIS | 08/08/2026 | 605500 | $(10445) | $(9336) |
| MYC Call - OTC 2-Year Interest Rate Cap  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2026 | 1277500 | (22592) | (16170) |
| NGF Call - OTC 2-Year Interest Rate Cap  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/25/2026 | 1955700 | (35887) | (23456) |
| FAR Put - OTC 2-Year Interest Rate Floor  | 0.022 | 1-Day USD-SOFR Compounded-OIS | 08/08/2026 | 605500 | (10445) | (57) |
| MYC Put - OTC 2-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2026 | 1277500 | (22593) | (183) |
| NGF Put - OTC 2-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/25/2026 | 1955700 | (35887) | (333) |
|  |  |  |  |  | $(137849) | $(49535) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139405) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49635) |

---

#### 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>September 30, 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>September 30, 2025<sup>(3)</sup> |  | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Israel Government International Bonds | 1.000% | Quarterly | 06/20/2029 | 0.631 | % | $9400 | $(101) | $224 | $123 | $0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 |  | 10600 | (464) | 544 | 80 | 0 |
| BPS | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 |  | 47700 | (2287) | 2353 | 66 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 |  | 3100 | (276) | 275 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| BRC | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.766 |  | 140500 | (6441) | 6870 | 429 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.631 |  | 14000 | (223) | 407 | 184 | 0 |
| CBK | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 |  | 6100 | (219) | 227 | 8 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.410 |  | 67700 | (340) | 1027 | 687 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.745 |  | 4300 | (57) | 106 | 49 | 0 |
| DUB | Eskom « | 4.650 | Quarterly | 06/30/2029 |  | <sup>¨</sup> | 50500 | 0 | 3041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041 | 0 |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135639 | 0 | 1739 | 1739 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 74760 | 0 | 993 | 993 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 |  | 17500 | (769) | 901 | 132 | 0 |
| GST | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 |  | 59100 | (2190) | 2271 | 81 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 |  | 25400 | (2264) | 2257 | 0 | (7) |
|  | Equinix, Inc. | 5.000 | Quarterly | 06/20/2027 | 0.638 |  | 18800 | 2628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1233) | 1395 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.349 |  | 6800 | 30 | 25 | 55 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.631 |  | 19200 | (261) | 513 | 252 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.682 |  | 73400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1997) | 2930 | 933 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.406 |  | 1560 | (65) | 85 | 20 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 |  | 9700 | (102) | 240 | 138 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872 |  | 84000 | (714) | 812 | 98 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 |  | 8900 | (400) | 467 | 67 | 0 |
| JPM | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 |  | 8800 | (339) | 351 | 12 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.631 |  | 69900 | (845) | 1761 | 916 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.682 |  | 16400 | (472) | 680 | 208 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.745 |  | 4500 | (49) | 100 | 51 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.210 |  | 21600 | (169) | 297 | 128 | 0 |
| MYC | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 |  | 61200 | (2202) | 2286 | 84 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 |  | 70400 | (6276) | 6257 | 0 | (19) |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.631 |  | 13800 | (234) | 415 | 181 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.682 |  | 41100 | (1057) | 1579 | 522 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.194 |  | 3700 | (51) | 59 | 8 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.289 |  | 48100 | 74 | 349 | 423 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.365 |  | 40060 | (136) | 573 | 437 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.487 |  | 17400 | (337) | 574 | 237 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 |  | 82600 | (872) | 2046 | 1174 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **59** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 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>September 30, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | South Africa Government International Bonds | 1.000% | Quarterly | 12/20/2026 | 0.394% | $229100 | $(10035) | $11761 | $1726 | $0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39512) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

#### 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, at<br>Value<sup>(5)</sup> | Swap Agreements, at<br>Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(4)</sup> | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | ABX.HE.AAA.7-1 Index « | 0.090% | Monthly | 08/25/2037 | $28682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21626) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17669 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3957) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 3082 | (2212) | 1973 | 0 | (239) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 249 | (7) | 7 | 0 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 320 | (1) | 1 | 0 | 0 |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 2888 | (793) | 566 | 0 | (227) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 9019 | (6823) | 5579 | 0 | (1244) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 16 | (1) | 1 | 0 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 736 | (23) | 23 | 0 | 0 |
|  | PRIMEX.ARM.2-AAA Index « | 4.580 | Monthly | 12/25/2037 | 987 | 29 | (16) | 13 | 0 |
| CBK | ABX.HE.AA.6-1 Index « | 0.320 | Monthly | 07/25/2045 | 4772 | (2326) | 1921 | 0 | (405) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 69269 | (52285) | 42728 | 0 | (9557) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 66 | (3) | 3 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 794 | (29) | 29 | 0 | 0 |
| DUB | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 12627 | (9531) | 7789 | 0 | (1742) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 10287 | (7384) | 6585 | 0 | (799) |
|  | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 62000 | (1006) | 1209 | 203 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 210 | (5) | 5 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 1555 | (156) | 156 | 0 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 400 | (8) | 8 | 0 | 0 |
| GST | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 5183 | (1416) | 1009 | 0 | (407) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 67992 | (30839) | 21457 | 0 | (9382) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 20717 | (4898) | 3290 | 0 | (1608) |
|  | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 401450 | (4763) | 6073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 5000 | (8) | 34 | 26 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 70800 | 109 | 152 | 261 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 73 | (3) | 3 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 13183 | (14) | 15 | 1 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 30585 | (1222) | 1225 | 3 | 0 |
|  | CMBX.NA.AS.9 Index | 1.000 | Monthly | 09/17/2058 | 11066 | (833) | 835 | 2 | 0 |
| JPM | ABX.HE.AA.6-2 Index « | 0.170 | Monthly | 05/25/2046 | 694 | (293) | 183 | 0 | (110) |
|  | ABX.HE.AA.7-1 Index « | 0.150 | Monthly | 08/25/2037 | 6 | (3) | 3 | 0 | 0 |
|  | ABX.HE.AA.7-2 Index « | 1.920 | Monthly | 01/25/2038 | 150 | (84) | 47 | 0 | (37) |
| JPS | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 319300 | (5507) | 6549 | 1042 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 9351 | (415) | 416 | 1 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 46648 | (417) | 421 | 4 | 0 |
| MEI | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 4089 | (1079) | 758 | 0 | (321) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 11 | 0 | 0 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 2311 | (160) | 160 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 24630 | (1925) | 1927 | 2 | 0 |
| MYC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 40166 | (7072) | 3918 | 0 | (3154) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 14431 | (10881) | 8890 | 0 | (1991) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 7706 | (5532) | 4934 | 0 | (598) |
|  | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 81300 | (1373) | 1638 | 265 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 52 | (1) | 1 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 1031 | (77) | 77 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 1399 | (139) | 139 | 0 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 748 | (31) | 31 | 0 | 0 |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 454800 | (1564) | 3048 | 1484 | 0 |
|  | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 82900 | 392 | 61 | 453 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 125500 | (139) | 775 | 636 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 446 | 0 | 0 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 654 | (36) | 36 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 10884 | 13 | (12) | 1 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 800 | 0 | 0 | 0 | 0 |
| UAG | ABX.HE.AA.6-2 Index « | 0.170 | Monthly | 05/25/2046 | 20680 | (1) | (3266) | 0 | (3267) |
|  | ABX.HE.AA.7-1 Index « | 0.150 | Monthly | 08/25/2037 | 21 | 0 | (2) | 0 | (2) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 60624 | (6183) | (2182) | 0 | (8365) |

---

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, at<br>Value<sup>(5)</sup>** | **Swap Agreements, at<br>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** |
|  | ABX.HE.AAA.7-2 Index « | 0.760% | Monthly | 01/25/2038 | $42472 | $(13) | $(3283) | $0 | $(3296) |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 826 | (49) | 49 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190646) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5707 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50708) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | iBoxx USD Liquid Leveraged Loan Index  | 904563 | 226.850% | Maturity | 12/22/2025 | $205200 | $0 | $(463) | $0 | $(463) |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index  | 186409 | 227.350% | Maturity | 12/22/2025 | 42380 | 0 | (2) | 0 | (2) |
|  JPM | Receive | iBoxx USD Liquid Leveraged Loan Index  | 298631 | 227.371% | Maturity | 12/22/2025 | 67900 | 0 | 3 | 3 | 0 |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index  | 298769 | 227.500% | Maturity | 12/22/2025 | 67970 | 0 | 801 | 801 | 0 |
|  MYC | Receive | iBoxx USD Liquid Leveraged Loan Index  | 860911 | 226.690% | Maturity | 12/22/2025 | 195160 | 0 | (579) | 0 | (579) |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index  | 124335 | 227.450% | Maturity | 12/22/2025 | 28280 | 0 | 327 | 327 | 0 |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index  | 124444 | 227.250% | Maturity | 12/22/2025 | 28280 | 0 | (14) | 0 | (14) |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index  | 559877 | 227.300% | Maturity | 12/22/2025 | 127260 | 0 | (34) | 0 | (34) |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index  | 124362 | 227.400% | Maturity | 12/22/2025 | 28280 | 0 | 5 | 5 | 0 |
|  |  |  |  |  |  |  |  | $0 | $44 | $1136 | $(1092) |
|  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;(230158) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51827) |

---

#### 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 September 30, 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 | $3823 | $0 | $0 | $3823 | $(3823) | $0 | $0 | $(3823) | $0 | $0 | $0 |
|  BOA | 3761 | 0 | 203 | 3964 | (8493) | 0 | (4196) | (12689) | (8725) | 7640 | (1085) |
|  BPS | 44573 | 0 | 66 | 44639 | (152196) | 0 | (466) | (152662) | (108023) | 105129 | (2894) |
|  BRC | 55044 | 0 | 626 | 55670 | (33775) | 0 | (1471) | (35246) | 20424 | (26818) | (6394) |
|  BSH | 24743 | 0 | 0 | 24743 | (41906) | 0 | 0 | (41906) | (17163) | 15319 | (1844) |
|  CBK | 49726 | 0 | 744 | 50470 | (74280) | 0 | (9962) | (84242) | (33772) | 23819 | (9953) |
|  DUB | 13342 | 97197 | 6108 | 116647 | (9822) | 0 | (2541) | (12363) | 104284 | (26870) | 77414 |
|  FAR | 54732 | 0 | 0 | 54732 | (21051) | (9393) | 0 | (30444) | 24288 | (16190) | 8098 |
|  GLM | 79728 | 62485 | 0 | 142213 | (212903) | 0 | 0 | (212903) | (70690) | 118406 | 47716 |
|  GST | 0 | 0 | 4642 | 4642 | 0 | 0 | (11404) | (11404) | (6762) | 6975 | 213 |
|  IND | 16 | 0 | 0 | 16 | (13782) | 0 | 0 | (13782) | (13766) | 7066 | (6700) |
|  JPM | 67243 | 0 | 2119 | 69362 | (6339) | 0 | (147) | (6486) | 62876 | (69696) | (6820) |
|  JPS | 0 | 0 | 1047 | 1047 | 0 | 0 | 0 | 0 | 1047 | (1060) | (13) |
|  MBC | 17297 | 0 | 0 | 17297 | (5890) | 0 | 0 | (5890) | 11407 | (13430) | (2023) |
|  MEI | 0 | 0 | 2 | 2 | 0 | 0 | (321) | (321) | (319) | 159 | (160) |
|  MYC | 0 | 101919 | 5389 | 107308 | 0 | (16353) | (6389) | (22742) | 84566 | 1953 | 86519 |
|  MYI | 13210 | 0 | 0 | 13210 | (23012) | 0 | 0 | (23012) | (9802) | 8772 | (1030) |
|  NGF | 4854 | 0 | 0 | 4854 | (749) | (23789) | 0 | (24538) | (19684) | 21195 | 1511 |
|  RBC | 552 | 0 | 0 | 552 | 0 | 0 | 0 | 0 | 552 | (390) | 162 |
|  RYL | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  SAL | 0 | 0 | 2574 | 2574 | 0 | 0 | 0 | 0 | 2574 | (2581) | (7) |
|  SCX | 15320 | 0 | 0 | 15320 | (12845) | 0 | 0 | (12845) | 2475 | (3590) | (1115) |
|  SOG | 31016 | 0 | 0 | 31016 | (22661) | 0 | 0 | (22661) | 8355 | (5490) | 2865 |
|  SSB | 70 | 0 | 0 | 70 | (12162) | 0 | 0 | (12162) | (12092) | (90) | (12182) |
|  UAG | 7157 | 0 | 0 | 7157 | (10581) | (100) | (14930) | (25611) | (18454) | 19561 | 1107 |
|  Total Over the Counter | $486210 | $261601 | $23520 | $771331 | $(666270) | $(49635) | $(51827) | $(767732) |  |  |  |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 61

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

(r) Securities with an aggregate market value of $335,994 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of September 30, 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 | $93037 | $93037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4851 | 0 | 0 | 123264 | 128115 |
|  | $0 | $4851 | $0 | $0 | $216301 | $221152 |
|  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 | $486210 | $0 | $486210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 261601 | 261601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 22384 | 0 | 0 | 1136 | 23520 |
|  | $0 | $22384 | $0 | $486210 | $262737 | $771331 |
|  | $0 | $27235 | $0 | $486210 | $479038 | $992483 |
|  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 | $27660 | $27660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3962 | 0 | 0 | 67694 | 71656 |
|  | $0 | $3962 | $0 | $0 | $95354 | $99316 |
|  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 | $666270 | $0 | $666270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 100 | 49535 | 49635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 50735 | 0 | 0 | 1092 | 51827 |
|  | $0 | $50735 | $0 | $666370 | $50627 | $767732 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867048 |

---

62 PIMCO INCOME FUND See Accompanying Notes

------

September 30, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended September 30, 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 | $33042 | $33042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 612990 | 612990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 207409 | 0 | 0 | 255220 | 462629 |
|  | $0 | $207409 | $0 | $0 | $901252 | $1108661 |
|  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 | $(2300617) | $0 | $(2300617) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (29918) | 0 | (29918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 5827 | 73364 | 79191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 125942 | 0 | 0 | (25013) | 100929 |
|  | $0 | $125942 | $0 | $(2324708) | $48351 | $(2150415) |
|  | $0 | $333351 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2324708) | $949603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1041754) |
|  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 | $93 | $93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186595) | (186595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 175213 | 0 | 0 | 168665 | 343878 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $(17837) | $157376 |
|  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 | $281278 | $0 | $281278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 9183 | 9183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (1550) | 14404 | 12854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (89136) | 0 | 0 | 4344 | (84792) |
|  | $0 | $(89136) | $0 | $279728 | $27931 | $218523 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $86077 | $0 | $279728 | $10094 | $375899 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $747430 | $5345855 | $6093285 |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 5249851 | 868346 | 6118197 |
| &nbsp;&nbsp; Industrials | 0 | 6053304 | 4386525 | 10439829 |
| &nbsp;&nbsp; Utilities | 0 | 2098066 | 0 | 2098066 |
|  Municipal Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; California | 0 | 27401 | 0 | 27401 |
| &nbsp;&nbsp; Illinois | 0 | 44458 | 0 | 44458 |
|  U.S. Government Agencies | 0 | 122045541 | 0 | 122045541 |
|  U.S. Treasury Obligations | 0 | 33274559 | 0 | 33274559 |
|  Non-Agency Mortgage-Backed Securities | 0 | 56345195 | 4033043 | 60378238 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 582905 | 18763 | 601668 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 5421631 | 0 | 5421631 |
| &nbsp;&nbsp; Casino Services | 0 | 0 | 48929 | 48929 |
| &nbsp;&nbsp; CMBS Other | 0 | 617178 | 0 | 617178 |
| &nbsp;&nbsp; Credit Card Other | 0 | 390096 | 0 | 390096 |
| &nbsp;&nbsp; Home Equity Other | 0 | 8448961 | 625419 | 9074380 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 168820 | 0 | 168820 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 10616 | 0 | 10616 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 92187 | 0 | 92187 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 1139844 | 0 | 1139844 |
| &nbsp;&nbsp; Other ABS | 42100 | 21516904 | 1894922 | 23453926 |
|  Sovereign Issues | 256400 | 14618067 | 0 | 14874467 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>09/30/2025** |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Communication Services | $4169 | $0 | $94987 | $99156 |
| &nbsp;&nbsp; Consumer Staples | 0 | 0 | 14 | 14 |
| &nbsp;&nbsp; Financials | 10830 | 0 | 0 | 10830 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 6405 | 6405 |
|  Warrants |  |  |  |  |
| &nbsp;&nbsp; Financials | 0 | 0 | 6709 | 6709 |
|  Preferred Securities |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 562980 | 39146 | 602126 |
| &nbsp;&nbsp; Industrials | 0 | 272 | 0 | 272 |
|  Real Estate Investment Trusts |  |  |  |  |
| &nbsp;&nbsp; Real Estate | 379099 | 0 | 0 | 379099 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 178553 | 0 | 178553 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 22792 | 0 | 22792 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 518583 | 0 | 518583 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 364714 | 0 | 364714 |
|  | $692598 | $280540908 | $17369063 | $298602569 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | $106273 | $0 | $30849 | $137122 |
| &nbsp;&nbsp; Financials | 0 | 0 | 34492 | 34492 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 269438 | 269438 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 2 | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **63** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>09/30/2025** |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $23175548 | $0 | $0 | $23175548 |
|  | $23281821 | $0 | $334781 | $23616602 |
|  Total Investments | $23974419 | $280540908 | $17703844 | $322219171 |
|  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 | $(838424) | $0 | $(838424) |
|  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 | 65468 | 155372 | 0 | 220840 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>09/30/2025** |
|  Over the counter | $0 | $765545 | $5786 | $771331 |
|  | $65468 | $920917 | $5786 | $992171 |
|  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 | (18614) | (79506) | 0 | (98120) |
|  Over the counter | 0 | (717024) | (50708) | (767732) |
|  | $(18614) | $(796530) | $(50708) | $(865852) |
|  Total Financial Derivative Instruments | $46854 | $124387 | $(44922) | $126319 |
|  Totals | $24021273 | $279826871 | $17658922 | $321507066 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025 <sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $3394550 | $2666041 | $(980484) | $4191 | $(909) | $84949 | $198640 | $(21123) | $5345855 | $91535 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 1005883 | 90165 | (222426) | 642 | 12361 | (18279) | 0 | 0 | 868346 | (17991) |
| &nbsp;&nbsp; Industrials | 293632 | 4089072 | (193) | (8) | 0 | 5254 | 0 | (1232) | 4386525 | 5252 |
|  Non-Agency Mortgage-Backed Securities | 2495470 | 3648700 | (1246144) | 1599 | 2124 | 1201 | 0 | (869907) | 4033043 | (9823) |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Automobile ABS Other | 18194 | 0 | 0 | 0 | 0 | 569 | 0 | 0 | 18763 | 569 |
| &nbsp;&nbsp; Casino Services | 47339 | 0 | (1384) | 0 | (99) | 3073 | 0 | 0 | 48929 | 2803 |
| &nbsp;&nbsp; Home Equity Other | 0 | 625016 | (3690) | 29 | 135 | 3929 | 0 | 0 | 625419 | 3929 |
| &nbsp;&nbsp; Other ABS | 957102 | 1544320 | (239687) | 1153 | (10938) | 21660 | 0 | (378688) | 1894922 | (12155) |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 0 | 0 | 0 | 0 | 0 | 94987 | 0 | 0 | 94987 | 94987 |
| &nbsp;&nbsp; Consumer Staples | 13 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 14 | 1 |
| &nbsp;&nbsp; Financials | 268858 | 0 | (277360) | 0 | 0 | 8528 | 0 | (26) | 0 | (268857) |
| &nbsp;&nbsp; Health Care | 51 | 0 | 0 | 0 | 0 | (51) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Industrials | 8430 | 0 | 0 | 0 | 0 | (2025) | 0 | 0 | 6405 | (2025) |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Financials | 362 | 7281 | (2132) | 0 | (36271) | 37469 | 0 | 0 | 6709 | (573) |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 39146 | 0 | 0 | 0 | 0 | 0 | 0 | 39146 | 0 |
|  | $8489884 | $12709741 | $(2973500) | $7606 | $(33597) | $241265 | $198640 | $(1270976) | $17369063 | $(112348) |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | $17735 | $0 | $0 | $0 | $0 | $13114 | $0 | $0 | $30849 | $13114 |
| &nbsp;&nbsp; Financials | 0 | 37433 | 0 | 0 | 0 | (2941) | 0 | 0 | 34492 | (2941) |
| &nbsp;&nbsp; Health Care | 279018 | 0 | 0 | 0 | 0 | (9580) | 0 | 0 | 269438 | (9580) |
| &nbsp;&nbsp; Industrials | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 2 | 1 |
| &nbsp;&nbsp; Utilities | 114834 | 0 | (90423) | 0 | 46346 | (70757) | 0 | 0 | 0 | 0 |
|  | $411588 | $37433 | $(90423) | $0 | $46346 | $(70163) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;334781 | $594 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $5291 | $20 | $(481) | $0 | $(7) | $963 | $0 | $0 | $5786 | $3863 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $(53377) | $26432 | $(42808) | $0 | $79968 | $(60923) | $0 | $0 | $(50708) | $(7213) |
|  Totals | $8853386 | $12773626 | $(3107212) | $7606 | $92710 | $111142 | $198640 | $(1270976) | $17658922 | $(115104) |

---

64 PIMCO INCOME FUND See Accompanying Notes

------

September 30, 2025 (Unaudited)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $931503 | Comparable Companies | EBITDA Multiple | 16.290 |  |
|  | 43300 | Cost | Purchase Price | 100.000 |  |
|  | 3301140 | Discounted Cash Flow | Discount Rate | 3.832-50.000 | 5.707 |
|  | 268797 | Indicative Market Quotation | Broker Quote | 101.750 |  |
|  | 447500 | Recent Transaction | Purchase Price | 100.000 |  |
|  | 353615 | Third Party Vendor | Broker Quote | 40.500-100.500 | 92.041 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 755151 | Discounted Cash Flow | Discount Rate | 4.320-12.000 | 6.137 |
|  | 53318 | Expected Recovery | Recovery Rate | 100.000 |  |
|  | 59877 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 297226 | Discounted Cash Flow | Discount Rate | 4.610-6.730 | 6.088 |
|  | 4089299 | Recent Transaction | Purchase Price | 100.000 |  |
|  Non-Agency Mortgage-Backed Securities | 425937 | Discounted Cash Flow | Discount Rate | 5.102-10.000 | 7.021 |
|  | 2272441 | Proxy Pricing | Base Price | 86.250-107.972 | 96.244 |
|  | 1334665 | Recent Transaction | Purchase Price | 88.890-99.750 | 94.593 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS Other | 18763 | Discounted Cash Flow | Discount Rate | 8.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Casino Services | 48929 | Discounted Cash Flow | Discount Rate | 6.124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Other | 543961 | Indicative Market Quotation | Broker Quote | 97.063 |  |
|  | 81458 | Proxy Pricing | Base Price | 99.999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 976191 | Discounted Cash Flow | Discount Rate | 4.525-24.400 | 7.348 |
|  | 688784 | Recent Transaction | Purchase Price | 100.000 |  |
|  | 229947 | Proxy Pricing | Base Price | 100.000 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 94987 | Discounted Cash Flow | Discount Rate | 7.930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 14 | Indicative Market Quotation | Broker Quote | 9.750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 6405 | Indicative Market Quotation | Broker Quote | 0.375-21.667 | 19.853 |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 6709 | Option Pricing Model | Volatility | 62.500 |  |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 39146 | Recent Transaction | Purchase Price | 1000.000 |  |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 30849 | Reference Instrument | Stock Price w/<br>Liquidity Discount | 12.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 34492 | Reference Instrument | Stock Price w/<br>Liquidity Discount | 8.150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 269438 | Comparable Companies | EBITDA Multiple | 16.290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2 | Expected Recovery | Price | 0.000<sup>(3)</sup> |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 5786 | Indicative Market Quotation | Broker Quote | 0.819-6.009 | 3.608 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | (50708) | Indicative Market Quotation | Broker Quote | 75.000-92.000 | 87.163 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17658922 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(3)</sup> Input Value is 0.0001.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **65** |

---

------

Notes to Financial Statements

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and Class R shares of the PIMCO Income Fund (the "Fund") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Fund.

The Fund has established MLM 766, LLC, a Delaware limited liability company (the "Subsidiary"), which is wholly-owned and controlled by the Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

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

The Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Fund is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Consolidated Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest

---

| | |
|:---|:---|
| **66** | **PIMCO INCOME FUND** |

---

------

September 30, 2025 (Unaudited)

has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of September 30, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Fund does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Consolidated Statement of Operations. The Fund may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting

period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Consolidated Statement of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. The Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Fund's annual financial statements presented under U.S. GAAP.

Separately, if the Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **67** |

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Notes to Financial Statements (Cont.)

important to note that differences exist between the Fund's daily internal accounting records and practices, the Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Fund's fiscal year end, if any, are reflected on the Consolidated Statements of Changes in Net Assets and have been recorded to paid in capital on the Consolidated Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Consolidated Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("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 derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11,

2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A

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|:---|:---|
| **68** | **PIMCO INCOME FUND** |

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September 30, 2025 (Unaudited)

foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

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

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

the Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (*e.g.,* credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **69** |

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Notes to Financial Statements (Cont.)

by the Fund normally will be taken into account in calculating the NAV. The Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold. The Fund's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in the Fund's prospectus.

Under certain circumstances, the per share NAV of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

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

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

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

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Consolidated Schedule of Investments for the Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based

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|:---|:---|
| **70** | **PIMCO INCOME FUND** |

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September 30, 2025 (Unaudited)

upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

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

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

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

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

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers

or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

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

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

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **71** |

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Notes to Financial Statements (Cont.)

Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indexes, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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

The Option Pricing Model is a commonly accepted method of allocating enterprise value across a capital structure. The method may be utilized when a capital structure includes multiple instruments with varying rights and preferences, there is no short term exit horizon, the nature of an exit event is unknown, or if the enterprise value is not sufficient to cover outstanding debt and preferred claims. The Option Pricing Model

can also be used as a method to estimate enterprise value by 'back-solving' if there are recent indicative transactions for securities with the same issuer. The Option Pricing Model uses Black-Scholes option pricing, a generally accepted option model typically used to value call options, puts, warrants, and convertible preferred securities. Significant changes in unobservable inputs would result in direct changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. The Fund may invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is

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|:---|:---|
| **72** | **PIMCO INCOME FUND** |

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September 30, 2025 (Unaudited)

also available at the SEC's website at www.sec.gov, on the Fund's website at www.pimco.com, or upon request, as applicable. The table below shows the Fund's transactions in and earnings from investments in the affiliated fund for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

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

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10612398 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39082510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26527000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1922) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23175548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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

An affiliate includes any company in which the Fund owns 5% or more of the company's outstanding voting shares. The table below represents transactions in and earnings from these affiliated issuers for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>, except number of shares).

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Market<br>Value at<br>03/31/2025 | **Purchases**<br> **at cost** | Proceeds<br>from Sale | Net<br>Realized<br>Gain/(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market<br>Value at<br>09/30/2025 | Dividend<br>Income | Shares<br>Held at<br>09/30/2025 |
|  Amsurg Equity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279018 | $0 | $0 | $0 | $(9580) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269438 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 5968052 |
|  Clear Channel Outdoor Holdings, Inc. | 56458 | 0 | 0 | 0 | 23905 | 80363 | 0 | 50862666 |
|  iHeartMedia, Inc. 'A' | 14896 | 0 | 0 | 0 | 11014 | 25910 | 0 | 9028024 |
|  iHeartMedia, Inc. 'B' | 17735 | 0 | 0 | 0 | 13114 | 30849 | 0 | 12214441 |
|  Sierra Hamilton Holder LLC | 1 | 0 | 0 | 0 | 1 | 2 | 0 | 15369768 |
|  Unity Bancorp, Inc. | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37434 | 0 | 0 | (2942) | 34492 | 0 | 6136182 |
|  Windstream Units | 114834 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70756) | 0 | 0 | 0 |

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

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(b) Investments in Securities

The Fund may utilize the investments and strategies described below to the extent permitted by the Fund's investment policies.

Delayed-Delivery Transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate

lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **73** |

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Notes to Financial Statements (Cont.)

When the Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Fund may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Fund may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Consolidated Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Consolidated Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and

volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools 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 often backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of

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|:---|:---|
| **74** | **PIMCO INCOME FUND** |

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September 30, 2025 (Unaudited)

the securitized assets, (iv) the risk that the Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Consolidated Statement of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Consolidated Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Consolidated Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as

interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is generally not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so to the extent the Fund invests in REITs, the Fund will bear its proportionate share of the costs of the REITs' operations.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund as of September 30, 2025, as applicable, are disclosed in the Notes to Consolidated Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (*i.e.,* not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **75** |

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Notes to Financial Statements (Cont.)

mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Consolidated Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to

be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit the Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Fund may enter into the borrowings and other financing transactions described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on the Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Fund. The location of these instruments in the Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by the Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, the Fund has used bilateral repurchase agreements wherein the underlying securities will be held by the Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase

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| | |
|:---|:---|
| **76** | **PIMCO INCOME FUND** |

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September 30, 2025 (Unaudited)

agreements, if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Short Sales Short sales are transactions in which the Fund sells a security that it does not own in anticipation that the market price of that security will decline. The Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities. Short sales expose the Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Fund. A short sale is "against the box" if the Fund holds in its portfolio or has the right to acquire the security sold short, or

securities identical to the security sold short, at no additional cost. The Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33<sup>1/3</sup>% 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 September 30, 2025, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Fund may enter into the financial derivative instruments described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Consolidated Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **77** |

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Notes to Financial Statements (Cont.)

disclosed in the Notes to Consolidated Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Consolidated Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Fund may

write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing interest rate-capped options is to protect the Fund from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

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|:---|:---|
| **78** | **PIMCO INCOME FUND** |

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September 30, 2025 (Unaudited)

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.

(d) Swap Agreements are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Consolidated Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Consolidated Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Consolidated Statement of Operations.

For purposes of applying certain of the Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Fund's investment policies and restrictions, the Fund will value the credit default swap at its notional value or its full exposure value (i.e*.*, the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Fund's other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines (if any) because such value in general better reflects the Fund's actual economic exposure during the term of the credit default swap agreement. As a result, the Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund's exposure to the counterparty.

To the extent the Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **79** |

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Notes to Financial Statements (Cont.)

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right

to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Consolidated Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap

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|:---|:---|
| **80** | **PIMCO INCOME FUND** |

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September 30, 2025 (Unaudited)

agreement outstanding as of period end for which the Fund is the seller of protection are disclosed in the Notes to Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Fund would receive payments based on any net positive total return and would owe

payments in the event of a net negative total return. As the payer, the Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including declining interest rates, changes in credit spreads and improvements in the issuer's credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **81** |

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Notes to Financial Statements (Cont.)

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell 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. The liquidity of the Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. The Fund's use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or

industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign 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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a

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|:---|:---|
| **82** | **PIMCO INCOME FUND** |

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September 30, 2025 (Unaudited)

heightened risk of loss. The use of leverage may also increase the Fund's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Fund.

Distribution Rate Risk is the risk that the Fund's distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund's investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Fund's investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(b) Other Risks

In general, the Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see the Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report

for additional discussion of certain regulatory and market developments that may impact the Fund's performance.

Market Disruptions Risk The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund's service providers, including PIMCO as the Fund's investment adviser, rely, and could otherwise disrupt the Fund's service providers' ability to fulfill their obligations to the Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of the Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude the Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **83** |

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Notes to Financial Statements (Cont.)

Operational Risk An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.

8. MASTER NETTING ARRANGEMENTS

The Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the

counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Consolidated Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Consolidated Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Consolidated Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA

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|:---|:---|
| **84** | **PIMCO INCOME FUND** |

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September 30, 2025 (Unaudited)

securities, delayed-delivery or certain sale-buyback transactions by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Consolidated Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Fund, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Fund with select counterparties. ISDA Master Agreements maintain provisions for general

obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Fund may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R |
| 0.25% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.25% | 0.40% | 0.40% | 0.40% |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2026, 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. 

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **85** |

---

------

Notes to Financial Statements (Cont.)

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of the Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, the Fund may compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits the Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

---

| | | |
|:---|:---|:---|
| | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  | 0.25% |
|  **Class C** | 0.75% | 0.25% |
|  **Class R** | 0.25% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** | 0.25% | 0.25% |

---

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended September 30, 2025, the Distributor retained $1,889,208 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

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

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Fund, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for the Fund is reflected on the Consolidated Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of the Fund's Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Fund's

---

| | |
|:---|:---|
| **86** | **PIMCO INCOME FUND** |

---

------

September 30, 2025 (Unaudited)

average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of September 30, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of September 30, 2025, the amount waived and/or reimbursed was $709,277.

(g) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through July 31, 2026, for the Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's

registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service

fees, or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Fund and will not be waived under the contractual waiver described above. For the period ended September 30, 2025, there were no waivers and/or reimbursements by PIMCO.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Consolidated Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Fund is known as "portfolio turnover." The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Frequent and active trading of the Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect the Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873274306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862467556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24530736 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11904714 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **87** |

---

------

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>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1997143 | $21441791 | 3554132 | $37707364 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 799987 | 8579527 | 1559248 | 16545326 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 65317 | 700534 | 152860 | 1614616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 3951 | 42290 | 9965 | 105836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 137847 | 1477922 | 302084 | 3206798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 34335 | 368804 | 87218 | 927452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 6513 | 70434 | 7530 | 79900 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 315663 | 3395170 | 542494 | 5754470 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 120793 | 1299111 | 215756 | 2288447 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 7861 | 84530 | 14818 | 157193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 786 | 8453 | 1522 | 16140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 34538 | 371384 | 69499 | 736922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 7947 | 85441 | 16982 | 180050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1302 | 14005 | 2565 | 27202 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1157388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12362066) | (1846013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19570485) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (509256) | (5446682) | (957486) | (10145512) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (62586) | (671343) | (99351) | (1054686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (5139) | (54961) | (9238) | (97818) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (153611) | (1644926) | (331898) | (3517101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (56801) | (607401) | (114600) | (1214966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (4078) | (43625) | (8164) | (86514) |
|  **Net increase (decrease) resulting from Fund share transactions** | 1585124 | $17108392 | 3169923 | $33660634 |

---

---

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

---

As of September 30, 2025, two persons owned of record or beneficially 10% or more of the Fund's total outstanding shares, comprising 32% of the Fund.

14. BASIS FOR CONSOLIDATION

The consolidated financial statements include the accounts of the Fund and the Subsidiary. Similarly, the Consolidated Schedule of Investments includes the portfolio holdings of the Fund and the Subsidiary. All inter-company transactions and balances have been eliminated in consolidation. The Subsidiary was formed on April 30, 2018, as a wholly-owned subsidiary of the Fund and acts as an investment vehicle in order to acquire residential mortgage loans consistent with the Fund's investment objectives and policies. The net assets of the Subsidiary as of period end represented less than 0.0% of the Fund's consolidated net assets.

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

15. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

---

| | |
|:---|:---|
| **88** | **PIMCO INCOME FUND** |

---

------

September 30, 2025 (Unaudited)

In accordance with U.S. GAAP, the Adviser has reviewed the Fund's tax positions for all open tax years. As of September 30, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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 its last fiscal year ended March 31, 2025, the Fund had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Short-Term | Long-Term |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6038983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5196479 |

---

---

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

---

As of September 30, 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>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329573193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15517729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13880121) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637608 |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **89** |

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------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BAR | Barclays PLC Corporate RRP/REPO trading | GST | Goldman Sachs International | RBC | Royal Bank of Canada |
| BOA | Bank of America N.A. | IND | Crédit Agricole Corporate and Investment Bank S.A. | RYL | NatWest Markets Plc |
| BPS | BNP Paribas S.A. | JPM | JP Morgan Chase Bank N.A. | SAL | Citigroup Global Markets, Inc. |
| BRC | Barclays Bank PLC | JPS | J.P. Morgan Securities LLC | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | MBC | HSBC Bank Plc | SOG | Societe Generale Paris |
| CBK | Citibank N.A. | MEI | Merrill Lynch International | SSB | State Street Bank and Trust Co. |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC | UAG | UBS AG Stamford |
| FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | HUF | Hungarian Forint | NZD | New Zealand Dollar |
| BRL | Brazilian Real | IDR | Indonesian Rupiah | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | ILS | Israeli Shekel | PLN | Polish Zloty |
| CHF | Swiss Franc | INR | Indian Rupee | SEK | Swedish Krona |
| CLP | Chilean Peso | JPY | Japanese Yen | SGD | Singapore Dollar |
| CNH | Chinese Renminbi (Offshore) | KRW | South Korean Won | THB | Thai Baht |
| DKK | Danish Krone | KWD | Kuwaiti Dinar | TRY | Turkish New Lira |
| EGP | Egyptian Pound | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EUR | Euro | NGN | Nigerian Naira | USD (or $) | United States Dollar |
| GBP | British Pound | NOK | Norwegian Krone | ZAR | South African Rand |
| HKD | Hong Kong Dollar |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| OTC | Over the Counter |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| ABX.HE | Asset-Backed Securities Index - Home Equity | CDX.IG | Credit Derivatives Index - Investment Grade | PRIME | Daily US Prime Rate |
| BISTREFI | Turkish Lira Overnight Reference Rate | CMBX | Commercial Mortgage-Backed Index | PRIMEX.ARM | Prime Mortgage-Backed Securities Index - Adjustable Rate Mortgage |
| BNMMDTSC | Dreyfus Treasury Securites Cash Management Fund Yield | EUR001M | 1 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
| Bobl | Bundesobligation, the German word for federal government bond | EUR003M | 3 Month EUR Swap Rate | SONIA3M IR | Sterling Overnight Index Average 3 Month Index Rate |
| BP0003M | 3 Month GBP-LIBOR | EUR006M | 6 Month EUR Swap Rate | SONIO | Sterling Overnight Interbank Average Rate |
| BRMMUSDF | BlackRock Money Market US Treasury Fund Index | FHMMUSTF | Federated Hermes US Treasury Cash Reserves Fund Yield | TSFR1M | Term SOFR 1-Month |
| CAONINDX | Bloomberg CORRA Compounded Index | GSMMUSTI | Goldman Sachs Money Market US Treasury Instrument Index | TSFR3M | Term SOFR 3-Month |
| CAONREPO | Canadian Overnight Repo Rate Average | JMMMUSTF | JP Morgan Money Market US Treasury Fund Index | UKRPI | United Kingdom Retail Prices Index |
| CDX.EM | Credit Derivatives Index - Emerging Markets | MSMMUSTF | MSILF Money Market US Treasury Fund Index | US0003M | ICE 3-Month USD LIBOR |
| CDX.HY | Credit Derivatives Index - High Yield | MUTKCALM | Tokyo Overnight Average Rate |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CHILIBOR | Chile Interbank Offered Rate | OIS | Overnight Index Swap |
| ALT | Alternate Loan Trust | CLO | Collateralized Loan Obligation | PIK | Payment-in-Kind |
| BABs | Build America Bonds | CMBS | Collateralized Mortgage-Backed Security | REMIC | Real Estate Mortgage Investment Conduit |
| BBR | Bank Bill Rate | DAC | Designated Activity Company | RMBS | Residential Mortgage-Backed Security |
| BBSW | Bank Bill Swap Reference Rate | EBITDA | Earnings before Interest, Taxes, Depreciation and Amoritization | TBA | To-Be-Announced |
| BRL-CDI | Brazil Interbank Deposit Rate | EURIBOR | Euro Interbank Offered Rate | TBD | To-Be-Determined |
| CBO | Collateralized Bond Obligation | JIBAR | Johannesburg Interbank Agreed Rate | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| CDO | Collateralized Debt Obligation | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |

---

---

| | |
|:---|:---|
| **90** | **PIMCO INCOME FUND** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Fund estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
|  May 2025 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
|  June 2025 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
|  July 2025 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
|  August 2025 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
|  September 2025 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  May 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  June 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  July 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  August 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  September 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0537 | $0.0000 | $0.0000 | $0.0537 |
|  May 2025 | $0.0537 | $0.0000 | $0.0000 | $0.0537 |
|  June 2025 | $0.0537 | $0.0000 | $0.0000 | $0.0537 |
|  July 2025 | $0.0537 | $0.0000 | $0.0000 | $0.0537 |
|  August 2025 | $0.0537 | $0.0000 | $0.0000 | $0.0537 |
|  September 2025 | $0.0536 | $0.0000 | $0.0000 | $0.0536 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0528 | $0.0000 | $0.0000 | $0.0528 |
|  May 2025 | $0.0528 | $0.0000 | $0.0000 | $0.0528 |
|  June 2025 | $0.0528 | $0.0000 | $0.0000 | $0.0528 |
|  July 2025 | $0.0528 | $0.0000 | $0.0000 | $0.0528 |
|  August 2025 | $0.0528 | $0.0000 | $0.0000 | $0.0528 |
|  September 2025 | $0.0527 | $0.0000 | $0.0000 | $0.0527 |
| 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) |
|  April 2025 | $0.0514 | $0.0000 | $0.0000 | $0.0514 |
|  May 2025 | $0.0515 | $0.0000 | $0.0000 | $0.0515 |
|  June 2025 | $0.0515 | $0.0000 | $0.0000 | $0.0515 |
|  July 2025 | $0.0514 | $0.0000 | $0.0000 | $0.0514 |
|  August 2025 | $0.0514 | $0.0000 | $0.0000 | $0.0514 |
|  September 2025 | $0.0514 | $0.0000 | $0.0000 | $0.0514 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **91** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0448 | $0.0000 | $0.0000 | $0.0448 |
|  May 2025 | $0.0448 | $0.0000 | $0.0000 | $0.0448 |
|  June 2025 | $0.0448 | $0.0000 | $0.0000 | $0.0448 |
|  July 2025 | $0.0447 | $0.0000 | $0.0000 | $0.0447 |
|  August 2025 | $0.0447 | $0.0000 | $0.0000 | $0.0447 |
|  September 2025 | $0.0446 | $0.0000 | $0.0000 | $0.0446 |
| **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)** |
|  April 2025 | $0.0492 | $0.0000 | $0.0000 | $0.0492 |
|  May 2025 | $0.0492 | $0.0000 | $0.0000 | $0.0492 |
|  June 2025 | $0.0493 | $0.0000 | $0.0000 | $0.0493 |
|  July 2025 | $0.0492 | $0.0000 | $0.0000 | $0.0492 |
|  August 2025 | $0.0492 | $0.0000 | $0.0000 | $0.0492 |
|  September 2025 | $0.0491 | $0.0000 | $0.0000 | $0.0491 |

---

\* 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. 

---

| | |
|:---|:---|
| **92** | **PIMCO INCOME FUND** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **93** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **94** | **PIMCO INCOME FUND** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amended and Restated Asset Allocation Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund, each a series of the Trust, and Research Affiliates (collectively, the "Sub-Advisory Agreements" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Funds (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. Information Received

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the

Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Fund that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Funds that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Fund that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **95** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

relevant to their consideration of the renewal of the Agreements. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. Nature, Extent and Quality of Services

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Funds.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and the sub-advisory services provided by Research Affiliates to the PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, and PIMCO RAE Worldwide Long/Short PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation and/or sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreements are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

---

| | |
|:---|:---|
| **96** | **PIMCO INCOME FUND** |

---

------

(Unaudited)

3. Investment Performance

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short**-** and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2025 (the "Broadridge Report").

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Fund would have substantially similar performance to that of the Institutional Class of the relevant Fund on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation. The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a better comparison.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relative performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. Advisory Fees, Supervisory and Administrative Fees and Total Expenses

The Board considered that PIMCO seeks to price new funds and classes at scale at the outset with reference to the total expense ratios of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, as well as the universe of other similar funds. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place or proposed for certain of the Funds and/or classes, including those implemented in connection with feedback provided by the Board, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Funds in their respective Subsidiaries. The Board also considered that PIMCO reviews the Funds' fee levels and considers changes where appropriate.

The Board also reviewed data comparing the Funds' advisory fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **97** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays

for the supervisory and administrative services it requires for one set fee for each Fund. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Funds and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Fund fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Funds in prior years. In addition, the Board considered proposed advisory and supervisory and administrative fee reductions for certain Funds and/or classes. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in

---

| | |
|:---|:---|
| **98** | **PIMCO INCOME FUND** |

---

------

(Unaudited)

which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered any fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreements, and the total expense ratios of each Fund are reasonable.

5. Adviser Costs, Level of Profits and Economies of Scale

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Funds. To the extent applicable, the Board also reviewed information regarding the portion of a Fund's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Fund. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be competitive compared with peers. The Board also considered that the

unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. Ancillary Benefits

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds' Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **99** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.) (Unaudited)

managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. Conclusions

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreements on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Funds and their shareholders.

---

| | |
|:---|:---|
| **100** | **PIMCO INCOME FUND** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Fund listed on the Report cover.

------

![LOGO](g13639g75h91.jpg)

PIMS0766FSTMSAR_093025

------

![LOGO](g830215g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 2025

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

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO International Bond Fund (U.S. Dollar-Hedged)](#tx935690_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx935690_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx935690_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx935690_4) | 10 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx935690_5) | 11 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx935690_6) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx935690_7) | 39 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx935690_8) | 58 |
| &nbsp;&nbsp; [Glossary](#tx935690_9) | 61 |
| &nbsp;&nbsp; [Distribution Information](#tx935690_10) | 62 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx935690_11) | 64 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx935690_12) | 65 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx935690_13) | 66 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

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Important Information About the PIMCO International Bond Fund (U.S. Dollar-Hedged)

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Fund may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Fund may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Fund's performance or cause the Fund to incur losses. As a result, the Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Fund may be subject to various risks as described in the Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Fund's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments section of this report may differ from the classification used for the Fund's compliance calculations, including those used in the Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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

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

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead

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|:---|:---|
| **2** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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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 Fund and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Fund, issuers in which it invests and other market participants and Fund service providers. For example, if a bank at which the Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Fund invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Fund and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

The following table discloses the inception dates of the Fund and its respective share classes along with the Fund's diversification status as of period end:

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Fund<br>Inception | Institutional<br>Class | Institutional<br>Class | I-2 | I-2 | I-3 | I-3 | Administrative<br>Class | Administrative<br>Class | Class A | Class A | Class C | Class C | Class R | Class R | Diversification<br>Status | Diversification<br>Status |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) |  | 12/02/92 |  | 12/02/92 |  | 04/30/08 |  | 04/27/18 |  | 01/28/97 |  | 01/20/97 |  | 01/20/97 |  | 12/31/02 |  | Non-diversified |

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Fund's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the

Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund's website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Fund's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

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Important Information About the PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Fund's shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to

invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **4** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>5</sub> |

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Financial Highlights PIMCO International Bond Fund (U.S. Dollar-Hedged)

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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<br>Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.85 | $0.19 | $0.10 | $0.29 | $(0.22) | $0.00 | $0.00 | $(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.91 | 0.40 | 0.06 | 0.46 | (0.45) | (0.07) | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.25 | 0.47 | 0.72 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.22 | (0.60) | (0.38) | (0.25) | (0.17) | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.21 | (0.64) | (0.43) | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.20 | 0.51 | 0.71 | (0.26) | 0.00 | 0.00 | (0.26) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.85 | 0.19 | 0.09 | 0.28 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.91 | 0.39 | 0.06 | 0.45 | (0.44) | (0.07) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.24 | 0.47 | 0.71 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.21 | (0.60) | (0.39) | (0.24) | (0.17) | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.20 | (0.65) | (0.45) | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.19 | 0.51 | 0.70 | (0.25) | 0.00 | 0.00 | (0.25) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.85 | 0.18 | 0.10 | 0.28 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.91 | 0.38 | 0.07 | 0.45 | (0.44) | (0.07) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.24 | 0.47 | 0.71 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.20 | (0.60) | (0.40) | (0.23) | (0.17) | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.19 | (0.64) | (0.45) | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.19 | 0.50 | 0.69 | (0.24) | 0.00 | 0.00 | (0.24) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.85 | 0.18 | 0.10 | 0.28 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.91 | 0.37 | 0.07 | 0.44 | (0.43) | (0.07) | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.23 | 0.47 | 0.70 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.19 | (0.60) | (0.41) | (0.22) | (0.17) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.18 | (0.64) | (0.46) | (0.14) | 0.00 | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.18 | 0.50 | 0.68 | (0.23) | 0.00 | 0.00 | (0.23) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.85 | 0.17 | 0.10 | 0.27 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.91 | 0.36 | 0.06 | 0.42 | (0.41) | (0.07) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.21 | 0.47 | 0.68 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.18 | (0.60) | (0.42) | (0.21) | (0.17) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.16 | (0.64) | (0.48) | (0.12) | 0.00 | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.16 | 0.50 | 0.66 | (0.21) | 0.00 | 0.00 | (0.21) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.85 | 0.14 | 0.09 | 0.23 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.91 | 0.29 | 0.06 | 0.35 | (0.34) | (0.07) | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.14 | 0.47 | 0.61 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.11 | (0.61) | (0.50) | (0.13) | (0.17) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.08 | (0.64) | (0.56) | (0.04) | 0.00 | 0.00 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.08 | 0.50 | 0.58 | (0.13) | 0.00 | 0.00 | (0.13) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.85 | 0.16 | 0.10 | 0.26 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.91 | 0.34 | 0.06 | 0.40 | (0.39) | (0.07) | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.19 | 0.47 | 0.66 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.30 | 0.16 | (0.61) | (0.45) | (0.18) | (0.17) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.90 | 0.14 | (0.64) | (0.50) | (0.10) | 0.00 | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.45 | 0.13 | 0.51 | 0.64 | (0.19) | 0.00 | 0.00 | (0.19) |

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

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+ Unaudited

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

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. 

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

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

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

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|:---|:---|:---|
| **6** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $9.92 | 2.96% | $10306945 | 0.60 | %\* | 0.60 | %\* | 0.50 | %\* | 0.50 | %\* | 3.88 | %\* | 311% |
| 9.85 | 4.69 | 9948868 | 0.57 |  | 0.57 |  | 0.50 |  | 0.50 |  | 4.03 |  | 699 |
| 9.91 | 7.73 | 9759176 | 0.75 |  | 0.75 |  | 0.50 |  | 0.50 |  | 2.64 |  | 657 |
| 9.50 | (3.68) | 8131472 | 0.63 |  | 0.63 |  | 0.50 |  | 0.50 |  | 2.26 |  | 446 |
| 10.30 | (4.04) | 7924193 | 0.51 |  | 0.51 |  | 0.50 |  | 0.50 |  | 1.92 |  | 334 |
| 10.90 | 6.79 | 8358457 | 0.52 |  | 0.52 |  | 0.50 |  | 0.50 |  | 1.87 |  | 520 |
| 9.92 | 2.91 | 5240016 | 0.70 | \* | 0.70 | \* | 0.60 | \* | 0.60 | \* | 3.78 | \* | 311 |
| 9.85 | 4.59 | 4258631 | 0.67 |  | 0.67 |  | 0.60 |  | 0.60 |  | 3.94 |  | 699 |
| 9.91 | 7.63 | 3845322 | 0.85 |  | 0.85 |  | 0.60 |  | 0.60 |  | 2.54 |  | 657 |
| 9.50 | (3.78) | 3512183 | 0.73 |  | 0.73 |  | 0.60 |  | 0.60 |  | 2.15 |  | 446 |
| 10.30 | (4.14) | 3208025 | 0.61 |  | 0.61 |  | 0.60 |  | 0.60 |  | 1.82 |  | 334 |
| 10.90 | 6.68 | 3086917 | 0.62 |  | 0.62 |  | 0.60 |  | 0.60 |  | 1.77 |  | 520 |
| 9.92 | 2.89 | 215474 | 0.75 | \* | 0.80 | \* | 0.65 | \* | 0.70 | \* | 3.73 | \* | 311 |
| 9.85 | 4.55 | 236221 | 0.72 |  | 0.77 |  | 0.65 |  | 0.70 |  | 3.88 |  | 699 |
| 9.91 | 7.59 | 188630 | 0.90 |  | 0.95 |  | 0.65 |  | 0.70 |  | 2.51 |  | 657 |
| 9.50 | (3.83) | 109771 | 0.78 |  | 0.83 |  | 0.65 |  | 0.70 |  | 2.08 |  | 446 |
| 10.30 | (4.19) | 143648 | 0.66 |  | 0.71 |  | 0.65 |  | 0.70 |  | 1.77 |  | 334 |
| 10.90 | 6.63 | 193552 | 0.67 |  | 0.72 |  | 0.65 |  | 0.70 |  | 1.72 |  | 520 |
| 9.92 | 2.83 | 43817 | 0.85 | \* | 0.85 | \* | 0.75 | \* | 0.75 | \* | 3.63 | \* | 311 |
| 9.85 | 4.43 | 51723 | 0.82 |  | 0.82 |  | 0.75 |  | 0.75 |  | 3.79 |  | 699 |
| 9.91 | 7.46 | 59058 | 1.00 |  | 1.00 |  | 0.75 |  | 0.75 |  | 2.38 |  | 657 |
| 9.50 | (3.92) | 79193 | 0.88 |  | 0.88 |  | 0.75 |  | 0.75 |  | 1.99 |  | 446 |
| 10.30 | (4.28) | 98955 | 0.76 |  | 0.76 |  | 0.75 |  | 0.75 |  | 1.67 |  | 334 |
| 10.90 | 6.52 | 142953 | 0.77 |  | 0.77 |  | 0.75 |  | 0.75 |  | 1.62 |  | 520 |
| 9.92 | 2.75 | 540695 | 1.00 | \* | 1.00 | \* | 0.90 | \* | 0.90 | \* | 3.48 | \* | 311 |
| 9.85 | 4.28 | 586498 | 0.97 |  | 0.97 |  | 0.90 |  | 0.90 |  | 3.64 |  | 699 |
| 9.91 | 7.31 | 620921 | 1.15 |  | 1.15 |  | 0.90 |  | 0.90 |  | 2.23 |  | 657 |
| 9.50 | (4.07) | 670583 | 1.03 |  | 1.03 |  | 0.90 |  | 0.90 |  | 1.84 |  | 446 |
| 10.30 | (4.43) | 863436 | 0.91 |  | 0.91 |  | 0.90 |  | 0.90 |  | 1.52 |  | 334 |
| 10.90 | 6.36 | 1067670 | 0.92 |  | 0.92 |  | 0.90 |  | 0.90 |  | 1.47 |  | 520 |
| 9.92 | 2.37 | 13519 | 1.75 | \* | 1.75 | \* | 1.65 | \* | 1.65 | \* | 2.73 | \* | 311 |
| 9.85 | 3.50 | 15079 | 1.72 |  | 1.72 |  | 1.65 |  | 1.65 |  | 2.89 |  | 699 |
| 9.91 | 6.51 | 21687 | 1.90 |  | 1.90 |  | 1.65 |  | 1.65 |  | 1.47 |  | 657 |
| 9.50 | (4.79) | 28700 | 1.78 |  | 1.78 |  | 1.65 |  | 1.65 |  | 1.08 |  | 446 |
| 10.30 | (5.14) | 43591 | 1.66 |  | 1.66 |  | 1.65 |  | 1.65 |  | 0.76 |  | 334 |
| 10.90 | 5.57 | 64114 | 1.67 |  | 1.67 |  | 1.65 |  | 1.65 |  | 0.72 |  | 520 |
| 9.92 | 2.63 | 52435 | 1.25 | \* | 1.25 | \* | 1.15 | \* | 1.15 | \* | 3.23 | \* | 311 |
| 9.85 | 4.02 | 53169 | 1.22 |  | 1.22 |  | 1.15 |  | 1.15 |  | 3.39 |  | 699 |
| 9.91 | 7.04 | 57854 | 1.40 |  | 1.40 |  | 1.15 |  | 1.15 |  | 1.98 |  | 657 |
| 9.50 | (4.31) | 54401 | 1.28 |  | 1.28 |  | 1.15 |  | 1.15 |  | 1.59 |  | 446 |
| 10.30 | (4.66) | 67742 | 1.16 |  | 1.16 |  | 1.15 |  | 1.15 |  | 1.27 |  | 334 |
| 10.90 | 6.10 | 72152 | 1.17 |  | 1.17 |  | 1.15 |  | 1.15 |  | 1.22 |  | 520 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

Statement of Assets and Liabilities PIMCO International Bond Fund (U.S. Dollar-Hedged)

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $20701575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 762291 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 32752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1506342 |
|  Deposits with counterparty | 13206 |
|  Foreign currency, at value | 80990 |
|  Receivable for investments sold | 1461538 |
|  Receivable for investments sold on a delayed-delivery | 307 |
|  Receivable for TBA investments sold | 8166621 |
|  Receivable for Fund shares sold | 252798 |
|  Interest and/or dividends receivable | 121108 |
|  Dividends receivable from affiliates | 2930 |
|  Reimbursement receivable from PIMCO | 9 |
|  **Total Assets** | 33102467 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $160828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 2008490 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 22720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1606458 |
|  Payable for investments purchased | 1708016 |
|  Payable for investments in Affiliates purchased | 3030 |
|  Payable for TBA investments purchased | 11094367 |
|  Payable for unfunded loan commitments | 3397 |
|  Deposits from counterparty | 30736 |
|  Payable for Fund shares redeemed | 26742 |
|  Distributions payable | 15444 |
|  Overdraft due to custodian | 845 |
|  Accrued investment advisory fees | 3182 |
|  Accrued supervisory and administrative fees | 3689 |
|  Accrued distribution fees | 27 |
|  Accrued servicing fees | 121 |
|  **Total Liabilities** | 16689566 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $16412901 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $17240816 |
|  Distributable earnings (accumulated loss) | (827915) |
|  **Net Assets** | $16412901 |
|  Cost of investments in securities | $20863060 |
|  Cost of investments in Affiliates | $771884 |
|  Cost of foreign currency held | $80935 |
|  Proceeds received on short sales | $1999942 |
|  Cost or premiums of financial derivative instruments, net | $19525 |

---

---

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

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $10306945 |
|  I-2 | 5240016 |
|  I-3 | 215474 |
|  Administrative Class | 43817 |
|  Class A | 540695 |
|  Class C | 13519 |
|  Class R | 52435 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 1039101 |
|  I-2 | 528276 |
|  I-3 | 21723 |
|  Administrative Class | 4418 |
|  Class A | 54511 |
|  Class C | 1363 |
|  Class R | 5286 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.92 |
|  I-2 | 9.92 |
|  I-3 | 9.92 |
|  Administrative Class | 9.92 |
|  Class A | 9.92 |
|  Class C | 9.92 |
|  Class R | 9.92 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>9</sub> |

---

------

Statement of Operations PIMCO International Bond Fund (U.S. Dollar-Hedged)

---

| | |
|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $324909 |
|  Dividends | 172 |
|  Dividends from Investments in Affiliates | 24047 |
|  Miscellaneous income | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 349138 |
|  **Expenses:** |  |
|  Investment advisory fees | 19463 |
|  Supervisory and administrative fees | 22581 |
|  Distribution and/or servicing fees - Administrative Class | 60 |
|  Distribution and/or servicing fees - Class A | 702 |
|  Distribution and/or servicing fees - Class C | 72 |
|  Distribution and/or servicing fees - Class R | 132 |
|  Trustee fees | 32 |
|  Interest expense | 8148 |
|  Miscellaneous expense | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 51220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 51164 |
|  **Net Investment Income (Loss)** | 297974 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 50080 |
|  Investments in Affiliates | (50) |
|  Exchange-traded or centrally cleared financial derivative instruments | 5999 |
|  Over the counter financial derivative instruments | (359229) |
|  Foreign currency | 18288 |
|  **Net Realized Gain (Loss)** | (284912) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402490 |
|  Investments in Affiliates | 1591 |
|  Exchange-traded or centrally cleared financial derivative instruments | 16266 |
|  Over the counter financial derivative instruments | (2265) |
|  Foreign currency assets and liabilities | 6313 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 424395 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $437457 |
|  \* Foreign tax withholdings | $1 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

Statements of Changes in Net Assets PIMCO International Bond Fund (U.S. Dollar-Hedged)

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $297974 | $605419 |
|  Net realized gain (loss) | (284912) | 107646 |
|  Net change in unrealized appreciation (depreciation) | 424395 | (21213) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 437457 | 691852 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (217177) | (535100) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (104664) | (206219) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (4795) | (10451) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (994) | (2709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (11282) | (28474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (236) | (747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (991) | (2486) |
|  **Total Distributions<sup>(a)</sup>** | (340139) | (786186) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions<sup>\*</sup> | 1165394 | 691875 |
|  **Total Increase (Decrease) in Net Assets** | 1262712 | 597541 |
|  **Net Assets:** |  |  |
|  Beginning of period | 15150189 | 14552648 |
|  End of period | $16412901 | $15150189 |

---

---

| | |
|:---|:---|
| <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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO International Bond 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 126.2% | INVESTMENTS IN SECURITIES 126.2% | INVESTMENTS IN SECURITIES 126.2% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ | 3864 | 2618 |
|  1.000% due 07/09/2029 | 101 | 73 |
|  3.500% due 07/09/2041 þ | 920 | 448 |
|  Total Argentina (Cost $3,299) | Total Argentina (Cost $3,299) | 3139 |
| AUSTRALIA 2.5% | AUSTRALIA 2.5% | AUSTRALIA 2.5% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Bank of Queensland Ltd. | Bank of Queensland Ltd. | Bank of Queensland Ltd. |
|  3.300% due 07/30/2029 | 30377 | 36423 |
| SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  1.750% due 06/21/2051 | 8800 | 3108 |
|  2.500% due 05/21/2030 | 15800 | 9934 |
|  Australian Capital Territory | Australian Capital Territory | Australian Capital Territory |
|  4.750% due 10/23/2030 | 67900 | 46167 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 199070 | 104549 |
|  2.000% due 03/08/2033 | 35900 | 19997 |
|  4.750% due 09/20/2035 | 23400 | 15357 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 62400 | 34102 |
|  1.750% due 07/20/2034 | 59100 | 30552 |
|  2.000% due 08/22/2033 | 23400 | 12789 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 34900 | 17705 |
|  2.250% due 09/15/2033 | 102100 | 56752 |
|  4.250% due 12/20/2032 | 34900 | 22747 |
|  |  | 373759 |
|  Total Australia (Cost $392,622) | Total Australia (Cost $392,622) | 410182 |
| BELGIUM 0.1% | BELGIUM 0.1% | BELGIUM 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  5.796% due 01/19/2029 •  | 8000 | 8267 |
|  Total Belgium (Cost $8,000) | Total Belgium (Cost $8,000) | 8267 |
| BERMUDA 0.2% | BERMUDA 0.2% | BERMUDA 0.2% |
| ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  5.419% due 10/23/2035 •  | 13100 | 13153 |
|  Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. |
|  5.435% due 10/20/2033 •  | 10771 | 10794 |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  5.365% due 07/20/2035 •  | 1700 | 1702 |
|  TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. |
|  5.475% due 07/20/2037 •  | 733 | 734 |
|  Total Bermuda (Cost $26,304) | Total Bermuda (Cost $26,304) | 26383 |
| BRAZIL 1.9% | BRAZIL 1.9% | BRAZIL 1.9% |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 1784000 | 313130 |
|  Total Brazil (Cost $308,835) | Total Brazil (Cost $308,835) | 313130 |
| BULGARIA 0.3% | BULGARIA 0.3% | BULGARIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.375% due 07/18/2035 | 22400 | 25807 |
|  4.125% due 07/18/2045 | 20000 | 22716 |
|  Total Bulgaria (Cost $48,530) | Total Bulgaria (Cost $48,530) | 48523 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CANADA 4.9% | CANADA 4.9% | CANADA 4.9% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.299% due 03/20/2028 | 13700 | 13855 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 9000 | 10543 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.851% due 12/14/2026 | 23700 | 23970 |
|  4.969% due 08/02/2030 •  | 8300 | 8497 |
|  5.310% (SOFRINDX + 1.030%) due 02/04/2031 ~ | 40900 | 40925 |
|  |  | 97790 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% |
|  Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust |
|  2.381% due 02/12/2055 ~ | 5277 | 3695 |
|  2.867% due 02/12/2055 ~ | 16700 | 11387 |
|  3.650% due 08/12/2053 | 3398 | 2441 |
|  |  | 17523 |
| SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  1.750% due 12/01/2053 | 20660 | 9967 |
|  2.750% due 03/01/2030 | 3400 | 2450 |
|  3.250% due 12/01/2033 | 132000 | 96254 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  1.500% due 12/01/2044 (e) | 12837 | 9068 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  4.500% due 01/28/2030 | 6200 | 8420 |
|  7.130% due 03/11/2029 | 2119600 | 24124 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 102700 | 77049 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 238700 | 174851 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 337100 | 245525 |
|  4.450% due 09/01/2034 | 45700 | 34998 |
|  |  | 682706 |
|  Total Canada (Cost $780,372) | Total Canada (Cost $780,372) | 798019 |
| CAYMAN ISLANDS 2.2% | CAYMAN ISLANDS 2.2% | CAYMAN ISLANDS 2.2% |
| ASSET-BACKED SECURITIES 1.8% | ASSET-BACKED SECURITIES 1.8% | ASSET-BACKED SECURITIES 1.8% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  5.400% due 10/16/2036 •  | 4680 | 4676 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.615% due 11/15/2036 •  | 15655 | 15693 |
|  5.822% due 01/15/2037 •  | 15434 | 15464 |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.424% due 04/15/2034 •  | 14200 | 14218 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  5.439% due 01/18/2035 •  | 1900 | 1907 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.379% due 07/24/2034 •  | 4900 | 4907 |
|  Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. |
|  5.475% due 04/20/2035 •  | 9900 | 9935 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.328% due 10/15/2034 •  | 4000 | 4003 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.398% due 07/15/2034 •  | 3000 | 3003 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.415% due 07/20/2034 •  | 11300 | 11306 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  5.475% due 10/19/2029 •  | 5228 | 5231 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.448% due 07/25/2034 •  | 9300 | 9316 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  5.409% due 07/23/2032 •  | 2553 | 2555 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  0.000% due 04/20/2033 •(b) | 6500 | 6500 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. |
|  5.475% due 10/20/2034 •  | 3000 | 3006 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.750% due 07/16/2035 •  | 2163 | 2158 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.475% due 10/20/2034 •  | 9900 | 9912 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  5.438% due 07/25/2034 •  | 9900 | 9899 |
|  KKR CLO 28 Ltd. | KKR CLO 28 Ltd. | KKR CLO 28 Ltd. |
|  5.758% due 02/09/2035 •  | 14400 | 14455 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  5.388% due 01/15/2034 •  | 2000 | 2006 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.565% due 11/15/2038 •  | 7705 | 7714 |
|  5.931% due 01/17/2037 •  | 7238 | 7258 |
|  Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. |
|  5.538% due 07/25/2034 •  | 12300 | 12316 |
|  Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. |
|  6.813% due 10/15/2034 •  | 9800 | 9814 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  5.330% due 07/17/2036 •  | 900 | 901 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  5.380% due 10/14/2036 •  | 9800 | 9811 |
|  Ocean Trails CLO 8 | Ocean Trails CLO 8 | Ocean Trails CLO 8 |
|  5.608% due 07/15/2034 •  | 11700 | 11718 |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.475% due 10/20/2030 •  | 2461 | 2463 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  5.747% due 07/20/2032 •  | 8354 | 8370 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(b) | 4300 | 4300 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.476% due 01/15/2035 •  | 12200 | 12247 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 11500 | 11531 |
|  Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. |
|  5.797% due 07/20/2032 •  | 11718 | 11721 |
|  Sound Point CLO XIX Ltd. | Sound Point CLO XIX Ltd. | Sound Point CLO XIX Ltd. |
|  5.579% due 04/15/2031 •  | 642 | 643 |
|  Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII |
|  5.749% due 07/15/2034 •  | 7400 | 7413 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.722% due 11/15/2038 •  | 11642 | 11614 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  5.433% due 10/15/2035 •  | 4800 | 4819 |
|  Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. |
|  5.378% due 01/25/2035 •  | 3600 | 3612 |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  5.465% due 10/20/2034 •  | 1500 | 1502 |
|  Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. |
|  5.707% due 07/20/2032 •  | 4212 | 4219 |
|  |  | 294136 |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  5.250% due 01/29/2034 | 9300 | 9602 |
|  5.625% due 07/29/2034 | 25800 | 27281 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 6700 | 7866 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 9200 | 9418 |
|  |  | 54167 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.268% due 10/25/2028 | 9700 | 10009 |
|  Total Cayman Islands (Cost $355,929) | Total Cayman Islands (Cost $355,929) | 358312 |

---

12 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.850% due 01/22/2029 | 14300 | 14649 |
|  Total Chile (Cost $14,290) | Total Chile (Cost $14,290) | 14649 |
| CHINA 4.4% | CHINA 4.4% | CHINA 4.4% |
| SOVEREIGN ISSUES 4.4% | SOVEREIGN ISSUES 4.4% | SOVEREIGN ISSUES 4.4% |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  1.650% due 05/15/2035 | 1745400 | 241395 |
|  1.920% due 01/15/2055 | 333600 | 43684 |
|  2.040% due 11/25/2034 | 1397700 | 199811 |
|  2.190% due 09/25/2054 | 846400 | 117607 |
|  3.190% due 04/15/2053 | 8080 | 1353 |
|  3.530% due 10/18/2051 | 707500 | 124738 |
|  Total China (Cost $727,867) | Total China (Cost $727,867) | 728588 |
| DENMARK 1.9% | DENMARK 1.9% | DENMARK 1.9% |
| CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.000% due 01/01/2026 | 585100 | 91844 |
|  1.000% due 04/01/2026 | 106400 | 16664 |
|  1.500% due 10/01/2053 | 26663 | 3423 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 04/01/2026 | 509200 | 79760 |
|  1.500% due 10/01/2053 | 43118 | 5549 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 04/01/2026 | 111900 | 17525 |
|  1.000% due 10/01/2053 | 2 | 0 |
|  1.500% due 10/01/2053 | 32056 | 4108 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.000% due 04/01/2026 | 553400 | 86687 |
|  1.500% due 10/01/2053 | 34649 | 4441 |
|  Total Denmark (Cost $280,135) | Total Denmark (Cost $280,135) | 310001 |
| FRANCE 4.7% | FRANCE 4.7% | FRANCE 4.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.088% due 01/23/2027 | 13900 | 14076 |
|  5.896% due 07/13/2026 | 24800 | 25146 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.497% due 05/20/2030 •  | 12500 | 12932 |
|  5.738% due 02/20/2035 •(h) | 13300 | 13994 |
|  5.786% due 01/13/2033 •  | 11800 | 12393 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.876% due 01/14/2031 •  | 3900 | 4074 |
|  6.293% due 01/14/2036 •  | 8000 | 8565 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 27562 | 28991 |
|  |  | 120171 |
| SOVEREIGN ISSUES 4.0% | SOVEREIGN ISSUES 4.0% | SOVEREIGN ISSUES 4.0% |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.750% due 02/25/2028 | 95650 | 108408 |
|  2.750% due 10/25/2027 | 96750 | 114888 |
|  2.750% due 02/25/2030 | 361800 | 426615 |
|  |  | 649911 |
|  Total France (Cost $697,294) | Total France (Cost $697,294) | 770082 |
| GERMANY 0.4% | GERMANY 0.4% | GERMANY 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.750% due 11/19/2030 •  | 3700 | 4108 |
|  2.129% due 11/24/2026 •  | 10600 | 10562 |
|  2.552% due 01/07/2028 •  | 8200 | 8022 |
|  3.035% due 05/28/2032 •  | 9900 | 9047 |
|  3.547% due 09/18/2031 •  | 9700 | 9197 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
|  4.250% due 02/15/2030 | 12800 | 17234 |
|  Total Germany (Cost $58,841) | Total Germany (Cost $58,841) | 58170 |
| HUNGARY 0.0% | HUNGARY 0.0% | HUNGARY 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  5.500% due 03/26/2036 | 5800 | 5857 |
|  Total Hungary (Cost $5,690) | Total Hungary (Cost $5,690) | 5857 |
| IRELAND 3.1% | IRELAND 3.1% | IRELAND 3.1% |
| ASSET-BACKED SECURITIES 2.8% | ASSET-BACKED SECURITIES 2.8% | ASSET-BACKED SECURITIES 2.8% |
|  Accunia European CLO I DAC | Accunia European CLO I DAC | Accunia European CLO I DAC |
|  2.976% due 07/15/2030 •  | 672 | 790 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.366% due 05/15/2038 •  | 3900 | 4602 |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  0.000% due 07/25/2039 •  | 13900 | 16371 |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.054% due 10/21/2034 •  | 1941 | 2281 |
|  ARES European CLO XV DAC | ARES European CLO XV DAC | ARES European CLO XV DAC |
|  2.976% due 01/15/2036 •  | 8335 | 9798 |
|  Aurium CLO III DAC | Aurium CLO III DAC | Aurium CLO III DAC |
|  2.922% due 04/16/2030 •  | 2859 | 3360 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.267% due 01/22/2038 •  | 22400 | 26383 |
|  BlackRock European CLO III DAC | BlackRock European CLO III DAC | BlackRock European CLO III DAC |
|  2.904% due 07/19/2035 •  | 7600 | 8907 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.646% due 10/15/2031 •  | 3706 | 4354 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  2.676% due 10/15/2031 •  | 1847 | 2170 |
|  Cairn CLO VII DAC | Cairn CLO VII DAC | Cairn CLO VII DAC |
|  2.696% due 01/31/2030 •  | 2594 | 3046 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 9100 | 10701 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.726% due 01/15/2031 •  | 9210 | 10799 |
|  3.221% due 08/15/2038 •  | 25000 | 29436 |
|  CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC |
|  2.644% due 09/15/2031 •  | 3625 | 4252 |
|  CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC |
|  2.676% due 10/15/2031 •  | 7526 | 8836 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.876% due 08/15/2033 •  | 13103 | 15389 |
|  Dryden 73 Euro CLO DAC | Dryden 73 Euro CLO DAC | Dryden 73 Euro CLO DAC |
|  2.966% due 01/15/2034 •  | 9495 | 11160 |
|  Dryden Euro CLO | Dryden Euro CLO | Dryden Euro CLO |
|  3.342% due 10/18/2039 •  | 8300 | 9776 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  2.666% due 10/15/2031 •  | 5010 | 5887 |
|  Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC |
|  3.244% due 11/17/2037 •  | 16900 | 19866 |
|  Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC |
|  3.371% due 07/18/2038 •  | 13600 | 15967 |
|  Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC |
|  3.205% due 01/22/2039 •  | 5500 | 6474 |
|  Indigo Credit Management II DAC | Indigo Credit Management II DAC | Indigo Credit Management II DAC |
|  3.479% due 07/15/2038 •  | 28000 | 32961 |
|  Invesco Euro CLO III DAC | Invesco Euro CLO III DAC | Invesco Euro CLO III DAC |
|  3.126% due 10/30/2038 •  | 15700 | 18451 |
|  Invesco Euro CLO V DAC | Invesco Euro CLO V DAC | Invesco Euro CLO V DAC |
|  3.299% due 01/15/2034 •  | 10100 | 11858 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.676% due 04/15/2031 •  | 8236 | 9676 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.704% due 12/15/2031 •  | 4719 | 5547 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.264% due 07/20/2036 •  | 12600 | 14839 |
|  3.300% due 10/20/2039 •  | 9100 | 10717 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  0.000% due 07/15/2035 «•(b) | 1100 | 1291 |
|  3.006% due 01/15/2033 •  | 3065 | 3598 |
|  3.006% due 05/15/2033 •  | 2694 | 3161 |
|  3.170% due 10/15/2034 •  | 21100 | 24761 |
|  3.203% due 02/15/2035 •  | 25000 | 29348 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.292% due 08/29/2036 •  | 10000 | 11779 |
|  Sculptor European CLO IV DAC | Sculptor European CLO IV DAC | Sculptor European CLO IV DAC |
|  3.148% due 04/27/2038 •  | 18200 | 21426 |
|  St. Paul's CLO II DAC | St. Paul's CLO II DAC | St. Paul's CLO II DAC |
|  2.919% due 10/25/2035 •  | 8000 | 9390 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  | 11600 | 13605 |
|  Trinitas Euro CLO I DAC | Trinitas Euro CLO I DAC | Trinitas Euro CLO I DAC |
|  3.232% due 07/15/2039 •  | 6000 | 7064 |
|  |  | 460077 |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 3600 | 3538 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 34600 | 40688 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% |
|  Kinbane 2 DAC | Kinbane 2 DAC | Kinbane 2 DAC |
|  0.000% due 08/24/2075 ~(b) | 13300 | 15617 |
|  Total Ireland (Cost $495,929) | Total Ireland (Cost $495,929) | 519920 |
| ISRAEL 1.0% | ISRAEL 1.0% | ISRAEL 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  4.500% due 01/17/2033 | 11200 | 10948 |
|  5.375% due 03/12/2029 | 19550 | 20116 |
|  5.375% due 02/19/2030 | 79200 | 81791 |
|  5.500% due 03/12/2034 | 8200 | 8434 |
|  5.625% due 02/19/2035 | 15000 | 15536 |
|  5.750% due 03/12/2054 (h) | 22900 | 21708 |
|  Total Israel (Cost $154,069) | Total Israel (Cost $154,069) | 158533 |
| ITALY 2.4% | ITALY 2.4% | ITALY 2.4% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 | 14835 | 17194 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 15100 | 17214 |
|  8.248% due 11/21/2033 •  | 13200 | 15583 |
|  |  | 49991 |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 18800 | 18957 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  2.100% due 08/26/2027 | 270300 | 316597 |
|  Republic of Italy Government International Bonds | Republic of Italy Government International Bonds | Republic of Italy Government International Bonds |
|  6.000% due 08/04/2028 | 5900 | 8206 |
|  |  | 343760 |
|  Total Italy (Cost $392,662) | Total Italy (Cost $392,662) | 393751 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 13

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| JAPAN 6.2% | JAPAN 6.2% | JAPAN 6.2% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  4.527% due 09/12/2031 •  | 7600 | 7633 |
|  5.347% (SOFRRATE + 1.130%) due 09/12/2031 ~ | 31000 | 31117 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.329% due 01/22/2027 | 10300 | 10048 |
|  Olympus Corp. | Olympus Corp. | Olympus Corp. |
|  2.143% due 12/08/2026 | 8700 | 8481 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.660% due 07/08/2031 •  | 12600 | 12748 |
|  5.541% (SOFRRATE + 1.190%) due 07/08/2031 ~ | 8100 | 8149 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.200% due 03/07/2027 | 4300 | 4369 |
|  5.200% due 03/07/2029 | 16400 | 16918 |
|  |  | 99463 |
| SOVEREIGN ISSUES 5.6% | SOVEREIGN ISSUES 5.6% | SOVEREIGN ISSUES 5.6% |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (e) | 15640679 | 107560 |
|  0.100% due 03/10/2029 (e) | 4991670 | 34463 |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  0.400% due 06/20/2029 | 6120000 | 40305 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 10823000 | 56116 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  0.500% due 09/20/2046 | 5480000 | 24287 |
|  0.500% due 03/20/2049 | 10483000 | 42906 |
|  0.700% due 12/20/2048 | 9439000 | 41118 |
|  0.700% due 12/20/2050 | 4080000 | 16628 |
|  0.700% due 03/20/2051 | 4080000 | 16478 |
|  0.700% due 06/20/2051 | 9715000 | 38926 |
|  0.700% due 12/20/2051 | 590000 | 2330 |
|  1.000% due 03/20/2052 | 2860000 | 12275 |
|  1.300% due 06/20/2052 | 1760000 | 8168 |
|  1.400% due 09/20/2045 | 1330000 | 7320 |
|  1.400% due 03/20/2053 | 1390000 | 6548 |
|  1.800% due 03/20/2054 | 9373400 | 48293 |
|  2.200% due 06/20/2054 | 6332000 | 35793 |
|  2.300% due 12/20/2054 | 2951000 | 17024 |
|  2.400% due 03/20/2055 | 21000 | 124 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  0.400% due 06/20/2040 | 15590000 | 81820 |
|  1.100% due 09/20/2042 | 9710000 | 53904 |
|  1.800% due 09/20/2044 | 10720000 | 64466 |
|  2.000% due 12/20/2044 | 15958000 | 98913 |
|  2.400% due 03/20/2045 | 9271000 | 61070 |
|  |  | 916835 |
|  Total Japan (Cost $1,291,237) | Total Japan (Cost $1,291,237) | 1016298 |
| JERSEY, CHANNEL ISLANDS 0.4% | JERSEY, CHANNEL ISLANDS 0.4% | JERSEY, CHANNEL ISLANDS 0.4% |
| ASSET-BACKED SECURITIES 0.4% | ASSET-BACKED SECURITIES 0.4% | ASSET-BACKED SECURITIES 0.4% |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.309% due 04/23/2035 •  | 14400 | 14451 |
|  5.482% due 04/22/2035 •  | 12800 | 12826 |
|  5.482% due 07/17/2035 •  | 5000 | 5018 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% due 01/20/2037 •  | 5100 | 5123 |
|  Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. |
|  5.408% due 04/22/2035 •  | 2500 | 2509 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.435% due 04/20/2035 •  | 2300 | 2308 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  5.441% due 07/20/2035 •  | 11500 | 11547 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.455% due 07/20/2032 •  | 7843 | 7849 |
|  Total Jersey, Channel Islands (Cost $61,443) | Total Jersey, Channel Islands (Cost $61,443) | 61631 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| KUWAIT 0.5% | KUWAIT 0.5% | KUWAIT 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.016% due 10/09/2028 (b) | 41200 | 41200 |
|  4.136% due 10/09/2030 (b) | 20500 | 20500 |
|  4.652% due 10/09/2035 (b) | 29000 | 29000 |
|  Total Kuwait (Cost $90,700) | Total Kuwait (Cost $90,700) | 90700 |
| LUXEMBOURG 0.6% | LUXEMBOURG 0.6% | LUXEMBOURG 0.6% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL |
|  1.625% due 07/15/2027 | 1300 | 1496 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Project Fenno | Project Fenno | Project Fenno |
|  TBD% - 0.500%<br>due 07/10/2028 «µ(g) | 5690 | 6680 |
|  4.366%<br>(EUR003M + 2.350%)<br>due 07/10/2028 «~(g) | 5713 | 6708 |
|  |  | 13388 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 (h) | 89200 | 90610 |
|  Total Luxembourg (Cost $103,744) | Total Luxembourg (Cost $103,744) | 105494 |
| MALAYSIA 1.5% | MALAYSIA 1.5% | MALAYSIA 1.5% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  3.404% due 04/28/2061 | 4500 | 3111 |
|  4.550% due 04/21/2050 | 3300 | 2926 |
|  4.800% due 04/21/2060 | 4200 | 3828 |
|  |  | 9865 |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  2.632% due 04/15/2031 | 79740 | 18337 |
|  3.519% due 04/20/2028 | 765672 | 183101 |
|  3.582% due 07/15/2032 | 23340 | 5602 |
|  Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue |
|  4.193% due 10/07/2032 | 125660 | 31350 |
|  |  | 238390 |
|  Total Malaysia (Cost $227,168) | Total Malaysia (Cost $227,168) | 248255 |
| MEXICO 0.0% | MEXICO 0.0% | MEXICO 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.000% due 04/27/2051 | 6100 | 5020 |
|  Total Mexico (Cost $5,684) | Total Mexico (Cost $5,684) | 5020 |
| NETHERLANDS 0.6% | NETHERLANDS 0.6% | NETHERLANDS 0.6% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  Contego CLO III BV | Contego CLO III BV | Contego CLO III BV |
|  3.297% due 04/15/2038 •  | 17200 | 20262 |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.515% due 12/03/2035 •  | 15200 | 15798 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.447% due 03/05/2030 •(h) | 41800 | 43305 |
|  5.710% due 01/21/2033 •  | 16100 | 16941 |
|  |  | 76044 |
|  Total Netherlands (Cost $93,006) | Total Netherlands (Cost $93,006) | 96306 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW ZEALAND 0.0% | NEW ZEALAND 0.0% | NEW ZEALAND 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds |
|  1.500% due 05/15/2031 | 300 | 156 |
|  Total New Zealand (Cost $208) | Total New Zealand (Cost $208) | 156 |
| NIGERIA 0.1% | NIGERIA 0.1% | NIGERIA 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  3.803% (EUR003M + 1.700%)<br>due 08/23/2027 ~ | 12100 | 14140 |
|  Total Nigeria (Cost $12,637) | Total Nigeria (Cost $12,637) | 14140 |
| NORWAY 0.1% | NORWAY 0.1% | NORWAY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  1.900% due 01/19/2027 | 20700 | 13355 |
|  Total Norway (Cost $15,077) | Total Norway (Cost $15,077) | 13355 |
| PERU 1.1% | PERU 1.1% | PERU 1.1% |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  2.780% due 12/01/2060 | 4700 | 2636 |
|  3.230% due 07/28/2121 | 3300 | 1853 |
|  5.400% due 08/12/2034 | 105600 | 29459 |
|  6.150% due 08/12/2032 | 204400 | 62409 |
|  6.900% due 08/12/2037 | 237800 | 71663 |
|  6.950% due 08/12/2031 | 15441 | 4926 |
|  Total Peru (Cost $161,270) | Total Peru (Cost $161,270) | 172946 |
| POLAND 0.3% | POLAND 0.3% | POLAND 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.625% due 03/18/2029 | 14800 | 15097 |
|  4.875% due 02/12/2030 | 10000 | 10299 |
|  4.875% due 10/04/2033 | 7800 | 7913 |
|  5.125% due 09/18/2034 | 6100 | 6250 |
|  5.375% due 02/12/2035 | 6000 | 6240 |
|  Total Poland (Cost $44,467) | Total Poland (Cost $44,467) | 45799 |
| QATAR 0.1% | QATAR 0.1% | QATAR 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 10200 | 9193 |
|  3.125% due 07/12/2041 | 1600 | 1235 |
|  3.300% due 07/12/2051 | 4600 | 3246 |
|  Total Qatar (Cost $16,329) | Total Qatar (Cost $16,329) | 13674 |
| REPUBLIC OF KOREA 0.2% | REPUBLIC OF KOREA 0.2% | REPUBLIC OF KOREA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  2.765% due 09/02/2030 | 28100 | 32974 |
|  Total Republic of Korea (Cost $32,708) | Total Republic of Korea (Cost $32,708) | 32974 |
| ROMANIA 1.2% | ROMANIA 1.2% | ROMANIA 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.375% due 12/02/2029 | 9090 | 9516 |
|  1.750% due 07/13/2030 | 12500 | 12906 |
|  2.000% due 01/28/2032 | 1400 | 1364 |
|  2.000% due 04/14/2033 | 1700 | 1568 |
|  2.124% due 07/16/2031 | 800 | 803 |
|  2.125% due 03/07/2028 | 14800 | 16863 |
|  2.625% due 12/02/2040 | 7700 | 5793 |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.750% due 04/14/2041 |  | 4445 | 3365 |
|  2.875% due 04/13/2042 |  | 17900 | 13510 |
|  3.750% due 02/07/2034 |  | 900 | 922 |
|  5.000% due 09/27/2026 |  | 7300 | 8784 |
|  5.125% due 09/24/2031 |  | 38780 | 45479 |
|  5.250% due 03/10/2030 |  | 13000 | 15738 |
|  5.500% due 09/18/2028 |  | 9000 | 11109 |
|  5.625% due 05/30/2037 |  | 13500 | 15173 |
|  6.250% due 09/10/2034 |  | 4900 | 5937 |
|  6.375% due 09/18/2033 |  | 10900 | 13438 |
|  6.625% due 09/27/2029 |  | 13100 | 16658 |
|  Total Romania (Cost $202,666) | Total Romania (Cost $202,666) | Total Romania (Cost $202,666) | 198926 |
| SAUDI ARABIA 1.5% | SAUDI ARABIA 1.5% | SAUDI ARABIA 1.5% | SAUDI ARABIA 1.5% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  2.250% due 11/24/2030 | $— | 1200 | 1086 |
|  4.750% due 06/02/2030 |  | 1300 | 1319 |
|  5.375% due 06/02/2035 |  | 1300 | 1345 |
|  6.375% due 06/02/2055 |  | 8300 | 8854 |
|  |  |  | 12604 |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.250% due 10/22/2030 |  | 4300 | 4103 |
|  3.375% due 03/05/2032 |  | 18700 | 22181 |
|  3.750% due 03/05/2037 |  | 5700 | 6627 |
|  4.750% due 01/18/2028 | $— | 32100 | 32576 |
|  4.750% due 01/16/2030 |  | 51500 | 52648 |
|  4.875% due 07/18/2033 |  | 7200 | 7313 |
|  5.000% due 01/16/2034 |  | 35500 | 36403 |
|  5.000% due 01/18/2053 |  | 1000 | 905 |
|  5.125% due 01/13/2028 |  | 44400 | 45377 |
|  5.375% due 01/13/2031 |  | 27600 | 29025 |
|  |  |  | 237158 |
|  Total Saudi Arabia (Cost $239,822) | Total Saudi Arabia (Cost $239,822) | Total Saudi Arabia (Cost $239,822) | 249762 |
| SERBIA 0.1% | SERBIA 0.1% | SERBIA 0.1% | SERBIA 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Telecom Serbia | Telecom Serbia | Telecom Serbia | Telecom Serbia |
|  3.399% (EUR003M + 1.350%)<br>due 06/11/2029 «~ |  | 19400 | 22721 |
|  Total Serbia (Cost $20,907) | Total Serbia (Cost $20,907) | Total Serbia (Cost $20,907) | 22721 |
| SINGAPORE 0.5% | SINGAPORE 0.5% | SINGAPORE 0.5% | SINGAPORE 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds |
|  3.250% due 06/01/2054 |  | 81589 | 79593 |
|  Total Singapore (Cost $60,040) | Total Singapore (Cost $60,040) | Total Singapore (Cost $60,040) | 79593 |
| SLOVAKIA 0.1% | SLOVAKIA 0.1% | SLOVAKIA 0.1% | SLOVAKIA 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  365 bank AS | 365 bank AS | 365 bank AS | 365 bank AS |
|  7.125% due 07/04/2028 •  |  | 10900 | 13738 |
|  Total Slovakia (Cost $13,025) | Total Slovakia (Cost $13,025) | Total Slovakia (Cost $13,025) | 13738 |
| SOUTH AFRICA 1.7% | SOUTH AFRICA 1.7% | SOUTH AFRICA 1.7% | SOUTH AFRICA 1.7% |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 |  | 196600 | 9036 |
|  7.000% due 02/28/2031 |  | 461300 | 25339 |
|  8.000% due 01/31/2030 |  | 1044300 | 60688 |
|  8.875% due 02/28/2035 |  | 2665800 | 151651 |
|  9.000% due 01/31/2040 |  | 541200 | 28697 |
|  Total South Africa (Cost $266,299) | Total South Africa (Cost $266,299) | Total South Africa (Cost $266,299) | 275411 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOUTH KOREA 1.6% | SOUTH KOREA 1.6% | SOUTH KOREA 1.6% |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
|  1.375% due 06/10/2030 | 38824610 | 25992 |
|  2.375% due 12/10/2028 | 113568490 | 80343 |
|  2.625% due 06/10/2028 | 226380130 | 161511 |
|  Total South Korea (Cost $293,949) | Total South Korea (Cost $293,949) | 267846 |
| SPAIN 4.7% | SPAIN 4.7% | SPAIN 4.7% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.208% due 01/18/2029 •  | 9700 | 10091 |
| SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 | 3500 | 4226 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  0.000% due 01/31/2028 (d) | 125050 | 139683 |
|  2.400% due 05/31/2028 | 85750 | 101083 |
|  2.500% due 05/31/2027 | 48200 | 56960 |
|  3.150% due 04/30/2035 | 91140 | 106562 |
|  3.200% due 10/31/2035 | 31100 | 36343 |
|  3.450% due 10/31/2034 | 254730 | 306187 |
|  Spain Government International Bonds | Spain Government International Bonds | Spain Government International Bonds |
|  5.250% due 04/06/2029 | 900 | 1238 |
|  |  | 752282 |
|  Total Spain (Cost $725,836) | Total Spain (Cost $725,836) | 762373 |
| SUPRANATIONAL 0.8% | SUPRANATIONAL 0.8% | SUPRANATIONAL 0.8% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
|  2.500% due 04/14/2027 | 15000 | 9748 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  European Union | European Union | European Union |
|  3.750% due 10/12/2045 | 95200 | 110631 |
|  Total Supranational (Cost $121,961) | Total Supranational (Cost $121,961) | 120379 |
| SWITZERLAND 0.7% | SWITZERLAND 0.7% | SWITZERLAND 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  UBS AG | UBS AG | UBS AG |
|  5.000% due 07/09/2027 | 3900 | 3967 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 4800 | 4443 |
|  3.869% due 01/12/2029 •  | 7680 | 7616 |
|  4.282% due 01/09/2028 | 900 | 900 |
|  4.550% due 04/17/2026 | 2600 | 2607 |
|  5.428% due 02/08/2030 •  | 7100 | 7337 |
|  5.617% due 09/13/2030 •  | 11500 | 12014 |
|  5.699% due 02/08/2035 •  | 2200 | 2319 |
|  6.442% due 08/11/2028 •  | 4500 | 4677 |
|  6.537% due 08/12/2033 •  | 61000 | 67309 |
|  Total Switzerland (Cost $104,119) | Total Switzerland (Cost $104,119) | 113189 |
| THAILAND 1.2% | THAILAND 1.2% | THAILAND 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  2.410% due 03/17/2035 | 435690 | 14650 |
|  2.500% due 11/17/2029 | 4301080 | 139647 |
|  3.775% due 06/25/2032 | 977460 | 34908 |
|  Total Thailand (Cost $171,896) | Total Thailand (Cost $171,896) | 189205 |
| UNITED ARAB EMIRATES 0.4% | UNITED ARAB EMIRATES 0.4% | UNITED ARAB EMIRATES 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.375% due 10/02/2031 | 47100 | 47177 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.500% due 05/06/2030 | $— | 5200 | 5266 |
|  5.000% due 05/06/2035 |  | 7400 | 7563 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
|  5.500% due 04/28/2033 |  | 6600 | 7045 |
|  Total United Arab Emirates (Cost $65,862) | Total United Arab Emirates (Cost $65,862) | Total United Arab Emirates (Cost $65,862) | 67051 |
| UNITED KINGDOM 5.0% | UNITED KINGDOM 5.0% | UNITED KINGDOM 5.0% | UNITED KINGDOM 5.0% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC |
|  0.000% due 08/15/2066 ~ |  | 7100 | 9568 |
| CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  5.262% due 01/29/2034 •  |  | 8200 | 10631 |
|  5.674% due 03/12/2028 •  | $— | 9800 | 9992 |
|  5.690% due 03/12/2030 •  |  | 18000 | 18705 |
|  6.490% due 09/13/2029 •  |  | 6600 | 6992 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  3.973% due 05/22/2030 •  |  | 5000 | 4926 |
|  4.041% due 03/13/2028 •  |  | 4100 | 4089 |
|  4.583% due 06/19/2029 •  |  | 7400 | 7453 |
|  5.597% due 05/17/2028 •  |  | 16900 | 17259 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.590% due 11/26/2035 •  |  | 12300 | 12791 |
|  5.721% due 06/05/2030 •  |  | 28500 | 29819 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  2.972% due 02/16/2028 •  |  | 13800 | 13550 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.892% due 05/18/2029 •  |  | 300 | 305 |
|  5.076% due 01/27/2030 •  |  | 5732 | 5856 |
|  5.516% due 09/30/2028 •  |  | 10500 | 10766 |
|  5.778% due 03/01/2035 •  |  | 51000 | 53801 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) |  | 33409 | 25180 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  5.223% (SOFRINDX + 1.070%)<br>due 09/22/2029 ~ |  | 15200 | 15225 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.608% due 01/12/2028 •  |  | 11100 | 10860 |
|  6.187% due 07/06/2027 •  |  | 18000 | 18241 |
|  6.296% due 07/06/2034 •  |  | 5400 | 5859 |
|  6.750% due 02/08/2028 •  |  | 14000 | 14430 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 |  | 33700 | 40710 |
|  7.750% due 04/15/2032 | $— | 28600 | 30084 |
|  |  |  | 367524 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
|  Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp |
|  4.117% (EUR003M + 2.100%)<br>due 02/27/2026 «~(g) |  | 3119 | 3661 |
|  Project Nova | Project Nova | Project Nova | Project Nova |
|  7.250% (PRIME)<br>due 08/31/2026 «~ | $— | 3600 | 3600 |
|  |  |  | 7261 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% |
|  Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC |
|  4.826% due 05/17/2067 •  |  | 13200 | 17846 |
|  EuroMASTR PLC | EuroMASTR PLC | EuroMASTR PLC | EuroMASTR PLC |
|  4.305% due 06/15/2040 •  |  | 55 | 73 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  2.254% due 12/15/2044 •  |  | 380 | 446 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.805% due 09/13/2045 •  |  | 455 | 609 |
|  5.055% due 06/13/2045 •  |  | 120 | 161 |
|  Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC |
|  2.099% due 01/01/2061 •  |  | 79 | 90 |
|  Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC |
|  4.755% due 12/15/2049 •  |  | 1602 | 2152 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **15** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mortimer BTL PLC | Mortimer BTL PLC | Mortimer BTL PLC |
|  4.686% due 06/23/2053 •  | 11874 | 15986 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  2.179% due 12/01/2050 •  | 2301 | 2556 |
|  2.614% due 12/15/2050 •  | 2631 | 3053 |
|  3.264% due 12/15/2050 •  | 833 | 954 |
|  3.514% due 12/15/2050 •  | 1366 | 1492 |
|  4.305% due 12/15/2050 •  | 1905 | 2443 |
|  4.311% due 12/01/2050 •  | 25 | 32 |
|  5.105% due 12/15/2050 •  | 1833 | 2424 |
|  5.355% due 12/15/2050 •  | 1033 | 1357 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  4.265% due 12/15/2043 •  | 283 | 374 |
|  4.325% due 12/15/2043 •  | 487 | 631 |
|  RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC |
|  2.269% due 06/12/2044 •  | 53 | 61 |
|  4.255% due 06/12/2044 •  | 870 | 1156 |
|  4.275% due 06/12/2044 •  | 2371 | 3118 |
|  4.606% due 06/12/2044 •  | 121 | 119 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  4.887% due 06/28/2050 •  | 5650 | 7606 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  | 17231 | 23233 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%)<br>due 07/15/2059 ~ | 19696 | 26558 |
|  Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC |
|  0.000% due 12/21/2049 (d) | 1 | 5274 |
|  4.937% due 12/21/2049 •  | 13929 | 18800 |
|  5.636% due 12/21/2049 •  | 6230 | 8442 |
|  6.136% due 12/21/2049 •  | 3115 | 4196 |
|  6.636% due 12/21/2049 •  | 1780 | 2386 |
|  7.136% due 12/21/2049 •  | 1780 | 2368 |
|  |  | 155996 |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  0.625% due 10/22/2050 | 38900 | 18237 |
|  1.250% due 07/31/2051 | 47100 | 26462 |
|  1.500% due 07/31/2053 | 29830 | 17369 |
|  1.750% due 01/22/2049 | 28000 | 19371 |
|  4.250% due 12/07/2040 | 40600 | 49310 |
|  4.375% due 07/31/2054 | 123570 | 139139 |
|  5.375% due 01/31/2056 | 22300 | 29466 |
|  |  | 299354 |
|  Total United Kingdom (Cost $939,108) | Total United Kingdom (Cost $939,108) | 839703 |
| UNITED STATES 63.7% | UNITED STATES 63.7% | UNITED STATES 63.7% |
| ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% | ASSET-BACKED SECURITIES 3.2% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.532% due 01/25/2037 •  | 3631 | 2630 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.412% due 11/25/2036 •  | 3720 | 1531 |
|  4.857% due 02/25/2036 •  | 15628 | 14038 |
|  AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust |
|  5.212% due 06/25/2029 •  | 149 | 153 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.385% due 06/17/2039 •  | 7281 | 7294 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.461% due 02/25/2034 •  | 137 | 145 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.367% due 02/25/2035 •  | 2021 | 2040 |
|  5.615% due 04/15/2033 •  | 226 | 226 |
|  BDS LLC | BDS LLC | BDS LLC |
|  5.934% due 03/19/2039 •  | 12451 | 12474 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.072% due 10/27/2032 •  | 2 | 2 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  4.392% due 11/25/2036 •  | 3 | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.144% due 10/25/2037 þ | 749 | 726 |
|  4.332% due 07/25/2045 •  | 175 | 123 |
|  4.532% due 03/25/2037 •  | 1370 | 1253 |
|  4.572% due 12/25/2036 •  | 5877 | 2210 |
|  4.592% due 12/25/2036 •  | 2128 | 1199 |
|  4.632% due 01/25/2037 •  | 4006 | 2953 |
|  4.662% due 06/25/2037 •  | 947 | 951 |
|  4.722% due 08/25/2036 •  | 11367 | 11179 |
|  4.792% due 03/25/2036 •  | 3549 | 3255 |
|  Consumer Loan Finance | Consumer Loan Finance | Consumer Loan Finance |
|  0.000% due 11/25/2054 «(d) | 2345 | 1156 |
|  5.150% due 11/25/2054 | 4467 | 4499 |
|  5.350% due 11/25/2054 | 9080 | 9290 |
|  5.450% due 11/25/2054 | 2228 | 2269 |
|  5.750% due 11/25/2054 | 1114 | 1133 |
|  6.600% due 11/25/2054 | 1464 | 1486 |
|  8.750% due 11/25/2054 | 834 | 851 |
|  Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust |
|  0.000% due 11/25/2054 «(d) | 1581 | 789 |
|  5.150% due 11/25/2054 | 1634 | 1637 |
|  5.350% due 11/25/2054 | 5260 | 5384 |
|  5.450% due 11/25/2054 | 1454 | 1478 |
|  5.750% due 11/25/2054 | 727 | 739 |
|  6.600% due 11/25/2054 | 915 | 929 |
|  8.750% due 11/25/2054 | 547 | 557 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.952% due 12/25/2036 •  | 200 | 166 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.943% due 12/25/2034 •  | 7277 | 6737 |
|  4.366% due 08/25/2035 ~ | 190 | 181 |
|  4.412% due 08/25/2037 •  | 3224 | 2945 |
|  4.472% due 06/25/2047 •  | 4591 | 4081 |
|  4.532% due 12/25/2036 •  | 791 | 732 |
|  4.552% due 05/25/2035 •  | 1293 | 1252 |
|  4.552% due 06/25/2035 •  | 4936 | 4527 |
|  4.732% due 04/25/2047 •  | 10878 | 9898 |
|  4.752% due 03/25/2036 •  | 741 | 679 |
|  5.247% due 01/25/2036 •  | 11467 | 11322 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.168% due 01/25/2032 •  | 11 | 11 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.172% due 03/25/2034 •  | 2933 | 3019 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.572% due 10/25/2036 •  | 6080 | 2435 |
|  4.812% due 02/25/2036 •  | 7522 | 6946 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.632% due 03/25/2036 •  | 5818 | 1867 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  5.995% due 03/25/2046 ~ | 777 | 276 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.532% due 12/25/2046 •  | 7181 | 3817 |
|  4.542% due 03/25/2047 •  | 1123 | 851 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.872% due 11/25/2032 •  | 2 | 2 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.512% due 04/25/2037 •  | 6866 | 4670 |
|  4.612% due 04/25/2037 •  | 3229 | 2304 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.792% due 04/25/2037 •  | 6110 | 3067 |
|  4.887% due 01/25/2036 •  | 4500 | 4334 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.492% due 08/25/2036 •  | 38 | 28 |
|  4.542% due 07/25/2036 •  | 2132 | 1920 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.792% due 08/25/2045 •  | 1902 | 1878 |
|  4.832% due 10/25/2034 •  | 11 | 11 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.472% due 08/25/2036 •  | 6057 | 2067 |
|  4.572% due 03/25/2036 •  | 541 | 324 |
|  4.572% due 10/25/2036 •  | 10811 | 3537 |
|  4.712% due 10/25/2036 •  | 3217 | 1052 |
|  5.007% due 10/25/2035 •  | 8556 | 8445 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.432% due 09/25/2037 •  | 21 | 4 |
|  4.512% due 02/25/2037 •  | 41 | 12 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.284% due 06/19/2037 •  | 12186 | 12190 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.402% due 10/25/2036 •  | 561 | 502 |
|  4.412% due 05/25/2037 •  | 2428 | 1880 |
|  4.422% due 11/25/2036 •  | 8094 | 4773 |
|  4.472% due 05/25/2037 •  | 26366 | 15154 |
|  4.752% due 06/25/2036 •  | 3331 | 1679 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.442% due 04/25/2037 •  | 8711 | 4527 |
|  4.502% due 04/25/2037 •  | 6413 | 3333 |
|  4.622% due 04/25/2037 •  | 923 | 480 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.419% due 09/25/2046 þ | 1275 | 266 |
|  Morgan Stanley Structured Trust | Morgan Stanley Structured Trust | Morgan Stanley Structured Trust |
|  4.572% due 06/25/2037 •  | 7127 | 6582 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.397% due 10/25/2033 •  | 3527 | 3540 |
|  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 |
|  4.707% due 03/25/2036 •  | 621 | 621 |
|  4.902% due 02/25/2036 •  | 9131 | 8554 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  3.559% due 12/26/2037 ~ | 7553 | 6670 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.532% due 03/25/2037 •  | 13378 | 8736 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  4.832% due 12/25/2035 •  | 388 | 383 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.492% due 05/25/2037 •  | 1678 | 1014 |
|  4.552% due 02/25/2037 •  | 11448 | 5630 |
|  5.052% due 02/25/2035 •  | 2139 | 2050 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.843% due 09/25/2051 þ | 15645 | 15662 |
|  Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC |
|  7.819% due 01/03/2029 «~ | 15804 | 15887 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.772% due 02/25/2037 •  | 4038 | 3989 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.294% due 01/25/2037 þ | 14365 | 4309 |
|  5.675% due 06/25/2037 þ | 16477 | 4029 |
|  5.731% due 11/25/2036 þ | 26069 | 8538 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.712% due 12/25/2035 •  | 1347 | 1237 |
|  4.872% due 03/25/2036 •  | 502 | 498 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  5.112% due 09/25/2034 •  | 419 | 412 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  6.022% due 12/25/2037 •  | 3857 | 3407 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.532% due 05/25/2037 •  | 151 | 117 |
|  4.612% due 08/25/2036 •  | 1115 | 365 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  0.000% due 03/15/2055 «(d) | 4 | 49 |
|  3.940% due 02/16/2055 | 11636 | 11389 |
|  4.780% due 03/15/2055 | 3000 | 2959 |
|  4.960% due 03/15/2055 | 63004 | 63306 |
|  5.100% due 03/15/2055 | 3000 | 3013 |
|  5.260% due 03/15/2055 | 6000 | 5800 |
|  5.572% due 03/15/2055 •  | 7033 | 7047 |
|  5.822% due 02/16/2055 •  | 1270 | 1283 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  0.000% due 03/27/2034 «(d) | 4019 | 5438 |
|  4.910% due 03/27/2034 « | 27129 | 27292 |
|  5.250% due 03/27/2034 « | 3796 | 3850 |
|  5.770% due 03/27/2034 « | 2944 | 3022 |
|  6.260% due 03/27/2034 « | 2177 | 2253 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.392% due 11/25/2036 •  | 32 | 9 |
|  4.677% due 12/25/2036 •  | 5313 | 5306 |
|  4.772% due 11/25/2036 •  | 6714 | 6390 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.222% due 07/25/2033 •  | 2341 | 2292 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.432% due 03/25/2036 •  | 980 | 958 |
|  4.502% due 05/25/2047 •  | 2167 | 2132 |
|  4.712% due 12/25/2036 •  | 19167 | 17936 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.562% due 05/25/2037 •  | 3705 | 3305 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.617% due 01/25/2037 •  | 11774 | 11772 |
|  |  | 525792 |
| CORPORATE BONDS & NOTES 6.7% | CORPORATE BONDS & NOTES 6.7% | CORPORATE BONDS & NOTES 6.7% |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.068% due 07/16/2026 •  | 3200 | 3208 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  3.261% due 01/28/2031 •  | 3400 | 4029 |
|  5.162% due 01/24/2031 •  | 49300 | 50897 |
|  5.202% due 04/25/2029 •  | 4500 | 4613 |
|  5.468% due 01/23/2035 •  | 11000 | 11493 |
|  5.511% due 01/24/2036 •  | 21600 | 22588 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.250% due 12/15/2025 | 10300 | 10292 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 161100 | 161100 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  3.500% due 06/01/2034 | 12200 | 14395 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  5.200% due 02/22/2034 | 14300 | 14834 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.450% due 02/15/2031 | 100 | 91 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  3.900% due 06/01/2052 | 6400 | 4338 |
|  3.950% due 06/30/2062 | 8700 | 5508 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  4.542% due 09/19/2030 •  | 54200 | 54471 |
|  5.174% due 02/13/2030 •  | 20900 | 21443 |
|  5.449% due 06/11/2035 •  | 23200 | 24066 |
|  Credit Suisse AG AT1 Claim | 16825 | 2187 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 3800 | 3387 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 1900 | 1870 |
|  2.900% due 02/16/2028 | 900 | 856 |
|  3.375% due 11/13/2025 | 21100 | 21062 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 7400 | 7220 |
|  5.900% due 01/13/2035 | 10500 | 10912 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.500% due 01/23/2033 •  | 10500 | 12466 |
|  5.016% due 10/23/2035 •  | 32850 | 33084 |
|  5.330% due 07/23/2035 •  | 10400 | 10710 |
|  5.353% (SOFRRATE + 1.120%) due 02/24/2028 ~ | 2600 | 2619 |
|  5.536% due 01/28/2036 •  | 14700 | 15352 |
|  5.727% due 04/25/2030 •  | 15000 | 15697 |
|  6.484% due 10/24/2029 •  | 15200 | 16178 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.603% due 10/22/2030 •  | 15000 | 15180 |
|  4.995% due 07/22/2030 •  | 6700 | 6874 |
|  5.012% due 01/23/2030 •  | 42000 | 43034 |
|  6.087% due 10/23/2029 •  | 20900 | 22060 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.900% due 06/01/2027 | 13900 | 14188 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 6400 | 6307 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.475% due 01/21/2028 •  | 2600 | 2545 |
|  2.674% (EUR003M + 0.650%) due 03/19/2027 ~ | 26200 | 30823 |
|  3.790% due 03/21/2030 •  | 21900 | 26437 |
|  3.955% due 03/21/2035 •  | 28400 | 34243 |
|  4.654% due 10/18/2030 •  | 27600 | 27910 |
|  5.173% due 01/16/2030 •  | 40100 | 41222 |
|  5.320% due 07/19/2035 •  | 10800 | 11148 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.466% due 01/18/2035 •  | $| 7700 | 8023 |
|  6.407% due 11/01/2029 •  |  | 15700 | 16689 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 |  | 200 | 192 |
|  3.500% due 08/01/2050 |  | 500 | 342 |
|  3.950% due 12/01/2047 |  | 900 | 673 |
|  4.000% due 12/01/2046 |  | 800 | 604 |
|  4.250% due 03/15/2046 |  | 500 | 394 |
|  4.300% due 03/15/2045 |  | 600 | 482 |
|  4.400% due 03/01/2032 |  | 2500 | 2440 |
|  4.500% due 07/01/2040 |  | 300 | 261 |
|  4.550% due 07/01/2030 |  | 600 | 596 |
|  4.600% due 06/15/2043 |  | 1100 | 927 |
|  4.750% due 02/15/2044 |  | 1207 | 1035 |
|  4.950% due 07/01/2050 |  | 100 | 86 |
|  5.700% due 03/01/2035 |  | 2300 | 2358 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  2.750% due 06/06/2029 | EUR | 25900 | 30286 |
|  4.875% due 02/13/2029 | $| 13000 | 13284 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  6.124% due 05/31/2027 •  |  | 18300 | 18497 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.808% due 07/25/2028 •  |  | 7500 | 7590 |
|  4.897% due 07/25/2033 •  |  | 10000 | 10164 |
|  5.150% due 04/23/2031 •  |  | 38900 | 40129 |
|  5.198% due 01/23/2030 •  |  | 16100 | 16584 |
|  5.211% due 12/03/2035 •  |  | 38000 | 38842 |
|  5.389% due 04/24/2034 •  |  | 20200 | 20995 |
|  5.499% due 01/23/2035 •(h) |  | 15000 | 15652 |
|  6.303% due 10/23/2029 •  |  | 13600 | 14408 |
|  |  |  | 1104470 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.541% (TSFR3M + 2.250%) due 12/15/2031 ~ |  | 12592 | 12601 |
|  Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III |
|  6.043% (TSFR3M + 2.000%) due 03/26/2026 «~(g) |  | 5200 | 5201 |
|  Project Hudson II | Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « |  | 7500 | 7595 |
|  |  |  | 25397 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
|  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 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 |
|  7.834% due 02/15/2041 |  | 100 | 120 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.487% due 06/01/2036 |  | 7700 | 6560 |
|  Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 |
|  2.332% due 06/01/2027 |  | 5000 | 4838 |
|  2.532% due 06/01/2028 |  | 3300 | 3143 |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 |  | 7944 | 8190 |
|  |  |  | 22851 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.4% |
|  ACRA Trust | ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ |  | 2580 | 2596 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.450% due 09/25/2035 ~ |  | 35 | 31 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.462% due 05/25/2046 •  |  | 107 | 95 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  4.750% due 09/26/2067 þ |  | 9161 | 9127 |
|  4.846% due 07/25/2062 þ |  | 24372 | 24328 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  5.315% due 09/15/2038 •  |  | 15200 | 14610 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banc of America Commercial Mortgage Pass-Through Certificates | Banc of America Commercial Mortgage Pass-Through Certificates | Banc of America Commercial Mortgage Pass-Through Certificates |
|  3.110% due 04/25/2050 «~ | 28565 | 27697 |
|  3.110% due 08/25/2052 «~ | 10000 | 8851 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.371% due 03/20/2036 ~ | 24 | 23 |
|  4.376% due 10/20/2046 ~ | 25 | 21 |
|  4.971% due 01/20/2047 ~ | 39 | 34 |
|  5.500% due 01/25/2036 | 10 | 10 |
|  6.000% due 03/25/2037 | 109 | 83 |
|  6.063% due 02/20/2036 ~ | 246 | 235 |
|  6.122% due 11/20/2034 ~ | 111 | 110 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  4.976% due 04/25/2035 ~ | 48 | 47 |
|  5.119% due 09/25/2035 ~ | 9 | 8 |
|  5.333% due 06/25/2035 ~ | 38 | 35 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  5.135% due 01/26/2047 •  | 95 | 94 |
|  5.250% due 02/26/2036 ~ | 405 | 154 |
|  5.250% due 04/26/2037 | 674 | 376 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.126% due 08/25/2036 ~ | 534 | 356 |
|  4.164% due 08/25/2036 ~ | 843 | 383 |
|  4.167% due 11/25/2036 ~ | 203 | 91 |
|  4.774% due 08/25/2036 ~ | 108 | 68 |
|  4.838% due 09/25/2035 ~ | 1362 | 745 |
|  4.850% due 11/25/2035 ~ | 28 | 21 |
|  5.170% due 01/25/2036 ~ | 54 | 51 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.000% due 05/25/2034 ~ | 27 | 25 |
|  5.380% due 07/25/2034 ~ | 11 | 11 |
|  5.777% due 02/25/2034 ~ | 4 | 4 |
|  5.862% due 10/25/2033 ~ | 12 | 12 |
|  5.912% due 11/25/2034 ~ | 1 | 1 |
|  6.841% due 01/25/2035 ~ | 54 | 55 |
|  6.896% due 05/25/2034 ~ | 31 | 31 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.965% due 12/26/2046 ~ | 20 | 16 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.933% due 07/25/2037 ~ | 325 | 267 |
|  6.522% due 02/25/2037 ~ | 35 | 35 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.502% due 05/25/2036 •  | 250 | 240 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.115% due 09/20/2036 ~ | 59 | 53 |
|  4.228% due 03/25/2037 ~ | 73 | 63 |
|  4.327% due 02/25/2047 ~ | 92 | 84 |
|  4.485% due 05/20/2036 ~ | 141 | 131 |
|  4.563% due 04/20/2036 ~ | 1976 | 1792 |
|  4.812% due 03/25/2035 •  | 162 | 153 |
|  4.852% due 04/25/2035 •  | 200 | 192 |
|  4.912% due 03/25/2035 •  | 196 | 187 |
|  4.932% due 02/25/2035 •  | 5 | 4 |
|  5.097% due 11/25/2034 ~ | 173 | 166 |
|  6.000% due 08/25/2037 | 970 | 434 |
|  6.449% due 02/20/2036 •  | 153 | 142 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.500% due 08/25/2064 ~ | 5706 | 5759 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  6.000% due 04/25/2037 | 25 | 22 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  3.000% due 11/27/2051 ~ | 31474 | 27354 |
|  4.487% due 09/25/2037 ~ | 237 | 219 |
|  4.772% due 03/25/2037 ~ | 128 | 125 |
|  5.094% due 07/25/2046 ~ | 296 | 282 |
|  5.482% due 08/25/2035 ~ | 5 | 5 |
|  6.490% due 05/25/2035 •  | 7 | 7 |
|  Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
|  4.595% due 09/25/2035 ~ | 637 | 573 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  4.156% due 02/25/2067 ~ | 8519 | 8232 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.440% due 09/20/2046 •  | 645 | 665 |
|  4.552% due 04/25/2047 •  | 436 | 405 |
|  4.622% due 05/25/2037 •  | 311 | 95 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **17** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.652% due 09/25/2046 •  | $— | 223 | $— | 218 |
|  4.670% due 03/20/2046 •  |  | 33 |  | 31 |
|  4.670% due 05/20/2046 •  |  | 304 |  | 273 |
|  4.670% due 07/20/2046 •  |  | 216 |  | 183 |
|  4.672% due 09/25/2035 •  |  | 93 |  | 52 |
|  4.692% due 07/25/2046 •  |  | 21 |  | 19 |
|  4.722% due 09/25/2035 •  |  | 816 |  | 489 |
|  4.753% due 02/25/2037 ~ |  | 45 |  | 40 |
|  4.832% due 02/25/2037 •  |  | 124 |  | 105 |
|  5.000% due 11/25/2035 |  | 2963 |  | 1535 |
|  5.250% due 06/25/2035 |  | 56 |  | 41 |
|  5.403% due 11/25/2047 •  |  | 1033 |  | 926 |
|  5.533% due 11/25/2047 •  |  | 2401 |  | 2151 |
|  5.553% due 08/25/2035 •  |  | 117 |  | 112 |
|  5.653% due 11/25/2035 •  |  | 94 |  | 85 |
|  6.193% due 11/25/2035 •  |  | 91 |  | 85 |
|  6.250% due 08/25/2037 |  | 279 |  | 127 |
|  6.500% due 08/25/2032 |  | 2 |  | 2 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.181% due 07/25/2070 ~ |  | 19485 |  | 19550 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.421% due 10/25/2037 ~ |  | 1247 |  | 724 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  2.500% due 07/25/2056 ~ |  | 2488 |  | 2073 |
|  5.665% due 07/15/2038 •  |  | 4800 |  | 4373 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.552% due 07/25/2047 •  |  | 220 |  | 206 |
|  4.652% due 08/25/2047 •  |  | 5638 |  | 4896 |
|  5.772% due 10/25/2047 •  |  | 2488 |  | 1923 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.888% due 07/19/2045 •  |  | 3 |  | 0 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.494% due 08/25/2070 þ |  | 35478 |  | 35798 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  |  | 21672 |  | 21689 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  6.002% due 08/25/2035 ~ |  | 38 |  | 25 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  3.000% due 04/25/2052 ~ |  | 14057 |  | 12138 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.632% due 01/25/2037 •  |  | 232 |  | 214 |
|  4.692% due 04/25/2036 •  |  | 157 |  | 141 |
|  4.812% due 11/25/2045 •  |  | 39 |  | 37 |
|  GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates |
|  7.107% due 10/25/2033 ~ |  | 2 |  | 2 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 ~ |  | 5317 |  | 4414 |
|  2.500% due 04/25/2052 ~ |  | 6635 |  | 5510 |
|  3.000% due 09/25/2052 ~ |  | 31503 |  | 27142 |
|  3.750% due 10/25/2057 |  | 1786 |  | 1754 |
|  3.900% due 09/25/2061 þ |  | 4405 |  | 4314 |
|  4.100% due 07/25/2065 þ |  | 7555 |  | 7363 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.290% due 11/25/2035 ~ |  | 72 |  | 63 |
|  4.317% due 05/25/2035 ~ |  | 44 |  | 32 |
|  4.502% due 05/25/2037 •  |  | 2520 |  | 1183 |
|  5.191% due 09/25/2035 ~ |  | 55 |  | 53 |
|  5.272% due 04/25/2035 ~ |  | 8 |  | 8 |
|  5.880% due 03/25/2033 •  |  | 9 |  | 9 |
|  6.625% due 01/25/2035 ~ |  | 52 |  | 50 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.628% due 09/19/2037 •  |  | 351 |  | 305 |
|  4.728% due 03/19/2036 •  |  | 53 |  | 49 |
|  4.815% due 07/19/2035 ~ |  | 51 |  | 38 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.682% due 04/25/2037 ~ |  | 341 |  | 308 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.992% due 10/25/2034 •  |  | 45 |  | 45 |
|  5.052% due 10/25/2034 •  |  | 19 |  | 19 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.632% due 07/25/2047 •  |  | 1301 |  | 852 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.644% due 08/25/2036 ~ |  | 256 |  | 200 |
|  5.062% due 11/25/2035 ~ |  | 28 |  | 29 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.872% due 11/25/2035 •  |  | 111 |  | 63 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.761% due 03/25/2036 ~ | 2990 | 2140 |
|  4.049% due 09/25/2035 ~ | 3009 | 2471 |
|  4.572% due 06/25/2037 •  | 268 | 91 |
|  4.580% due 12/25/2034 ~ | 24 | 22 |
|  4.652% due 09/25/2046 •  | 1383 | 1269 |
|  4.752% due 06/25/2037 •  | 223 | 208 |
|  4.772% due 02/25/2037 •  | 429 | 288 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.752% due 10/25/2036 •  | 5901 | 5359 |
|  5.500% due 11/25/2036 ~ | 6 | 3 |
|  5.533% due 12/25/2035 ~ | 2923 | 1986 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 03/25/2052 ~ | 50559 | 43908 |
|  3.000% due 05/25/2052 ~ | 65019 | 56425 |
|  5.000% due 05/25/2052 •  | 10373 | 9694 |
|  5.203% due 09/25/2035 ~ | 25 | 24 |
|  5.466% due 02/25/2036 ~ | 149 | 98 |
|  5.669% due 10/25/2035 ~ | 2 | 2 |
|  5.792% due 07/25/2035 ~ | 29 | 29 |
|  5.945% due 11/25/2033 ~ | 9 | 9 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.612% due 12/25/2036 •  | 766 | 674 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 | 23200 | 22123 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.482% due 04/25/2046 •  | 557 | 516 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.672% due 03/25/2036 •  | 370 | 33 |
|  6.000% due 03/25/2036 | 592 | 518 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.745% due 06/15/2030 •  | 3 | 3 |
|  5.137% due 10/20/2029 •  | 2 | 2 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.681% due 06/25/2035 ~ | 48 | 47 |
|  4.692% due 02/25/2036 •  | 123 | 121 |
|  4.772% due 11/25/2035 •  | 156 | 150 |
|  6.054% due 02/25/2033 ~ | 15 | 14 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 3356 | 3286 |
|  1.947% due 04/25/2065 ~ | 1387 | 1361 |
|  5.261% due 08/25/2070 þ | 27145 | 27255 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  5.434% due 12/15/2038 •  | 22800 | 21943 |
|  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 | 3909 | 3821 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 10569 | 10221 |
|  2.750% due 11/25/2059 ~ | 9984 | 9619 |
|  6.864% due 10/25/2063 þ | 10481 | 10636 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  5.379% due 06/25/2069 ~ | 2868 | 2881 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 29290 | 25345 |
|  5.949% due 02/25/2063 þ | 5869 | 5885 |
|  6.120% due 11/25/2062 ~ | 5347 | 5345 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  2.500% due 07/25/2051 ~ | 9781 | 8144 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  4.000% due 11/25/2054 þ | 3617 | 3540 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.422% due 02/25/2047 •  | 1129 | 347 |
|  4.632% due 07/25/2036 •  | 10712 | 3446 |
|  4.672% due 12/25/2046 •  | 416 | 370 |
|  4.692% due 04/25/2046 •  | 39 | 10 |
|  4.812% due 05/25/2046 •  | 147 | 118 |
|  5.139% due 10/25/2037 ~ | 2522 | 2019 |
|  6.000% due 06/25/2036 | 295 | 242 |
|  6.250% due 02/25/2037 | 5402 | 4501 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.672% due 01/25/2046 •  | 90 | 24 |
|  5.750% due 02/25/2036 | 3493 | 2386 |
|  6.500% due 08/25/2036 | 571 | 158 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.534% due 09/25/2035 ~ | 128 | 80 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.500% due 03/25/2032 | 10 | 11 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.327% due 09/20/2046 ~ | 1109 | 623 |
|  6.741% due 04/20/2035 ~ | 11 | 11 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.260% due 09/25/2036 ~ | 285 | 192 |
|  4.529% due 08/25/2035 ~ | 135 | 117 |
|  6.100% due 04/25/2034 ~ | 2 | 2 |
|  6.336% due 02/25/2034 ~ | 19 | 19 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.652% due 06/25/2036 •  | 12 | 12 |
|  4.692% due 05/25/2036 •  | 197 | 139 |
|  4.712% due 05/25/2036 •  | 1303 | 1076 |
|  4.712% due 09/25/2047 •  | 1317 | 1176 |
|  4.792% due 05/25/2046 •  | 28 | 17 |
|  4.828% due 07/19/2034 •  | 1 | 1 |
|  4.872% due 08/25/2036 •  | 803 | 592 |
|  4.892% due 12/25/2035 •  | 3 | 2 |
|  5.653% due 08/25/2047 •  | 652 | 557 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.552% due 01/25/2036 •  | 740 | 619 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.562% due 10/25/2036 •  | 5098 | 4282 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.297% due 10/25/2043 ~ | 17 | 16 |
|  5.522% due 06/25/2037 •  | 205 | 191 |
|  5.533% due 06/25/2037 •  | 1339 | 1149 |
|  5.583% due 06/25/2037 •  | 3137 | 2691 |
|  5.583% due 06/25/2047 •  | 370 | 340 |
|  5.633% due 03/25/2037 •  | 242 | 171 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ | 11833 | 10836 |
|  2.710% due 01/25/2060 ~ | 8082 | 7811 |
|  2.900% due 10/25/2059 ~ | 34319 | 33023 |
|  4.541% due 10/27/2064 ~ | 7919 | 7939 |
|  5.272% due 05/25/2058 •  | 2769 | 2832 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  3.000% due 01/25/2052 ~ | 6208 | 5366 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.949% due 12/25/2046 •  | 48 | 43 |
|  4.159% due 09/25/2036 ~ | 1038 | 889 |
|  4.198% due 02/27/2034 •  | 38 | 37 |
|  4.350% due 04/25/2035 ~ | 63 | 61 |
|  4.400% due 02/25/2037 ~ | 1980 | 1770 |
|  4.546% due 10/25/2035 ~ | 98 | 90 |
|  4.640% due 12/25/2035 ~ | 91 | 83 |
|  4.673% due 08/25/2046 ~ | 573 | 521 |
|  4.832% due 11/25/2045 •  | 1272 | 1202 |
|  4.892% due 01/25/2045 •  | 50 | 50 |
|  5.012% due 11/25/2034 •  | 179 | 174 |
|  5.133% due 06/25/2046 •  | 283 | 266 |
|  5.153% due 02/25/2046 •  | 699 | 643 |
|  5.653% due 10/25/2046 •  | 403 | 383 |
|  5.771% due 06/25/2033 ~ | 11 | 11 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  4.652% due 07/25/2046 •  | 2130 | 1822 |
|  4.923% due 04/25/2047 •  | 4416 | 3668 |
|  4.993% due 05/25/2047 •  | 7 | 11 |
|  5.093% due 07/25/2046 •  | 263 | 162 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  3.862% due 12/15/2039 | 18800 | 18129 |
|  |  | 715225 |
| U.S. GOVERNMENT AGENCIES 42.0% | U.S. GOVERNMENT AGENCIES 42.0% | U.S. GOVERNMENT AGENCIES 42.0% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 01/01/2051 - 02/01/2051 | 4843 | 4093 |
|  3.000% due 06/01/2051 | 481 | 423 |
|  3.500% due 07/01/2039 - 10/01/2039 | 2187 | 2100 |
|  4.000% due 06/01/2038 - 06/01/2052 | 4048 | 3840 |
|  5.500% due 06/01/2053 - 01/01/2055 | 90785 | 91772 |
|  6.000% due 12/01/2033 - 10/01/2054 | 144054 | 147797 |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.500% due 09/01/2053 - 04/01/2055 | $— | 62386 | $— | 64795 |
|  7.020% due 09/01/2035 •  |  | 4 |  | 4 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.815% due 01/15/2038 ~(a) |  | 1618 |  | 83 |
|  4.810% due 01/15/2038 •  |  | 1618 |  | 1597 |
|  4.967% due 10/15/2040 •  |  | 675 |  | 669 |
|  5.087% due 12/15/2037 •  |  | 72 |  | 72 |
|  5.296% due 11/25/2054 •  |  | 14662 |  | 14687 |
|  5.356% due 02/25/2055 •  |  | 9540 |  | 9563 |
|  5.506% due 03/25/2055 •  |  | 31612 |  | 31737 |
|  5.756% due 03/25/2055 •  |  | 10807 |  | 10895 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.353% due 10/25/2044 - 02/25/2045 •  |  | 535 |  | 493 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 02/01/2051 |  | 3602 |  | 3067 |
|  3.000% due 10/01/2049 - 03/01/2060 |  | 29084 |  | 25575 |
|  3.500% due 04/01/2027 - 01/01/2059 |  | 37480 |  | 34554 |
|  4.000% due 02/01/2039 - 08/01/2053 |  | 8446 |  | 8055 |
|  4.500% due 07/01/2052 |  | 1816 |  | 1776 |
|  5.420% due 06/01/2043 •  |  | 8 |  | 8 |
|  5.500% due 06/01/2053 - 10/01/2053 |  | 39572 |  | 40004 |
|  6.000% due 01/01/2054 - 10/01/2054 |  | 373788 |  | 382779 |
|  6.007% due 12/01/2034 •  |  | 24 |  | 24 |
|  6.125% due 06/01/2035 •  |  | 61 |  | 62 |
|  6.460% due 04/01/2032 •  |  | 4 |  | 4 |
|  6.500% due 08/01/2053 - 04/01/2055 |  | 203643 |  | 210843 |
|  6.526% due 11/01/2034 •  |  | 146 |  | 152 |
|  6.633% due 12/01/2030 •  |  | 2 |  | 2 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  6.000% due 02/25/2044 |  | 68 |  | 69 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.583% due 03/25/2034 •  |  | 3 |  | 2 |
|  4.871% due 06/25/2036 •  |  | 121 |  | 120 |
|  4.971% due 10/25/2040 •  |  | 64 |  | 64 |
|  5.506% due 03/25/2055 •  |  | 17005 |  | 17074 |
|  5.516% due 03/25/2055 •  |  | 8604 |  | 8639 |
|  5.856% due 12/25/2054 •  |  | 29386 |  | 29681 |
|  6.000% due 04/25/2043 |  | 77 |  | 78 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.000% due 07/25/2044 |  | 187 |  | 195 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 03/20/2052 - 12/20/2052 |  | 124849 |  | 111576 |
|  3.500% due 02/20/2052 - 07/20/2055 |  | 768091 |  | 700980 |
|  5.000% due 08/20/2027 •  |  | 2 |  | 2 |
|  5.625% (H15T1Y + 1.500%) due 05/20/2026 ~ |  | 1 |  | 1 |
|  5.625% due 04/20/2027 - 05/20/2030 •  |  | 30 |  | 29 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.000% due 07/20/2046 - 05/20/2047 |  | 156 |  | 152 |
|  5.389% due 12/20/2073 •  |  | 11289 |  | 11356 |
|  6.000% due 08/20/2034 |  | 1773 |  | 1791 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 11/01/2055 | 68878 | 59313 |
|  3.000% due 11/01/2055 | 382000 | 341069 |
|  3.500% due 10/01/2055 | 9000 | 8207 |
|  6.500% due 10/01/2055 - 11/01/2055 | 370300 | 380359 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.000% due 11/01/2055 - 12/01/2055 | 1978900 | 1961437 |
|  6.000% due 11/01/2055 | 327820 | 334858 |
|  6.500% due 11/01/2055 | 1775465 | 1836054 |
|  |  | 6894631 |
| U.S. TREASURY OBLIGATIONS 7.1% | U.S. TREASURY OBLIGATIONS 7.1% | U.S. TREASURY OBLIGATIONS 7.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2041 (l) | 14700 | 10340 |
|  2.250% due 08/15/2049 (l) | 39750 | 25381 |
|  2.375% due 11/15/2049 (l) | 9225 | 6038 |
|  3.000% due 02/15/2048 (j)(l) | 34100 | 25757 |
|  3.000% due 08/15/2048 (l) | 8550 | 6431 |
|  3.000% due 02/15/2049 (l) | 375 | 281 |
|  3.375% due 11/15/2048 (l) | 72400 | 58180 |
|  4.125% due 08/15/2044 (j)(l) | 87750 | 81476 |
|  4.500% due 11/15/2054 (l) | 343300 | 330641 |
|  4.625% due 02/15/2055 (h) | 213900 | 210324 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  2.375% due 01/15/2027 (j) | 6728 | 6849 |
|  2.500% due 01/15/2029 (j) | 37840 | 39551 |
|  3.875% due 04/15/2029 (j) | 14737 | 16118 |
|  0.125% due 10/15/2025 (j) | 5602 | 5598 |
|  0.125% due 07/15/2031 (j) | 55442 | 51792 |
|  0.125% due 01/15/2032 (j) | 52556 | 48410 |
|  0.500% due 01/15/2028 (j) | 91540 | 90498 |
|  0.625% due 07/15/2032 (j) | 35689 | 33791 |
|  1.125% due 01/15/2033 (j) | 103836 | 100673 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 02/15/2033 (j)(l) | 4970 | 4826 |
|  4.000% due 02/29/2028 (j)(l) | 10200 | 10291 |
|  |  | 1163246 |
|  Total United States (Cost $10,527,318) | Total United States (Cost $10,527,318) | 10451612 |
| SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% |
| COMMERCIAL PAPER 0.9% | COMMERCIAL PAPER 0.9% | COMMERCIAL PAPER 0.9% |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.500% due 10/07/2025 | 15200 | 15187 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.570% due 10/10/2025 | 8950 | 8939 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.560% due 10/02/2025 | 7650 | 7648 |
|  4.560% due 10/03/2025 | 13250 | 13245 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.580% due 10/30/2025 | 2800 | 2789 |
|  4.780% due 10/16/2025 | 900 | 898 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.610% due 10/21/2025 (b) | 2900 | 2892 |
|  4.610% due 10/23/2025 | 30850 | 30759 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.360% due 10/16/2025 | 3100 | 3094 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.580% due 10/15/2025 | 4150 | 4142 |
|  4.600% due 10/24/2025 | 23100 | 23029 |
|  4.650% due 10/17/2025 | 1250 | 1247 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.410% due 10/01/2025 | 9091 | 9090 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.220% due 01/16/2026 | 11200 | 11062 |
|  4.330% due 11/19/2025 | 18000 | 17895 |
|  |  | 151916 |
|  | **SHARES** |  |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (f) | 2902050 | 2902 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% |
|  31.596% due 11/04/2025 - 06/26/2026 ~(c)(d) | 75611394 | 44915 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.175% due 10/21/2025 - 01/27/2026 (c)(d)(j)(l) | 8125 | 8079 |
| Total Short-Term Instruments<br>(Cost $203,906) | Total Short-Term Instruments<br>(Cost $203,906) | 207812 |
| Total Investments in Securities<br>(Cost $20,863,060) | Total Investments in Securities<br>(Cost $20,863,060) | 20701575 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 4.6% | INVESTMENTS IN AFFILIATES 4.6% | INVESTMENTS IN AFFILIATES 4.6% |
| SHORT-TERM INSTRUMENTS 4.6% | SHORT-TERM INSTRUMENTS 4.6% | SHORT-TERM INSTRUMENTS 4.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.6% |
|  PIMCO Short Asset Portfolio | 76474265 | 750289 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1232312 | 12002 |
| Total Short-Term Instruments<br>(Cost $771,884) | Total Short-Term Instruments<br>(Cost $771,884) | 762291 |
| Total Investments in Affiliates (Cost $771,884) | Total Investments in Affiliates (Cost $771,884) | 762291 |
| Total Investments 130.8% (Cost $21,634,944) | Total Investments 130.8% (Cost $21,634,944) | 21463866 |
|  Financial Derivative<br>Instruments (i)(k) (0.5)%<br> (Cost or Premiums, net $19,525) | Financial Derivative<br>Instruments (i)(k) (0.5)%<br> (Cost or Premiums, net $19,525) | (90084) |
| Other Assets and Liabilities, net (30.3)% | Other Assets and Liabilities, net (30.3)% | (4960881) |
| Net Assets 100.0% | Net Assets 100.0% | 16412901 |

---

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

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.  |

---

---

| | |
|:---|:---|
| ~ | 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.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **19** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

• 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.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Pantheon Senior Debt Secondaries III | 6.043% | 03/26/2026 | 03/18/2025 | $5200 | $5201 | 0.03% |
|  Project Alfa Investindustrial VIII SCSp | 4.117% | 02/27/2026 | 02/28/2025 | 3235 | 3661 | 0.02 |
|  Project Fenno | TBD% - 0.500% | 07/10/2028 | 07/16/2025 | 6620 | 6680 | 0.04 |
|  Project Fenno | 4.366% | 07/10/2028 | 07/16/2025 | 6608 | 6708 | 0.05 |
|  |  |  |  | $21663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22250 | 0.14% |

---

#### 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 | 4.250% | 09/22/2025 | 10/06/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15032) | $(15048) |
|  BPS | 3.500 | 09/19/2025 | TBD<sup>(2)</sup> | (2131) | (2133) |
|  BRC | 3.800 | 09/19/2025 | 10/31/2025 | (22165) | (22193) |
|  | 4.050 | 09/19/2025 | TBD<sup>(2)</sup> | (9031) | (9043) |
|  | 4.340 | 09/30/2025 | 10/02/2025 | (52702) | (52708) |
|  JPS | 4.350 | 09/24/2025 | 10/01/2025 | (6008) | (6014) |
|  MBC | 3.750 | 09/19/2025 | TBD<sup>(2)</sup> | (1885) | (1888) |
|  MEI | 4.350 | 09/26/2025 | 10/31/2025 | (37459) | (37481) |
|  | 4.750 | 09/19/2025 | 10/31/2025 | (525) | (526) |
|  MYI | 3.250 | 09/19/2025 | TBD<sup>(2)</sup> | (8843) | (8852) |
|  SBI | 1.000 | 09/19/2025 | TBD<sup>(2)</sup> | (4940) | (4942) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160828) |

---

#### 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 | 4.340% | 09/08/2025 | 10/06/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1470) | $(1474) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1474) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  United States (12.2)% | United States (12.2)% | United States (12.2)% | United States (12.2)% | United States (12.2)% | United States (12.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (12.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 3.500% | 10/01/2055 | $161390 | $(148321) | $(147176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 10/01/2040 | 244800 | (226171) | (225049) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 10/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016731 | (805883) | (819722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 11/13/2055 | 338019 | (272422) | (272535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 10000 | (8286) | (8427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 11/01/2055 | 61530 | (51937) | (51858) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 11/01/2055 | 249400 | (221575) | (219111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 115100 | (105546) | (105142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 11/01/2055 | 6300 | (5949) | (5937) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 11/01/2055 | 14100 | (13805) | (13671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 11/01/2055 | 138800 | (140047) | (139862) |
|  Total Short Sales (12.2)% |  |  |  | $(1999942) | $(2008490) |

---

20 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOO | $0 | $(15048) | $0 | $(15048) | $14917 | $(131) |
|  BPS | 0 | (2133) | 0 | (2133) | 2104 | (29) |
|  BRC | 0 | (83944) | 0 | (83944) | 85138 | 1194 |
|  JPS | 0 | (6014) | 0 | (6014) | 5998 | (16) |
|  MBC | 0 | (1888) | 0 | (1888) | 2085 | 197 |
|  MEI | 0 | (38007) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154 |
|  MYI | 0 | (8852) | 0 | (8852) | 8733 | (119) |
|  SBI | 0 | (4942) | 0 | (4942) | 5180 | 238 |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |
|  UBS | 0 | 0 | (1474) | (1474) | 1475 | 1 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160828) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1474) |  |  |  |

---

#### 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 | $(526) | $(24970) | $(25496) |
|  Sovereign Issues | 0 | 0 | (59674) | (1888) | (61562) |
|  U.S. Treasury Obligations | (6014) | (67756) | 0 | 0 | (73770) |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6014) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67756) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60200) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26858) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160828) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (1474) | 0 | 0 | (1474) |
|  Total | $0 | $(1474) | $0 | $0 | $(1474) |
|  Total Borrowings | $(6014) | $(69230) | $(60200) | $(26858) | $(162302) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | $(162302) |

---

(h) Securities with an aggregate market value of $166,748 and cash of $171 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(161258) at a weighted average interest rate of 4.239%. 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 $(1) of deferred price drop. 

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

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

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $113.500 | 10/24/2025 | 262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | $(53) | $(56) |
|  Put - EUREX Euro-Bund October 2025 Futures | EUR 127.500 | 10/24/2025 | 416 | 416 | (157) | (93) |
|  Call - EUREX Euro-Bund October 2025 Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129.500 | 10/24/2025 | 185 | 185 | (41) | (52) |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 231 | 231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) | (25) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 21

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | $(49) | $(29) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 3994 | $351444 | $7337 | $1578 | $0 |
|  Euro-BTP Future December Futures  | 12/2025 | 9569 | 1346341 | 8715 | 4269 | 0 |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 214 | 28763 | 643 | 266 | (55) |
|  Long Guilt December Futures  | 12/2025 | 4070 | 497235 | 232 | 2135 | (274) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 2960 | 323218 | 930 | 116 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 1745 | 196313 | 1193 | 0 | (28) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 5923 | 681608 | 6823 | 0 | (370) |
|  |  |  |  | $25873 | $8364 | $(727) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 3-Year Bond December Futures  | 12/2025 | 750 | $(53022) | $182 | $14 | $(73) |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 10233 | (767524) | 1922 | 0 | (5269) |
|  Canada Government 5-Year Bond December Futures  | 12/2025 | 172 | (14252) | (167) | 0 | (34) |
|  Euro-Bobl December Futures  | 12/2025 | 5936 | (821037) | 1082 | 0 | (1115) |
|  Euro-Bund December Futures  | 12/2025 | 2466 | (372237) | (1033) | 87 | (984) |
|  Euro-Oat December Futures  | 12/2025 | 3437 | (489673) | (2942) | 0 | (1170) |
|  Euro-Schatz December Futures  | 12/2025 | 3736 | (469241) | 517 | 0 | (88) |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 1215 | (1115629) | 10548 | 904 | (904) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 2219 | (462436) | (441) | 0 | (243) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 2419 | (290431) | (8242) | 1361 | 0 |
|  |  |  |  | $1426 | $2366 | $(9880) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27299 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10607) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.246% | EUR 36,300 | $213 | $(131) | $82 | $1 | $0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 12/20/2025 | 0.428 | $2100 | 157 | (133) | 24 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2026 | 0.499 | 3100 | 271 | (167) | 104 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  CDX.IG-43 10-Year Index | (1.000)% | Quarterly | 12/20/2034 | $165600 | $(914) | $(1127) | $(2041) | $0 | $(34) |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 312300 | (6952) | (230) | (7182) | 0 | 0 |
|  CDX.IG-44 10-Year Index | (1.000) | Quarterly | 06/20/2035 | 190050 | (1033) | (808) | (1841) | 0 | (23) |
|  CDX.IG-45 10-Year Index | (1.000) | Quarterly | 12/20/2035 | 210500 | (1608) | 12 | (1596) | 0 | (38) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10507) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2153) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12660) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) |

---

22 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  CDX.IG-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $12900 | $267 | $31 | $298 | $2 | $0 |
|  CDX.IG-44 5-Year Index | 0.000 | Quarterly | 06/20/2030 | 838220 | 17324 | 1952 | 19276 | 62 | (40) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 392000 | 8841 | 168 | 9009 | 59 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |

---

#### 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 | 3.000% | Annual | 06/17/2027 | 390900 | $(909) | $(7528) | $(8437) | $76 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/17/2027 | 166440 | 1070 | 99 | 1169 | 0 | (57) |
| Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 977400 | 3030 | 4033 | 7063 | 565 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 09/17/2030 | 97100 | (450) | (111) | (561) | 134 | 0 |
| Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 700496 | 1942 | (6362) | (4420) | 1135 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 114100 | 2416 | (472) | 1944 | 0 | (365) |
| Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 51800 | 407 | 698 | 1105 | 0 | (180) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 7600 | 337 | (108) | 229 | 0 | (59) |
| Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 45100 | 729 | 779 | 1508 | 0 | (356) |
| Receive<sup>(7)</sup> | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/18/2031 | 2097640 | (3) | 42 | 39 | 5 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2027 | 86610000 | 118 | (305) | (187) | 0 | (118) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 12/18/2029 | 21820900 | (489) | (2669) | (3158) | 0 | (101) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/17/2031 | 29934240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12221) | (1504) | (13725) | 0 | (195) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 58150000 | (1224) | (4554) | (5778) | 0 | (472) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 57990000 | (813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13573) | (14386) | 0 | (704) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 12/18/2034 | 2867700 | 183 | (858) | (675) | 0 | (36) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 36530000 | (2990) | (6587) | (9577) | 0 | (463) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 2240000 | 282 | (572) | (290) | 0 | (29) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 73449850 | (3725) | (7757) | (11482) | 0 | (975) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 11190000 | 10493 | 2792 | 13285 | 154 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 18580000 | (8786) | (12741) | (21527) | 0 | (276) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 61700 | (110) | (53) | (163) | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | 5184300 | (6410) | (5016) | (11426) | 0 | (50) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.250 | Annual | 09/17/2055 | 980000 | 41 | (347) | (306) | 0 | (14) |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 09/17/2030 | 892000 | (3325) | 3786 | 461 | 0 | (1634) |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.000 | Semi-Annual | 09/17/2035 | 129150 | 157 | (2100) | (1943) | 0 | (363) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2025 | $370300 | 1800 | 1370 | 3170 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 1563320 | 7680 | (6210) | 1470 | 0 | (29) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 869700 | 6249 | (6679) | (430) | 0 | (118) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 3100 | 0 | (4) | (4) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 08/22/2026 | 208100 | 0 | (363) | (363) | 0 | (37) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 479900 | 95 | 9262 | 9357 | 0 | (95) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 222800 | 1454 | (2148) | (694) | 52 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 1034970 | 20968 | (5870) | 15098 | 0 | (269) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 15754 | 1198 | (636) | 562 | 0 | (4) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | 158400 | (996) | (24) | (1020) | 50 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.460 | Annual | 06/30/2027 | 465700 | 0 | (67) | (67) | 154 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 557700 | 3187 | 415 | 3602 | 218 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 28400 | 0 | (148) | (148) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 63600 | 0 | (344) | (344) | 0 | (35) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 82700 | 0 | (516) | (516) | 0 | (45) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 180100 | 0 | (2341) | (2341) | 0 | (114) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 135400 | 0 | (1815) | (1815) | 0 | (86) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 438780 | (640) | 1149 | 509 | 0 | (222) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 284711 | (1729) | 1780 | 51 | 0 | (144) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 14600 | 292 | (52) | 240 | 112 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 127500 | (2001) | (235) | (2236) | 0 | (210) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 359264 | (358) | (5459) | (5817) | 0 | (123) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.828 | Annual | 05/15/2032 | 60900 | 35 | (1187) | (1152) | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 47100 | 0 | (788) | (788) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.847 | Annual | 05/15/2034 | 28200 | 0 | (496) | (496) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 50000 | 0 | (929) | (929) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 392350 | 10886 | (14952) | (4066) | 0 | (59) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 77500 | (236) | (1367) | (1603) | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 13300 | (45) | 9 | (36) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 6700 | (24) | 31 | 7 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 4700 | (17) | 15 | (2) | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

---

------

Schedule of Investments PIMCO International Bond 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 | 3.470% | Annual | 09/04/2034 | $10700 | $(40) | $152 | $112 | $0 | $(1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 3800 | (14) | 118 | 104 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 21400 | (63) | (355) | (418) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 21790 | 990 | (193) | 797 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 27600 | (81) | (520) | (601) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 11800 | (34) | (177) | (211) | 0 | (1) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585891 | (6078) | 2402 | (3676) | 0 | (27) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 38500 | 2061 | (700) | 1361 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 0.000 | Annual | 09/17/2035 | 169245 | 2542 | (1196) | 1346 | 5 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 375745 | (7223) | 4234 | (2989) | 0 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 425400 | (2903) | (448) | (3351) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 1600 | 10 | 63 | 73 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 66570 | 22040 | 2825 | 24865 | 155 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2053 | 39946 | (1004) | (45) | (1049) | 115 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 29070 | 1926 | 1793 | 3719 | 80 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 11/15/2054 | 46700 | 0 | 114 | 114 | 138 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 18800 | 0 | (2) | (2) | 56 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 | 41000 | 0 | (41) | (41) | 121 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.964 | Annual | 11/15/2054 | 28600 | 0 | (56) | (56) | 85 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.990 | Annual | 11/15/2054 | 44800 | 0 | (296) | (296) | 133 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.996 | Annual | 11/15/2054 | 17000 | 0 | (131) | (131) | 50 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.111 | Annual | 11/15/2054 | 28100 | 0 | (800) | (800) | 84 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.115 | Annual | 11/15/2054 | 12540 | 0 | (366) | (366) | 38 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 | 2220 | 0 | (65) | (65) | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 | 25940 | 0 | (825) | (825) | 78 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 10000 | 0 | 333 | 333 | 30 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.772 | Annual | 02/15/2055 | 7900 | 0 | 253 | 253 | 23 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.777 | Annual | 02/15/2055 | 37200 | 0 | 1164 | 1164 | 110 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.779 | Annual | 02/15/2055 | 14200 | 0 | 439 | 439 | 42 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.798 | Annual | 02/15/2055 | 43500 | 0 | 1199 | 1199 | 129 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 30600 | 0 | 796 | 796 | 90 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 | 11600 | 0 | 185 | 185 | 34 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 | 19800 | 0 | 295 | 295 | 59 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 | 32600 | 0 | 1043 | 1043 | 96 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 60200 | 7432 | 144 | 7576 | 172 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 | 27500 | 102 | (58) | 44 | 82 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 | 19584 | (342) | (99) | (441) | 59 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 | 35627 | (19) | (116) | (135) | 107 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 14280 | 1449 | (364) | 1085 | 42 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 | 12336 | (132) | (33) | (165) | 37 | 0 |
| Pay<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 82040 | (2823) | 308 | (2515) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255) |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 127700 | (3801) | 4800 | 999 | 0 | (14) |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 33300 | (1009) | 1262 | 253 | 0 | (4) |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.343 | Annual | 05/16/2027 | 30200 | (907) | 1216 | 309 | 0 | (3) |
| Pay<sup>(7)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | 2739250 | (2094) | (319) | (2413) | 368 | 0 |
| Pay<sup>(7)</sup> | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360268800 | 2553 | (3786) | (1233) | 235 | 0 |
| Pay | 3-Month NZD-BBR | 0.000 | Semi-Annual | 06/19/2029 | 106200 | 880 | 3884 | 4764 | 93 | 0 |
| Receive | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | 106200 | (3993) | (771) | (4764) | 0 | 0 |
| Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | 788000 | (18) | 1662 | 1644 | 101 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | 77200 | (3953) | 2542 | (1411) | 27 | 0 |
| Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 | 1408900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 94000 | (55) | 249 | 194 | 305 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 | 305200 | 1078 | 3568 | 4646 | 1000 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 | 251000 | 1344 | (1234) | 110 | 876 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 | 125500 | 2074 | (296) | 1778 | 442 | 0 |
| Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 227100 | 198 | (896) | (698) | 831 | 0 |
| Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | 264500 | (1021) | 348 | (673) | 0 | (2) |
| Pay | 6-Month EUR-EURIBOR | 0.500 | Annual | 12/19/2025 | 300 | (17) | 15 | (2) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | 507230 | 5986 | 10629 | 16615 | 84 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | 19400 | (1428) | 771 | (657) | 4 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 32900 | (2475) | 1335 | (1140) | 6 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 25300 | (1938) | 1068 | (870) | 4 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 39600 | (2553) | 1513 | (1040) | 6 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 18800 | (1217) | 718 | (499) | 3 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 | 889300 | (3154) | (1067) | (4221) | 379 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 | 1200 | 42 | 40 | 82 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 | 34492 | 0 | (537) | (537) | 35 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.929 | Annual | 10/11/2029 | 158740 | 0 | (1368) | (1368) | 164 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 | 257800 | (40) | (1501) | (1541) | 268 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 | 218600 | 253 | 3015 | 3268 | 258 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 2008400 | 9417 | (3354) | 6063 | 3465 | 0 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000% | Annual | 03/15/2033 | EUR | 230010 | $(3911) | $681 | $(3230) | $0 | $(466) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 869200 | 293 | 922 | 1215 | 2494 | (54) |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 |  | 142090 | (8657) | (322) | (8979) | 526 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2042 |  | 27930 | (1969) | (943) | (2912) | 139 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 |  | 15900 | (1127) | (7188) | (8315) | 75 | 0 |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 |  | 333400 | 16826 | 7310 | 24136 | 0 | (808) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 211740 | 2779 | 1114 | 3893 | 1453 | (23) |
| Pay | CAONREPO | 3.500 | Annual | 12/18/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291800 | (2644) | 8949 | 6305 | 35 | 0 |
| Pay | CAONREPO | 3.898 | Annual | 06/19/2026 |  | 395400 | (28) | 4020 | 3992 | 49 | 0 |
| Pay | CAONREPO | 3.925 | Annual | 06/19/2026 |  | 310100 | (27) | 3219 | 3192 | 39 | 0 |
| Pay | CAONREPO | 2.500 | Semi-Annual | 06/19/2029 |  | 107400 | (3763) | 3892 | 129 | 61 | 0 |
| Pay | CAONREPO | 2.850 | Semi-Annual | 09/01/2029 |  | 172000 | (261) | 2139 | 1878 | 169 | 0 |
| Pay | CAONREPO | 1.713 | Semi-Annual | 10/02/2029 |  | 65800 | (4350) | 2775 | (1575) | 64 | 0 |
| Pay | CAONREPO | 1.900 | Semi-Annual | 12/18/2029 |  | 193700 | (12264) | 8782 | (3482) | 202 | 0 |
| Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 |  | 116000 | 1801 | (4897) | (3096) | 0 | (240) |
| Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 |  | 12400 | 103 | (186) | (83) | 0 | (25) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 19300 | 70 | (350) | (280) | 0 | (40) |
| Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 |  | 162200 | (111) | (3765) | (3876) | 0 | (335) |
| Receive | CAONREPO | 3.300 | Semi-Annual | 06/01/2033 |  | 199200 | 711 | (6718) | (6007) | 0 | (419) |
| Receive | CAONREPO | 3.400 | Semi-Annual | 06/01/2033 |  | 82200 | (82) | (2825) | (2907) | 0 | (174) |
| Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 |  | 63200 | 0 | (464) | (464) | 0 | (132) |
| Receive | CAONREPO | 3.500 | Semi-Annual | 09/01/2033 |  | 94100 | 1146 | (4859) | (3713) | 0 | (204) |
| Receive | CAONREPO | 3.700 | Semi-Annual | 09/01/2033 |  | 46400 | (3) | (2309) | (2312) | 0 | (102) |
| Pay<sup>(7)</sup> | CAONREPO | 3.000 | Semi-Annual | 03/18/2036 |  | 10600 | (152) | 199 | 47 | 31 | 0 |
| Pay | CAONREPO | 2.750 | Semi-Annual | 12/18/2048 |  | 36900 | (3458) | 1362 | (2096) | 186 | 0 |
| Pay | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 |  | 35300 | 115 | 134 | 249 | 195 | 0 |
|  |  |  |  |  |  |  | $11371 | $(62877) | $(51506) | $21575 | $(11459) |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63310) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35373) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11594) |

---

#### 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 September 30, 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>(8)</sup> | Variation Margin<br>Asset<sup>(8)</sup> | **Total** | Market Value | Variation Margin<br>Liability<sup>(8)</sup> | Variation Margin<br>Liability<sup>(8)</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;10730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10607) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11858) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22720) |

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(j) Securities with an aggregate market value of $355,870 and cash of $13,035 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $58 and liability of $(16) is outstanding at period end. 

<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> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> 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>(8)</sup> Unsettled variation margin asset of $323 and liability of $(264) for closed swap agreements is outstanding at period end. 

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **25** |

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------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

&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 | 10/2025 | $152166 | 231712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | $0 |
|  | 10/2025 | 827807 | 1151586 | 0 | (300) |
|  | 11/2025 | 231712 | $152238 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1158) |
|  | 11/2025 | 1144555 | 824014 | 258 | 0 |
|  BOA | 10/2025 | 52156 | 9633 | 0 | (167) |
|  | 10/2025 | 9823 | 7126 | 67 | 0 |
|  | 10/2025 | 41700 | 5852 | 0 | (1) |
|  | 10/2025 | 981711 | 6691 | 53 | 0 |
|  | 10/2025 | 43 | 33 | 0 | 0 |
|  | 10/2025 | $9806 | 52156 | 0 | (7) |
|  | 10/2025 | 563 | 4012 | 2 | 0 |
|  | 10/2025 | 5989 | 20139 | 91 | 0 |
|  | 10/2025 | 11393 | 1007788 | 0 | (59) |
|  | 10/2025 | 8810 | 1319514 | 113 | 0 |
|  | 10/2025 | 9342 | 12934300 | 0 | (124) |
|  | 10/2025 | 1590 | 2761 | 11 | 0 |
|  | 10/2025 | 2525 | 9085 | 0 | (26) |
|  | 10/2025 | 18903 | 81653 | 0 | (67) |
|  | 10/2025 | 14 | 465 | 0 | 0 |
|  | 11/2025 | 1314946 | $8810 | 0 | (113) |
|  | 11/2025 | 2761 | 1592 | 0 | (11) |
|  | 11/2025 | $2995 | 10015 | 28 | 0 |
|  | 11/2025 | 8395 | 747594 | 0 | (3) |
|  | 11/2025 | 1730535 | $99318 | 0 | (543) |
|  | 12/2025 | 670 | 22 | 0 | 0 |
|  | 12/2025 | $1045 | 46379 | 8 | 0 |
|  | 03/2026 | 50684 | 2073 | 3 | 0 |
|  | 03/2026 | 5877 | 144133 | 14 | 0 |
|  BPS | 10/2025 | 389800 | $64158 | 0 | (9081) |
|  | 10/2025 | 1172920 | 164688 | 64 | 0 |
|  | 10/2025 | 10247 | 52196 | 0 | (6) |
|  | 10/2025 | 48813 | $57639 | 330 | 0 |
|  | 10/2025 | 718113588 | 43411 | 422 | (61) |
|  | 10/2025 | 1048185 | 11898 | 107 | 0 |
|  | 10/2025 | 31673 | 24719 | 165 | 0 |
|  | 10/2025 | 179325 | 4185 | 0 | (115) |
|  | 10/2025 | 1904251 | 63387 | 910 | (78) |
|  | 10/2025 | $71457 | 389800 | 1788 | (5) |
|  | 10/2025 | 12491 | 88938 | 33 | 0 |
|  | 10/2025 | 51416 | 849420245 | 0 | (503) |
|  | 10/2025 | 10289 | 1528719 | 48 | 0 |
|  | 10/2025 | 69189 | 95714372 | 0 | (994) |
|  | 10/2025 | 24239 | 88222 | 35 | (8) |
|  | 10/2025 | 14 | 591 | 0 | 0 |
|  | 10/2025 | 11421 | 345730 | 0 | (65) |
|  | 11/2025 | 127340621 | $7620 | 0 | (8) |
|  | 11/2025 | 771710 | 8670 | 0 | (1) |
|  | 11/2025 | 1523410 | 10289 | 0 | (48) |
|  | 11/2025 | 6672644 | 4760 | 2 | 0 |
|  | 11/2025 | $2053 | 10994 | 0 | (3) |
|  | 11/2025 | 40820 | 288874 | 0 | (93) |
|  | 11/2025 | 9067 | 30472 | 133 | 0 |
|  | 12/2025 | 16572 | $2337 | 0 | (1) |
|  | 12/2025 | 226117 | 7534 | 70 | 0 |
|  | 12/2025 | $2337 | 16548 | 1 | 0 |
|  | 12/2025 | 8272 | 2747212 | 0 | (40) |
|  | 12/2025 | 11067 | 186198029 | 69 | 0 |
|  | 12/2025 | 1066 | 19752 | 4 | 0 |
|  | 01/2026 | 681 | $23 | 0 | 0 |
|  | 03/2026 | 93346 | 3804 | 0 | (12) |
|  | 04/2026 | 262500 | $45953 | 0 | (1265) |
|  | 04/2026 | 850975 | 121576 | 0 | (13794) |
|  | 05/2026 | $6539 | 1993 | 14 | (1) |
|  | 06/2026 | 4135 | 1263 | 19 | 0 |
|  | 07/2026 | 2887 | 882 | 13 | 0 |
|  | 06/2027 | 2865 | 869 | 0 | (3) |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2029 | 10107 | $34746 | $1286 | $0 |
|  | 07/2029 | 1468 | 5051 | 187 | 0 |
|  | 05/2030 | 7030 | 24210 | 838 | 0 |
|  BRC | 10/2025 | 46656 | 58451 | 0 | (158) |
|  | 10/2025 | 4989254 | 304 | 5 | 0 |
|  | 10/2025 | 131925 | 31243 | 0 | (121) |
|  | 10/2025 | 188 | 19 | 0 | 0 |
|  | 10/2025 | 42288 | 1016 | 0 | (1) |
|  | 10/2025 | $55183 | 75873 | 0 | (662) |
|  | 10/2025 | 62890 | 50433 | 464 | 0 |
|  | 10/2025 | 752066 | 641513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 | 0 |
|  | 10/2025 | 4247 | 3145 | 0 | (18) |
|  | 10/2025 | 19562 | 71528 | 114 | 0 |
|  | 10/2025 | 32701 | 1402199 | 891 | 0 |
|  | 11/2025 | 636901 | $421023 | 0 | (613) |
|  | 11/2025 | 628733 | 738549 | 0 | (1092) |
|  | 11/2025 | $58451 | 46471 | 158 | 0 |
|  | 11/2025 | 2718 | 2309 | 0 | (1) |
|  | 11/2025 | 19 | 188 | 0 | 0 |
|  | 11/2025 | 71391 | 3118483 | 396 | 0 |
|  | 11/2025 | 157348 | $8936 | 0 | (143) |
|  | 12/2025 | 185979 | 44316 | 34 | (5) |
|  | 12/2025 | $713 | 13178 | 1 | 0 |
|  | 12/2025 | 39971 | 1764034 | 367 | 0 |
|  | 01/2026 | 508200 | $72771 | 0 | (7654) |
|  | 01/2026 | 16227 | 83431 | 0 | (27) |
|  BSH | 10/2025 | 465500 | $87523 | 60 | 0 |
|  | 10/2025 | 1092001 | 1268744 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13321) |
|  | 10/2025 | 221 | 62 | 0 | (2) |
|  | 10/2025 | $85601 | 465500 | 1862 | 0 |
|  | 10/2025 | 469 | 809 | 1 | 0 |
|  | 11/2025 | 809 | $469 | 0 | (1) |
|  | 12/2025 | 30666 | 8612 | 0 | (203) |
|  | 01/2026 | 43 | 12 | 0 | 0 |
|  | 04/2026 | 498100 | 87699 | 0 | (1898) |
|  CBK | 10/2025 | 27291 | 17846 | 0 | (212) |
|  | 10/2025 | 1319 | 946 | 0 | (1) |
|  | 10/2025 | 64046 | 9011 | 25 | 0 |
|  | 10/2025 | 41603 | 5851 | 6 | 0 |
|  | 10/2025 | 36541 | 42778 | 0 | (123) |
|  | 10/2025 | 39453 | 5074 | 3 | 0 |
|  | 10/2025 | 448562351 | 27114 | 279 | (50) |
|  | 10/2025 | 1285801 | 14478 | 17 | 0 |
|  | 10/2025 | 14793 | 11 | 0 | 0 |
|  | 10/2025 | 18537 | 1858 | 1 | 0 |
|  | 10/2025 | 331173 | 92801 | 0 | (2536) |
|  | 10/2025 | 282030 | 220259 | 1623 | 0 |
|  | 10/2025 | 1882605 | 58342 | 162 | 0 |
|  | 10/2025 | 2436223 | 82207 | 2161 | 0 |
|  | 10/2025 | $3221 | 4920 | 34 | 0 |
|  | 10/2025 | 5718 | 7845 | 0 | (81) |
|  | 10/2025 | 19794 | 140632 | 0 | (56) |
|  | 10/2025 | 69235 | 492496 | 121 | (21) |
|  | 10/2025 | 59059 | 378161 | 419 | 0 |
|  | 10/2025 | 55066 | 47181 | 327 | 0 |
|  | 10/2025 | 7223 | 5346 | 0 | (33) |
|  | 10/2025 | 12926 | 212599068 | 0 | (183) |
|  | 10/2025 | 48514 | 4261853 | 0 | (581) |
|  | 10/2025 | 8160 | 1192200 | 0 | (99) |
|  | 10/2025 | 145 | 1463 | 2 | 0 |
|  | 10/2025 | 17659 | 61983 | 193 | 0 |
|  | 10/2025 | 12601 | 119430 | 85 | 0 |
|  | 10/2025 | 484604 | 625334 | 171 | 0 |
|  | 10/2025 | 32798 | 997885 | 23 | (46) |
|  | 10/2025 | 39029 | $2254 | 0 | (6) |
|  | 11/2025 | 623714 | 484604 | 0 | (181) |
|  | 11/2025 | $946 | 1316 | 1 | 0 |
|  | 11/2025 | 26454 | 187281 | 0 | (57) |
|  | 11/2025 | 6520 | 21851 | 78 | 0 |
|  | 11/2025 | 14478 | 1288320 | 0 | (17) |
|  | 11/2025 | 1858 | 18533 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **27** |

---

------

Schedule of Investments PIMCO International Bond 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** |
|  | 12/2025 | 37848 | $5336 | $0 | $(3) |
|  | 12/2025 | 91470 | 25714 | 0 | (579) |
|  | 12/2025 | 1762478 | 58070 | 59 | (168) |
|  | 12/2025 | $13145 | 93064 | 2 | (4) |
|  | 12/2025 | 11443 | 192295994 | 58 | 0 |
|  | 12/2025 | 713 | 399729 | 0 | (5) |
|  | 12/2025 | 18 | 63 | 0 | 0 |
|  | 12/2025 | 442 | 19665 | 3 | 0 |
|  | 01/2026 | 39382 | $5559 | 0 | (2) |
|  | 01/2026 | 2190000 | 16134 | 1182 | 0 |
|  | 01/2026 | 370284 | 12274 | 6 | 0 |
|  | 01/2026 | $5558 | 39298 | 0 | (1) |
|  | 02/2026 | 21204 | $5915 | 0 | (172) |
|  | 03/2026 | 288054 | 37173 | 54 | 0 |
|  | 08/2026 | 52734 | 14630 | 0 | (406) |
|  DUB | 10/2025 | 2513346 | 353479 | 721 | 0 |
|  | 10/2025 | 22075 | 112564 | 40 | 0 |
|  | 10/2025 | 262804081 | $16035 | 283 | 0 |
|  | 10/2025 | 2088670 | 23511 | 20 | 0 |
|  | 10/2025 | 76318507 | 55044 | 650 | 0 |
|  | 10/2025 | 68 | 16 | 0 | 0 |
|  | 10/2025 | $494 | 3517 | 1 | 0 |
|  | 10/2025 | 26910 | 439179112 | 0 | (587) |
|  | 10/2025 | 19609 | 67000 | 619 | 0 |
|  | 10/2025 | 24082 | 2129518 | 0 | (130) |
|  | 10/2025 | 107 | 147570 | 0 | (1) |
|  | 10/2025 | 2378 | 1321678 | 14 | (5) |
|  | 10/2025 | 888 | 1416998 | 66 | 0 |
|  | 11/2025 | 66966 | $19609 | 0 | (609) |
|  | 11/2025 | 188409 | 2117 | 2 | 0 |
|  | 11/2025 | $12332 | 87311 | 1 | (22) |
|  | 11/2025 | 23511 | 2092821 | 0 | (20) |
|  | 11/2025 | 1372 | 764753 | 0 | (1) |
|  | 11/2025 | 379960 | $21707 | 0 | (219) |
|  | 12/2025 | $2436 | 123506 | 69 | 0 |
|  | 12/2025 | 9226 | 4940394 | 0 | (441) |
|  | 03/2026 | 2192 | 1261785 | 0 | (20) |
|  FAR | 10/2025 | 8360 | $10493 | 0 | (9) |
|  | 10/2025 | 1095821 | 154341 | 538 | 0 |
|  | 10/2025 | 53243039 | 362169 | 2139 | 0 |
|  | 10/2025 | 86673 | 24450 | 0 | (508) |
|  | 10/2025 | 125 | 98 | 1 | 0 |
|  | 10/2025 | $2060970 | 1763861 | 9971 | (79) |
|  | 10/2025 | 46067 | 4063082 | 0 | (369) |
|  | 10/2025 | 35778 | 130658 | 163 | 0 |
|  | 11/2025 | 1733861 | $2029741 | 0 | (9974) |
|  | 11/2025 | $151364 | 834347 | 4145 | 0 |
|  | 11/2025 | 10493 | 8327 | 9 | 0 |
|  | 12/2025 | 1978 | $105 | 0 | (2) |
|  | 12/2025 | $115338 | 2188955 | 3225 | 0 |
|  GLM | 10/2025 | 1009400 | $164972 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24685) |
|  | 10/2025 | 1684 | 2106 | 0 | (9) |
|  | 10/2025 | 86385 | 12154 | 29 | 0 |
|  | 10/2025 | 188837348 | 11325 | 6 | 0 |
|  | 10/2025 | 15426 | 4519 | 0 | (139) |
|  | 10/2025 | 139647 | 99 | 0 | (1) |
|  | 10/2025 | 129428 | 30707 | 0 | (64) |
|  | 10/2025 | 81939 | 16098 | 21 | 0 |
|  | 10/2025 | 53 | $12 | 0 | 0 |
|  | 10/2025 | 61 | 2 | 0 | 0 |
|  | 10/2025 | $186055 | 1009400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636 | (35) |
|  | 10/2025 | 13411 | 221694561 | 1 | (124) |
|  | 10/2025 | 13195 | 1157847 | 0 | (173) |
|  | 10/2025 | 99 | 139647 | 1 | 0 |
|  | 10/2025 | 91 | 395 | 1 | 0 |
|  | 10/2025 | 6898 | 8860 | 0 | (30) |
|  | 11/2025 | 11598 | 59502 | 69 | 0 |
|  | 11/2025 | $16013 | 113412 | 0 | (35) |
|  | 11/2025 | 1644 | 5482 | 11 | 0 |
|  | 11/2025 | 7719 | 336040 | 55 | 0 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 359540 | $20706 | $0 | $(42) |
|  | 12/2025 | 108084 | 19463 | 0 | (508) |
|  | 12/2025 | 3651302 | 217 | 0 | (1) |
|  | 12/2025 | 16074 | 847 | 0 | (24) |
|  | 12/2025 | 432975 | 103271 | 165 | 0 |
|  | 12/2025 | 137296 | 2945 | 0 | (172) |
|  | 12/2025 | $183 | 9254 | 4 | 0 |
|  | 12/2025 | 11043 | 184646183 | 0 | 0 |
|  | 01/2026 | 16098 | 82811 | 0 | (17) |
|  | 01/2026 | 6410000 | $47619 | 3857 | 0 |
|  | 04/2026 | 1023400 | 180428 | 22 | (3682) |
|  IND | 10/2025 | 850850 | 555958 | 0 | (7050) |
|  | 10/2025 | 411384 | 64330 | 0 | (373) |
|  | 11/2025 | $64330 | 410435 | 373 | 0 |
|  JPM | 10/2025 | 831930 | $155147 | 0 | (1165) |
|  | 10/2025 | 1141385 | 825933 | 5756 | 0 |
|  | 10/2025 | 41334 | 5829 | 28 | 0 |
|  | 10/2025 | 285586 | 44856 | 0 | (61) |
|  | 10/2025 | 1343633 | 1571426 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6067) |
|  | 10/2025 | 2313160 | 5738 | 0 | (227) |
|  | 10/2025 | 523944375 | $31382 | 0 | (22) |
|  | 10/2025 | 154678271 | 111536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295 | 0 |
|  | 10/2025 | 21088 | 16405 | 57 | 0 |
|  | 10/2025 | 270070 | 9027 | 153 | 0 |
|  | 10/2025 | $1523 | 2304 | 2 | 0 |
|  | 10/2025 | 152610 | 831930 | 3705 | (3) |
|  | 10/2025 | 1926 | 13628 | 0 | (7) |
|  | 10/2025 | 5076 | 4311 | 0 | (14) |
|  | 10/2025 | 8433 | 6273 | 4 | 0 |
|  | 10/2025 | 45322 | 753474542 | 19 | (167) |
|  | 10/2025 | 6312 | 21191 | 86 | 0 |
|  | 10/2025 | 1438 | 794204 | 1 | (3) |
|  | 10/2025 | 12891 | 47373 | 140 | 0 |
|  | 10/2025 | 1261 | 54309 | 23 | 0 |
|  | 11/2025 | 1949901 | 4871 | 0 | (122) |
|  | 11/2025 | $154808 | 836472 | 1098 | 0 |
|  | 11/2025 | 3015 | 21300 | 0 | (12) |
|  | 11/2025 | 44807 | 284621 | 62 | 0 |
|  | 11/2025 | 336467 | $19196 | 0 | (220) |
|  | 12/2025 | 2313160 | 6922 | 0 | (9) |
|  | 03/2026 | 228595 | 29500 | 43 | 0 |
|  MBC | 10/2025 | 84275 | 61312 | 754 | 0 |
|  | 10/2025 | 1788 | 2241 | 0 | (5) |
|  | 10/2025 | 1278997 | 179943 | 431 | 0 |
|  | 10/2025 | 2598 | 13224 | 0 | 0 |
|  | 10/2025 | 37232 | $44093 | 381 | 0 |
|  | 10/2025 | 26020908 | 1581 | 20 | 0 |
|  | 10/2025 | 4004773 | 27087 | 43 | (37) |
|  | 10/2025 | 187514773 | 134718 | 1096 | 0 |
|  | 10/2025 | 192 | 19 | 0 | 0 |
|  | 10/2025 | 238843 | 24913 | 0 | (457) |
|  | 10/2025 | 288388 | 225029 | 1464 | 0 |
|  | 10/2025 | 4441560 | 137923 | 660 | 0 |
|  | 10/2025 | $8503 | 6689 | 0 | (100) |
|  | 10/2025 | 126647 | 902173 | 0 | (24) |
|  | 10/2025 | 939 | 46574 | 26 | 0 |
|  | 10/2025 | 101964 | 86855 | 66 | (58) |
|  | 10/2025 | 10263 | 7582 | 0 | (66) |
|  | 10/2025 | 8631 | 1280051 | 30 | (5) |
|  | 10/2025 | 59204 | 82588814 | 0 | (341) |
|  | 10/2025 | 3285 | 5602 | 0 | (37) |
|  | 10/2025 | 9799 | 93825 | 167 | 0 |
|  | 10/2025 | 1293 | 1671 | 3 | 0 |
|  | 10/2025 | 6660 | 215618 | 3 | 0 |
|  | 11/2025 | 900032 | $126647 | 21 | 0 |
|  | 11/2025 | 1295304 | 8759 | 0 | (30) |
|  | 11/2025 | $6475 | 45684 | 0 | (30) |
|  | 11/2025 | 15954 | 13555 | 0 | (8) |
|  | 11/2025 | 1814 | 6035 | 8 | 0 |
|  | 11/2025 | 19 | 192 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **29** |

---

------

Schedule of Investments PIMCO International Bond 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** |
|  | 11/2025 | 176419 | $10178 | $0 | $(3) |
|  | 12/2025 | $1156 | 58707 | 33 | 0 |
|  | 12/2025 | 2423 | 45986 | 67 | 0 |
|  | 01/2026 | 34558 | $4889 | 6 | 0 |
|  | 01/2026 | $4889 | 34524 | 0 | (3) |
|  | 03/2026 | 67613 | $8725 | 12 | 0 |
|  MYI | 10/2025 | 266800 | 43570 | 0 | (6559) |
|  | 10/2025 | 55342 | 39777 | 9 | 0 |
|  | 10/2025 | 1291244 | 181462 | 231 | 0 |
|  | 10/2025 | 105195110 | 6390 | 83 | 0 |
|  | 10/2025 | 592633 | 4016 | 9 | 0 |
|  | 10/2025 | 6 | 1 | 0 | 0 |
|  | 10/2025 | $50164 | 266800 | 0 | (34) |
|  | 10/2025 | 21722 | 30203 | 0 | (19) |
|  | 10/2025 | 9386 | 66837 | 22 | 0 |
|  | 10/2025 | 196030 | 29261649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839 | (2) |
|  | 10/2025 | 13215 | 47840 | 0 | (57) |
|  | 10/2025 | 15932 | 480001 | 0 | (161) |
|  | 11/2025 | 28803231 | $193605 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1840) |
|  | 11/2025 | $7413 | 52437 | 0 | (15) |
|  | 11/2025 | 1 | 6 | 0 | 0 |
|  | 12/2025 | 180845 | 7167 | 0 | (286) |
|  | 12/2025 | 113423 | $5501 | 21 | 0 |
|  | 12/2025 | 12507 | 306872 | 81 | 0 |
|  | 12/2025 | 133200 | $31730 | 11 | 0 |
|  | 12/2025 | 263211 | 8341 | 175 | 0 |
|  | 12/2025 | 476878 | 15932 | 190 | 0 |
|  | 01/2026 | 605580 | 86895 | 0 | (8941) |
|  | 02/2026 | 100402 | 4084 | 0 | (26) |
|  | 04/2026 | 715460 | $102253 | 0 | (11560) |
|  NGF | 10/2025 | 174959309 | 125798 | 1101 | 0 |
|  | 10/2025 | $11641 | 192686941 | 0 | (92) |
|  | 10/2025 | 377 | 16335 | 7 | 0 |
|  | 11/2025 | 47732 | 2085791 | 764 | 0 |
|  | 12/2025 | 10194 | 447033 | 33 | 0 |
|  SCX | 10/2025 | 32296 | $6071 | 3 | 0 |
|  | 10/2025 | 939079 | 132157 | 353 | 0 |
|  | 10/2025 | 230967581 | 13833 | 0 | (11) |
|  | 10/2025 | 1513027 | 17020 | 3 | 0 |
|  | 10/2025 | 11469020 | 78080 | 526 | 0 |
|  | 10/2025 | 14755 | 4214 | 0 | (33) |
|  | 10/2025 | 12032 | 9434 | 107 | 0 |
|  | 10/2025 | 1690238 | 56936 | 1405 | 0 |
|  | 10/2025 | $6072 | 32297 | 0 | (4) |
|  | 10/2025 | 49627 | 318791 | 513 | 0 |
|  | 10/2025 | 382593 | 286030 | 2088 | 0 |
|  | 10/2025 | 13001 | 213777515 | 0 | (188) |
|  | 10/2025 | 71341 | 6298418 | 0 | (500) |
|  | 10/2025 | 3578 | 6096 | 0 | (44) |
|  | 10/2025 | 2982 | 28075 | 0 | 0 |
|  | 10/2025 | 8188 | 245536 | 0 | (121) |
|  | 11/2025 | 286030 | $382661 | 0 | (2088) |
|  | 11/2025 | 6240 | 42 | 0 | 0 |
|  | 11/2025 | $3769 | 26711 | 0 | (5) |
|  | 11/2025 | 14901 | 1327401 | 0 | (1) |
|  | 11/2025 | 377 | 485 | 0 | 0 |
|  | 12/2025 | 26135 | $1274 | 11 | 0 |
|  | 12/2025 | 252 | 60 | 0 | 0 |
|  | 12/2025 | $6071 | 32758 | 0 | (4) |
|  | 12/2025 | 3908 | 27615 | 0 | (8) |
|  | 12/2025 | 13833 | 231551328 | 16 | 0 |
|  | 01/2026 | 74877 | $10580 | 2 | 0 |
|  | 01/2026 | $10580 | 74747 | 0 | (4) |
|  SOG | 10/2025 | 7327 | 6403 | 9 | 0 |
|  | 10/2025 | 6395 | 7403 | 92 | 0 |
|  | 10/2025 | 27783959 | $188927 | 1052 | 0 |
|  | 10/2025 | 627 | 63 | 0 | 0 |
|  | 10/2025 | 15268 | 8896 | 44 | 0 |
|  | 10/2025 | $423011 | 62943997 | 2617 | 0 |
|  | 10/2025 | 10 | 14574 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $85 | 370 | $0 | $0 |
|  | 11/2025 | 46362 | 237395 | 170 | 0 |
|  | 11/2025 | 6415 | 7327 | 0 | (9) |
|  | 11/2025 | 62726316 | $423011 | 0 | (2621) |
|  | 11/2025 | $63 | 627 | 0 | 0 |
|  | 12/2025 | 10964 | 56138 | 0 | 0 |
|  | 12/2025 | 11109 | $3120 | 0 | (74) |
|  | 12/2025 | $1700 | 92735 | 170 | 0 |
|  | 03/2026 | 2432 | 2356843 | 18 | 0 |
|  SSB | 10/2025 | 313376 | $422404 | 945 | 0 |
|  | 10/2025 | 63703 | 17375 | 0 | (973) |
|  | 10/2025 | $1692 | 1358 | 14 | 0 |
|  | 10/2025 | 16923 | 14500 | 101 | 0 |
|  | 11/2025 | 9431 | 2556 | 0 | (158) |
|  | 01/2026 | 13690000 | 91427 | 0 | (2036) |
|  UAG | 10/2025 | 1035 | 748 | 5 | 0 |
|  | 10/2025 | 99637 | 29867 | 0 | (215) |
|  | 10/2025 | 85966 | 2670 | 14 | 0 |
|  | 10/2025 | $1524 | 2303 | 0 | 0 |
|  | 10/2025 | 6775 | 5000 | 0 | (51) |
|  | 10/2025 | 1966 | 6727 | 65 | 0 |
|  | 10/2025 | 530 | 46794 | 0 | (4) |
|  | 10/2025 | 1777 | 18087 | 35 | 0 |
|  | 10/2025 | 14712 | 53349 | 0 | (38) |
|  | 10/2025 | 6660 | 215531 | 1 | 0 |
|  | 10/2025 | 2259 | 39028 | 1 | 0 |
|  | 10/2025 | 39046 | $2259 | 0 | (1) |
|  | 11/2025 | 6724 | 1966 | 0 | (64) |
|  | 11/2025 | 171284 | 9716 | 0 | (168) |
|  | 12/2025 | 7167 | 180838 | 286 | 0 |
|  | 12/2025 | 87796 | $1870 | 0 | (115) |
|  | 12/2025 | $5894 | 1951036 | 0 | (48) |
|  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;84829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158949) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | 24.200 | 03/11/2026 | 15897 | $72 | $86 |
|  | Put - OTC EUR versus HUF | 387.000 | 12/17/2025 | 25902 | 135 | 126 |
|  | Put - OTC EUR versus USD | $1.115 | 11/26/2025 | 5400 | 21 | 2 |
|  | Put - OTC USD versus BRL | 5.470 | 11/18/2025 | 26300 | 424 | 699 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 38786 | 58 | 39 |
|  | Call - OTC USD versus HKD | 7.800 | 08/24/2026 | 58714 | 82 | 59 |
| BPS | Put - OTC EUR versus USD | $1.122 | 10/14/2025 | 1148 | 140 | 2 |
| BRC | Put - OTC AUD versus USD | 0.623 | 10/14/2025 | 29478 | 86 | 0 |
|  | Put - OTC EUR versus USD | 1.132 | 10/10/2025 | 74921 | 271 | 2 |
|  | Call - OTC USD versus SEK | 10.200 | 11/26/2025 | 32444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | 16 |
| GLM | Put - OTC AUD versus USD | $0.625 | 10/08/2025 | 40761 | 157 | 0 |
|  | Put - OTC EUR versus USD | 1.129 | 10/14/2025 | 67663 | 262 | 2 |
|  | Put - OTC EUR versus USD | 1.100 | 12/17/2025 | 5157 | 590 | 106 |
|  | Put - OTC USD versus BRL | 5.475 | 12/10/2025 | 39925 | 656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 9285 | 12 | 9 |
| JPM | Put - OTC EUR versus CZK | 24.200 | 03/05/2026 | 44503 | 177 | 234 |
|  | Put - OTC EUR versus HUF | 393.000 | 11/12/2025 | 20228 | 91 | 226 |
|  | Put - OTC EUR versus HUF | 386.000 | 12/16/2025 | 23908 | 107 | 97 |
| MBC | Put - OTC AUD versus USD | $0.618 | 10/10/2025 | 16689 | 44 | 0 |
|  | Put - OTC EUR versus USD | 1.098 | 12/23/2025 | 4002 | 465 | 80 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 34122 | 45 | 35 |
|  | Call - OTC USD versus HKD | 7.800 | 08/24/2026 | 17560 | 26 | 18 |
| MYI | Put - OTC EUR versus CZK | 24.200 | 02/10/2026 | 17017 | 73 | 83 |
|  | Put - OTC EUR versus CZK | 24.250 | 02/13/2026 | 28386 | 120 | 161 |
|  | Put - OTC EUR versus CZK | 24.100 | 03/13/2026 | 40056 | 164 | 163 |
|  | Put - OTC EUR versus USD | $1.145 | 10/08/2025 | 83407 | 521 | 7 |
|  | Put - OTC EUR versus USD | 1.110 | 11/24/2025 | 101468 | 476 | 32 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **31** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
|  | Put - OTC USD versus BRL | BRL | 5.480 | 11/07/2025 | 54300 | $981 | $1507 |
|  | Call - OTC USD versus SEK | SEK | 10.125 | 10/14/2025 | 7554 | 39 | 0 |
|  Total Purchased Options | Total Purchased Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus BRL | BRL | 5.250 | 11/18/2025 | 26300 | $(106) | $(143) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/18/2025 | 26300 | (292) | (69) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 38786 | (21) | (26) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 58714 | (27) | (37) |
| GLM | Put - OTC USD versus BRL | BRL | 5.275 | 12/10/2025 | 39925 | (188) | (335) |
|  | Call - OTC USD versus BRL |  | 5.800 | 12/10/2025 | 39925 | (443) | (196) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 9285 | (4) | (6) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 34122 | (15) | (22) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 17560 | (9) | (11) |
| MYI | Put - OTC USD versus BRL | BRL | 5.220 | 11/07/2025 | 54300 | (194) | (165) |
|  | Call - OTC USD versus BRL |  | 5.770 | 11/07/2025 | 54300 | (652) | (112) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1951) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1122) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 22700 | $(69) | $(8) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 37500 | (103) | (5) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 2900 | (8) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 37500 | (103) | (229) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 2900 | (8) | (11) |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 14000 | (37) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 14000 | (37) | (55) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.610 | 10/02/2025 | 5200 | (13) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.850 | 10/02/2025 | 5200 | (13) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 1500 | (3) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 1500 | (3) | (3) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 56300 | (172) | (12) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 56300 | (163) | (188) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 5700 | (20) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 5700 | (20) | (2) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 56500 | (180) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 56500 | (180) | (101) |
| UAG Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.507 | 10/06/2025 | 55900 | (191) | (18) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.807 | 10/06/2025 | 55900 | (191) | (15) |
|  |  |  |  |  |  | $(1514) | $(656) |
|  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;(3465) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1778) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | **Notional<br>Amount<sup>(6)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> | **Notional<br>Amount<sup>(6)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2029 | 0.219% | $22200 | $(741) | $51 | $0 | $(690) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | N/A | 44600 | (1611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | 0 | (1622) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | 0.248 | 16700 | (652) | 45 | 0 | (607) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3004) | $85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2919) |

---

32 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(4)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> |  | **Notional<br>Amount<sup>(6)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(5)</sup> |  | **Notional<br>Amount<sup>(6)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 |  | <sup>¨</sup> | $39351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(8)</sup>** | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | **Upfront**<br> **Payable/**<br> (Receivable) | **Unrealized<br>Appreciation/**<br> (Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(8)</sup>** | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | **Upfront**<br> **Payable/**<br> (Receivable) | **Unrealized<br>Appreciation/**<br> (Depreciation) | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/17/2026 | $520600 | JPY 77,080,000 | $1070 | $478 | $520421 | $(518873) |
|  FAR | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.442% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | 154931 | 2250000 | 652 | 261 | 154900 | (153987) |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | 15306 | 2250000 | 17 | 13 | 15303 | (15273) |
|  GST | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2026 | 628742 | 99528300 | (8057) | 862 | 628523 | (635718) |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.417% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/17/2026 | 97012 | 14416000 | 32 | 97 | 96979 | (96850) |
|  |  |  |  |  |  |  | $(6286) | $1711 | $1416126 | $(1420701) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Pay/Receive<br>Floating Rate | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | Pay/Receive<br>Floating Rate | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Pay<br> 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 5714400 | $(2045) | $(4719) | $0 | $(6764) |
|  CBK | Pay<br> 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 |  | 2775200 | 0 | (3285) | 0 | (3285) |
|  SCX | Pay<br> 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 |  | 647000 | 299 | (1065) | 0 | (766) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1746) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9069) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10815) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(9)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(9)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | iBoxx USD Liquid Investment Grade Index  | N/A | 1.213 | Maturity | 12/22/2025 | $229500 | $0 | $(11296) | $0 | $(11296) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $(11036) | $(18065) | $1416630 | $(1445731) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 33

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (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 September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(10)</sup> |
|  AZD | $1417 | $0 | $0 | $1417 | $(1458) | $0 | $0 | $(1458) | $(41) | $0 | $(41) |
|  BOA | 390 | 1011 | 0 | 1401 | (1121) | (529) | 0 | (1650) | (249) | 0 | (249) |
|  BPS | 6538 | 2 | 0 | 6540 | (26185) | (58) | (18060) | (44303) | (37763) | 39402 | 1639 |
|  BRC | 3533 | 18 | 0 | 3551 | (10495) | (4) | 0 | (10499) | (6948) | 6666 | (282) |
|  BSH | 1923 | 0 | 0 | 1923 | (15425) | 0 | 0 | (15425) | (13502) | 12159 | (1343) |
|  CBK | 7095 | 0 | 520421 | 527516 | (5624) | (200) | (522158) | (527982) | (466) | 1013 | 547 |
|  DUB | 2486 | 0 | 504 | 2990 | (2055) | (4) | 0 | (2059) | 931 | (170) | 761 |
|  FAR | 20191 | 0 | 154900 | 175091 | (10941) | 0 | (153987) | (164928) | 10163 | (11450) | (1287) |
|  GLM | 7878 | 1209 | 15303 | 24390 | (29741) | (640) | (15273) | (45654) | (21264) | 21580 | 316 |
|  GST | 0 | 0 | 725502 | 725502 | 0 | 0 | (732568) | (732568) | (7066) | 0 | (7066) |
|  IND | 373 | 0 | 0 | 373 | (7423) | 0 | 0 | (7423) | (7050) | 3668 | (3382) |
|  JPM | 12472 | 557 | 0 | 13029 | (8099) | 0 | 0 | (8099) | 4930 | (6554) | (1624) |
|  MBC | 5291 | 133 | 0 | 5424 | (1204) | (33) | 0 | (1237) | 4187 | (3430) | 757 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (2919) | (2919) | (2919) | 2247 | (672) |
|  MYI | 2671 | 1953 | 0 | 4624 | (29500) | (277) | 0 | (29777) | (25153) | 25662 | 509 |
|  NGF | 1905 | 0 | 0 | 1905 | (92) | 0 | 0 | (92) | 1813 | (1350) | 463 |
|  SCX | 5027 | 0 | 0 | 5027 | (3011) | 0 | (766) | (3777) | 1250 | (1620) | (370) |
|  SOG | 4172 | 0 | 0 | 4172 | (2704) | 0 | 0 | (2704) | 1468 | (2370) | (902) |
|  SSB | 1060 | 0 | 0 | 1060 | (3167) | 0 | 0 | (3167) | (2107) | 1224 | (883) |
|  UAG | 407 | 0 | 0 | 407 | (704) | (33) | 0 | (737) | (330) | 590 | 260 |
|  Total Over the Counter | $84829 | $4883 | $1416630 | $1506342 | $(158949) | $(1778) | $(1445731) | $(1606458) |  |  |  |

---

(l) Securities with an aggregate market value of $114,211 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

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

<sup>(3)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(5)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(7)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(8)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(9)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(10)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of September 30, 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 | $10730 | $10730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 124 | 0 | 0 | 21898 | 22022 |
|  | $0 | $124 | $0 | $0 | $32628 | $32752 |
|  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 | $84829 | $0 | $84829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 4883 | 0 | 4883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 504 | 0 | 1416126 | 0 | 1416630 |
|  | $0 | $504 | $0 | $1505838 | $0 | $1506342 |
|  | $0 | $628 | $0 | $1505838 | $32628 | $1539094 |
|  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 | $255 | $255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 10607 | 10607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 135 | 0 | 0 | 11723 | 11858 |
|  | $0 | $135 | $0 | $0 | $22585 | $22720 |
|  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 | $158949 | $0 | $158949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 1122 | 656 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2919 | 0 | 1420701 | 22111 | 1445731 |
|  | $0 | $2919 | $0 | $1580772 | $22767 | $1606458 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580772 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629178 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended September 30, 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 | $3582 | $3582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 8774 | 8774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7320 | 0 | 0 | (13677) | (6357) |
|  | $0 | $7320 | $0 | $0 | $(1321) | $5999 |
|  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 | $(362458) | $0 | $(362458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 2314 | (4702) | (2388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 1873 | 14730 | 16603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1988 | 0 | (4935) | (8039) | (10986) |
|  | $0 | $1988 | $0 | $(363206) | $1989 | $(359229) |
|  | $0 | $9308 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363206) | $668 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353230) |
|  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 | $147 | $147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 31923 | 31923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3102 | 0 | 0 | (18906) | (15804) |
|  | $0 | $3102 | $0 | $0 | $13164 | $16266 |
|  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 | $7673 | $0 | $7673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (428) | (3052) | (3480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 808 | 1718 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (996) | 0 | 2051 | (10039) | (8984) |
|  | $0 | $(996) | $0 | $10104 | $(11373) | $(2265) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $10104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791 | $14001 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 35

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $0 | $3139 | $0 | $3139 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 36423 | 0 | 36423 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 373759 | 0 | 373759 |
|  Belgium | Belgium | Belgium | Belgium | Belgium |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8267 | 0 | 8267 |
|  Bermuda | Bermuda | Bermuda | Bermuda | Bermuda |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 26383 | 0 | 26383 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | 313130 | 0 | 313130 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 48523 | 0 | 48523 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 97790 | 0 | 97790 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 17523 | 0 | 17523 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682706 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682706 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 294136 | 0 | 294136 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 46301 | 7866 | 54167 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 10009 | 0 | 10009 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 14649 | 0 | 14649 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 728588 | 0 | 728588 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 310001 | 0 | 310001 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 120171 | 0 | 120171 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 649911 | 0 | 649911 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 58170 | 0 | 58170 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5857 | 0 | 5857 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 458786 | 1291 | 460077 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3538 | 0 | 3538 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40688 | 40688 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 15617 | 0 | 15617 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 158533 | 0 | 158533 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 49991 | 0 | 49991 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 343760 | 0 | 343760 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 99463 | 0 | 99463 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 916835 | 0 | 916835 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 61631 | 0 | 61631 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90700 | 0 | 0 | 90700 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1496 | 0 | 1496 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 13388 | 13388 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 90610 | 0 | 90610 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 9865 | 0 | 9865 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 238390 | 0 | 238390 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5020 | 0 | 5020 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 20262 | 0 | 20262 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $76044 | $0 | $76044 |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 156 | 0 | 156 |
|  Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 14140 | 0 | 14140 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13355 | 0 | 13355 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 172946 | 0 | 172946 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 45799 | 0 | 45799 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 13674 | 0 | 13674 |
|  Republic of Korea | Republic of Korea | Republic of Korea | Republic of Korea | Republic of Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 32974 | 0 | 32974 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 198926 | 0 | 198926 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 12604 | 0 | 12604 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 237158 | 0 | 237158 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 22721 | 22721 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Sovereign Issues | 0 | 79593 | 0 | 79593 |
|  Slovakia | Slovakia | Slovakia | Slovakia | Slovakia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 13738 | 0 | 13738 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 275411 | 0 | 275411 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 267846 | 0 | 267846 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 10091 | 0 | 10091 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 752282 | 0 | 752282 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 9748 | 0 | 9748 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 110631 | 0 | 110631 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 113189 | 0 | 113189 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 189205 | 0 | 189205 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 67051 | 0 | 67051 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 9568 | 0 | 9568 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 367524 | 0 | 367524 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 7261 | 7261 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 155996 | 0 | 155996 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 299354 | 0 | 299354 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 466056 | 59736 | 525792 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 943370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104470 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 12601 | 12796 | 25397 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 22851 | 0 | 22851 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 678677 | 36548 | 715225 |
| &nbsp;&nbsp; U.S. Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6894631 | 0 | 6894631 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 1163246 | 0 | 1163246 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 151916 | 0 | 151916 |
| &nbsp;&nbsp; Mutual Funds | 0 | 2902 | 0 | 2902 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 44915 | 0 | 44915 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; U.S. Treasury Bills | $0 | $8079 | $0 | $8079 |
|  | $90700 | $20247480 | $363395 | $20701575 |
|  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 | $762291 | $0 | $0 | $762291 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852991 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20247480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21463866 |
|  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 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | (2008490) | 0 | (2008490) |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $9253 | $23176 | $0 | $32429 |
|  Over the counter | 0 | 1505838 | 504 | 1506342 |
|  | $9253 | $1529014 | $504 | $1538771 |
|  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 | (10136) | (12320) | 0 | (22456) |
|  Over the counter | (1622) | (1604836) | 0 | (1606458) |
|  | $(11758) | $(1617156) | $0 | $(1628914) |
|  Total Financial Derivative Instruments | $(2505) | $(88142) | $504 | $(90143) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18150848 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19365233 |

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The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |  |  |  |  |  |  |  |  |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $7838 | $0 | $0 | $0 | $28 | $0 | $0 | $7866 | $28 |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 32226 | 1287 | (1272) | 0 | 82 | 2689 | 0 | (33721) | 1291 | 4 |
| &nbsp;&nbsp; Loan Participations and Assignments | 37338 | 0 | 0 | 20 | 0 | 3330 | 0 | 0 | 40688 | 3330 |
|  Luxembourg |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 13228 | 0 | 0 | 0 | 160 | 0 | 0 | 13388 | 160 |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments<sup>(3)</sup> | 49785 | 0 | (32334) | 7 | 4654 | 609 | 0 | 0 | 22721 | 1537 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Loan Participations and Assignments | 3372 | 3600 | 0 | 0 | 0 | 289 | 0 | 0 | 7261 | 289 |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 68994 | 51256 | (61135) | 10 | (78) | 689 | 0 | 0 | 59736 | 734 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 161100 | 0 | 0 | 0 | 0 | 0 | 0 | 161100 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 12801 | 0 | 0 | 0 | 0 | (5) | 0 | 0 | 12796 | (6) |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 37238 | 0 | (1380) | 32 | 69 | 589 | 0 | 0 | 36548 | 596 |
|  | $241754 | $238309 | $(96121) | $69 | $4727 | $8378 | $0 | $(33721) | $363395 | $6672 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $431 | $0 | $(89) | $0 | $0 | $162 | $0 | $0 | $504 | $162 |
|  Totals | $242185 | $238309 | $(96210) | $69 | $4727 | $8540 | $0 | $(33721) | $363899 | $6834 |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 37

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Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.) September 30, 2025 (Unaudited)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $7866 | Recent Transaction | Purchase Price | 100.000 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 1291 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 40688 | Discounted Cash Flow | Discount Rate | 3.832 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 13388 | Cost | Purchase Price | 100.000 |  |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 22721 | Discounted Cash Flow | Discount Rate | 3.786 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3600 | Cost | Purchase Price | 100.000 |  |
|  | 3661 | Discounted Cash Flow | Discount Rate | 4.070 |  |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 59736 | Discounted Cash Flow | Discount Rate | 4.616-24.400 | 5.641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 161100 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 12796 | Discounted Cash Flow | Discount Rate | 5.990-6.010 | 6.002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 36548 | Discounted Cash Flow | Discount Rate | 5.307-7.109 | 5.743 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 504 | Indicative Market Quotation | Broker Quote | 0.939 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363899 |  |  |  |  |

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<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(3)</sup> Country updated from Luxembourg to Serbia since prior fiscal year end.

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| | | |
|:---|:---|:---|
| **38** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

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Notes to Financial Statements September 30, 2025 (Unaudited)

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and Class R shares of the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the "Fund") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Fund.

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

The Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement 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"). The Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Fund is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **39** |

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Notes to Financial Statements (Cont.)

non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its 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 September 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Fund does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Fund may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to

that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. The Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Fund's annual financial statements presented under U.S. GAAP.

Separately, if the Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Fund's daily internal accounting records and practices, the Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP.

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| | |
|:---|:---|
| **40** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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September 30, 2025 (Unaudited)

Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("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 derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order

to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. 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 the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **41** |

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Notes to Financial Statements (Cont.)

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

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

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may

recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (*e.g.,* credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Fund normally will be taken into account in calculating the NAV. The Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the

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|:---|:---|
| **42** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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September 30, 2025 (Unaudited)

time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold. The Fund's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in the Fund's prospectus.

Under certain circumstances, the per share NAV of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

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

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

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

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for

reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **43** |

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Notes to Financial Statements (Cont.)

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

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

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

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted

prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely

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| **44** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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September 30, 2025 (Unaudited)

by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Fund's website at www.pimco.com, or upon request, as applicable. The tables below show the Fund's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short Asset Portfolio

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18253 | $&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;1591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18253 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4410200) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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

(b) Investments in Securities

The Fund may utilize the investments and strategies described below to the extent permitted by the Fund's investment policies.

Delayed-Delivery Transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the

Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **45** |

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Notes to Financial Statements (Cont.)

The types of loans and related investments in which the Fund may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Fund may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the

insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or

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| **46** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund as of September 30, 2025, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (*i.e.,* not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **47** |

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Notes to Financial Statements (Cont.)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Fund may enter into the borrowings and other financing transactions described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on the Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Fund. The location of these instruments in the Fund's financial statements is described below.

(a) Reverse Repurchase Agreements In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(b) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Fund are reflected as a liability on the Statement of Assets and Liabilities. The Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated

financing terms made by the Fund to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(c) Short Sales Short sales are transactions in which the Fund sells a security that it does not own in anticipation that the market price of that security will decline. The Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Fund. A short sale is "against the box" if the Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the

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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 September 30, 2025, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Fund may enter into the financial derivative instruments described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

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(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the

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Fund's exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate 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.

(d) Swap Agreements are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a

component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Fund's investment policies and restrictions, the Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Fund's other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines (if any) because such value in general better reflects the Fund's actual economic exposure during the term of the credit default swap agreement. As a result, the Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to

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| **50** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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September 30, 2025 (Unaudited)

perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund's exposure to the counterparty.

To the extent the Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount

of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may

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include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Fund is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The net of the notional amount received/delivered, when translated to USD at the trade date, represents an upfront payable/receivable. The re-exchange at maturity may take place at the same exchange rate, a specified rate or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Fund with another party for their respective commitment to pay or receive

interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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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 including declining interest rates, changes in credit spreads and improvements in the issuer's credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell 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. The liquidity of the Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate,

market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. The Fund's use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio

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transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign 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.

China Risk is the risk of investing in securities and instruments economically tied to the People's Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) ("PRC"). These investments subject the Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified."

Leveraging Risk is the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage,

magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Fund's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Fund.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(b) Other Risks

In general, the Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see the Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Fund's performance.

Market Disruptions Risk The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund's service providers, including PIMCO as the Fund's investment adviser, rely, and could otherwise disrupt the Fund's service providers' ability to fulfill their obligations to the Fund.

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Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of the Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude the Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the

Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.

8. MASTER NETTING ARRANGEMENTS

The Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **55** |

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Notes to Financial Statements (Cont.)

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 Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Fund, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation

margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Fund may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule 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 the Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

---

| | |
|:---|:---|
| **56** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

September 30, 2025 (Unaudited)

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional Class | I-2 | I-3 | Administrative Class | Class A | Class C | Class R |
| 0.25% | 0.25% | 0.35%0.45%<sup>(1)</sup> |  | 0.25% | 0.40% | 0.40% | 0.40% |

---

<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of the Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, the Fund may compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits the Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

---

| | | |
|:---|:---|:---|
|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  | 0.25% |
|  **Class C** | 0.75% | 0.25% |
|  **Class R** | 0.25% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** | 0.25% | 0.25% |

---

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales

charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended September 30, 2025, the Distributor retained $1,889,208 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Fund, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **57** |

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Notes to Financial Statements (Cont.)

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for the Fund is reflected on the Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of the Fund's Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of September 30, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of September 30, 2025, the amount waived and/or reimbursed was $56,186.

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

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Fund is known as "portfolio turnover." The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Frequent and active trading of the Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect the Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55745162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57095844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4181774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947253 |

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

---

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| | |
|:---|:---|
| **58** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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------

September 30, 2025 (Unaudited)

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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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>09/30/2025 | Six Months Ended<br>09/30/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 200485 | $1984270 | 298421 | $2952397 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 144577 | 1431161 | 140644 | 1393024 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 5595 | 55343 | 11733 | 116068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 365 | 3607 | 1207 | 11947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 7518 | 74397 | 18080 | 179063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 54 | 534 | 185 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 351 | 3485 | 1283 | 12673 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 19394 | 192193 | 50165 | 497094 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 3809 | 37744 | 5578 | 55279 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 483 | 4791 | 1054 | 10444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 100 | 992 | 273 | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 974 | 9652 | 2496 | 24730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 23 | 229 | 72 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 100 | 989 | 250 | 2481 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (190432) | (1879903) | (323515) | (3196962) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (52283) | (517385) | (101993) | (1009287) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (8327) | (82287) | (7845) | (77646) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1296) | (12826) | (2189) | (21663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (13499) | (133621) | (23701) | (234470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (244) | (2420) | (915) | (9061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (561) | (5551) | (1974) | (19480) |
|  **Net increase (decrease) resulting from Fund share transactions** | 117186 | $1165394 | 69309 | $691875 |

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

---

As of September 30, 2025, three persons owned of record or beneficially 10% or more of the Fund's total outstanding shares, comprising 49% of the Fund.

14. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Fund's tax positions for all open tax years. As of September 30, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **59** |

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Notes to Financial Statements (Cont.) September 30, 2025 (Unaudited)

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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 its last fiscal year ended March 31, 2025, the Fund had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Short-Term | Long-Term |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94454 |

---

---

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

---

As of September 30, 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>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19670913 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1089330) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323975) |

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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| | |
|:---|:---|
| **60** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | GLM | Goldman Sachs Bank USA | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | GST | Goldman Sachs International | NGF | Nomura Global Financial Products, Inc. |
| BOO | BoA Securities, Inc (Repo Only) | IND | Crédit Agricole Corporate and Investment Bank S.A. | SBI | Citigroup Global Markets Ltd. |
| BPS | BNP Paribas S.A. | JPM | JP Morgan Chase Bank N.A. | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | JPS | J.P. Morgan Securities LLC | SOG | Societe Generale Paris |
| BSH | Banco Santander S.A. - New York Branch | MBC | HSBC Bank Plc | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MEI | Merrill Lynch International | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC | UBS | UBS Securities LLC |
| FAR | Wells Fargo Bank National Association |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | HKD | Hong Kong Dollar | NOK | Norwegian Krone |
| BRL | Brazilian Real | HUF | Hungarian Forint | NZD | New Zealand Dollar |
| CAD | Canadian Dollar | IDR | Indonesian Rupiah | PEN | Peruvian New Sol |
| CHF | Swiss Franc | ILS | Israeli Shekel | PLN | Polish Zloty |
| CLP | Chilean Peso | INR | Indian Rupee | RON | Romanian New Leu |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | SEK | Swedish Krona |
| CNY | Chinese Renminbi (Mainland) | KRW | South Korean Won | SGD | Singapore Dollar |
| CZK | Czech Koruna | KWD | Kuwaiti Dinar | THB | Thai Baht |
| DKK | Danish Krone | KZT | Kazakhstani Tenge | TRY | Turkish New Lira |
| EGP | Egyptian Pound | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EUR | Euro | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| GBP | British Pound | NGN | Nigerian Naira | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOT | Chicago Board of Trade | EUREX | Eurex Exchange | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| Bobl | Bundesobligation, the German word for federal government bond | EUR003M | 3 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | EUR006M | 6 Month EUR Swap Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CDX.IG | Credit Derivatives Index - Investment Grade | H15T1Y | 1 Year US Treasury Yield Curve Constant Maturity Rate | SRFXON3 | Swiss Overnight Rate Average (6PM) |
| CNREPOFIX | China Fixing Repo Rates 7-Day | MUTKCALM | Tokyo Overnight Average Rate | TSFR3M | Term SOFR 3-Month |
| CPI | Consumer Price Index | SIBCSORA | Singapore Overnight Rate Average |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | PRIBOR | Prague Interbank Offered Rate |
| ALT | Alternate Loan Trust | EURIBOR | Euro Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| BBR | Bank Bill Rate | KORIBOR | Korea Interbank Offered Rate | STIBOR | Stockholm Interbank Offered Rate |
| BBSW | Bank Bill Swap Reference Rate | MIBOR | Mumbai Interbank Offered Rate | TBA | To-Be-Announced |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | OAT | Obligations Assimilables du Trésor | TBD | To-Be-Determined |
| CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap | TBD% | Interest rate to be determined when loan settles or at the time of funding |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **61** |

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Distribution Information

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Fund estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO International Bond 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) |
|  April 2025 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |
|  May 2025 | $0.0372 | $0.0000 | $0.0000 | $0.0372 |
|  June 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  July 2025 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |
|  August 2025 | $0.0371 | $0.0000 | $0.0000 | $0.0371 |
|  September 2025 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
| 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) |
|  April 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
|  May 2025 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |
|  June 2025 | $0.0365 | $0.0000 | $0.0000 | $0.0365 |
|  July 2025 | $0.0358 | $0.0000 | $0.0000 | $0.0358 |
|  August 2025 | $0.0362 | $0.0000 | $0.0000 | $0.0362 |
|  September 2025 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
| 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) |
|  April 2025 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
|  May 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
|  June 2025 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  July 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  August 2025 | $0.0358 | $0.0000 | $0.0000 | $0.0358 |
|  September 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0343 | $0.0000 | $0.0000 | $0.0343 |
|  May 2025 | $0.0350 | $0.0000 | $0.0000 | $0.0350 |
|  June 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  July 2025 | $0.0345 | $0.0000 | $0.0000 | $0.0345 |
|  August 2025 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |
|  September 2025 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
| 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) |
|  April 2025 | $0.0331 | $0.0000 | $0.0000 | $0.0331 |
|  May 2025 | $0.0337 | $0.0000 | $0.0000 | $0.0337 |
|  June 2025 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  July 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  August 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  September 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |

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| | |
|:---|:---|
| **62** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  April 2025 | $0.0270 | $0.0000 | $0.0000 | $0.0270 |
|  May 2025 | $0.0273 | $0.0000 | $0.0000 | $0.0273 |
|  June 2025 | $0.0282 | $0.0000 | $0.0000 | $0.0282 |
|  July 2025 | $0.0269 | $0.0000 | $0.0000 | $0.0269 |
|  August 2025 | $0.0271 | $0.0000 | $0.0000 | $0.0271 |
|  September 2025 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
| **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)** |
|  April 2025 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  May 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  June 2025 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  July 2025 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  August 2025 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  September 2025 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **63** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **64** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **65** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amended and Restated Asset Allocation Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund, each a series of the Trust, and Research Affiliates (collectively, the "Sub-Advisory Agreements" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Funds (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Funds, as applicable. In considering whether to

approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Fund that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Funds that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Fund that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. The

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| | |
|:---|:---|
| **66** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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------

(Unaudited)

Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Funds.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and the sub-advisory services provided by Research Affiliates to the PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, and PIMCO RAE Worldwide Long/Short PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation and/or sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreements are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **67** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

March 31, 2025 and other performance data, as available, over short**-** and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2025 (the "Broadridge Report").

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Fund would have substantially similar performance to that of the Institutional Class of the relevant Fund on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation. The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a better comparison.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relative performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary

Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes at scale at the outset with reference to the total expense ratios of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, as well as the universe of other similar funds. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place or proposed for certain of the Funds and/or classes, including those implemented in connection with feedback provided by the Board, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Funds in their respective Subsidiaries. The Board also considered that PIMCO reviews the Funds' fee levels and considers changes where appropriate.

The Board also reviewed data comparing the Funds' advisory fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services

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| | |
|:---|:---|
| **68** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

(Unaudited)

provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee for each Fund. In return for this unified fee, PIMCO provides or procures

supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Funds and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Fund fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Funds in prior years. In addition, the Board considered proposed advisory and supervisory and administrative fee reductions for certain Funds and/or classes. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **69** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

not duplicative of the advisory services provided to the underlying funds. The Board also considered any fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreements, and the total expense ratios of each Fund are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Funds. To the extent applicable, the Board also reviewed information regarding the portion of a Fund's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Fund. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be competitive compared with peers. The Board also considered that the

unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds' Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic

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| | |
|:---|:---|
| **70** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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(Unaudited)

managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreements on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Funds and their shareholders.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **71** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Fund listed on the Report cover.

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![LOGO](g830215g75h91.jpg)

PIMS0770FSTMSAR_093025

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![LOGO](g920200g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 2025

PIMCO Total Return Fund

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#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Total Return Fund](#tx920200_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx920200_2) | 6 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx920200_3) | 8 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx920200_4) | 10 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx920200_5) | 11 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments (N-CSR Item 6)](#tx920200_6) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx920200_7) | 47 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx920200_8) | 66 |
| &nbsp;&nbsp; [Glossary](#tx920200_9) | 70 |
| &nbsp;&nbsp; [Distribution Information](#tx920200_10) | 71 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx920200_11) | 73 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx920200_12) | 74 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx920200_13) | 75 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

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Important Information About the PIMCO Total Return Fund

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Total Return Fund (the "Fund").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Fund may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Fund may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Fund's performance or cause the Fund to incur losses. As a result, the Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Fund may be subject to various risks as described in the Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Fund's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments section of this report may differ from the classification used for the Fund's compliance calculations, including those used in the Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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

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

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead

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|:---|:---|
| **2** | **PIMCO TOTAL RETURN FUND** |

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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 Fund and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Fund, issuers in which it invests and other market participants and Fund service providers. For example, if a bank at which the Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Fund invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Fund and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

The following table discloses the inception dates of the Fund and its respective share classes along with the Fund's diversification status as of period end:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R | Diversification<br>Status |
|  PIMCO Total Return Fund | 05/11/87 | 05/11/87 | 04/30/08 | 04/27/18 | 09/08/94 | 01/13/97 | 01/13/97 | 12/31/02 | Diversified |

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Fund's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings,

and may amend or enter into any contracts to which the Trust or the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund's website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Fund's complete schedule of securities holdings as of the end of each fiscal quarter will be

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

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| | |
|:---|:---|
| Important Information About the PIMCO Total Return Fund | (Cont.) |

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made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Fund's shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | |
|:---|:---|
| **4** | **PIMCO TOTAL RETURN FUND** |

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>5</sub> |

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| | |
|:---|:---|
| Financial Highlights | PIMCO Total Return Fund (Consolidated) |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $8.68 | $0.19 | $0.14 | $0.33 | $(0.20) | $0.00 | $0.00 | $(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.39 | 0.13 | 0.52 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.36 | (0.09) | 0.27 | (0.21) | 0.00 | (0.13) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.27 | (0.83) | (0.56) | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.20 | (0.60) | (0.40) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.22 | 0.13 | 0.35 | (0.24) | (0.38) | 0.00 | (0.62) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.68 | 0.19 | 0.13 | 0.32 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.38 | 0.13 | 0.51 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.36 | (0.10) | 0.26 | (0.20) | 0.00 | (0.13) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.27 | (0.84) | (0.57) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.19 | (0.60) | (0.41) | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.21 | 0.13 | 0.34 | (0.23) | (0.38) | 0.00 | (0.61) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.68 | 0.19 | 0.13 | 0.32 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.37 | 0.14 | 0.51 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.35 | (0.09) | 0.26 | (0.20) | 0.00 | (0.13) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.27 | (0.84) | (0.57) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.19 | (0.60) | (0.41) | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.21 | 0.13 | 0.34 | (0.23) | (0.38) | 0.00 | (0.61) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.68 | 0.18 | 0.14 | 0.32 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.36 | 0.14 | 0.50 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.34 | (0.09) | 0.25 | (0.19) | 0.00 | (0.13) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.25 | (0.83) | (0.58) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.18 | (0.60) | (0.42) | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.19 | 0.14 | 0.33 | (0.22) | (0.38) | 0.00 | (0.60) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.68 | 0.18 | 0.13 | 0.31 | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.36 | 0.13 | 0.49 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.33 | (0.09) | 0.24 | (0.18) | 0.00 | (0.13) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.24 | (0.83) | (0.59) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.17 | (0.60) | (0.43) | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.18 | 0.14 | 0.32 | (0.21) | (0.38) | 0.00 | (0.59) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.68 | 0.14 | 0.14 | 0.28 | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.29 | 0.14 | 0.43 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.27 | (0.09) | 0.18 | (0.12) | 0.00 | (0.13) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.17 | (0.82) | (0.65) | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.09 | (0.60) | (0.51) | (0.13) | 0.00 | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.11 | 0.13 | 0.24 | (0.13) | (0.38) | 0.00 | (0.51) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.68 | 0.17 | 0.13 | 0.30 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.33 | 0.14 | 0.47 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.31 | (0.09) | 0.22 | (0.16) | 0.00 | (0.13) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.22 | (0.83) | (0.61) | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.14 | (0.60) | (0.46) | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.16 | 0.13 | 0.29 | (0.18) | (0.38) | 0.00 | (0.56) |

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

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+ Unaudited

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

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. 

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

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

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> Ratios shown do not include expenses of the investment companies in which the Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $8.81 | 3.85% | $34639673 | 0.53 | %\* | 0.53 | %\* | 0.46 | %\* | 0.46 | %\* | 4.44 | %\* | 255% |
| 8.68 | 6.22 | 34437824 | 0.53 |  | 0.53 |  | 0.46 |  | 0.46 |  | 4.49 |  | 606 |
| 8.56 | 3.27 | 42614284 | 0.51 |  | 0.51 |  | 0.46 |  | 0.46 |  | 4.32 |  | 469 |
| 8.63 | (5.75) | 44432756 | 0.49 |  | 0.49 |  | 0.46 |  | 0.46 |  | 3.09 |  | 377 |
| 9.58 | (4.02) | 51678056 | 0.46 |  | 0.46 |  | 0.46 |  | 0.46 |  | 1.97 |  | 289 |
| 10.22 | 3.25 | 52033884 | 0.47 |  | 0.47 |  | 0.46 |  | 0.46 |  | 2.06 |  | 430 |
| 8.81 | 3.79 | 5583546 | 0.63 | \* | 0.63 | \* | 0.56 | \* | 0.56 | \* | 4.34 | \* | 255 |
| 8.68 | 6.12 | 5346377 | 0.63 |  | 0.63 |  | 0.56 |  | 0.56 |  | 4.37 |  | 606 |
| 8.56 | 3.17 | 4757258 | 0.61 |  | 0.61 |  | 0.56 |  | 0.56 |  | 4.23 |  | 469 |
| 8.63 | (5.85) | 4276414 | 0.59 |  | 0.59 |  | 0.56 |  | 0.56 |  | 2.99 |  | 377 |
| 9.58 | (4.11) | 4428616 | 0.56 |  | 0.56 |  | 0.56 |  | 0.56 |  | 1.86 |  | 289 |
| 10.22 | 3.15 | 4682354 | 0.57 |  | 0.57 |  | 0.56 |  | 0.56 |  | 1.96 |  | 430 |
| 8.81 | 3.77 | 176378 | 0.68 | \* | 0.73 | \* | 0.61 | \* | 0.66 | \* | 4.29 | \* | 255 |
| 8.68 | 6.06 | 170898 | 0.68 |  | 0.73 |  | 0.61 |  | 0.66 |  | 4.32 |  | 606 |
| 8.56 | 3.12 | 139332 | 0.66 |  | 0.71 |  | 0.61 |  | 0.66 |  | 4.18 |  | 469 |
| 8.63 | (5.89) | 136834 | 0.64 |  | 0.69 |  | 0.61 |  | 0.66 |  | 3.03 |  | 377 |
| 9.58 | (4.16) | 92075 | 0.61 |  | 0.66 |  | 0.61 |  | 0.66 |  | 1.81 |  | 289 |
| 10.22 | 3.10 | 107994 | 0.62 |  | 0.67 |  | 0.61 |  | 0.66 |  | 1.94 |  | 430 |
| 8.81 | 3.72 | 606096 | 0.78 | \* | 0.78 | \* | 0.71 | \* | 0.71 | \* | 4.19 | \* | 255 |
| 8.68 | 5.96 | 630807 | 0.78 |  | 0.78 |  | 0.71 |  | 0.71 |  | 4.23 |  | 606 |
| 8.56 | 3.02 | 731886 | 0.76 |  | 0.76 |  | 0.71 |  | 0.71 |  | 4.05 |  | 469 |
| 8.63 | (5.99) | 1069278 | 0.74 |  | 0.74 |  | 0.71 |  | 0.71 |  | 2.79 |  | 377 |
| 9.58 | (4.26) | 1569483 | 0.71 |  | 0.71 |  | 0.71 |  | 0.71 |  | 1.72 |  | 289 |
| 10.22 | 2.99 | 1668610 | 0.72 |  | 0.72 |  | 0.71 |  | 0.71 |  | 1.82 |  | 430 |
| 8.81 | 3.67 | 4000735 | 0.87 | \* | 0.87 | \* | 0.80 | \* | 0.80 | \* | 4.10 | \* | 255 |
| 8.68 | 5.86 | 4112833 | 0.87 |  | 0.87 |  | 0.80 |  | 0.80 |  | 4.14 |  | 606 |
| 8.56 | 2.93 | 4553670 | 0.85 |  | 0.85 |  | 0.80 |  | 0.80 |  | 3.98 |  | 469 |
| 8.63 | (6.07) | 5217377 | 0.83 |  | 0.83 |  | 0.80 |  | 0.80 |  | 2.74 |  | 377 |
| 9.58 | (4.34) | 6460966 | 0.80 |  | 0.80 |  | 0.80 |  | 0.80 |  | 1.62 |  | 289 |
| 10.22 | 2.90 | 7991147 | 0.81 |  | 0.81 |  | 0.80 |  | 0.80 |  | 1.72 |  | 430 |
| 8.81 | 3.28 | 106294 | 1.62 | \* | 1.62 | \* | 1.55 | \* | 1.55 | \* | 3.35 | \* | 255 |
| 8.68 | 5.07 | 115574 | 1.62 |  | 1.62 |  | 1.55 |  | 1.55 |  | 3.39 |  | 606 |
| 8.56 | 2.16 | 126074 | 1.60 |  | 1.60 |  | 1.55 |  | 1.55 |  | 3.22 |  | 469 |
| 8.63 | (6.78) | 154869 | 1.58 |  | 1.58 |  | 1.55 |  | 1.55 |  | 1.96 |  | 377 |
| 9.58 | (5.06) | 222903 | 1.55 |  | 1.55 |  | 1.55 |  | 1.55 |  | 0.87 |  | 289 |
| 10.22 | 2.13 | 353523 | 1.56 |  | 1.56 |  | 1.55 |  | 1.55 |  | 1.01 |  | 430 |
| 8.81 | 3.54 | 381210 | 1.12 | \* | 1.12 | \* | 1.05 | \* | 1.05 | \* | 3.85 | \* | 255 |
| 8.68 | 5.60 | 374610 | 1.12 |  | 1.12 |  | 1.05 |  | 1.05 |  | 3.89 |  | 606 |
| 8.56 | 2.68 | 386149 | 1.10 |  | 1.10 |  | 1.05 |  | 1.05 |  | 3.73 |  | 469 |
| 8.63 | (6.31) | 414747 | 1.08 |  | 1.08 |  | 1.05 |  | 1.05 |  | 2.47 |  | 377 |
| 9.58 | (4.58) | 549527 | 1.05 |  | 1.05 |  | 1.05 |  | 1.05 |  | 1.37 |  | 289 |
| 10.22 | 2.64 | 677048 | 1.06 |  | 1.06 |  | 1.05 |  | 1.05 |  | 1.48 |  | 430 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | PIMCO Total Return Fund |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $57047772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 2839093 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 22069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 175420 |
|  Cash | 325561 |
|  Deposits with counterparty | 27026 |
|  Foreign currency, at value | 154029 |
|  Receivable for investments sold | 54572 |
|  Receivable for investments sold on a delayed-delivery basis | 1208 |
|  Receivable for TBA investments sold | 16158164 |
|  Receivable for Fund shares sold | 47956 |
|  Interest and/or dividends receivable | 273656 |
|  Dividends receivable from Affiliates | 10875 |
|  Reimbursement receivable from PIMCO | 21 |
|  **Total Assets** | 77137422 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $345995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 191908 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 13792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 140720 |
|  Payable for investments purchased | 1329243 |
|  Payable for investments in Affiliates purchased | 11258 |
|  Payable for TBA investments purchased | 29179647 |
|  Payable for unfunded loan commitments | 82521 |
|  Deposits from counterparty | 227053 |
|  Payable for Fund shares redeemed | 91771 |
|  Distributions payable | 11021 |
|  Accrued investment advisory fees | 9026 |
|  Accrued supervisory and administrative fees | 8370 |
|  Accrued distribution fees | 260 |
|  Accrued servicing fees | 893 |
|  Foreign capital gains tax payable | 12 |
|  **Total Liabilities** | 31643490 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $45493932 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $55213544 |
|  Distributable earnings (accumulated loss) | (9719612) |
|  **Net Assets** | $45493932 |
|  Cost of investments in securities | $59557933 |
|  Cost of investments in Affiliates | $2873125 |
|  Cost of foreign currency held | $154308 |
|  Proceeds received on short sales | $193091 |
|  Cost or premiums of financial derivative instruments, net | $196193 |
|  \* Includes repurchase agreements of: | $448291 |

---

---

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

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $34639673 |
|  I-2 | 5583546 |
|  I-3 | 176378 |
|  Administrative Class | 606096 |
|  Class A | 4000735 |
|  Class C | 106294 |
|  Class R | 381210 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 3933620 |
|  I-2 | 634069 |
|  I-3 | 20030 |
|  Administrative Class | 68828 |
|  Class A | 454324 |
|  Class C | 12071 |
|  Class R | 43289 |
|  **Net Asset Value Per Share Outstanding<sup>(a):</sup>** |  |
|  Institutional Class | $8.81 |
|  I-2 | 8.81 |
|  I-3 | 8.81 |
|  Administrative Class | 8.81 |
|  Class A | 8.81 |
|  Class C | 8.81 |
|  Class R | 8.81 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>9</sub> |

---

------

---

| | |
|:---|:---|
| Consolidated Statement of Operations | PIMCO Total Return Fund |

---

---

| | |
|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $1032137 |
|  Dividends | 5908 |
|  Dividends from Investments in Affiliates | 69237 |
|  Miscellaneous income | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 1108685 |
|  **Expenses:** |  |
|  Investment advisory fees | 55804 |
|  Supervisory and administrative fees | 51728 |
|  Distribution and/or servicing fees - Administrative Class | 767 |
|  Distribution and/or servicing fees - Class A | 5004 |
|  Distribution and/or servicing fees - Class C | 549 |
|  Distribution and/or servicing fees - Class R | 934 |
|  Trustee fees | 96 |
|  Interest expense | 15357 |
|  Miscellaneous expense | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 130268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 130137 |
|  **Net Investment Income (Loss)** | 978548 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (69785) |
|  Investments in Affiliates | 96 |
|  Exchange-traded or centrally cleared financial derivative instruments | 316033 |
|  Over the counter financial derivative instruments | (280162) |
|  Foreign currency | 2210 |
|  **Net Realized Gain (Loss)** | (31608) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 816056 |
|  Investments in Affiliates | 5679 |
|  Exchange-traded or centrally cleared financial derivative instruments | (115382) |
|  Over the counter financial derivative instruments | 1007 |
|  Foreign currency assets and liabilities | (249) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 707111 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1654051 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

---

| | |
|:---|:---|
| Consolidated Statements of Changes in Net Assets | PIMCO Total Return Fund |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $978548 | $2162562 |
|  Net realized gain (loss) | (31608) | (776979) |
|  Net change in unrealized appreciation (depreciation) | 707111 | 1549940 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 1654051 | 2935523 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (781372) | (1775845) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (119605) | (226671) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (3749) | (7018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (13323) | (30247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (85059) | (186832) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1921) | (4233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (7472) | (15423) |
|  **Total Distributions<sup>(a)</sup>** | (1012501) | (2246269) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (336541) | (8808984) |
|  **Total Increase (Decrease) in Net Assets** | 305009 | (8119730) |
|  **Net Assets:** |  |  |
|  Beginning of period | 45188923 | 53308653 |
|  End of period | $45493932 | $45188923 |

---

---

| | |
|:---|:---|
| <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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</sub> |

---

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund |

---

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 125.3% | INVESTMENTS IN SECURITIES 125.3% | INVESTMENTS IN SECURITIES 125.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1% |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.538% due 12/18/2029 «~ | 92000 | 92722 |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.818% (TSFR3M + 5.500%) due 08/15/2028 «~ | 11166 | 10831 |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 « | 68172 | 65151 |
|  Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
|  TBD% - 10.723% (TSFR3M + 6.000%) due 05/16/2029 «~µ | 2500 | 2572 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% - 1.000% due 01/03/2031 «µ | 4493 | 4493 |
|  TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~ | 20301 | 20656 |
|  Encina Private Credit LLC | Encina Private Credit LLC | Encina Private Credit LLC |
|  TBD% - 8.333% due 11/30/2025 «µ | 4179 | 4058 |
|  KRE 1330 Broadway Owner LLC | KRE 1330 Broadway Owner LLC | KRE 1330 Broadway Owner LLC |
|  6.007% due 11/10/2025 «~ | 109168 | 58942 |
|  Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III |
|  6.043% (TSFR3M + 2.000%) due 03/26/2026 «~(l) | 15300 | 15302 |
|  Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp |
|  4.117% (EUR003M + 2.100%) due 02/27/2026 «~(l) | 10112 | 11871 |
|  Project Fenno | Project Fenno | Project Fenno |
|  TBD% - 0.500% due 07/10/2028 «µ(l) | 14888 | 17479 |
|  4.366% (EUR003M + 2.350%) due 07/10/2028 «~(l) | 14950 | 17553 |
|  Project Flash | Project Flash | Project Flash |
|  TBD% (TSFR1M + 2.250%) due 04/30/2030 «~µ | 31584 | 31584 |
|  TBD% due 04/30/2030 «~µ | 31933 | 31933 |
|  TBD% (TSFR3M + 2.250%) due 04/30/2030 «~µ | 31184 | 31184 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « | 26500 | 26835 |
|  Project Nova | Project Nova | Project Nova |
|  7.250% (PRIME) due 08/31/2026 «~ | 10000 | 10000 |
|  Project Quasar Pledgco SLU | Project Quasar Pledgco SLU | Project Quasar Pledgco SLU |
|  5.130% (EUR001M + 3.250%) due 04/17/2026 «~ | 46720 | 53433 |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  8.608% (TSFR3M + 4.500%) due 12/19/2031 ~ | 10274 | 9773 |
|  Total Loan Participations and Assignments (Cost $564,146) | Total Loan Participations and Assignments (Cost $564,146) | 516372 |
| CORPORATE BONDS & NOTES 23.1% | CORPORATE BONDS & NOTES 23.1% | CORPORATE BONDS & NOTES 23.1% |
| BANKING & FINANCE 13.1% | BANKING & FINANCE 13.1% | BANKING & FINANCE 13.1% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.904% (T-BILL 3MO + 11.000%) due 09/14/2031 ~ | 700 | 700 |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  2.470% due 12/13/2029 •  | 1000 | 946 |
|  6.339% due 09/18/2027 •  | 1300 | 1325 |
|  6.575% due 10/13/2026 •  | 5500 | 5503 |
|  Accident Fund Insurance Co. of America | Accident Fund Insurance Co. of America | Accident Fund Insurance Co. of America |
|  8.500% due 08/01/2032 | 45000 | 45488 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 1900 | 1867 |
|  3.000% due 10/29/2028 | 643 | 620 |
|  4.450% due 10/01/2025 | 22600 | 22600 |
|  4.450% due 04/03/2026 | 3900 | 3900 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 | 54500 | 52570 |
|  4.250% due 06/15/2026 | 1500 | 1499 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  12.338% (T-BILL 1MO + 8.434%) due 06/07/2027 ~ | 8000 | 8597 |
|  15.784% (T-BILL 1MO + 11.880%) due 06/08/2026 ~ | 8000 | 8420 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  3.950% due 01/15/2028 | 600 | 597 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  2.200% due 11/02/2028 | 890 | 832 |
|  4.750% due 06/09/2027 | 2372 | 2385 |
|  6.848% due 01/03/2030 •(n) | 8400 | 8889 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 28500 | 25899 |
|  American Express Co. | American Express Co. | American Express Co. |
|  2.550% due 03/04/2027 | 1960 | 1922 |
|  5.085% due 01/30/2031 •  | 5000 | 5157 |
|  6.338% due 10/30/2026 •  | 7700 | 7713 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  2.375% due 07/15/2031 | 2600 | 2305 |
|  4.250% due 02/15/2028 | 6678 | 6663 |
|  4.900% due 02/15/2029 | 53900 | 54870 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.750% due 01/15/2027 | 23000 | 22602 |
|  3.375% due 10/15/2026 | 4165 | 4136 |
|  3.650% due 03/15/2027 | 275 | 273 |
|  5.200% due 02/15/2029 | 5300 | 5456 |
|  5.800% due 11/15/2028 | 825 | 862 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  3.950% due 07/15/2026 | 6200 | 6164 |
|  6.500% due 02/08/2029 | 16200 | 16567 |
|  7.950% due 08/11/2028 | 20600 | 21920 |
|  Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
|  5.125% due 03/01/2027 (n) | 16763 | 17003 |
|  5.150% due 03/01/2029 (n) | 4800 | 4941 |
|  ARES Capital Corp. | ARES Capital Corp. | ARES Capital Corp. |
|  5.100% due 01/15/2031 | 14800 | 14697 |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  12.407% (T-BILL 3MO + 8.500%) due 01/07/2032 ~ | 600 | 640 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.252% (SOFRINDX + 1.030%) due 08/27/2026 ~ | 5900 | 5932 |
|  5.322% due 11/13/2031 | 8000 | 8192 |
|  5.363% (SOFRINDX + 1.210%) due 03/25/2027 ~ | 25000 | 25207 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  3.500% due 11/01/2027 | 1000 | 983 |
|  4.875% due 10/01/2025 | 3800 | 3800 |
|  5.125% due 04/10/2030 | 3400 | 3455 |
|  5.375% due 07/15/2029 | 1100 | 1127 |
|  6.250% due 04/15/2028 | 8318 | 8677 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 7703 | 7408 |
|  4.950% due 10/15/2032 | 14100 | 13935 |
|  5.750% due 03/01/2029 | 6100 | 6319 |
|  6.375% due 05/04/2028 | 1900 | 1982 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.381% due 03/13/2029 | 10600 | 10955 |
|  6.033% due 03/13/2035 •(n) | 11100 | 11808 |
|  Banco BTG Pactual SA | Banco BTG Pactual SA | Banco BTG Pactual SA |
|  2.750% due 01/11/2026 | 7600 | 7547 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  4.175% due 03/24/2028 •  | 19200 | 19175 |
|  5.565% (SOFRRATE + 1.380%) due 03/14/2028 ~(n) | 24800 | 24991 |
|  5.565% due 01/17/2030 | 37900 | 39576 |
|  6.527% due 11/07/2027 •  | 15800 | 16189 |
|  6.607% due 11/07/2028 | 15800 | 16899 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.197% due 10/24/2026 •(n) | 26600 | 26549 |
|  2.551% due 02/04/2028 •  | 38300 | 37517 |
|  3.419% due 12/20/2028 •  | 32648 | 32155 |
|  3.559% due 04/23/2027 •  | 5086 | 5067 |
|  3.824% due 01/20/2028 •  | 6035 | 6008 |
|  3.970% due 03/05/2029 •  | 3020 | 3006 |
|  4.271% due 07/23/2029 •  | 850 | 853 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.376% due 04/27/2028 •  | $— | 8460 | $— | 8492 |
|  4.948% due 07/22/2028 •  |  | 9143 |  | 9276 |
|  4.979% due 01/24/2029 •  |  | 8000 |  | 8149 |
|  5.080% due 01/20/2027 •  |  | 2782 |  | 2787 |
|  5.513% (SOFRRATE + 1.350%) due 09/15/2027 ~ |  | 15000 |  | 15134 |
|  5.933% due 09/15/2027 •  |  | 48200 |  | 49007 |
|  6.204% due 11/10/2028 •  |  | 5897 |  | 6147 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
|  4.975% due 03/14/2030 •  |  | 7400 |  | 7606 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.896% due 07/13/2026 |  | 11100 |  | 11255 |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  2.894% due 11/24/2032 •  |  | 2209 |  | 1991 |
|  4.837% due 09/10/2028 •  |  | 20600 |  | 20815 |
|  4.942% due 09/10/2030 •  |  | 2100 |  | 2132 |
|  5.335% due 09/10/2035 •  |  | 19800 |  | 20093 |
|  5.669% (SOFRRATE + 1.490%) due 03/12/2028 ~ |  | 46500 |  | 46996 |
|  5.674% due 03/12/2028 •  |  | 26700 |  | 27224 |
|  5.690% due 03/12/2030 •  |  | 16500 |  | 17146 |
|  5.851% due 03/21/2035 •  |  | 2900 |  | 3951 |
|  6.056% (SOFRRATE + 1.880%) due 09/13/2027 ~ | $— | 29000 |  | 29310 |
|  6.375% due 12/15/2025 •(i)(k) |  | 1100 |  | 1482 |
|  6.490% due 09/13/2029 •  | $— | 17500 |  | 18538 |
|  6.496% due 09/13/2027 •  |  | 42300 |  | 43162 |
|  7.325% due 11/02/2026 •  |  | 40000 |  | 40093 |
|  7.385% due 11/02/2028 •  |  | 31700 |  | 33625 |
|  7.437% due 11/02/2033 •  |  | 3191 |  | 3662 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 |  | 4500 |  | 4495 |
|  6.150% due 04/02/2030 (n) |  | 1400 |  | 1436 |
|  6.600% due 06/10/2029 |  | 12600 |  | 13110 |
|  8.000% due 05/25/2028 |  | 18100 |  | 19332 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 |  | 2000 |  | 1822 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  |  | 39900 |  | 38055 |
|  2.871% due 04/19/2032 •  |  | 5800 |  | 5272 |
|  4.625% due 02/25/2031 •(i)(k) |  | 9600 |  | 8778 |
|  5.125% due 01/13/2029 •(n) |  | 16800 |  | 17139 |
|  5.198% due 01/10/2030 •  |  | 33000 |  | 33781 |
|  5.497% due 05/20/2030 •(n) |  | 26700 |  | 27622 |
|  5.786% due 01/13/2033 •  |  | 2800 |  | 2941 |
|  Bonanza RE Ltd. | Bonanza RE Ltd. | Bonanza RE Ltd. | Bonanza RE Ltd. | Bonanza RE Ltd. |
|  3.970% (MSMMUSTF) due 01/08/2026 ~ |  | 300 |  | 292 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 |  | 1700 |  | 1805 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  2.450% due 10/01/2033 (n) |  | 4076 |  | 3337 |
|  3.400% due 06/21/2029 (n) |  | 24141 |  | 23175 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  5.281% due 05/30/2029 |  | 4750 |  | 4897 |
|  5.876% due 01/14/2031 •  |  | 13300 |  | 13894 |
|  5.936% due 05/30/2035 •  |  | 4900 |  | 5135 |
|  6.612% due 10/19/2027 •  |  | 29050 |  | 29714 |
|  6.714% due 10/19/2029 •  |  | 16700 |  | 17737 |
|  7.003% due 10/19/2034 •  |  | 5400 |  | 6026 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  3.950% due 11/15/2027 |  | 13116 |  | 12883 |
|  4.550% due 10/01/2029 (n) |  | 16500 |  | 15780 |
|  8.300% due 03/15/2028 (n) |  | 1900 |  | 2021 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  2.250% due 04/01/2028 |  | 2500 |  | 2383 |
|  3.900% due 03/15/2027 |  | 3090 |  | 3077 |
|  4.125% due 06/15/2026 |  | 8500 |  | 8488 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  4.350% due 04/15/2030 (n) |  | 1200 |  | 1200 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.673% due 03/15/2030 •(n) |  | 3000 |  | 3113 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.243% due 09/08/2028 •  |  | 6100 |  | 6113 |
|  4.580% due 09/08/2031 •  |  | 10000 |  | 10037 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  10.832% (T-BILL 1MO + 6.900%) due 03/13/2032 ~ |  | 5500 |  | 5782 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  4.927% due 05/10/2028 •(n) | 18700 | 18895 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  7.500% due 05/30/2029 | 7900 | 8423 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 | 7750 | 7940 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.572% due 06/03/2031 •  | 8600 | 7914 |
|  3.070% due 02/24/2028 •  | 71900 | 70809 |
|  4.658% due 05/24/2028 •  | 2400 | 2419 |
|  5.174% due 02/13/2030 •  | 3800 | 3899 |
|  Consumers Securitization Funding LLC | Consumers Securitization Funding LLC | Consumers Securitization Funding LLC |
|  5.210% due 09/01/2031 | 2600 | 2683 |
|  5.550% due 03/01/2028 | 14518 | 14706 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.106% due 02/24/2027 •  | 20600 | 20338 |
|  4.655% due 08/22/2028 •  | 32000 | 32280 |
|  5.447% due 03/05/2030 •  | 10850 | 11241 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  2.250% due 03/15/2026 | 5390 | 5336 |
|  2.750% due 04/15/2031 (n) | 2700 | 2446 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.650% due 08/20/2027 | 3300 | 3338 |
|  5.750% due 07/02/2026 | 2500 | 2530 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 9600 | 8792 |
|  CPI Property Group SA | CPI Property Group SA | CPI Property Group SA |
|  1.500% due 01/27/2031 | 2786 | 2725 |
|  1.750% due 01/14/2030 | 28900 | 29680 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 27900 | 8658 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.247% due 01/26/2027 •  | 3700 | 3661 |
|  5.052% (SOFRRATE + 0.870%) due 03/11/2027 ~ | 21850 | 21949 |
|  6.316% due 10/03/2029 •(n) | 16750 | 17664 |
|  Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
|  6.520% due 03/20/2028 «(l) | 9900 | 10026 |
|  6.740% due 03/20/2030 «(l) | 8400 | 8575 |
|  Credit Suisse AG AT1 Claim | 27500 | 3575 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.900% due 03/15/2027 | 500 | 491 |
|  3.700% due 06/15/2026 | 600 | 598 |
|  4.800% due 09/01/2028 | 4000 | 4058 |
|  5.600% due 06/01/2029 | 3100 | 3223 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  4.298% due 04/01/2028 •(n) | 18900 | 18922 |
|  5.427% due 03/01/2028 •  | 3700 | 3764 |
|  5.705% due 03/01/2030 •  | 5600 | 5829 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.625% due 01/20/2027 | 400 | 465 |
|  1.750% due 11/19/2030 •  | 32800 | 36415 |
|  2.129% due 11/24/2026 •  | 22800 | 22718 |
|  2.311% due 11/16/2027 •  | 26300 | 25728 |
|  3.035% due 05/28/2032 •  | 400 | 366 |
|  3.547% due 09/18/2031 •  | 49700 | 47125 |
|  3.729% due 01/14/2032 •  | 800 | 750 |
|  4.950% due 08/04/2031 •  | 17100 | 17265 |
|  5.000% due 09/05/2030 •  | 22200 | 27832 |
|  5.468% (SOFRRATE + 1.219%) due 11/16/2027 ~ | 18300 | 18390 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  3.600% due 07/01/2029 | 13617 | 13286 |
|  4.450% due 07/15/2028 | 43490 | 43832 |
|  DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC |
|  3.950% due 01/15/2028 | 3900 | 3870 |
|  East Lane Re VII Ltd. | East Lane Re VII Ltd. | East Lane Re VII Ltd. |
|  12.822% (T-BILL 3MO + 8.890%) due 03/31/2026 ~ | 13400 | 13632 |
|  Empower Finance 2020 LP | Empower Finance 2020 LP | Empower Finance 2020 LP |
|  1.357% due 09/17/2027 (n) | 15600 | 14773 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.600% due 11/15/2031 | 15100 | 13946 |
|  3.750% due 08/15/2029 | 14900 | 14349 |
|  4.500% due 06/01/2027 | 7800 | 7808 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.750% due 12/15/2026 | $— | 4100 | $— | 4111 |
|  4.950% due 04/15/2028 |  | 25572 |  | 25776 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 |  | 38144 |  | 35870 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  3.950% due 09/15/2027 |  | 4100 |  | 4094 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  3.375% due 04/15/2026 |  | 880 |  | 876 |
|  Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. |
|  16.654% (T-BILL 1MO + 12.750%) due 05/13/2031 ~ |  | 1650 |  | 1738 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  3.500% due 07/01/2026 |  | 5600 |  | 5575 |
|  F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
|  6.250% due 10/04/2034 |  | 3600 |  | 3674 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.850% due 04/17/2028 |  | 6100 |  | 6183 |
|  Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. |
|  2.450% due 03/15/2031 |  | 4900 |  | 4344 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  4.000% due 05/15/2030 |  | 8290 |  | 8020 |
|  Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. |
|  7.924% (T-BILL 1MO + 4.020%) due 01/08/2027 ~ |  | 1400 |  | 1439 |
|  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 |
|  2.330% due 11/25/2025 |  | 1700 |  | 1997 |
|  2.386% due 02/17/2026 |  | 4575 |  | 5374 |
|  2.900% due 02/16/2028 | $— | 7129 |  | 6779 |
|  2.900% due 02/10/2029 (n) |  | 2000 |  | 1854 |
|  3.375% due 11/13/2025 |  | 17400 |  | 17369 |
|  4.000% due 11/13/2030 |  | 12500 |  | 11664 |
|  4.389% due 01/08/2026 |  | 500 |  | 500 |
|  4.542% due 08/01/2026 |  | 9200 |  | 9194 |
|  4.950% due 05/28/2027 |  | 250 |  | 250 |
|  5.113% due 05/03/2029 |  | 7650 |  | 7595 |
|  5.303% due 09/06/2029 |  | 800 |  | 798 |
|  5.800% due 03/08/2029 |  | 57900 |  | 58772 |
|  5.875% due 11/07/2029 |  | 9000 |  | 9160 |
|  5.918% due 03/20/2028 |  | 13500 |  | 13734 |
|  6.125% due 03/08/2034 |  | 1600 |  | 1609 |
|  7.350% due 11/04/2027 |  | 2445 |  | 2551 |
|  7.350% due 03/06/2030 |  | 950 |  | 1017 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  6.875% due 08/15/2029 |  | 700 |  | 717 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.625% due 01/15/2026 |  | 8200 |  | 8135 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  5.617% (SOFRINDX + 1.350%) due 05/08/2027 ~ |  | 12100 |  | 12166 |
|  Glitnir Banki Hf. | Glitnir Banki Hf. | Glitnir Banki Hf. | Glitnir Banki Hf. | Glitnir Banki Hf. |
|  0.000% due 12/31/2030 « |  | 27 |  | 0 |
|  Globe Life, Inc. | Globe Life, Inc. | Globe Life, Inc. | Globe Life, Inc. | Globe Life, Inc. |
|  2.150% due 08/15/2030 | $— | 5575 |  | 5014 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  3.250% due 01/15/2032 |  | 400 |  | 360 |
|  4.000% due 01/15/2030 |  | 19400 |  | 18804 |
|  4.000% due 01/15/2031 |  | 2800 |  | 2682 |
|  5.250% due 02/15/2033 |  | 6200 |  | 6215 |
|  5.300% due 01/15/2029 |  | 3100 |  | 3159 |
|  5.750% due 11/01/2037 |  | 15000 |  | 14907 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.948% due 10/21/2027 •  |  | 8600 |  | 8399 |
|  5.049% due 07/23/2030 •  |  | 22400 |  | 22965 |
|  5.207% due 01/28/2031 •(n) |  | 33200 |  | 34279 |
|  5.378% (SOFRRATE + 1.080%) due 01/28/2031 ~ |  | 33300 |  | 33397 |
|  6.484% due 10/24/2029 •  |  | 38500 |  | 40977 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 |  | 20700 |  | 20598 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 |  | 10100 |  | 9968 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ |  | 1300 |  | 1301 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | 8483 | 8563 |
|  Guardian Life Global Funding | Guardian Life Global Funding | Guardian Life Global Funding |
|  1.250% due 11/19/2027 (n) | 10700 | 10107 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.150% due 01/15/2031 | 11900 | 12229 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  2.500% due 09/01/2030 | 2590 | 2339 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.840% due 06/07/2028 «(l) | 8900 | 9016 |
|  4.980% due 06/07/2030 «(l) | 5800 | 5924 |
|  5.160% due 06/07/2032 «(l) | 13900 | 14315 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.750% due 09/15/2030 (n) | 9455 | 8726 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
|  2.050% due 03/15/2031 | 3100 | 2673 |
|  3.100% due 02/15/2030 (n) | 2800 | 2638 |
|  Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
|  10.659% (T-BILL + 6.750%) due 03/13/2032 ~ | 400 | 409 |
|  12.154% (T-BILL 1MO + 8.250%) due 03/13/2032 ~ | 400 | 415 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 | 600 | 556 |
|  4.200% due 04/15/2029 | 3600 | 3530 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  3.375% due 12/15/2029 | 7600 | 7229 |
|  3.500% due 09/15/2030 | 2800 | 2630 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.899% due 03/03/2029 •  | 2000 | 2029 |
|  5.250% (SOFRRATE + 1.030%) due 03/03/2029 ~ | 5000 | 5021 |
|  5.546% due 03/04/2030 •  | 15800 | 16398 |
|  5.597% due 05/17/2028 •  | 5600 | 5719 |
|  5.836% (SOFRRATE + 1.570%) due 08/14/2027 ~ | 26300 | 26530 |
|  5.887% due 08/14/2027 •(n) | 25600 | 25948 |
|  7.390% due 11/03/2028 •  | 61500 | 65324 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 (n) | 24000 | 20633 |
|  3.950% due 11/01/2027 | 4400 | 4237 |
|  4.650% due 04/01/2029 (n) | 7300 | 6800 |
|  5.950% due 02/15/2028 | 11567 | 11415 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  4.017% due 03/28/2028 •  | 3600 | 3590 |
|  4.250% due 05/16/2031 •(i)(k) | 200 | 179 |
|  5.066% due 03/25/2031 •  | 2000 | 2049 |
|  5.335% due 03/19/2030 •  | 5700 | 5884 |
|  Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. |
|  11.904% (T-BILL 1MO + 8.000%) due 06/06/2027 ~ | 250 | 261 |
|  13.654% (T-BILL 1MO + 9.750%) due 06/06/2027 ~ | 250 | 263 |
|  16.154% (T-BILL 1MO + 12.250%) due 06/06/2028 ~ | 700 | 745 |
|  29.404% (T-BILL 1MO + 25.500%) due 06/06/2027 ~ | 1300 | 1459 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  3.625% due 09/01/2028 | 4400 | 4346 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 3900 | 4446 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.300% due 11/15/2028 | 3250 | 3069 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  2.200% due 11/23/2030 | 335 | 294 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.470% due 09/22/2027 •(n) | 25900 | 25249 |
|  1.578% due 04/22/2027 •  | 9900 | 9759 |
|  2.182% due 06/01/2028 •  | 56450 | 54729 |
|  2.739% due 10/15/2030 •  | 5800 | 5479 |
|  2.947% due 02/24/2028 •  | 39550 | 38938 |
|  3.540% due 05/01/2028 •  | 2000 | 1983 |
|  3.960% due 01/29/2027 •  | 6500 | 6493 |
|  4.323% due 04/26/2028 •  | 1835 | 1840 |
|  4.603% due 10/22/2030 •  | 25000 | 25299 |
|  4.851% due 07/25/2028 •(n) | 7660 | 7763 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>13</sub> |

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------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.915% due 01/24/2029 •  | $— | 5800 | $— | 5905 |
|  4.918% (SOFRRATE + 0.765%) due 09/22/2027 ~ |  | 5000 |  | 5020 |
|  4.979% due 07/22/2028 •(n) |  | 18400 |  | 18685 |
|  5.012% due 01/23/2030 •(n) |  | 39700 |  | 40677 |
|  5.166% (SOFRRATE + 0.860%) due 10/22/2028 ~ |  | 11100 |  | 11146 |
|  5.236% (SOFRRATE + 0.930%) due 07/22/2028 ~ |  | 25500 |  | 25675 |
|  5.299% due 07/24/2029 •  |  | 25600 |  | 26381 |
|  5.503% (SOFRRATE + 1.200%) due 01/23/2028 ~ |  | 39600 |  | 39923 |
|  6.070% due 10/22/2027 •  |  | 20464 |  | 20875 |
|  6.087% due 10/23/2029 •  |  | 5000 |  | 5277 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  5.197% (SOFRRATE + 1.000%) due 12/08/2026 ~ |  | 27200 |  | 27411 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 |  | 10600 |  | 8818 |
|  2.650% due 11/15/2033 |  | 4800 |  | 3931 |
|  3.050% due 02/15/2030 |  | 6700 |  | 6188 |
|  4.250% due 08/15/2029 (n) |  | 5549 |  | 5447 |
|  4.750% due 12/15/2028 |  | 3300 |  | 3322 |
|  6.250% due 01/15/2036 |  | 6300 |  | 6522 |
|  Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
|  1.900% due 03/01/2028 |  | 3524 |  | 3353 |
|  Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. |
|  2.750% (T-BILL 3MO + 2.750%) due 04/09/2029 ~ |  | 2434 |  | 2495 |
|  KKR Group Finance Co. VI LLC | KKR Group Finance Co. VI LLC | KKR Group Finance Co. VI LLC | KKR Group Finance Co. VI LLC | KKR Group Finance Co. VI LLC |
|  3.750% due 07/01/2029 |  | 300 |  | 295 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  |  | 15200 |  | 17846 |
|  Kookmin Bank | Kookmin Bank | Kookmin Bank | Kookmin Bank | Kookmin Bank |
|  4.500% due 02/01/2029 (k) | $— | 2500 |  | 2499 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.500% due 09/19/2028 |  | 7000 |  | 7034 |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |
|  5.875% due 07/05/2034 |  | 9153 |  | 9455 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ |  | 41200 |  | 30641 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.375% due 03/22/2028 |  | 2300 |  | 2309 |
|  5.087% due 11/26/2028 •  |  | 1750 |  | 1781 |
|  5.298% (SOFRINDX + 1.060%) due 11/26/2028 ~ |  | 25400 |  | 25545 |
|  5.462% due 01/05/2028 •  |  | 17700 |  | 17968 |
|  5.985% due 08/07/2027 •  |  | 1100 |  | 1116 |
|  Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL |
|  1.625% due 07/15/2027 |  | 7200 |  | 8288 |
|  3.250% due 11/13/2028 |  | 10900 |  | 12867 |
|  Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
|  21.836% (T-BILL 1MO + 17.932%) due 05/27/2031 ~ | $— | 2600 |  | 2904 |
|  Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. |
|  11.154% (T-BILL 3MO + 7.250%) due 07/22/2031 ~ |  | 2500 |  | 2500 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.375% due 10/01/2031 |  | 6200 |  | 5387 |
|  2.700% due 09/15/2030 |  | 900 |  | 823 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  4.650% due 03/15/2030 |  | 1300 |  | 1322 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
|  5.311% (SOFRRATE + 0.980%) due 07/10/2026 ~(n) |  | 58800 |  | 59149 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
|  3.450% due 12/18/2026 |  | 17500 |  | 17395 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  1.640% due 10/13/2027 •  |  | 6200 |  | 6039 |
|  5.197% due 01/16/2031 •  |  | 15700 |  | 16191 |
|  5.422% due 02/22/2029 •  |  | 18800 |  | 19342 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  1.979% due 09/08/2031 •  |  | 12300 |  | 10962 |
|  2.201% due 07/10/2031 •  |  | 29200 |  | 26383 |
|  5.382% due 07/10/2030 •  |  | 19800 |  | 20503 |
|  5.414% due 09/13/2028 •  |  | 24400 |  | 24996 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.598% (CAONINDX + 2.900%) due 01/10/2033 ~ | 1000 | 723 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.674% (EUR003M + 0.650%) due 03/19/2027 ~ | 9900 | 11647 |
|  3.772% due 01/24/2029 •  | 2276 | 2257 |
|  3.790% due 03/21/2030 •  | 2900 | 3501 |
|  4.654% due 10/18/2030 •  | 25700 | 25989 |
|  5.042% due 07/19/2030 •  | 3100 | 3178 |
|  5.123% due 02/01/2029 •  | 7400 | 7560 |
|  5.173% due 01/16/2030 •  | 23841 | 24508 |
|  5.449% due 07/20/2029 •  | 3400 | 3514 |
|  5.652% due 04/13/2028 •  | 4700 | 4806 |
|  5.656% due 04/18/2030 •  | 800 | 836 |
|  6.407% due 11/01/2029 •(n) | 33800 | 35930 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.447% due 10/15/2027 •  | 7600 | 7619 |
|  5.011% (SOFRRATE + 0.685%) due 10/15/2027 ~ | 20100 | 20151 |
|  5.085% (SOFRRATE + 0.865%) due 05/26/2028 ~ | 25000 | 25099 |
|  5.228% (SOFRRATE + 0.900%) due 01/12/2029 ~ | 16000 | 16095 |
|  5.258% (SOFRRATE + 0.940%) due 07/14/2028 ~ | 59500 | 59849 |
|  5.398% (SOFRRATE + 1.080%) due 01/14/2028 ~ | 11800 | 11863 |
|  5.882% due 10/30/2026 | 24000 | 24476 |
|  Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
|  4.500% due 02/11/2027 | 18150 | 18129 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  5.099% (SOFRRATE + 0.770%) due 07/06/2028 ~ | 2350 | 2358 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.800% due 07/27/2026 | 15800 | 16025 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 | 6990 | 6329 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  3.960% due 07/18/2030 •  | 34800 | 34246 |
|  4.000% due 09/03/2027 •  | 2300 | 3084 |
|  5.264% due 11/10/2026 | 15500 | 15744 |
|  6.557% due 10/18/2027 •  | 20275 | 20739 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  13.654% (T-BILL 3MO + 9.750%) due 04/10/2033 ~ | 1100 | 1151 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  3.073% due 05/22/2028 •  | 25900 | 25451 |
|  4.892% due 05/18/2029 •  | 14600 | 14836 |
|  5.475% (SOFRRATE + 1.250%) due 03/01/2028 ~ | 18300 | 18429 |
|  5.583% due 03/01/2028 •  | 16500 | 16813 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 30200 | 29134 |
|  2.000% due 03/09/2026 | 23900 | 23534 |
|  2.450% due 09/15/2028 | 500 | 459 |
|  2.750% due 03/09/2028 | 8550 | 8029 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 | 1500 | 1418 |
|  2.679% due 07/16/2030 | 9500 | 8735 |
|  5.594% due 07/02/2027 | 11300 | 11554 |
|  5.615% (SOFRRATE + 1.250%) due 07/02/2027 ~ | 12900 | 13008 |
|  5.842% due 01/18/2028 | 13500 | 13963 |
|  6.070% due 07/12/2028 | 12000 | 12558 |
|  6.181% due 01/18/2033 | 6000 | 6494 |
|  Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. |
|  3.875% due 08/26/2026 | 2850 | 2840 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  3.375% due 02/01/2031 | 21990 | 20419 |
|  3.625% due 10/01/2029 (n) | 14300 | 13726 |
|  5.250% due 01/15/2026 | 33800 | 33809 |
|  Ontario Teachers' Cadillac Fairview Properties Trust | Ontario Teachers' Cadillac Fairview Properties Trust | Ontario Teachers' Cadillac Fairview Properties Trust |
|  4.125% due 02/01/2029 | 4700 | 4669 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  7.979% (EUR003M + 6.000%) due 01/17/2029 ~ | 300 | 355 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 06/07/2032 ~ | 700 | 741 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (g) | 45794 | 34514 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 19900 | 20712 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  3.150% due 08/15/2030 | 19300 | 17547 |
|  6.875% due 07/15/2029 | 4800 | 5081 |
|  Pinnacol Assurance | Pinnacol Assurance | Pinnacol Assurance |
|  8.625% due 06/25/2034 «(l) | 15000 | 16922 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  14.402% (T-BILL 3MO + 10.500%) due 01/07/2028 ~ | 2200 | 2281 |
|  17.154% (T-BILL 3MO + 13.250%) due 01/07/2027 ~ | 9100 | 9477 |
|  Primerica, Inc. | Primerica, Inc. | Primerica, Inc. |
|  2.800% due 11/19/2031 | 3000 | 2712 |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
|  1.250% due 08/16/2026 | 14000 | 13666 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 15100 | 11101 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  13.030% (T-BILL 1MO + 9.126%) due 06/06/2031 ~ | 7800 | 8284 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.017% (EUR003M + 8.000%) due 01/06/2031 ~ | 300 | 358 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  2.200% due 06/15/2028 | 550 | 524 |
|  3.950% due 08/15/2027 | 1100 | 1099 |
|  4.625% due 11/01/2025 | 6600 | 6600 |
|  4.875% due 06/01/2026 | 6600 | 6626 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  3.150% due 06/15/2030 | 2000 | 1888 |
|  Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. |
|  0.000% due 11/28/2025 «~(l) | 145 | 195 |
|  RNHB BV | RNHB BV | RNHB BV |
|  0.000% due 07/28/2026 «~ | 2222 | 2594 |
|  0.000% due 01/28/2027 «~ | 1989 | 2335 |
|  0.000% due 03/01/2027 «~ | 1095 | 1246 |
|  0.000% due 10/28/2027 «~ | 1959 | 2286 |
|  0.000% due 04/28/2028 «~ | 992 | 1215 |
|  0.000% due 10/28/2028 «~ | 2125 | 2604 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.064% due 09/02/2027 •  | 20600 | 20624 |
|  5.100% due 12/10/2029 | 5100 | 5249 |
|  Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. |
|  16.224% (BRMMUSDF + 12.320%) due 04/09/2029 ~ | 17400 | 10875 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 | 800 | 792 |
|  5.353% due 09/06/2030 •  | 15600 | 15917 |
|  5.473% due 03/20/2029 •  | 5400 | 5505 |
|  5.763% (SOFRRATE + 1.610%) due 03/20/2029 ~ | 20400 | 20624 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.534% due 01/10/2029 •  | 25600 | 26799 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.884% due 07/15/2050 | 24900 | 24712 |
|  2.328% due 07/15/2052 | 12200 | 11599 |
|  Scentre Group Trust 1/Scentre Group Trust 2 | Scentre Group Trust 1/Scentre Group Trust 2 | Scentre Group Trust 1/Scentre Group Trust 2 |
|  3.625% due 01/28/2026 | 7100 | 7084 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.125% due 07/15/2030 | 4100 | 4241 |
|  6.500% due 03/11/2029 | 1500 | 1560 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  1.488% due 12/14/2026 •  | 21100 | 20971 |
|  1.792% due 06/09/2027 •(n) | 11900 | 11686 |
|  6.446% due 01/10/2029 •  | 25400 | 26463 |
|  6.447% due 01/12/2027 •  | 31000 | 31153 |
|  6.691% due 01/10/2034 •  | 32100 | 34976 |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  4.853% due 12/03/2027 | 29800 | 30348 |

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| | | |
|:---|:---|:---|
| **14** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

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------

September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  1.456% due 01/14/2027 •  | 11600 | 11497 |
|  6.170% due 01/09/2027 •  | 33846 | 34000 |
|  6.187% due 07/06/2027 •  | 1500 | 1520 |
|  6.301% due 01/09/2029 •  | 16000 | 16650 |
|  6.750% due 02/08/2028 •  | 400 | 412 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  4.375% due 01/15/2027 | 2000 | 1984 |
|  State Street Bank & Trust Co. | State Street Bank & Trust Co. | State Street Bank & Trust Co. |
|  4.782% due 11/23/2029 | 4650 | 4771 |
|  Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. |
|  4.000% due 05/15/2030 | 27600 | 27063 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.700% due 12/01/2031 | 600 | 527 |
|  2.750% due 11/18/2030 | 4160 | 3784 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  1.902% due 09/17/2028 | 22107 | 20764 |
|  2.472% due 01/14/2029 | 18800 | 17834 |
|  5.240% due 04/15/2030 | 44100 | 45717 |
|  5.520% due 01/13/2028 | 19000 | 19606 |
|  5.880% due 07/13/2026 | 2300 | 2333 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.350% due 09/11/2030 | 12800 | 12840 |
|  5.200% due 03/07/2027 | 10600 | 10771 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  2.300% due 11/01/2028 | 4900 | 4634 |
|  2.700% due 07/15/2031 | 1800 | 1629 |
|  4.200% due 04/15/2032 | 6300 | 6108 |
|  Synchrony Bank | Synchrony Bank | Synchrony Bank |
|  5.625% due 08/23/2027 | 12500 | 12767 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  5.150% due 03/19/2029 (n) | 5450 | 5522 |
|  Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC |
|  5.801% due 10/13/2040 | 20759 | 27802 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  2.800% due 03/10/2027 | 6900 | 6788 |
|  5.156% due 01/10/2028 | 9100 | 9319 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  9.940% (JMMMUSTF + 6.036%) due 06/07/2032 ~ | 2200 | 2294 |
|  11.010% (JMMMUSTF + 7.106%) due 06/07/2032 ~ | 1300 | 1354 |
|  13.282% (BRMMUSDF + 9.378%) due 06/05/2031 ~ | 700 | 714 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.050% due 09/05/2028 | 2000 | 2006 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  5.900% due 10/28/2026 •  | 5800 | 5805 |
|  UBS AG | UBS AG | UBS AG |
|  0.250% due 01/05/2026 | 2100 | 2454 |
|  5.650% due 09/11/2028 | 600 | 627 |
|  7.500% due 02/15/2028 | 22400 | 24121 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  0.650% due 01/14/2028 •  | 2000 | 2294 |
|  0.650% due 09/10/2029 | 1200 | 1296 |
|  1.000% due 06/24/2027 •  | 1500 | 1744 |
|  1.305% due 02/02/2027 •  | 27600 | 27327 |
|  2.125% due 10/13/2026 •  | 1360 | 1597 |
|  2.125% due 11/15/2029 •  | 800 | 1000 |
|  2.250% due 06/09/2028 •  | 1100 | 1426 |
|  2.875% due 04/02/2032 •  | 2200 | 2537 |
|  3.091% due 05/14/2032 •  | 3300 | 3054 |
|  3.869% due 01/12/2029 •  | 43400 | 43041 |
|  4.125% due 04/15/2026 | 38200 | 38206 |
|  4.194% due 04/01/2031 •  | 2550 | 2522 |
|  4.253% due 03/23/2028 | 4200 | 4201 |
|  4.282% due 01/09/2028 | 500 | 500 |
|  4.375% due 02/10/2031 •(i)(k)(n) | 2000 | 1822 |
|  4.550% due 04/17/2026 | 5300 | 5315 |
|  4.751% due 05/12/2028 •(n) | 2800 | 2825 |
|  5.711% due 01/12/2027 •(n) | 42000 | 42151 |
|  5.959% due 01/12/2034 •  | 19000 | 20331 |
|  6.246% due 09/22/2029 •  | 18900 | 19944 |
|  6.327% due 12/22/2027 •  | 42600 | 43674 |
|  6.442% due 08/11/2028 •  | 21900 | 22759 |
|  7.000% due 09/30/2027 •  | 900 | 1241 |
|  7.750% due 03/01/2029 •  | 2600 | 3405 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  9.480% (BNMMDTSC + 5.500%) due 12/07/2026 ~ | 16800 | 17322 |
|  13.154% (JMMMUSTF + 9.250%) due 12/07/2028 ~ | 25000 | 26099 |
|  Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
|  3.000% due 01/15/2030 | 23000 | 21784 |
|  4.125% due 01/15/2026 | 3000 | 2994 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 18250 | 18407 |
|  4.750% due 04/01/2028 | 8500 | 8593 |
|  5.750% due 04/01/2034 | 2600 | 2703 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  1.741% due 05/04/2030 •  | 4700 | 5301 |
|  2.393% due 06/02/2028 •  | 20160 | 19601 |
|  3.000% due 10/23/2026 (n) | 4263 | 4221 |
|  3.526% due 03/24/2028 •  | 34900 | 34593 |
|  3.584% due 05/22/2028 •  | 860 | 852 |
|  4.078% due 09/15/2029 •  | 11100 | 11067 |
|  4.150% due 01/24/2029 | 2450 | 2450 |
|  4.808% due 07/25/2028 •(n) | 14267 | 14439 |
|  5.150% due 04/23/2031 •(n) | 18800 | 19394 |
|  5.198% due 01/23/2030 •(n) | 22400 | 23073 |
|  5.574% due 07/25/2029 •  | 48317 | 50084 |
|  5.707% due 04/22/2028 •  | 18900 | 19344 |
|  6.303% due 10/23/2029 •  | 20600 | 21823 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  4.250% due 04/01/2026 | 800 | 800 |
|  Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC |
|  7.147% (EUR003M + 5.210%) due 07/05/2028 ~ | 250 | 297 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.404% (T-BILL 3MO + 6.500%) due 02/21/2028 ~ | 300 | 312 |
|  14.114% (BNMMDTSC + 10.210%) due 02/26/2031 ~ | 670 | 721 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
|  4.250% due 10/01/2026 | 1700 | 1701 |
|  Yellow Tulip Assetco BV | Yellow Tulip Assetco BV | Yellow Tulip Assetco BV |
|  0.000% due 07/30/2036 « | 4250 | 4953 |
|  Yellow Tulip Bidco BV | Yellow Tulip Bidco BV | Yellow Tulip Bidco BV |
|  0.000% due 07/30/2036 «~ | 4377 | 2994 |
|  |  | 5948119 |
| INDUSTRIALS 7.4% | INDUSTRIALS 7.4% | INDUSTRIALS 7.4% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  1.300% due 02/10/2028 | 4600 | 4302 |
|  1.800% due 02/10/2031 | 6100 | 5304 |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.000% due 08/03/2026 | 12328 | 12222 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  4.250% due 09/11/2029 | 13000 | 13074 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 1081 | 1026 |
|  3.600% due 09/15/2028 | 2735 | 2696 |
|  5.250% due 10/01/2030 | 7600 | 7781 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  4.000% due 01/15/2031 | 1100 | 1061 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 11442 | 11468 |
|  Altice France SA | Altice France SA | Altice France SA |
|  5.125% due 07/15/2029 | 4000 | 3436 |
|  Amdocs Ltd. | Amdocs Ltd. | Amdocs Ltd. |
|  2.538% due 06/15/2030 | 2100 | 1925 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 1175 | 1067 |
|  3.000% due 04/15/2030 | 12504 | 12038 |
|  3.150% due 08/15/2033 | 19598 | 18394 |
|  3.200% due 12/15/2029 | 10286 | 9972 |
|  3.250% due 04/15/2030 | 5321 | 5050 |
|  3.350% due 04/15/2031 | 9723 | 9391 |
|  3.375% due 11/01/2028 | 7048 | 6937 |
|  3.500% due 08/15/2033 | 3683 | 3375 |
|  3.575% due 07/15/2029 | 5262 | 5162 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.600% due 03/22/2029 | $— | 4949 | $— | 4855 |
|  3.650% due 12/15/2029 |  | 3204 |  | 3091 |
|  3.650% due 08/15/2030 |  | 4330 |  | 4213 |
|  3.700% due 04/01/2028 |  | 3132 |  | 3114 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.750% due 04/20/2029 |  | 8000 |  | 8037 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  1.650% due 08/15/2028 |  | 2850 |  | 2665 |
|  5.150% due 03/02/2028 (n) |  | 31160 |  | 31892 |
|  Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
|  4.700% due 04/07/2028 |  | 22000 |  | 22266 |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
|  5.125% due 12/01/2029 |  | 7500 |  | 7674 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.250% due 12/15/2025 |  | 22600 |  | 22582 |
|  4.375% due 12/15/2028 |  | 29900 |  | 29800 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 |  | 36300 |  | 36940 |
|  6.250% due 01/21/2029 (n) |  | 43100 |  | 45341 |
|  6.375% due 11/21/2030 |  | 36300 |  | 38807 |
|  6.500% due 11/21/2033 |  | 7800 |  | 8417 |
|  Beignet | Beignet | Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(c) |  | 527700 |  | 527700 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 |  | 8809 |  | 8734 |
|  Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. |
|  2.220% due 07/01/2028 |  | 2900 |  | 2712 |
|  3.080% due 07/01/2051 (n) |  | 7000 |  | 4609 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.650% due 03/19/2027 |  | 15400 |  | 15534 |
|  4.936% (SOFRINDX + 0.780%) due 03/19/2027 ~ |  | 22600 |  | 22706 |
|  5.073% (SOFRINDX + 0.920%) due 03/21/2028 ~ |  | 33500 |  | 33696 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 |  | 75579 |  | 75016 |
|  2.700% due 02/01/2027 |  | 8125 |  | 7962 |
|  2.750% due 02/01/2026 |  | 63290 |  | 62937 |
|  3.250% due 02/01/2028 |  | 6700 |  | 6545 |
|  5.040% due 05/01/2027 |  | 7968 |  | 8056 |
|  5.150% due 05/01/2030 |  | 30741 |  | 31556 |
|  6.298% due 05/01/2029 |  | 4500 |  | 4777 |
|  6.388% due 05/01/2031 |  | 8100 |  | 8826 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 |  | 652 |  | 593 |
|  3.300% due 06/15/2034 |  | 4485 |  | 4249 |
|  3.350% due 12/15/2030 |  | 3296 |  | 3179 |
|  3.800% due 03/20/2033 |  | 1165 |  | 1140 |
|  4.250% due 05/15/2034 |  | 4467 |  | 4364 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.137% due 11/15/2035 |  | 98238 |  | 85028 |
|  3.419% due 04/15/2033 |  | 15254 |  | 14123 |
|  4.300% due 11/15/2032 |  | 8280 |  | 8176 |
|  5.050% due 07/12/2027 |  | 2600 |  | 2645 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 |  | 26571 |  | 24712 |
|  3.375% due 02/15/2030 |  | 4800 |  | 4419 |
|  4.250% due 12/15/2027 |  | 11256 |  | 11063 |
|  4.625% due 12/15/2029 |  | 22043 |  | 21387 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  3.500% due 06/01/2041 |  | 7900 |  | 5767 |
|  3.700% due 04/01/2051 (n) |  | 2200 |  | 1452 |
|  3.850% due 04/01/2061 |  | 2040 |  | 1272 |
|  4.400% due 04/01/2033 (n) |  | 1850 |  | 1755 |
|  6.100% due 06/01/2029 (n) |  | 6000 |  | 6297 |
|  6.484% due 10/23/2045 (n) |  | 1500 |  | 1483 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 12/01/2029 |  | 5090 |  | 4863 |
|  CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group |
|  8.170% due 10/25/2031 «~ |  | 43000 |  | 43273 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  1.375% due 11/01/2027 |  | 12490 |  | 11768 |
|  Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
|  4.375% due 01/15/2028 |  | 4889 |  | 4859 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **15** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. |
|  3.400% due 05/09/2027 | 1600 | 1581 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  8.353% due 07/10/2031 | 123 | 135 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  6.020% due 06/15/2026 | 6997 | 7054 |
|  Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
|  2.000% due 12/10/2029 (n) | 1612 | 1545 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.250% due 12/01/2026 | 3400 | 3344 |
|  Emory University | Emory University | Emory University |
|  2.143% due 09/01/2030 | 7300 | 6642 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  1.600% due 10/04/2026 | 400 | 390 |
|  3.125% due 11/15/2029 | 2000 | 1906 |
|  5.250% due 04/05/2027 | 1100 | 1117 |
|  6.000% due 11/15/2028 (n) | 21100 | 22205 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.950% due 05/15/2028 | 1091 | 1109 |
|  4.950% due 06/15/2028 | 1100 | 1119 |
|  5.550% due 05/15/2034 | 5250 | 5389 |
|  6.050% due 12/01/2026 | 2400 | 2445 |
|  6.100% due 12/01/2028 | 1500 | 1580 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  6.500% due 07/01/2027 | 5000 | 5120 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  4.625% due 08/01/2027 | 1000 | 1007 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 | 4400 | 4179 |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  1.150% due 03/01/2026 | 4000 | 3950 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  3.250% due 03/15/2028 | 600 | 586 |
|  4.300% due 01/15/2029 | 1760 | 1763 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  2.650% due 06/01/2030 | 37580 | 34807 |
|  5.150% due 03/15/2027 | 21500 | 21791 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 05/12/2030 | 17200 | 17375 |
|  Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
|  3.250% due 02/12/2032 (n) | 11800 | 10328 |
|  GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC |
|  4.550% due 05/15/2032 | 8000 | 8093 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  3.875% due 10/27/2027 | 1417 | 1407 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 9000 | 8882 |
|  2.900% due 05/15/2030 | 3892 | 3603 |
|  3.200% due 08/15/2029 | 1000 | 950 |
|  Gray Oak Pipeline LLC | Gray Oak Pipeline LLC | Gray Oak Pipeline LLC |
|  3.450% due 10/15/2027 (n) | 23200 | 22880 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.510% due 02/23/2042 | 800 | 868 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.125% due 06/15/2029 | 4500 | 4462 |
|  5.200% due 06/01/2028 (n) | 13020 | 13337 |
|  5.375% due 09/01/2026 | 26700 | 26819 |
|  5.500% due 06/01/2033 (n) | 5100 | 5300 |
|  5.875% due 02/01/2029 | 5700 | 5936 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  2.043% due 08/16/2028 | 10000 | 9400 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.250% due 06/30/2029 | 7600 | 7798 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.650% due 09/17/2026 | 73100 | 71337 |
|  2.100% due 09/15/2028 | 33000 | 30935 |
|  4.850% due 03/25/2027 | 22000 | 22177 |
|  5.143% (SOFRRATE + 0.990%) due 03/25/2027 ~ | 30000 | 30132 |
|  5.250% due 01/08/2027 | 16400 | 16581 |
|  5.300% due 01/08/2029 | 6500 | 6660 |
|  5.500% due 03/30/2026 | 17500 | 17591 |
|  5.950% due 09/21/2026 (n) | 11800 | 11990 |
|  6.250% due 11/03/2025 | 25000 | 25037 |
|  6.500% due 01/16/2029 (n) | 8400 | 8907 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Icon Investments Six DAC | Icon Investments Six DAC | Icon Investments Six DAC |
|  5.809% due 05/08/2027 | 1400 | 1429 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 8500 | 8444 |
|  3.875% due 07/26/2029 | 30650 | 30120 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  5.625% due 08/15/2030 (n) | 10000 | 11298 |
|  Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. |
|  3.875% due 08/15/2050 | 6300 | 4616 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 7413 | 6583 |
|  2.950% due 11/15/2029 | 446 | 413 |
|  4.000% due 05/15/2034 | 4621 | 4356 |
|  JSW Hydro Energy Ltd. | JSW Hydro Energy Ltd. | JSW Hydro Energy Ltd. |
|  4.125% due 05/18/2031 | 6532 | 6193 |
|  Kraton Corp. | Kraton Corp. | Kraton Corp. |
|  5.000% due 07/15/2027 | 1200 | 1219 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.900% due 06/01/2027 | 31300 | 31948 |
|  6.000% due 08/15/2029 | 11300 | 11774 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  2.300% due 02/15/2031 | 13600 | 12139 |
|  Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 |
|  2.050% due 09/15/2030 (n) | 14600 | 13036 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  11.000% due 10/15/2030 (n) | 9200 | 10151 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  5.250% due 10/15/2035 | 10000 | 10094 |
|  5.450% due 09/15/2026 | 16500 | 16711 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.450% due 03/01/2027 | 15100 | 15215 |
|  4.600% due 03/01/2028 | 16900 | 17110 |
|  5.000% due 03/01/2032 | 5500 | 5629 |
|  Mather Foundation | Mather Foundation | Mather Foundation |
|  2.675% due 10/01/2031 | 1050 | 940 |
|  Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
|  3.375% due 04/01/2026 | 4300 | 4270 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.750% due 03/31/2028 | 3200 | 3248 |
|  Mitsubishi Corp. | Mitsubishi Corp. | Mitsubishi Corp. |
|  4.000% due 09/09/2028 | 2400 | 2403 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  2.300% due 11/15/2030 | 11770 | 10643 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.000% due 03/15/2028 | 256 | 255 |
|  National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(l) | 27600 | 28328 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  2.950% due 03/01/2031 | 10900 | 9953 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  2.700% due 06/22/2030 | 31100 | 28803 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.201% due 09/17/2028 | 3100 | 3584 |
|  4.345% due 09/17/2027 | 132300 | 129904 |
|  4.810% due 09/17/2030 | 41900 | 39499 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  3.678% due 07/16/2033 | 5100 | 6083 |
|  4.091% due 07/16/2037 | 4500 | 5434 |
|  4.567% due 07/16/2027 | 3600 | 3626 |
|  4.620% due 07/16/2028 | 3200 | 3232 |
|  4.876% due 07/16/2030 | 4800 | 4879 |
|  5.171% due 07/16/2032 | 10700 | 10962 |
|  5.413% (SOFRRATE + 1.080%) due 07/16/2028 ~ | 1900 | 1921 |
|  5.502% due 07/16/2035 | 4800 | 4967 |
|  5.643% (SOFRRATE + 1.310%) due 07/16/2030 ~ | 7100 | 7238 |
|  NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC |
|  5.350% due 03/01/2026 | 13800 | 13825 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  3.150% due 05/01/2027 | 4100 | 4038 |
|  3.875% due 06/18/2026 | 37682 | 37594 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.200% due 08/01/2029 | 3250 | 3300 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  2.300% due 03/25/2028 | 1892 | 1809 |
|  2.800% due 04/01/2027 | 300 | 294 |
|  4.450% due 09/26/2030 | 4000 | 3999 |
|  4.800% due 08/03/2028 | 300 | 305 |
|  5.875% due 09/26/2045 | 5700 | 5719 |
|  5.950% due 09/26/2055 | 11000 | 10974 |
|  PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
|  3.218% due 11/15/2050 | 8900 | 5783 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  5.350% due 03/30/2029 | 3600 | 3704 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  10.000% due 02/07/2033 | 13700 | 15907 |
|  President & Fellows of Harvard College | President & Fellows of Harvard College | President & Fellows of Harvard College |
|  2.517% due 10/15/2050 | 550 | 340 |
|  Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | Quest Diagnostics, Inc. |
|  4.600% due 12/15/2027 | 1700 | 1721 |
|  Renesas Electronics Corp. | Renesas Electronics Corp. | Renesas Electronics Corp. |
|  2.170% due 11/25/2026 | 3801 | 3705 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  5.750% due 10/15/2027 | 5548 | 5701 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  2.700% due 03/01/2029 | 1900 | 1816 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.500% due 05/15/2030 (n) | 29100 | 29214 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  3.800% due 01/08/2026 | 600 | 599 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  6.875% due 09/19/2033 | 18100 | 19929 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 | 380 | 374 |
|  Snam SpA | Snam SpA | Snam SpA |
|  5.000% due 05/28/2030 (n) | 14200 | 14409 |
|  Southern Co. | Southern Co. | Southern Co. |
|  1.750% due 03/15/2028 | 7190 | 6790 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  4.600% due 06/15/2028 (n) | 6800 | 6797 |
|  9.375% due 11/30/2029 (n) | 8000 | 8436 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 3755 | 3567 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
|  5.152% due 09/20/2029 | 24750 | 24848 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  1.500% due 02/15/2026 | 21400 | 21181 |
|  2.050% due 02/15/2028 (n) | 1000 | 954 |
|  3.875% due 04/15/2030 | 17657 | 17319 |
|  4.200% due 10/01/2029 | 7300 | 7293 |
|  Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. |
|  2.250% due 04/01/2028 | 1500 | 1432 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 4635 | 4343 |
|  7.000% due 10/15/2028 | 3900 | 4198 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 3758 | 5647 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  0.875% due 01/31/2030 | 13400 | 10867 |
|  1.250% due 01/31/2034 | 7800 | 6336 |
|  2.625% due 01/24/2034 | 7300 | 6717 |
|  4.000% due 04/18/2029 | 1900 | 1577 |
|  4.375% due 01/18/2033 | 6400 | 5298 |
|  4.375% due 07/03/2036 | 700 | 657 |
|  4.625% due 06/04/2048 | 1900 | 1789 |
|  5.500% due 02/11/2043 | 1000 | 945 |
|  6.500% due 02/09/2034 | 900 | 858 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (g) | 275 | 320 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 7645 | 7027 |
|  2.900% due 11/01/2029 | 1277 | 1213 |
|  3.100% due 01/07/2030 | 3617 | 3499 |
|  3.450% due 06/01/2029 | 3512 | 3444 |
|  3.450% due 01/07/2030 | 1437 | 1381 |
|  3.500% due 09/01/2031 | 5189 | 4988 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.750% due 03/03/2028 | $| 891 | 883 |
|  4.000% due 10/11/2027 |  | 1776 | 1772 |
|  4.150% due 02/25/2033 |  | 8946 | 8749 |
|  5.450% due 08/15/2038 |  | 29352 | 30296 |
|  5.800% due 07/15/2037 |  | 44316 | 45991 |
|  5.875% due 04/15/2029 |  | 26821 | 27590 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 |  | 1900 | 1899 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  6.250% due 01/15/2030 (n) |  | 13000 | 13566 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 |  | 6800 | 7041 |
|  8.125% due 06/01/2028 |  | 10000 | 10358 |
|  9.875% due 02/01/2032 |  | 1400 | 1525 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.250% due 01/15/2030 | GBP | 8900 | 11161 |
|  5.250% due 05/15/2029 |  | 10000 | 13174 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 | EUR | 23400 | 28268 |
|  7.750% due 04/15/2032 | $| 16800 | 17672 |
|  VMware LLC | VMware LLC | VMware LLC | VMware LLC |
|  1.800% due 08/15/2028 |  | 3000 | 2815 |
|  4.650% due 05/15/2027 |  | 12010 | 12021 |
|  4.700% due 05/15/2030 (n) |  | 9100 | 9216 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  3.200% due 09/26/2026 |  | 3700 | 3663 |
|  4.350% due 06/08/2027 |  | 11580 | 11587 |
|  4.550% due 09/11/2028 |  | 23000 | 23079 |
|  4.750% due 11/13/2028 |  | 39500 | 39812 |
|  4.850% due 09/11/2030 |  | 13600 | 13661 |
|  4.950% due 03/25/2027 |  | 15000 | 15131 |
|  5.050% due 03/27/2028 |  | 22300 | 22595 |
|  5.350% due 03/27/2030 |  | 1800 | 1848 |
|  5.650% due 03/25/2032 |  | 12200 | 12602 |
|  5.700% due 09/12/2026 |  | 6800 | 6890 |
|  6.000% due 11/16/2026 (n) |  | 25950 | 26417 |
|  6.200% due 11/16/2028 |  | 13950 | 14616 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  3.755% due 03/15/2027 |  | 222 | 219 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 |  | 18500 | 19037 |
|  Wessex Water Services Finance PLC | Wessex Water Services Finance PLC | Wessex Water Services Finance PLC | Wessex Water Services Finance PLC |
|  5.375% due 03/10/2028 | GBP | 3507 | 4761 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  4.700% due 09/15/2028 | $| 6100 | 6186 |
|  Xylem, Inc. | Xylem, Inc. | Xylem, Inc. | Xylem, Inc. |
|  3.250% due 11/01/2026 |  | 2400 | 2376 |
|  |  |  | 3366064 |
| UTILITIES 2.6% | UTILITIES 2.6% | UTILITIES 2.6% | UTILITIES 2.6% |
|  Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra |
|  4.625% due 10/15/2039 |  | 6847 | 5836 |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  3.950% due 06/01/2028 |  | 5800 | 5757 |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  2.450% due 01/15/2031 (n) |  | 10600 | 9497 |
|  3.950% due 07/15/2030 (n) |  | 18167 | 17563 |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
|  4.300% due 03/15/2031 |  | 800 | 800 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
|  1.400% due 03/15/2026 |  | 8400 | 8279 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  4.700% due 08/15/2030 |  | 14200 | 14447 |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
|  3.150% due 08/01/2027 |  | 2900 | 2848 |
|  Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. |
|  5.257% due 06/01/2028 |  | 6100 | 6218 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  5.200% due 10/01/2028 |  | 6600 | 6813 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 |  | 10700 | 9830 |
|  Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC |
|  5.927% due 08/15/2030 (n) |  | 3200 | 3387 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Edison International | Edison International | Edison International |
|  5.450% due 06/15/2029 (n) | 13300 | 13408 |
|  5.750% due 06/15/2027 (n) | 4700 | 4757 |
|  EDP Finance BV | EDP Finance BV | EDP Finance BV |
|  1.710% due 01/24/2028 | 38300 | 36143 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  5.700% due 05/23/2028 | 5000 | 5174 |
|  6.375% due 01/13/2055 (n) | 7100 | 7437 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 17400 | 17059 |
|  2.125% due 07/12/2028 | 11300 | 10677 |
|  2.500% due 07/12/2031 | 800 | 715 |
|  4.625% due 06/15/2027 | 35600 | 35854 |
|  5.000% due 06/15/2032 (n) | 12900 | 13126 |
|  5.125% due 06/26/2029 | 2500 | 2562 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 16400 | 20955 |
|  Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. |
|  2.250% due 06/01/2030 (n) | 2600 | 2384 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  2.750% due 03/15/2027 | 770 | 755 |
|  Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust |
|  3.046% due 01/31/2027 | 8500 | 8365 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  1.600% due 01/15/2026 | 5500 | 5452 |
|  2.250% due 09/01/2030 | 7000 | 6294 |
|  3.900% due 07/15/2027 | 2000 | 1988 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 2013 | 1972 |
|  India Green Power Holdings | India Green Power Holdings | India Green Power Holdings |
|  4.000% due 02/22/2027 | 4766 | 4677 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 6370 | 6242 |
|  ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. |
|  2.950% due 05/14/2030 | 20900 | 19597 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  4.400% due 01/15/2031 | 8600 | 8574 |
|  Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. |
|  3.550% due 05/15/2027 | 4400 | 4363 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  1.350% due 03/15/2031 | 290 | 248 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  1.950% due 10/01/2030 | 18300 | 15895 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  2.250% due 06/01/2030 | 42290 | 38631 |
|  3.830% due 06/12/2030 | 1700 | 1241 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  4.278% due 12/15/2028 | 17600 | 17619 |
|  NorthWestern Corp. | NorthWestern Corp. | NorthWestern Corp. |
|  5.073% due 03/21/2030 | 3200 | 3283 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.250% due 09/24/2027 | 45425 | 45494 |
|  4.400% due 10/15/2029 | 32625 | 32616 |
|  4.750% due 10/15/2031 | 20250 | 20267 |
|  5.650% due 11/01/2028 | 6100 | 6328 |
|  5.700% due 11/01/2054 (n) | 11400 | 10770 |
|  6.050% due 09/01/2033 (n) | 36100 | 38293 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 28879 | 27767 |
|  2.500% due 02/01/2031 | 39700 | 35386 |
|  2.950% due 03/01/2026 | 4050 | 4023 |
|  3.150% due 01/01/2026 | 35240 | 35130 |
|  3.250% due 06/01/2031 | 18660 | 17169 |
|  3.300% due 03/15/2027 | 9400 | 9277 |
|  3.300% due 12/01/2027 | 10000 | 9789 |
|  3.300% due 08/01/2040 | 10719 | 8130 |
|  3.500% due 08/01/2050 | 51900 | 35462 |
|  3.750% due 07/01/2028 | 12700 | 12477 |
|  3.950% due 12/01/2047 | 24400 | 18260 |
|  4.200% due 03/01/2029 | 26800 | 26581 |
|  4.400% due 03/01/2032 | 26200 | 25571 |
|  4.500% due 12/15/2041 | 10400 | 8596 |
|  4.550% due 07/01/2030 | 29903 | 29707 |
|  4.650% due 08/01/2028 | 6100 | 6119 |
|  5.000% due 06/04/2028 | 37700 | 38237 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.050% due 10/15/2032 (c) | $| 26700 | 26649 |
|  6.000% due 08/15/2035 (n) |  | 11100 | 11626 |
|  6.100% due 01/15/2029 (n) |  | 25250 | 26423 |
|  6.400% due 06/15/2033 |  | 15500 | 16669 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  3.300% due 03/15/2051 |  | 100 | 66 |
|  5.300% due 02/15/2031 |  | 11300 | 11724 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.005% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 5.005% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 46200 | 46346 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  1.900% due 01/15/2031 |  | 1900 | 1677 |
|  ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries | ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries | ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries | ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries |
|  4.500% due 07/14/2028 |  | 11600 | 11207 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 |  | 1134 | 1174 |
|  9.750% due 01/06/2027 |  | 8030 | 8327 |
|  Rochester Gas & Electric Corp. | Rochester Gas & Electric Corp. | Rochester Gas & Electric Corp. | Rochester Gas & Electric Corp. |
|  1.850% due 12/01/2030 |  | 600 | 520 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.500% due 06/01/2031 |  | 7760 | 6887 |
|  2.750% due 02/01/2032 |  | 18550 | 16322 |
|  3.650% due 06/01/2051 |  | 15000 | 10390 |
|  4.400% due 09/06/2026 (n) |  | 3600 | 3607 |
|  4.875% due 02/01/2027 |  | 5100 | 5132 |
|  5.150% due 06/01/2029 |  | 9300 | 9464 |
|  5.250% due 03/15/2030 |  | 7500 | 7650 |
|  5.350% due 03/01/2026 |  | 18600 | 18675 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.950% due 04/15/2027 |  | 6830 | 6730 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  4.100% due 09/15/2028 |  | 257 | 256 |
|  SW Finance I PLC | SW Finance I PLC | SW Finance I PLC | SW Finance I PLC |
|  1.625% due 03/30/2027 | GBP | 1559 | 1968 |
|  Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. |
|  2.650% due 05/01/2028 | $| 18667 | 17726 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  4.877% due 05/01/2033 |  | 19800 | 20272 |
|  5.088% due 05/01/2029 |  | 8224 | 8270 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
|  1.800% due 10/15/2030 |  | 5538 | 4906 |
|  |  |  | 1208834 |
|  Total Corporate Bonds & Notes (Cost $10,563,919) | Total Corporate Bonds & Notes (Cost $10,563,919) | Total Corporate Bonds & Notes (Cost $10,563,919) | 10523017 |
| MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% |
| CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 |
|  2.704% due 06/01/2030 |  | 5100 | 4796 |
|  California Health Facilities Financing Authority Revenue Notes, Series 2019 | California Health Facilities Financing Authority Revenue Notes, Series 2019 | California Health Facilities Financing Authority Revenue Notes, Series 2019 | California Health Facilities Financing Authority Revenue Notes, Series 2019 |
|  2.534% due 06/01/2028 |  | 5100 | 4916 |
|  2.584% due 06/01/2029 |  | 3600 | 3424 |
|  California State General Obligation Bonds, (BABs), Series 2009 | California State General Obligation Bonds, (BABs), Series 2009 | California State General Obligation Bonds, (BABs), Series 2009 | California State General Obligation Bonds, (BABs), Series 2009 |
|  7.500% due 04/01/2034 |  | 2 | 2 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.487% due 06/01/2036 |  | 7235 | 6164 |
|  3.714% due 06/01/2041 |  | 710 | 558 |
|  3.850% due 06/01/2050 |  | 10050 | 9163 |
|  4.214% due 06/01/2050 |  | 3900 | 2894 |
|  Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 | Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 | Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 | Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 |
|  6.507% due 08/01/2043 |  | 200 | 216 |
|  University of California Revenue Bonds, Series 2012 | University of California Revenue Bonds, Series 2012 | University of California Revenue Bonds, Series 2012 | University of California Revenue Bonds, Series 2012 |
|  4.858% due 05/15/2112 |  | 6770 | 5755 |
|  University of California Revenue Notes, Series 2020 | University of California Revenue Notes, Series 2020 | University of California Revenue Notes, Series 2020 | University of California Revenue Notes, Series 2020 |
|  1.316% due 05/15/2027 |  | 5700 | 5492 |
|  |  |  | 43380 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 17

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| CONNECTICUT 0.0% | CONNECTICUT 0.0% | CONNECTICUT 0.0% |
|  Naugatuck Borough, Connecticut General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2003 | Naugatuck Borough, Connecticut General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2003 | Naugatuck Borough, Connecticut General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2003 |
|  5.910% due 06/01/2033 | 165 | 177 |
| FLORIDA 0.0% | FLORIDA 0.0% | FLORIDA 0.0% |
|  State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 |
|  5.526% due 07/01/2034 | 5100 | 5319 |
| GEORGIA 0.1% | GEORGIA 0.1% | GEORGIA 0.1% |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 |
|  6.655% due 04/01/2057 | 48220 | 52527 |
| LOUISIANA 0.0% | LOUISIANA 0.0% | LOUISIANA 0.0% |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 |
|  4.275% due 02/01/2036 | 1600 | 1580 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 |
|  5.048% due 12/01/2034 | 3300 | 3426 |
|  |  | 5006 |
| NEW YORK 0.2% | NEW YORK 0.2% | NEW YORK 0.2% |
|  New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 |
|  2.027% due 03/15/2031 | 23000 | 20606 |
|  2.127% due 03/15/2032 | 23000 | 20205 |
|  2.227% due 03/15/2033 | 23000 | 19828 |
|  2.277% due 03/15/2034 | 19000 | 16240 |
|  New York State Urban Development Corp. Revenue Notes, Series 2020 | New York State Urban Development Corp. Revenue Notes, Series 2020 | New York State Urban Development Corp. Revenue Notes, Series 2020 |
|  1.827% due 03/15/2029 | 800 | 749 |
|  |  | 77628 |
| RHODE ISLAND 0.0% | RHODE ISLAND 0.0% | RHODE ISLAND 0.0% |
|  Rhode Island Convention Center Authority Revenue Bonds, (AGM Insured), Series 2006 | Rhode Island Convention Center Authority Revenue Bonds, (AGM Insured), Series 2006 | Rhode Island Convention Center Authority Revenue Bonds, (AGM Insured), Series 2006 |
|  6.060% due 05/15/2035 | 165 | 179 |
| TEXAS 0.2% | TEXAS 0.2% | TEXAS 0.2% |
|  Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2020 | Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2020 | Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2020 |
|  1.329% due 11/01/2025 | 1000 | 998 |
|  1.946% due 11/01/2028 | 2435 | 2306 |
|  2.046% due 11/01/2029 | 1400 | 1306 |
|  2.096% due 11/01/2030 | 1750 | 1602 |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 | 55873 | 57602 |
|  5.169% due 04/01/2041 | 34500 | 35188 |
|  |  | 99002 |
| WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
|  2.951% due 06/01/2031 | 1630 | 1484 |
|  3.401% due 06/01/2034 | 10930 | 9498 |
|  3.501% due 06/01/2035 | 9935 | 8498 |
|  |  | 19480 |
|  Total Municipal Bonds & Notes (Cost $321,441) | Total Municipal Bonds & Notes (Cost $321,441) | 302698 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 44.1% | U.S. GOVERNMENT AGENCIES 44.1% | U.S. GOVERNMENT AGENCIES 44.1% | U.S. GOVERNMENT AGENCIES 44.1% | U.S. GOVERNMENT AGENCIES 44.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.000% due 03/01/2026 - 03/01/2052 | $— | 10501 | $— | 8497 |
|  3.000% due 08/01/2026 - 08/01/2052 |  | 310617 |  | 275282 |
|  3.500% due 10/01/2025 - 09/01/2050 |  | 41004 |  | 39251 |
|  4.000% due 02/01/2026 - 02/01/2053 |  | 63382 |  | 60586 |
|  4.500% due 01/01/2026 - 07/01/2053 |  | 11702 |  | 11461 |
|  5.000% due 03/01/2036 - 08/01/2054 |  | 189862 |  | 189450 |
|  5.500% due 09/01/2027 - 07/01/2054 |  | 990693 |  | 1002406 |
|  5.980% due 05/01/2037 •  |  | 22 |  | 23 |
|  6.000% due 08/01/2026 - 04/01/2055 |  | 175035 |  | 180131 |
|  6.191% due 09/01/2035 •  |  | 5 |  | 5 |
|  6.196% due 06/01/2033 •  |  | 22 |  | 23 |
|  6.216% due 09/01/2035 •  |  | 2 |  | 2 |
|  6.320% due 02/01/2037 •  |  | 1 |  | 1 |
|  6.345% due 08/01/2035 •  |  | 25 |  | 25 |
|  6.347% due 03/01/2035 •  |  | 120 |  | 121 |
|  6.360% due 08/01/2035 •  |  | 530 |  | 543 |
|  6.420% due 02/01/2036 •  |  | 15 |  | 15 |
|  6.430% due 01/01/2034 •  |  | 187 |  | 192 |
|  6.464% due 04/01/2036 •  |  | 62 |  | 64 |
|  6.469% due 08/01/2035 •  |  | 2 |  | 2 |
|  6.494% due 11/01/2028 •  |  | 20 |  | 20 |
|  6.500% due 03/01/2026 - 04/01/2055 |  | 36959 |  | 38201 |
|  6.500% due 08/01/2035 •  |  | 2 |  | 2 |
|  6.508% due 06/01/2035 •  |  | 1511 |  | 1563 |
|  6.515% due 03/01/2036 •  |  | 4 |  | 4 |
|  6.520% due 05/01/2035 •  |  | 383 |  | 391 |
|  6.522% due 01/01/2037 •  |  | 9 |  | 10 |
|  6.535% due 07/01/2030 •  |  | 43 |  | 43 |
|  6.580% due 11/01/2035 •  |  | 153 |  | 156 |
|  6.643% due 07/01/2032 •  |  | 1 |  | 1 |
|  6.647% due 11/01/2034 •  |  | 10 |  | 10 |
|  6.671% due 03/01/2035 •  |  | 3 |  | 3 |
|  6.686% due 07/01/2035 •  |  | 230 |  | 235 |
|  6.701% due 04/01/2036 •  |  | 2 |  | 2 |
|  6.725% due 10/01/2035 •  |  | 1144 |  | 1184 |
|  6.743% due 05/01/2037 •  |  | 6 |  | 6 |
|  6.796% due 07/01/2035 •  |  | 226 |  | 232 |
|  6.802% due 02/01/2037 •  |  | 1 |  | 1 |
|  6.856% due 05/01/2037 •  |  | 1 |  | 1 |
|  6.870% due 11/01/2035 - 05/01/2036 •  |  | 306 |  | 313 |
|  6.879% due 09/01/2035 •  |  | 231 |  | 236 |
|  6.891% due 06/01/2037 •  |  | 1 |  | 1 |
|  6.966% due 10/01/2035 •  |  | 496 |  | 508 |
|  7.000% due 06/01/2026 - 03/01/2038 |  | 26 |  | 27 |
|  7.020% due 09/01/2035 •  |  | 5 |  | 5 |
|  7.054% due 10/01/2035 •  |  | 421 |  | 431 |
|  7.125% due 10/01/2035 •  |  | 10 |  | 10 |
|  7.500% due 02/01/2027 - 10/01/2036 |  | 27 |  | 25 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.875% due 04/25/2026 |  | 13600 |  | 13520 |
|  2.939% due 04/25/2029 |  | 2600 |  | 2503 |
|  4.905% due 08/25/2027 •  |  | 17400 |  | 17399 |
|  Federal Home Loan Mortgage Corp. Reference REMICS | Federal Home Loan Mortgage Corp. Reference REMICS | Federal Home Loan Mortgage Corp. Reference REMICS | Federal Home Loan Mortgage Corp. Reference REMICS | Federal Home Loan Mortgage Corp. Reference REMICS |
|  6.000% due 04/15/2036 |  | 1444 |  | 1530 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  0.000% due 02/15/2041 •  |  | 9 |  | 6 |
|  1.513% due 06/15/2042 •(a) |  | 4341 |  | 484 |
|  1.763% due 02/15/2038 •(a) |  | 71 |  | 5 |
|  1.785% due 11/15/2038 ~(a) |  | 5853 |  | 540 |
|  1.813% due 05/15/2039 •(a) |  | 106 |  | 11 |
|  1.882% due 05/15/2038 ~(a) |  | 399 |  | 34 |
|  1.963% due 03/15/2037 •(a) |  | 90 |  | 9 |
|  1.996% due 06/15/2039 ~(a) |  | 2123 |  | 179 |
|  2.012% due 10/15/2041 ~(a) |  | 1141 |  | 66 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.013% due 08/15/2036 •(a) | $— | 47 | $— | 5 |
|  2.023% due 12/15/2041 •(a) |  | 4445 |  | 654 |
|  2.093% due 09/15/2036 •(a) |  | 65 |  | 7 |
|  2.163% due 11/15/2036 •(a) |  | 2297 |  | 210 |
|  3.000% due 08/15/2027 (a) |  | 578 |  | 11 |
|  3.500% due 01/15/2042 - 08/15/2042 |  | 17436 |  | 16542 |
|  3.844% due 05/15/2033 •  |  | 53 |  | 59 |
|  4.000% due 10/15/2033 - 02/15/2042 |  | 16748 |  | 16360 |
|  4.500% due 08/15/2033 - 05/15/2039 |  | 286 |  | 285 |
|  4.677% due 10/15/2043 •  |  | 21678 |  | 21250 |
|  4.737% due 07/15/2034 - 05/15/2037 •  |  | 422 |  | 417 |
|  4.787% due 08/15/2035 - 02/15/2037 •  |  | 68 |  | 68 |
|  4.807% due 07/15/2034 •  |  | 65 |  | 64 |
|  4.810% due 08/15/2040 - 10/15/2040 •  |  | 12394 |  | 12230 |
|  4.827% due 02/15/2037 •  |  | 6 |  | 6 |
|  4.837% due 12/15/2029 - 11/15/2043 •  |  | 1696 |  | 1679 |
|  4.887% due 06/15/2031 - 05/15/2041 •  |  | 580 |  | 574 |
|  4.897% due 05/15/2036 •  |  | 167 |  | 166 |
|  4.900% due 11/15/2042 •  |  | 2981 |  | 2964 |
|  4.937% due 11/15/2030 - 12/15/2031 •  |  | 1 |  | 0 |
|  4.987% due 06/15/2030 - 12/15/2032 •  |  | 11 |  | 12 |
|  5.000% due 08/15/2034 - 07/15/2036 |  | 1417 |  | 1449 |
|  5.000% due 03/15/2043 •  |  | 298 |  | 284 |
|  5.007% due 01/15/2041 •  |  | 383 |  | 381 |
|  5.037% due 02/15/2032 - 01/15/2042 •  |  | 108 |  | 108 |
|  5.067% due 05/15/2032 - 07/15/2037 •  |  | 854 |  | 854 |
|  5.077% due 10/15/2037 •  |  | 229 |  | 229 |
|  5.087% due 12/15/2032 - 11/15/2037 •  |  | 727 |  | 727 |
|  5.117% due 10/15/2037 •  |  | 285 |  | 285 |
|  5.157% due 08/15/2037 •  |  | 1075 |  | 1076 |
|  5.197% due 10/15/2037 •  |  | 426 |  | 426 |
|  5.207% due 05/15/2037 •  |  | 319 |  | 320 |
|  5.217% due 05/15/2040 •  |  | 7 |  | 7 |
|  5.237% due 08/15/2036 •  |  | 8 |  | 8 |
|  5.245% due 03/15/2050 •  |  | 4945 |  | 4961 |
|  5.250% due 10/25/2055 •  |  | 2600 |  | 2604 |
|  5.296% due 11/25/2054 •  |  | 18760 |  | 18792 |
|  5.337% due 11/15/2039 •  |  | 7 |  | 7 |
|  5.356% due 08/25/2055 •  |  | 13357 |  | 13435 |
|  5.397% due 07/15/2037 •  |  | 92 |  | 93 |
|  5.400% due 10/25/2055 •  |  | 4300 |  | 4310 |
|  5.500% due 05/15/2033 - 05/15/2036 |  | 1031 |  | 1066 |
|  5.556% due 02/25/2055 •  |  | 28451 |  | 28598 |
|  5.656% due 09/25/2054 •  |  | 1053 |  | 1058 |
|  5.950% due 06/15/2028 |  | 1034 |  | 1044 |
|  6.000% due 07/15/2026 - 10/15/2036 |  | 1585 |  | 1639 |
|  6.250% due 12/15/2028 |  | 22 |  | 22 |
|  6.500% due 06/15/2027 - 05/15/2035 |  | 3971 |  | 4071 |
|  7.000% due 08/15/2029 - 08/15/2031 |  | 266 |  | 276 |
|  7.500% due 03/17/2027 - 08/15/2030 |  | 235 |  | 245 |
|  11.721% due 08/15/2037 •  |  | 187 |  | 256 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  1.513% due 08/15/2042 •(a) |  | 8774 |  | 931 |
|  2.000% due 06/15/2052 (a) |  | 307667 |  | 40882 |
|  2.342% due 09/15/2043 - 12/15/2043 •  |  | 6166 |  | 6275 |
|  4.837% due 07/15/2036 •  |  | 125 |  | 124 |
|  5.037% due 03/15/2044 •  |  | 1283 |  | 1280 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.532% due 08/25/2031 •  |  | 43 |  | 43 |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.552% due 08/15/2032 ~ | $— | 28 | $— | 27 |
|  4.696% due 01/25/2036 ~ |  | 1057 |  | 1027 |
|  5.353% due 02/25/2045 •  |  | 3505 |  | 3402 |
|  5.471% due 05/25/2043 •  |  | 2335 |  | 2342 |
|  5.553% due 07/25/2044 •  |  | 540 |  | 523 |
|  6.500% due 01/25/2028 - 10/25/2043 |  | 5216 |  | 5343 |
|  7.000% due 10/25/2043 |  | 3350 |  | 3516 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.000% due 03/01/2052 |  | 9831 |  | 7948 |
|  2.500% due 02/01/2040 - 03/01/2040 |  | 4615 |  | 4213 |
|  3.000% due 12/01/2025 - 09/01/2057 |  | 710123 |  | 629563 |
|  3.500% due 10/01/2025 - 08/01/2049 |  | 42955 |  | 42090 |
|  4.000% due 10/01/2025 - 01/01/2059 |  | 267729 |  | 256776 |
|  4.045% due 12/01/2029 |  | 8530 |  | 8524 |
|  4.207% due 03/01/2033 •  |  | 6 |  | 6 |
|  4.300% due 11/01/2029 |  | 11735 |  | 11863 |
|  4.500% due 11/01/2025 - 08/01/2053 |  | 52318 |  | 51123 |
|  4.891% due 12/01/2036 •  |  | 6 |  | 6 |
|  5.000% due 10/01/2025 - 03/01/2054 |  | 238698 |  | 238249 |
|  5.420% due 06/01/2043 •  |  | 653 |  | 660 |
|  5.421% due 07/01/2042 - 12/01/2044 •  |  | 2906 |  | 2938 |
|  5.471% due 09/01/2041 •  |  | 1178 |  | 1186 |
|  5.500% due 10/01/2029 - 08/01/2054 |  | 1089640 |  | 1103139 |
|  5.613% due 09/01/2034 •  |  | 6 |  | 6 |
|  5.621% due 10/01/2030 - 10/01/2040 •  |  | 246 |  | 247 |
|  5.828% due 05/01/2030 •  |  | 1 |  | 1 |
|  5.865% due 11/01/2037 •  |  | 3 |  | 3 |
|  5.895% due 11/01/2031 •  |  | 22 |  | 22 |
|  5.950% due 11/01/2035 •  |  | 271 |  | 276 |
|  5.960% due 12/01/2034 •  |  | 7 |  | 7 |
|  6.000% due 03/01/2026 - 05/01/2054 |  | 79442 |  | 82293 |
|  6.007% due 12/01/2034 •  |  | 7 |  | 7 |
|  6.027% due 11/01/2034 •  |  | 44 |  | 44 |
|  6.047% due 03/01/2035 •  |  | 4 |  | 4 |
|  6.065% due 08/01/2026 •  |  | 1 |  | 1 |
|  6.090% due 01/01/2036 •  |  | 29 |  | 29 |
|  6.095% due 07/01/2026 •  |  | 1 |  | 1 |
|  6.096% due 09/01/2035 •  |  | 9 |  | 10 |
|  6.135% due 08/01/2033 •  |  | 1 |  | 1 |
|  6.140% due 04/01/2027 - 09/01/2029 •  |  | 1 |  | 1 |
|  6.146% due 02/01/2035 •  |  | 251 |  | 254 |
|  6.163% due 09/01/2035 - 10/01/2035 •  |  | 257 |  | 260 |
|  6.178% due 03/01/2034 •  |  | 1 |  | 1 |
|  6.180% due 11/01/2035 •  |  | 466 |  | 480 |
|  6.185% due 08/01/2032 - 07/01/2035 •  |  | 141 |  | 145 |
|  6.186% due 01/01/2035 •  |  | 428 |  | 435 |
|  6.200% due 08/01/2035 •  |  | 67 |  | 67 |
|  6.203% due 03/01/2034 •  |  | 155 |  | 159 |
|  6.210% due 10/01/2034 - 06/01/2035 •  |  | 706 |  | 723 |
|  6.249% due 02/01/2035 •  |  | 50 |  | 51 |
|  6.253% due 05/01/2036 •  |  | 57 |  | 59 |
|  6.260% due 06/01/2035 •  |  | 49 |  | 51 |
|  6.266% due 12/01/2035 •  |  | 6 |  | 6 |
|  6.276% due 01/01/2035 •  |  | 290 |  | 293 |
|  6.277% due 09/01/2033 •  |  | 2 |  | 2 |
|  6.286% due 04/01/2036 •  |  | 8 |  | 8 |
|  6.288% due 08/01/2035 •  |  | 22 |  | 22 |
|  6.302% due 02/01/2035 •  |  | 7 |  | 7 |
|  6.305% due 07/01/2035 •  |  | 2 |  | 2 |
|  6.307% due 12/01/2034 •  |  | 128 |  | 130 |
|  6.315% due 05/01/2035 •  |  | 3 |  | 3 |
|  6.320% due 02/01/2027 •  |  | 2 |  | 2 |
|  6.322% due 11/01/2034 •  |  | 2 |  | 2 |
|  6.324% due 01/01/2035 •  |  | 626 |  | 642 |
|  6.325% due 10/01/2027 •  |  | 6 |  | 6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.335% due 10/01/2034 •  | $— | 67 | $— | 68 |
|  6.340% due 01/01/2036 •  |  | 1 |  | 1 |
|  6.346% due 06/01/2035 •  |  | 45 |  | 45 |
|  6.352% due 09/01/2033 •  |  | 6 |  | 6 |
|  6.353% due 05/01/2034 •  |  | 22 |  | 23 |
|  6.375% due 01/01/2035 - 08/01/2035 •  |  | 68 |  | 70 |
|  6.381% due 12/01/2034 - 08/01/2035 •  |  | 300 |  | 307 |
|  6.395% due 08/01/2027 •  |  | 1 |  | 1 |
|  6.397% due 02/01/2035 •  |  | 18 |  | 18 |
|  6.398% due 08/01/2035 •  |  | 112 |  | 114 |
|  6.405% due 11/01/2035 •  |  | 41 |  | 42 |
|  6.406% due 06/01/2035 •  |  | 3 |  | 3 |
|  6.408% due 04/01/2033 •  |  | 3 |  | 3 |
|  6.410% due 10/01/2034 - 06/01/2035 •  |  | 114 |  | 116 |
|  6.413% due 06/01/2033 •  |  | 4 |  | 4 |
|  6.415% due 11/01/2034 •  |  | 60 |  | 61 |
|  6.419% due 07/01/2034 •  |  | 1 |  | 1 |
|  6.420% due 12/01/2034 •  |  | 2 |  | 2 |
|  6.425% due 03/01/2035 - 01/01/2036 •  |  | 41 |  | 42 |
|  6.435% due 12/01/2033 - 06/01/2034 •  |  | 106 |  | 107 |
|  6.442% due 09/01/2034 •  |  | 546 |  | 558 |
|  6.457% due 09/01/2035 •  |  | 283 |  | 287 |
|  6.460% due 05/01/2035 •  |  | 5 |  | 5 |
|  6.461% due 08/01/2027 •  |  | 9 |  | 9 |
|  6.472% due 08/01/2035 •  |  | 32 |  | 33 |
|  6.478% due 12/01/2035 •  |  | 58 |  | 59 |
|  6.479% due 04/01/2027 •  |  | 2 |  | 2 |
|  6.487% due 09/01/2035 •  |  | 22 |  | 23 |
|  6.500% due 05/01/2027 - 03/01/2055 |  | 37232 |  | 38538 |
|  6.500% due 12/01/2033 •  |  | 40 |  | 41 |
|  6.503% due 02/01/2035 •  |  | 94 |  | 95 |
|  6.506% due 04/01/2035 •  |  | 4 |  | 4 |
|  6.510% due 09/01/2035 •  |  | 88 |  | 90 |
|  6.526% due 11/01/2034 •  |  | 143 |  | 149 |
|  6.529% due 07/01/2035 •  |  | 29 |  | 29 |
|  6.531% due 09/01/2035 •  |  | 2 |  | 2 |
|  6.534% due 05/01/2033 - 02/01/2035 •  |  | 389 |  | 396 |
|  6.536% due 05/01/2035 •  |  | 381 |  | 390 |
|  6.537% due 07/01/2035 - 11/01/2035 •  |  | 101 |  | 103 |
|  6.540% due 10/01/2035 •  |  | 38 |  | 38 |
|  6.552% due 05/01/2035 •  |  | 264 |  | 270 |
|  6.563% due 01/01/2035 •  |  | 91 |  | 93 |
|  6.565% due 11/01/2025 - 03/01/2033 •  |  | 11 |  | 11 |
|  6.583% due 11/01/2035 •  |  | 28 |  | 29 |
|  6.584% due 12/01/2036 •  |  | 2 |  | 2 |
|  6.585% due 11/01/2035 •  |  | 68 |  | 69 |
|  6.594% due 09/01/2037 •  |  | 1 |  | 1 |
|  6.604% due 12/01/2033 •  |  | 71 |  | 72 |
|  6.612% due 05/01/2037 •  |  | 2 |  | 2 |
|  6.618% due 05/01/2038 •  |  | 2020 |  | 2098 |
|  6.633% due 12/01/2030 •  |  | 1 |  | 1 |
|  6.641% due 04/01/2038 •  |  | 1 |  | 1 |
|  6.654% due 11/01/2032 •  |  | 1 |  | 1 |
|  6.675% due 02/01/2035 •  |  | 4 |  | 4 |
|  6.681% due 04/01/2034 •  |  | 10 |  | 10 |
|  6.682% due 01/01/2037 •  |  | 4 |  | 4 |
|  6.697% due 11/01/2035 •  |  | 18 |  | 19 |
|  6.699% due 03/01/2034 •  |  | 254 |  | 259 |
|  6.748% due 03/01/2036 •  |  | 61 |  | 62 |
|  6.797% due 05/01/2035 •  |  | 19 |  | 19 |
|  6.804% due 12/01/2034 •  |  | 1 |  | 1 |
|  6.810% due 06/01/2035 •  |  | 24 |  | 24 |
|  6.825% due 03/01/2036 •  |  | 70 |  | 72 |
|  6.842% due 01/01/2036 •  |  | 4 |  | 4 |
|  6.848% due 12/01/2027 •  |  | 20 |  | 20 |
|  6.850% due 12/01/2026 •  |  | 1 |  | 1 |
|  6.852% due 10/01/2035 •  |  | 62 |  | 63 |
|  6.912% due 02/01/2036 •  |  | 46 |  | 47 |
|  6.925% due 09/01/2034 •  |  | 29 |  | 29 |
|  6.944% due 11/01/2035 •  |  | 120 |  | 123 |
|  6.952% due 11/01/2034 •  |  | 85 |  | 87 |
|  6.971% due 02/01/2036 •  |  | 26 |  | 27 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.974% due 05/01/2035 •  | $— | 5 | $— | 5 |
|  7.000% due 03/01/2031 - 02/01/2036 |  | 197 |  | 200 |
|  7.000% due 04/01/2035 •  |  | 90 |  | 92 |
|  7.016% due 09/01/2037 •  |  | 4 |  | 5 |
|  7.220% due 09/01/2035 •  |  | 178 |  | 182 |
|  7.258% due 09/01/2035 •  |  | 39 |  | 40 |
|  7.265% due 09/01/2035 •  |  | 110 |  | 112 |
|  7.282% due 11/01/2035 •  |  | 72 |  | 73 |
|  7.500% due 08/01/2026 - 09/01/2030 |  | 3 |  | 3 |
|  8.000% due 06/01/2026 - 08/01/2032 |  | 640 |  | 660 |
|  8.500% due 08/01/2026 - 09/01/2031 |  | 156 |  | 159 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  6.000% due 01/25/2044 |  | 82 |  | 85 |
|  6.500% due 07/25/2042 |  | 18 |  | 19 |
|  7.000% due 12/25/2041 |  | 1 |  | 1 |
|  7.500% due 10/25/2040 - 07/25/2041 |  | 29 |  | 29 |
|  7.500% due 06/19/2041 ~ |  | 6 |  | 6 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.000% due 02/25/2033 - 11/25/2040 •  |  | 337 |  | 305 |
|  0.000% due 03/25/2036 (b)(g) |  | 516 |  | 476 |
|  1.549% due 03/25/2036 ~(a) |  | 4201 |  | 240 |
|  1.599% due 02/25/2037 •(a) |  | 6 |  | 0 |
|  1.629% due 06/25/2037 •(a) |  | 38 |  | 3 |
|  1.679% due 12/25/2042 •(a) |  | 741 |  | 85 |
|  1.737% due 05/25/2044 ~(a) |  | 3642 |  | 246 |
|  1.764% due 06/25/2055 ~(a) |  | 3472 |  | 232 |
|  1.779% due 05/25/2037 - 01/25/2040 •(a) |  | 358 |  | 27 |
|  1.829% due 08/25/2042 •(a) |  | 4805 |  | 737 |
|  1.861% due 12/25/2038 ~(a) |  | 3919 |  | 302 |
|  1.909% due 03/25/2037 •(a) |  | 18 |  | 2 |
|  2.079% due 07/25/2036 •(a) |  | 192 |  | 19 |
|  2.129% due 12/25/2036 •(a) |  | 21 |  | 2 |
|  2.169% due 12/25/2036 •(a) |  | 66 |  | 8 |
|  2.179% due 07/25/2037 •(a) |  | 44 |  | 5 |
|  2.289% due 05/25/2037 •(a) |  | 17 |  | 2 |
|  2.367% due 10/25/2043 •  |  | 12919 |  | 12643 |
|  3.000% due 08/25/2040 - 10/25/2040 |  | 24957 |  | 24027 |
|  3.500% due 08/25/2042 |  | 12648 |  | 11992 |
|  4.000% due 07/25/2040 |  | 181 |  | 181 |
|  4.500% due 01/25/2035 - 09/25/2041 |  | 66876 |  | 66451 |
|  4.523% due 07/25/2037 •  |  | 31 |  | 30 |
|  4.583% due 03/25/2034 •  |  | 3 |  | 3 |
|  4.593% due 03/25/2036 •  |  | 220 |  | 217 |
|  4.613% due 08/25/2034 •  |  | 3 |  | 3 |
|  4.721% due 04/25/2036 - 05/25/2037 •  |  | 378 |  | 374 |
|  4.771% due 01/25/2033 - 05/25/2048 •  |  | 12159 |  | 11814 |
|  4.791% due 11/25/2036 - 06/25/2037 •  |  | 116 |  | 115 |
|  4.821% due 05/25/2034 - 04/25/2043 •  |  | 608 |  | 603 |
|  4.831% due 03/25/2037 •  |  | 3 |  | 3 |
|  4.841% due 01/25/2037 •  |  | 154 |  | 153 |
|  4.851% due 07/25/2037 •  |  | 148 |  | 147 |
|  4.871% due 06/25/2029 - 06/25/2047 •  |  | 17355 |  | 17027 |
|  4.881% due 09/25/2035 •  |  | 10 |  | 10 |
|  4.901% due 04/18/2028 - 11/25/2040 •  |  | 1280 |  | 1272 |
|  4.911% due 06/25/2036 •  |  | 104 |  | 104 |
|  4.921% due 10/25/2030 - 04/25/2047 •  |  | 23432 |  | 22927 |
|  4.931% due 07/25/2036 •  |  | 303 |  | 302 |
|  4.951% due 10/18/2030 •  |  | 41 |  | 41 |
|  4.971% due 08/25/2030 - 12/25/2049 •  |  | 24838 |  | 24449 |
|  4.991% due 10/25/2040 •  |  | 12 |  | 12 |
|  5.000% due 09/18/2027 - 04/25/2035 |  | 204 |  | 207 |
|  5.000% due 04/25/2043 •  |  | 749 |  | 711 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **19** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.021% due 09/25/2041 •  | $— | 254 | $— | 253 |
|  5.051% due 12/18/2031 - 08/25/2037 •  |  | 1507 |  | 1504 |
|  5.071% due 06/25/2030 - 07/25/2034 •  |  | 459 |  | 460 |
|  5.121% due 03/25/2040 •  |  | 286 |  | 286 |
|  5.141% due 03/25/2038 •  |  | 20 |  | 20 |
|  5.145% due 01/25/2051 •  |  | 20045 |  | 20091 |
|  5.191% due 06/25/2037 •  |  | 49 |  | 49 |
|  5.221% due 04/25/2031 - 11/25/2039 •  |  | 199 |  | 198 |
|  5.245% due 12/25/2050 •  |  | 6003 |  | 5990 |
|  5.256% due 09/25/2054 •  |  | 23218 |  | 23251 |
|  5.291% due 02/25/2038 •  |  | 63 |  | 64 |
|  5.306% due 01/25/2055 •  |  | 9483 |  | 9523 |
|  5.371% due 04/25/2032 - 11/25/2033 •  |  | 397 |  | 401 |
|  5.500% due 08/25/2035 |  | 14 |  | 15 |
|  5.556% due 12/25/2053 - 02/25/2055 •  |  | 43327 |  | 43560 |
|  5.606% due 02/25/2055 •  |  | 29050 |  | 29235 |
|  5.750% due 12/20/2027 |  | 19 |  | 19 |
|  6.000% due 05/17/2027 - 04/25/2043 |  | 2290 |  | 2382 |
|  6.373% due 05/25/2035 ~ |  | 755 |  | 772 |
|  6.500% due 07/18/2027 - 12/25/2033 |  | 1888 |  | 1956 |
|  7.000% due 12/18/2026 - 01/25/2048 |  | 134 |  | 137 |
|  7.500% due 08/20/2027 - 09/20/2027 |  | 16 |  | 17 |
|  8.000% due 07/18/2027 |  | 1 |  | 1 |
|  8.500% due 02/17/2027 |  | 5 |  | 5 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  2.129% due 06/25/2037 •(a) |  | 112 |  | 6 |
|  4.721% due 12/25/2042 ~ |  | 3316 |  | 3332 |
|  5.089% due 10/25/2042 ~ |  | 2531 |  | 2561 |
|  5.750% due 08/25/2034 |  | 221 |  | 229 |
|  6.000% due 10/25/2044 |  | 104 |  | 108 |
|  6.250% due 02/25/2029 |  | 38 |  | 38 |
|  6.500% due 06/25/2028 - 07/25/2043 |  | 45 |  | 48 |
|  6.652% due 08/25/2037 ~ |  | 16 |  | 16 |
|  7.500% due 02/25/2029 |  | 7 |  | 7 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 05/25/2042 - 03/25/2044 •  |  | 363 |  | 362 |
|  6.500% due 06/25/2044 |  | 577 |  | 590 |
|  7.000% due 12/25/2045 |  | 10 |  | 10 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.349% due 01/25/2031 ~(a) |  | 192264 |  | 11201 |
|  FHLMC-GNMA | FHLMC-GNMA | FHLMC-GNMA | FHLMC-GNMA | FHLMC-GNMA |
|  7.500% due 09/20/2026 - 06/20/2027 |  | 59 |  | 60 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  2.500% due 03/15/2043 - 04/20/2052 |  | 50796 |  | 43785 |
|  3.000% due 07/20/2046 - 08/20/2052 |  | 234906 |  | 209855 |
|  3.500% due 10/15/2041 - 07/20/2055 |  | 790776 |  | 722642 |
|  4.000% due 01/15/2048 - 09/20/2055 |  | 79569 |  | 75283 |
|  4.500% due 08/15/2033 - 11/20/2049 |  | 53126 |  | 52556 |
|  4.625% (H15T1Y + 1.500%) due 07/20/2026 - 09/20/2026 ~ |  | 21 |  | 22 |
|  4.625% due 07/20/2027 - 07/20/2034 •  |  | 270 |  | 272 |
|  4.750% (H15T1Y + 1.500%) due 10/20/2025 - 10/20/2026 ~ |  | 9 |  | 8 |
|  4.750% due 11/20/2026 - 10/20/2033 •  |  | 313 |  | 313 |
|  4.920% due 02/20/2060 •  |  | 1013 |  | 1020 |
|  5.000% (H15T1Y + 1.500%) due 12/20/2025 - 07/20/2026 ~ |  | 6 |  | 6 |
|  5.000% due 10/20/2026 - 08/20/2030 •  |  | 117 |  | 118 |
|  5.000% due 07/15/2033 - 06/20/2050 |  | 2597 |  | 2645 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.625% (H15T1Y + 1.500%) due 01/20/2026 - 06/20/2026 ~ | $— | 34 | $— | 32 |
|  5.625% due 01/20/2027 - 06/20/2041 •  |  | 1493 |  | 1508 |
|  6.000% due 04/15/2028 - 12/20/2041 |  | 383 |  | 401 |
|  6.500% due 04/15/2026 - 09/20/2038 |  | 37 |  | 39 |
|  7.000% due 10/20/2025 - 10/15/2034 |  | 63 |  | 64 |
|  7.500% due 11/20/2025 - 02/15/2035 |  | 32 |  | 33 |
|  8.000% due 11/15/2026 - 10/20/2031 |  | 62 |  | 63 |
|  8.500% due 06/15/2026 - 04/15/2031 |  | 39 |  | 40 |
|  9.000% due 07/15/2030 - 11/15/2030 |  | 16 |  | 17 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.000% due 05/20/2041 |  | 2842 |  | 2767 |
|  4.000% due 02/20/2044 (a) |  | 8278 |  | 904 |
|  4.470% due 08/20/2045 •  |  | 1965 |  | 1910 |
|  4.500% due 04/20/2063 - 05/20/2063 •  |  | 472 |  | 471 |
|  4.650% due 11/20/2037 •  |  | 98 |  | 97 |
|  4.700% due 07/20/2049 •  |  | 1355 |  | 1321 |
|  4.745% due 05/20/2047 •  |  | 452 |  | 436 |
|  4.750% due 07/20/2035 |  | 320 |  | 318 |
|  4.816% due 11/20/2068 •  |  | 338 |  | 338 |
|  4.889% due 09/20/2052 - 01/20/2072 •  |  | 60028 |  | 59269 |
|  4.892% due 04/20/2065 •  |  | 5 |  | 5 |
|  4.896% due 05/20/2065 •  |  | 557 |  | 557 |
|  4.902% due 06/20/2065 •  |  | 2680 |  | 2680 |
|  4.912% due 09/20/2065 •  |  | 3552 |  | 3552 |
|  4.926% due 02/20/2067 •  |  | 1614 |  | 1614 |
|  4.936% due 06/20/2067 •  |  | 733 |  | 733 |
|  4.966% due 01/20/2061 - 07/20/2063 •  |  | 648 |  | 649 |
|  5.016% due 05/20/2065 •  |  | 1246 |  | 1245 |
|  5.036% due 04/20/2062 - 06/20/2065 •  |  | 2196 |  | 2195 |
|  5.039% due 02/20/2074 •  |  | 13839 |  | 13834 |
|  5.046% due 06/20/2065 •  |  | 1489 |  | 1489 |
|  5.066% due 03/20/2062 - 09/20/2065 •  |  | 5145 |  | 5147 |
|  5.086% due 08/20/2065 •  |  | 10992 |  | 10997 |
|  5.109% due 02/20/2060 •  |  | 116 |  | 116 |
|  5.126% due 12/20/2065 •  |  | 5878 |  | 5884 |
|  5.166% due 04/20/2070 •  |  | 18940 |  | 18891 |
|  5.189% due 01/20/2073 •  |  | 11963 |  | 11992 |
|  5.216% due 12/20/2065 - 10/20/2066 •  |  | 9583 |  | 9603 |
|  5.227% due 06/20/2067 •  |  | 6215 |  | 6297 |
|  5.259% due 02/20/2073 •  |  | 54919 |  | 55177 |
|  5.269% due 02/20/2073 - 03/20/2073 •  |  | 83205 |  | 83663 |
|  5.289% due 01/20/2073 •  |  | 76104 |  | 76452 |
|  5.316% due 04/20/2066 - 11/20/2066 •  |  | 7910 |  | 7947 |
|  5.359% due 08/20/2073 •  |  | 15859 |  | 16014 |
|  5.386% due 07/20/2065 •  |  | 353 |  | 355 |
|  5.409% due 12/20/2072 •  |  | 71370 |  | 72221 |
|  5.466% due 01/20/2066 - 03/20/2066 •  |  | 11580 |  | 11640 |
|  5.489% due 06/20/2073 - 11/20/2073 •  |  | 90345 |  | 91752 |
|  5.500% due 03/16/2034 |  | 317 |  | 316 |
|  5.516% due 02/20/2066 •  |  | 7237 |  | 7274 |
|  5.529% due 11/20/2072 •  |  | 77966 |  | 79293 |
|  5.592% due 04/20/2067 •  |  | 3253 |  | 3294 |
|  5.616% due 03/20/2066 •  |  | 3023 |  | 3044 |
|  5.656% due 11/20/2067 •  |  | 1680 |  | 1702 |
|  5.739% due 07/20/2055 •  |  | 9954 |  | 9996 |
|  6.000% due 08/20/2033 |  | 104 |  | 104 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 11/01/2055 |  | 180700 |  | 149427 |
|  2.500% due 10/01/2055 - 11/01/2055 |  | 457450 |  | 393921 |
|  3.000% due 11/01/2055 |  | 516400 |  | 461068 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 11/01/2055 | 26000 | 23704 |
|  4.000% due 10/01/2055 - 11/01/2055 | 467740 | 439806 |
|  4.500% due 10/01/2055 - 11/01/2055 | 410100 | 397571 |
|  5.000% due 10/01/2055 - 11/01/2055 | 644491 | 640436 |
|  5.500% due 10/01/2055 - 11/01/2055 | 262100 | 263975 |
|  6.000% due 10/01/2055 - 11/01/2055 | 369540 | 375877 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.310% due 05/01/2027 | 4 | 4 |
|  5.320% due 04/01/2027 | 5 | 5 |
|  5.510% due 11/01/2027 | 12 | 12 |
|  5.600% due 09/01/2028 | 34 | 34 |
|  5.780% due 08/01/2027 | 1 | 1 |
|  5.820% due 07/01/2027 | 45 | 45 |
|  5.870% due 07/01/2028 | 14 | 14 |
|  6.020% due 08/01/2028 | 12 | 13 |
|  6.070% due 07/01/2026 | 5 | 5 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 10/01/2055 - 11/01/2055 | 2382585 | 2093226 |
|  4.000% due 10/01/2055 - 11/01/2055 | 17981 | 16945 |
|  4.500% due 10/01/2040 - 11/01/2055 | 2334265 | 2263587 |
|  5.000% due 10/01/2055 - 12/01/2055 | 2238555 | 2218804 |
|  5.500% due 11/01/2055 | 707015 | 712425 |
|  6.000% due 10/01/2055 - 11/01/2055 | 2560181 | 2615149 |
|  6.500% due 11/01/2055 | 264492 | 273518 |
|  Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust |
|  6.281% due 01/15/2030 ~ | 159 | 163 |
|  Total U.S. Government Agencies (Cost $20,176,473) | Total U.S. Government Agencies (Cost $20,176,473) | 20061302 |
| U.S. TREASURY OBLIGATIONS 16.7% | U.S. TREASURY OBLIGATIONS 16.7% | U.S. TREASURY OBLIGATIONS 16.7% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (r) | 1573055 | 1026941 |
|  1.375% due 08/15/2050 | 268199 | 134932 |
|  1.625% due 11/15/2050 (p) | 83160 | 44643 |
|  1.750% due 08/15/2041 | 331100 | 224754 |
|  1.875% due 02/15/2041 | 568475 | 399876 |
|  1.875% due 02/15/2051 | 562018 | 321151 |
|  1.875% due 11/15/2051 | 116025 | 65658 |
|  2.000% due 02/15/2050 (p) | 230544 | 137917 |
|  2.000% due 08/15/2051 | 246896 | 144709 |
|  2.250% due 05/15/2041 (p)(r) | 196500 | 145679 |
|  2.250% due 08/15/2049 | 664313 | 424174 |
|  2.375% due 11/15/2049 (p) | 434019 | 284096 |
|  2.375% due 05/15/2051 | 101271 | 65177 |
|  2.750% due 11/15/2042 | 420200 | 325573 |
|  2.875% due 05/15/2043 | 252260 | 197709 |
|  2.875% due 08/15/2045 | 321230 | 244179 |
|  2.875% due 05/15/2049 (p) | 361384 | 263725 |
|  3.000% due 05/15/2042 (p) | 23200 | 18829 |
|  3.000% due 11/15/2044 (p)(r) | 56000 | 43831 |
|  3.000% due 05/15/2045 | 477650 | 371858 |
|  3.000% due 11/15/2045 (p)(r) | 80700 | 62514 |
|  3.000% due 02/15/2048 (p)(r) | 116800 | 88225 |
|  3.000% due 08/15/2048 | 178291 | 134094 |
|  3.000% due 02/15/2049 (p) | 149150 | 111708 |
|  3.125% due 02/15/2043 (p)(r) | 79700 | 65077 |
|  3.125% due 08/15/2044 (p)(r) | 140275 | 112357 |
|  3.125% due 05/15/2048 (p)(r) | 154300 | 119022 |
|  3.250% due 05/15/2042 | 219616 | 184580 |
|  3.375% due 11/15/2048 (p)(r) | 103100 | 82851 |
|  3.625% due 08/15/2043 (p)(r) | 43200 | 37706 |
|  4.250% due 08/15/2054 | 117500 | 108504 |
|  4.500% due 11/15/2054 (p)(r) | 64200 | 61833 |
|  4.625% due 05/15/2044 (p)(r) | 24700 | 24525 |
|  4.875% due 08/15/2045 | 273100 | 279223 |
|  U.S. Treasury Inflation Protected Securities (h) | U.S. Treasury Inflation Protected Securities (h) | U.S. Treasury Inflation Protected Securities (h) |
|  0.125% due 02/15/2051 | 682450 | 378988 |
|  0.125% due 02/15/2052 | 88888 | 48231 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.250% due 02/15/2050 | 144871 | 85800 |
|  0.625% due 02/15/2043 | 843 | 641 |
|  0.750% due 02/15/2045 | 190404 | 142125 |
|  0.875% due 02/15/2047 | 109599 | 81018 |
|  1.000% due 02/15/2046 | 86434 | 66718 |
|  1.000% due 02/15/2049 | 11168 | 8249 |
|  1.375% due 02/15/2044 | 15940 | 13644 |
|  1.500% due 02/15/2053 | 211509 | 169459 |
|  2.125% due 02/15/2054 | 142291 | 131487 |
|  2.375% due 02/15/2055 | 29476 | 28806 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 02/15/2041 (a) | 26600 | 12857 |
|  0.000% due 05/15/2041 (a) | 25400 | 12117 |
|  0.000% due 08/15/2041 (a) | 26300 | 12350 |
|  0.000% due 11/15/2041 (a) | 27800 | 12875 |
|  0.000% due 08/15/2042 (a) | 96900 | 42903 |
|  Total U.S. Treasury Obligations (Cost $9,316,147) | Total U.S. Treasury Obligations (Cost $9,316,147) | 7605898 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 20.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 20.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 20.2% |
|  1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust |
|  3.901% due 08/10/2035 | 22000 | 21244 |
|  225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust |
|  3.597% due 02/10/2036 | 31607 | 30988 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  3.768% due 09/25/2035 ~ | 819 | 704 |
|  3.951% due 01/25/2036 ~ | 190 | 169 |
|  4.512% due 08/25/2036 •  | 10259 | 3469 |
|  4.755% due 10/25/2035 ~ | 226 | 211 |
|  4.783% due 11/25/2035 ~ | 125 | 87 |
|  4.812% due 11/25/2035 •  | 7 | 6 |
|  5.422% due 03/25/2035 •  | 2248 | 1976 |
|  5.429% due 03/25/2036 ~ | 110 | 54 |
|  5.450% due 09/25/2035 ~ | 39 | 34 |
|  5.909% due 01/25/2036 ~ | 858 | 599 |
|  6.625% due 11/25/2035 ~ | 46 | 44 |
|  6.662% due 07/25/2035 ~ | 183 | 178 |
|  6.972% due 08/25/2035 ~ | 119 | 118 |
|  9.125% due 07/25/2035 ~ | 4 | 4 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  3.487% due 11/25/2035 ~ | 1888 | 1258 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  4.632% due 12/25/2046 •  | 404 | 344 |
|  6.195% due 12/25/2035 •  | 1194 | 409 |
|  6.195% due 11/25/2045 •  | 2700 | 1008 |
|  Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust |
|  2.756% due 05/15/2053 | 7800 | 7293 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.223% due 04/15/2035 •  | 3241 | 3240 |
|  BAMLL | BAMLL | BAMLL |
|  4.160% due 05/25/2056 ~ | 292533 | 280669 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  0.000% due 10/15/2027 « | 547 | 12 |
|  2.627% due 01/15/2032 | 4200 | 3720 |
|  2.847% due 04/20/2042 ~ | 36960 | 29981 |
|  3.819% due 07/14/2037 | 5000 | 4847 |
|  4.227% due 08/10/2038 ~ | 5681 | 5543 |
|  7.617% due 10/15/2027 «~(l) | 49980 | 45512 |
|  7.688% due 10/15/2027 «~ | 78335 | 78394 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  6.000% due 11/25/2035 | 195 | 172 |
|  6.000% due 07/25/2046 | 543 | 475 |
|  Banc of America Commercial Mortgage Pass-Through Certificates | Banc of America Commercial Mortgage Pass-Through Certificates | Banc of America Commercial Mortgage Pass-Through Certificates |
|  3.110% due 04/25/2050 «~ | 34278 | 33236 |
|  3.110% due 08/25/2052 «~ | 12000 | 10621 |
|  Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust |
|  3.705% due 09/15/2048 | 1952 | 1948 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.371% due 03/20/2036 ~ | 75 | 71 |
|  3.501% due 10/20/2046 ~ | 773 | 664 |
|  4.372% due 04/25/2037 •  | 103 | 88 |
|  4.376% due 10/20/2046 ~ | 770 | 647 |
|  4.462% due 03/20/2036 ~ | 64 | 56 |
|  4.498% due 09/20/2047 ~ | 1220 | 1063 |
|  4.630% due 10/20/2036 •  | 4954 | 3853 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.630% due 12/20/2046 •  | $— | 545 | $— | 487 |
|  4.692% due 04/25/2037 •  |  | 895 |  | 756 |
|  4.780% due 02/20/2036 ~ |  | 838 |  | 757 |
|  4.830% due 05/20/2035 •  |  | 206 |  | 194 |
|  4.835% due 09/20/2046 ~ |  | 613 |  | 554 |
|  4.971% due 01/20/2047 ~ |  | 21 |  | 18 |
|  5.072% due 05/25/2037 •  |  | 1874 |  | 1608 |
|  5.264% due 05/20/2036 ~ |  | 252 |  | 217 |
|  5.334% due 05/25/2035 ~ |  | 8 |  | 8 |
|  5.500% due 09/25/2034 |  | 758 |  | 735 |
|  5.563% due 04/20/2036 ~ |  | 772 |  | 692 |
|  5.750% due 10/25/2035 |  | 686 |  | 575 |
|  5.750% due 09/25/2036 |  | 375 |  | 351 |
|  6.000% due 09/25/2036 |  | 1168 |  | 1171 |
|  6.000% due 09/25/2036 •  |  | 61 |  | 53 |
|  6.000% due 03/25/2037 |  | 2748 |  | 2183 |
|  6.000% due 08/25/2037 |  | 2269 |  | 1881 |
|  6.122% due 11/20/2034 ~ |  | 883 |  | 871 |
|  6.253% due 10/25/2036 þ |  | 186 |  | 166 |
|  6.337% due 01/25/2037 þ |  | 189 |  | 177 |
|  6.388% due 04/25/2037 þ |  | 616 |  | 531 |
|  6.619% due 09/20/2034 ~ |  | 14 |  | 13 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.111% due 02/25/2035 ~ |  | 203 |  | 199 |
|  5.242% due 08/25/2035 ~ |  | 1006 |  | 960 |
|  5.430% due 07/25/2035 ~ |  | 594 |  | 501 |
|  5.487% due 07/25/2035 ~ |  | 110 |  | 105 |
|  5.500% due 05/25/2037 |  | 165 |  | 120 |
|  5.533% due 11/25/2035 ~ |  | 108 |  | 97 |
|  5.669% due 01/25/2036 ~ |  | 495 |  | 453 |
|  5.841% due 07/25/2034 ~ |  | 20 |  | 19 |
|  6.000% due 07/25/2046 •  |  | 267 |  | 237 |
|  6.457% due 05/25/2034 ~ |  | 51 |  | 49 |
|  6.669% due 09/25/2033 ~ |  | 137 |  | 132 |
|  6.939% due 02/25/2035 ~ |  | 144 |  | 141 |
|  7.022% due 05/25/2033 ~ |  | 1 |  | 1 |
|  Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust |
|  4.232% due 11/15/2046 ~ |  | 87656 |  | 86849 |
|  4.232% due 08/15/2053 ~ |  | 35100 |  | 31115 |
|  Bank | Bank | Bank | Bank | Bank |
|  2.403% due 03/15/2063 |  | 54030 |  | 49296 |
|  2.649% due 01/15/2063 |  | 76897 |  | 71013 |
|  2.920% due 12/15/2052 |  | 26900 |  | 25380 |
|  3.071% due 08/15/2061 |  | 2509 |  | 2463 |
|  3.183% due 08/15/2061 |  | 25500 |  | 24113 |
|  3.488% due 11/15/2050 |  | 6400 |  | 6226 |
|  3.504% due 03/15/2064 ~ |  | 38300 |  | 35722 |
|  4.005% due 02/15/2052 |  | 17268 |  | 17066 |
|  Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust |
|  5.750% due 07/20/2032 ~ |  | 9 |  | 8 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  0.000% due 03/25/2064 ~ |  | 1 |  | 1 |
|  0.000% due 10/01/2075 « |  | 11 |  | 11 |
|  7.591% due 03/25/2064 ~ |  | 35067 |  | 36184 |
|  7.645% due 10/01/2075 « |  | 59063 |  | 60838 |
|  Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC |
|  0.000% due 11/16/2062 (g) |  | 12152 |  | 12426 |
|  4.987% due 11/16/2062 •  |  | 145029 |  | 195336 |
|  5.887% due 11/16/2062 •  |  | 14894 |  | 20272 |
|  6.387% due 11/16/2062 •  |  | 7434 |  | 10097 |
|  7.187% due 11/16/2062 •  |  | 4964 |  | 6756 |
|  8.487% due 11/16/2062 •  |  | 2494 |  | 3398 |
|  9.987% due 11/16/2062 •  |  | 2470 |  | 3364 |
|  Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust |
|  3.000% due 11/25/2051 ~ | $— | 34821 |  | 30197 |
|  Bayview Opportunity Master Fund VI Trust | Bayview Opportunity Master Fund VI Trust | Bayview Opportunity Master Fund VI Trust | Bayview Opportunity Master Fund VI Trust | Bayview Opportunity Master Fund VI Trust |
|  5.000% due 10/25/2051 •  |  | 384 |  | 357 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  2.595% due 02/15/2053 |  | 2626 |  | 2545 |
|  2.639% due 02/15/2053 |  | 8250 |  | 7650 |
|  4.314% due 12/15/2051 |  | 7000 |  | 7008 |
|  4.600% due 06/15/2055 ~ |  | 5000 |  | 4962 |
|  BBCMS Trust | BBCMS Trust | BBCMS Trust | BBCMS Trust | BBCMS Trust |
|  5.448% due 07/15/2037 •  |  | 10923 |  | 10675 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  2.243% due 08/26/2036 ~ |  | 5989 |  | 4008 |
|  3.834% due 07/26/2036 ~ |  | 320 |  | 285 |
|  4.480% due 03/26/2037 þ |  | 2385 |  | 2378 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.692% due 05/25/2047 •  | $— | 25 | $— | 24 |
|  4.765% due 03/26/2037 ~ |  | 1019 |  | 840 |
|  4.877% due 05/25/2047 •  |  | 3018 |  | 2769 |
|  5.135% due 01/26/2047 •  |  | 1994 |  | 1972 |
|  5.250% due 06/26/2036 |  | 28740 |  | 9903 |
|  5.250% due 04/26/2037 |  | 9402 |  | 5239 |
|  5.250% due 04/26/2037 ~ |  | 2434 |  | 2188 |
|  5.250% due 06/26/2037 |  | 628 |  | 558 |
|  5.500% due 11/25/2034 |  | 1197 |  | 1046 |
|  5.839% due 05/26/2036 ~ |  | 1614 |  | 984 |
|  6.000% due 10/26/2037 ~ |  | 1186 |  | 802 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  3.250% due 02/25/2034 ~ |  | 10 |  | 9 |
|  4.058% due 03/25/2036 ~ |  | 2899 |  | 2364 |
|  4.093% due 03/25/2036 ~ |  | 1293 |  | 1034 |
|  4.126% due 08/25/2036 ~ |  | 3038 |  | 2022 |
|  4.164% due 08/25/2036 ~ |  | 35 |  | 16 |
|  4.167% due 11/25/2036 ~ |  | 2623 |  | 1184 |
|  4.217% due 11/25/2035 ~ |  | 2074 |  | 1115 |
|  4.281% due 04/25/2035 ~ |  | 1 |  | 1 |
|  4.467% due 09/25/2034 ~ |  | 79 |  | 71 |
|  4.467% due 11/25/2036 ~ |  | 511 |  | 291 |
|  4.475% due 11/25/2036 ~ |  | 1384 |  | 705 |
|  4.511% due 02/25/2036 ~ |  | 400 |  | 283 |
|  4.592% due 02/25/2034 •  |  | 474 |  | 449 |
|  4.592% due 08/25/2036 •  |  | 4141 |  | 3568 |
|  4.592% due 01/25/2047 •  |  | 1468 |  | 1275 |
|  4.612% due 08/25/2036 •  |  | 8026 |  | 7262 |
|  4.672% due 02/25/2034 •  |  | 7 |  | 6 |
|  4.693% due 03/25/2036 ~ |  | 5348 |  | 3059 |
|  4.714% due 05/25/2036 ~ |  | 3714 |  | 1767 |
|  4.752% due 02/25/2036 •  |  | 478 |  | 455 |
|  4.826% due 05/25/2036 ~ |  | 3305 |  | 1344 |
|  4.838% due 09/25/2035 ~ |  | 8934 |  | 4885 |
|  4.888% due 07/25/2035 ~ |  | 4109 |  | 2753 |
|  4.945% due 02/25/2034 ~ |  | 398 |  | 379 |
|  5.170% due 01/25/2036 ~ |  | 2013 |  | 1920 |
|  5.247% due 01/25/2035 ~ |  | 1257 |  | 1152 |
|  5.425% due 05/25/2035 ~ |  | 10437 |  | 10007 |
|  5.648% due 12/25/2046 ~ |  | 142 |  | 99 |
|  5.842% due 08/25/2034 ~ |  | 11 |  | 11 |
|  6.139% due 12/25/2033 ~ |  | 199 |  | 193 |
|  6.352% due 05/25/2035 ~ |  | 32 |  | 32 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  0.000% due 10/25/2034 ~ |  | 5 |  | 4 |
|  4.000% due 05/25/2034 ~ |  | 1 |  | 1 |
|  4.057% due 09/25/2034 ~ |  | 196 |  | 179 |
|  4.208% due 05/25/2047 ~ |  | 4580 |  | 4125 |
|  4.247% due 06/25/2047 ~ |  | 7178 |  | 6323 |
|  4.475% due 02/25/2036 ~ |  | 1776 |  | 1640 |
|  4.604% due 02/25/2036 ~ |  | 30 |  | 27 |
|  4.807% due 03/25/2035 ~ |  | 641 |  | 590 |
|  4.812% due 11/25/2030 ~ |  | 305 |  | 303 |
|  4.839% due 07/25/2034 ~ |  | 45 |  | 42 |
|  4.928% due 08/25/2035 ~ |  | 1155 |  | 1082 |
|  5.033% due 08/25/2033 ~ |  | 3 |  | 3 |
|  5.125% due 01/25/2035 ~ |  | 118 |  | 106 |
|  5.278% due 04/25/2034 ~ |  | 325 |  | 291 |
|  5.302% due 01/25/2035 ~ |  | 17 |  | 17 |
|  5.380% due 07/25/2034 ~ |  | 22 |  | 22 |
|  5.391% due 11/25/2034 ~ |  | 605 |  | 557 |
|  5.719% due 02/25/2047 ~ |  | 980 |  | 847 |
|  5.777% due 02/25/2034 ~ |  | 146 |  | 137 |
|  5.923% due 01/25/2034 ~ |  | 465 |  | 447 |
|  6.142% due 10/25/2035 ~ |  | 4233 |  | 4226 |
|  6.233% due 06/25/2035 ~ |  | 14 |  | 14 |
|  6.420% due 10/25/2035 •  |  | 1859 |  | 1780 |
|  6.500% due 01/25/2034 ~ |  | 5 |  | 5 |
|  6.513% due 01/25/2034 ~ |  | 314 |  | 314 |
|  6.530% due 02/25/2036 •  |  | 576 |  | 556 |
|  6.575% due 04/25/2033 ~ |  | 7 |  | 7 |
|  6.625% due 04/25/2033 ~ |  | 85 |  | 86 |
|  6.643% due 05/25/2033 ~ |  | 123 |  | 118 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.432% due 12/25/2046 •  |  | 10308 |  | 9323 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.965% due 12/26/2046 ~ |  | 849 |  | 679 |
|  4.972% due 01/26/2036 ~ |  | 645 |  | 457 |
|  Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust |
|  4.748% due 05/20/2045 •  |  | 6 |  | 4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **21** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  2.700% due 02/15/2053 | 8459 | 8190 |
|  3.458% due 03/15/2055 | 34330 | 31818 |
|  4.016% due 03/15/2052 | 32609 | 32005 |
|  4.232% due 01/15/2052 | 36036 | 35607 |
|  4.591% due 05/15/2055 ~ | 36500 | 35786 |
|  BFLD Trust | BFLD Trust | BFLD Trust |
|  5.415% due 10/15/2035 •  | 14300 | 11133 |
|  BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust |
|  5.492% due 02/15/2039 •  | 7112 | 7094 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  4.441% due 08/25/2057 ~ | 10747 | 10480 |
|  BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
|  5.215% due 08/15/2038 •  | 4853 | 4617 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.515% due 09/15/2036 •  | 4740 | 4596 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.994% due 10/15/2036 •  | 11068 | 11060 |
|  BX Trust | BX Trust | BX Trust |
|  3.202% due 12/09/2041 | 3681 | 3482 |
|  4.899% due 04/15/2039 •  | 19390 | 19366 |
|  4.964% due 01/15/2034 •  | 364 | 364 |
|  Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending |
|  2.874% due 11/15/2052 | 7900 | 7433 |
|  CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
|  3.431% due 08/15/2050 | 5207 | 5117 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ | 12305 | 11188 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.164% due 09/25/2036 ~ | 157 | 141 |
|  4.222% due 03/25/2037 ~ | 47 | 44 |
|  4.435% due 01/25/2036 ~ | 2425 | 2185 |
|  4.511% due 12/25/2035 ~ | 613 | 534 |
|  4.838% due 12/25/2035 ~ | 4687 | 4457 |
|  5.007% due 03/25/2037 ~ | 1291 | 1252 |
|  5.277% due 09/25/2036 ~ | 19 | 17 |
|  5.500% due 03/25/2037 | 20 | 1 |
|  5.658% due 02/25/2037 ~ | 540 | 540 |
|  5.769% due 02/25/2037 ~ | 97 | 96 |
|  5.894% due 02/25/2037 ~ | 3 | 3 |
|  6.000% due 11/25/2036 | 1054 | 442 |
|  6.000% due 02/25/2037 | 547 | 210 |
|  6.000% due 03/25/2037 | 499 | 263 |
|  6.019% due 02/25/2037 ~ | 67 | 66 |
|  6.522% due 02/25/2037 ~ | 4 | 4 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.772% due 06/25/2035 •  | 1297 | 549 |
|  5.000% due 07/25/2037 | 1040 | 339 |
|  6.000% due 02/25/2037 | 1260 | 414 |
|  ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates |
|  4.262% due 08/25/2037 þ | 488 | 416 |
|  4.572% due 08/25/2037 •  | 2673 | 2360 |
|  4.952% due 08/25/2037 •  | 2733 | 2444 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.422% due 01/25/2036 •  | 169 | 162 |
|  4.452% due 05/25/2036 •  | 259 | 249 |
|  4.452% due 07/25/2036 •  | 158 | 149 |
|  4.522% due 08/25/2035 •  | 86 | 84 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  3.649% due 04/25/2035 ~ | 38 | 29 |
|  4.032% due 05/20/2036 ~ | 537 | 501 |
|  4.228% due 03/25/2037 ~ | 187 | 160 |
|  4.327% due 02/25/2047 ~ | 236 | 216 |
|  4.457% due 11/25/2037 ~ | 1319 | 1187 |
|  4.485% due 05/20/2036 ~ | 4221 | 3839 |
|  4.500% due 09/25/2035 | 258 | 227 |
|  4.513% due 10/25/2035 ~ | 1030 | 828 |
|  4.593% due 09/25/2047 ~ | 560 | 503 |
|  4.651% due 06/20/2034 ~ | 96 | 91 |
|  4.812% due 03/25/2035 •  | 132 | 124 |
|  4.819% due 11/20/2034 ~ | 409 | 392 |
|  4.852% due 04/25/2035 •  | 10 | 10 |
|  4.912% due 03/25/2035 •  | 67 | 66 |
|  4.932% due 02/25/2035 •  | 296 | 280 |
|  4.952% due 02/25/2035 •  | 66 | 61 |
|  4.952% due 03/25/2036 •  | 6 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.964% due 07/25/2034 ~ | $— | 247 | $— | 236 |
|  4.972% due 02/25/2036 •  |  | 6 |  | 3 |
|  5.000% due 09/25/2035 |  | 14 |  | 8 |
|  5.032% due 09/25/2034 •  |  | 13 |  | 13 |
|  5.097% due 11/25/2034 ~ |  | 981 |  | 946 |
|  5.113% due 04/25/2046 •  |  | 5313 |  | 1461 |
|  5.452% due 11/20/2034 ~ |  | 50 |  | 48 |
|  5.500% due 01/25/2035 |  | 145 |  | 148 |
|  5.500% due 09/25/2035 |  | 251 |  | 248 |
|  5.500% due 10/25/2035 |  | 1130 |  | 600 |
|  5.500% due 11/25/2035 |  | 478 |  | 232 |
|  5.586% due 04/20/2035 ~ |  | 63 |  | 60 |
|  5.594% due 12/19/2033 ~ |  | 6 |  | 6 |
|  5.750% due 12/25/2035 |  | 963 |  | 451 |
|  5.750% due 02/25/2037 |  | 810 |  | 346 |
|  5.750% due 07/25/2037 |  | 354 |  | 165 |
|  6.000% due 05/25/2036 |  | 1195 |  | 534 |
|  6.000% due 07/25/2036 |  | 2589 |  | 1240 |
|  6.000% due 12/25/2036 |  | 83 |  | 37 |
|  6.000% due 02/25/2037 |  | 2380 |  | 1978 |
|  6.000% due 07/25/2037 |  | 539 |  | 234 |
|  6.000% due 09/25/2037 |  | 247 |  | 122 |
|  6.224% due 02/20/2036 •  |  | 1327 |  | 1153 |
|  6.248% due 02/20/2036 •  |  | 8 |  | 7 |
|  6.250% due 07/19/2031 ~ |  | 7 |  | 7 |
|  6.250% due 09/25/2036 |  | 728 |  | 317 |
|  6.250% due 02/25/2038 |  | 793 |  | 342 |
|  6.305% due 06/19/2031 ~ |  | 14 |  | 14 |
|  6.312% due 10/25/2033 •  |  | 394 |  | 203 |
|  6.449% due 02/20/2036 •  |  | 29 |  | 27 |
|  6.507% due 08/25/2034 ~ |  | 250 |  | 235 |
|  6.741% due 02/25/2034 ~ |  | 2 |  | 2 |
|  6.804% due 07/20/2034 ~ |  | 59 |  | 58 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.612% due 06/25/2035 •  |  | 428 |  | 414 |
|  4.757% due 01/25/2034 ~ |  | 170 |  | 154 |
|  6.500% due 11/25/2034 |  | 114 |  | 111 |
|  7.500% due 11/25/2034 |  | 36 |  | 36 |
|  7.500% due 06/25/2035 |  | 124 |  | 127 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  6.000% due 08/25/2036 |  | 200 |  | 185 |
|  6.000% due 04/25/2037 |  | 3131 |  | 3009 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  3.209% due 05/10/2049 |  | 17500 |  | 17369 |
|  4.742% due 05/15/2054 ~ |  | 36400 |  | 36333 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  0.000% due 10/01/2075 « |  | 279 |  | 279 |
|  3.650% due 10/01/2075 «(c) |  | 97998 |  | 84345 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  0.000% due 10/25/2054 ~ |  | 22341 |  | 23476 |
|  0.000% due 02/25/2058 ~(a) |  | 20810 |  | 1 |
|  0.000% due 02/25/2058 ~ |  | 31 |  | 10 |
|  0.000% due 02/25/2063 ~ |  | 341904 |  | 280754 |
|  0.000% due 09/25/2064 ~ |  | 144039 |  | 122915 |
|  0.110% due 02/25/2058 ~(a) |  | 15282 |  | 80 |
|  0.450% due 02/25/2058 ~(a) |  | 15282 |  | 226 |
|  3.081% due 02/25/2058 ~ |  | 14109 |  | 11296 |
|  4.112% due 10/25/2046 ~ |  | 864 |  | 765 |
|  4.244% due 12/25/2035 ~ |  | 792 |  | 486 |
|  4.342% due 01/25/2037 •  |  | 148 |  | 132 |
|  4.408% due 09/25/2064 ~ |  | 27057 |  | 23219 |
|  4.469% due 05/25/2035 ~ |  | 176 |  | 170 |
|  4.765% due 03/25/2037 ~ |  | 697 |  | 609 |
|  4.822% due 04/25/2037 ~ |  | 583 |  | 522 |
|  5.072% due 08/25/2035 •  |  | 184 |  | 179 |
|  5.094% due 07/25/2046 ~ |  | 1491 |  | 1420 |
|  5.260% due 08/25/2035 ~ |  | 1194 |  | 1059 |
|  5.482% due 08/25/2035 ~ |  | 1700 |  | 1623 |
|  5.500% due 11/25/2035 |  | 376 |  | 381 |
|  5.840% due 09/25/2035 •  |  | 43 |  | 43 |
|  6.250% due 11/25/2037 ~ |  | 2335 |  | 935 |
|  6.480% due 10/25/2035 •  |  | 1838 |  | 1919 |
|  6.743% due 02/25/2034 ~ |  | 37 |  | 37 |
|  Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
|  4.892% due 09/25/2035 ~ |  | 5143 |  | 4568 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 09/25/2036 |  | 170 |  | 158 |
|  6.000% due 06/25/2037 |  | 366 |  | 322 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust |
|  5.717% due 11/15/2038 •  | $— | 1256 | $— | 1242 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  2.950% due 08/15/2057 |  | 7700 |  | 7282 |
|  3.091% due 10/10/2049 |  | 10964 |  | 10797 |
|  3.510% due 09/10/2050 |  | 19203 |  | 18824 |
|  3.545% due 02/10/2036 |  | 32000 |  | 31672 |
|  4.228% due 05/10/2051 |  | 45152 |  | 44516 |
|  Community Program Loan Trust | Community Program Loan Trust | Community Program Loan Trust | Community Program Loan Trust | Community Program Loan Trust |
|  4.500% due 04/01/2029 |  | 24 |  | 24 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.440% due 09/20/2046 •  |  | 379 |  | 391 |
|  4.472% due 04/25/2047 •  |  | 2850 |  | 2825 |
|  4.622% due 05/25/2036 •  |  | 2011 |  | 759 |
|  4.622% due 08/25/2036 •  |  | 924 |  | 361 |
|  4.622% due 05/25/2037 •  |  | 115 |  | 35 |
|  4.625% due 10/25/2035 ~ |  | 59 |  | 46 |
|  4.632% due 11/25/2036 •  |  | 2581 |  | 3492 |
|  4.652% due 07/25/2046 •  |  | 303 |  | 335 |
|  4.652% due 09/25/2046 •  |  | 3340 |  | 3269 |
|  4.692% due 05/25/2035 •  |  | 40 |  | 39 |
|  4.692% due 07/25/2046 •  |  | 91 |  | 83 |
|  4.710% due 07/20/2035 •  |  | 12 |  | 12 |
|  4.753% due 02/25/2037 ~ |  | 4677 |  | 4145 |
|  4.772% due 04/25/2036 •  |  | 5124 |  | 1729 |
|  4.772% due 09/25/2046 •  |  | 902 |  | 742 |
|  4.772% due 10/25/2046 •  |  | 62 |  | 49 |
|  4.792% due 12/25/2035 •  |  | 327 |  | 304 |
|  4.792% due 07/25/2036 •  |  | 9896 |  | 8730 |
|  4.792% due 07/25/2046 •  |  | 414 |  | 302 |
|  4.812% due 01/25/2036 •  |  | 201 |  | 186 |
|  4.822% due 08/25/2034 •  |  | 7 |  | 7 |
|  4.822% due 10/25/2036 •  |  | 1560 |  | 698 |
|  4.832% due 12/25/2035 •  |  | 13 |  | 12 |
|  4.850% due 11/20/2035 •  |  | 5 |  | 5 |
|  4.852% due 06/25/2034 •  |  | 708 |  | 694 |
|  4.852% due 02/25/2036 •  |  | 822 |  | 765 |
|  4.856% due 11/25/2035 ~ |  | 308 |  | 289 |
|  4.932% due 09/25/2035 •  |  | 118 |  | 86 |
|  4.952% due 10/25/2035 •  |  | 1026 |  | 575 |
|  4.972% due 10/25/2035 •  |  | 530 |  | 341 |
|  5.072% due 12/25/2035 •  |  | 625 |  | 530 |
|  5.153% due 12/25/2035 •  |  | 126 |  | 108 |
|  5.153% due 02/25/2036 •  |  | 188 |  | 173 |
|  5.250% due 06/25/2035 |  | 196 |  | 144 |
|  5.372% due 02/25/2036 •  |  | 1638 |  | 1270 |
|  5.500% due 07/25/2035 |  | 1038 |  | 521 |
|  5.500% due 11/25/2035 |  | 3620 |  | 1984 |
|  5.500% due 12/25/2035 |  | 774 |  | 462 |
|  5.500% due 02/25/2036 |  | 776 |  | 439 |
|  5.533% due 11/25/2047 •  |  | 1620 |  | 1451 |
|  5.572% due 10/25/2035 •  |  | 6848 |  | 4679 |
|  5.633% due 01/25/2036 •  |  | 16 |  | 15 |
|  5.750% due 03/25/2037 •  |  | 476 |  | 243 |
|  5.750% due 07/25/2037 |  | 91 |  | 52 |
|  5.812% due 11/25/2035 •  |  | 130 |  | 119 |
|  5.847% due 06/25/2034 •  |  | 3568 |  | 3940 |
|  6.000% due 10/25/2033 |  | 143 |  | 147 |
|  6.000% due 03/25/2035 |  | 130 |  | 58 |
|  6.000% due 04/25/2036 |  | 777 |  | 335 |
|  6.000% due 05/25/2036 |  | 840 |  | 385 |
|  6.000% due 06/25/2036 |  | 6682 |  | 3576 |
|  6.000% due 08/25/2036 •  |  | 752 |  | 423 |
|  6.000% due 08/25/2036 |  | 1537 |  | 855 |
|  6.000% due 11/25/2036 |  | 42 |  | 21 |
|  6.000% due 02/25/2037 |  | 5017 |  | 1946 |
|  6.000% due 03/25/2037 |  | 1131 |  | 375 |
|  6.000% due 04/25/2037 |  | 2584 |  | 1150 |
|  6.000% due 05/25/2037 |  | 240 |  | 110 |
|  6.000% due 08/25/2037 |  | 4283 |  | 2518 |
|  6.250% due 12/25/2033 |  | 9 |  | 10 |
|  6.250% due 11/25/2036 |  | 288 |  | 211 |
|  6.250% due 08/25/2037 |  | 1659 |  | 755 |
|  6.500% due 05/25/2036 |  | 1692 |  | 762 |
|  6.500% due 09/25/2036 |  | 615 |  | 316 |
|  6.500% due 08/25/2037 |  | 6422 |  | 2691 |
|  6.500% due 09/25/2037 |  | 1388 |  | 488 |
|  8.051% due 07/25/2035 •  |  | 386 |  | 350 |
|  Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization |
|  3.948% due 08/25/2037 ~ |  | 995 |  | 434 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 05/25/2036 | $— | 739 | $— | 405 |
|  6.000% due 08/25/2037 ~ |  | 977 |  | 449 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  0.098% due 06/25/2032 ~ |  | 1 |  | 1 |
|  5.063% due 03/25/2032 ~ |  | 111 |  | 107 |
|  5.422% due 09/25/2034 •  |  | 196 |  | 378 |
|  5.500% due 09/25/2035 |  | 1936 |  | 1322 |
|  7.500% due 05/25/2032 |  | 28 |  | 29 |
|  7.500% due 12/25/2032 |  | 1 |  | 1 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  6.615% due 03/25/2068 þ |  | 5181 |  | 5226 |
|  CRSNT Trust | CRSNT Trust | CRSNT Trust | CRSNT Trust | CRSNT Trust |
|  5.094% due 04/15/2036 •  |  | 39401 |  | 39141 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.184% due 12/25/2036 þ |  | 1250 |  | 191 |
|  6.220% due 09/25/2036 þ |  | 1571 |  | 435 |
|  6.672% due 06/25/2036 þ |  | 1238 |  | 291 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  3.329% due 06/15/2052 |  | 5955 |  | 5749 |
|  3.903% due 03/15/2052 |  | 1332 |  | 1328 |
|  CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates |
|  5.183% due 05/25/2034 ~ |  | 245 |  | 247 |
|  5.500% due 10/25/2035 |  | 399 |  | 147 |
|  6.000% due 11/25/2035 |  | 12 |  | 9 |
|  6.164% due 10/25/2033 ~ |  | 25 |  | 24 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  5.837% due 04/25/2037 ~ |  | 15548 |  | 3825 |
|  5.863% due 02/25/2037 ~ |  | 2559 |  | 565 |
|  6.000% due 07/25/2036 |  | 779 |  | 353 |
|  6.000% due 04/25/2037 |  | 821 |  | 245 |
|  6.079% due 04/25/2037 þ |  | 884 |  | 246 |
|  7.000% due 08/25/2037 ~ |  | 4545 |  | 2145 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  0.000% due 02/25/2056 (g) |  | 59 |  | 58 |
|  0.000% due 02/25/2056 ~ |  | 213295 |  | 195835 |
|  0.000% due 07/25/2057 (g) |  | 110 |  | 107 |
|  0.000% due 01/25/2058 (g) |  | 102 |  | 99 |
|  0.000% due 04/25/2058 (a) |  | 7 |  | 7 |
|  2.680% due 07/25/2057 ~ |  | 201522 |  | 182987 |
|  2.750% due 07/25/2057 ~ |  | 873 |  | 855 |
|  2.843% due 07/25/2057 ~ |  | 9048 |  | 6910 |
|  3.000% due 11/25/2056 ~ |  | 26431 |  | 22954 |
|  3.051% due 02/25/2056 ~ |  | 126973 |  | 71842 |
|  3.145% due 07/25/2057 ~ |  | 109316 |  | 61287 |
|  3.431% due 11/10/2032 |  | 2200 |  | 1761 |
|  3.500% due 04/26/2038 ~ |  | 131 |  | 128 |
|  3.552% due 01/25/2058 ~ |  | 89220 |  | 73523 |
|  3.843% due 04/28/2037 ~ |  | 1955 |  | 1824 |
|  4.197% due 07/27/2037 ~ |  | 5884 |  | 5418 |
|  4.729% due 04/25/2058 ~ |  | 151271 |  | 140662 |
|  5.194% due 07/15/2032 •  |  | 148 |  | 148 |
|  5.665% due 07/15/2038 •  |  | 4800 |  | 4373 |
|  6.115% due 10/15/2037 •  |  | 6800 |  | 6733 |
|  6.914% due 06/01/2050 ~ |  | 245881 |  | 245213 |
|  CSMCM Trust | CSMCM Trust | CSMCM Trust | CSMCM Trust | CSMCM Trust |
|  4.407% due 06/25/2048 ~ |  | 294786 |  | 254780 |
|  CSWF Corp. | CSWF Corp. | CSWF Corp. | CSWF Corp. | CSWF Corp. |
|  5.332% due 06/15/2034 •  |  | 953 |  | 926 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  5.660% due 10/15/2036 •  |  | 4080 |  | 4051 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.472% due 08/25/2037 •  |  | 87 |  | 76 |
|  4.512% due 08/25/2036 •  |  | 1478 |  | 1353 |
|  4.752% due 01/25/2047 •  |  | 2888 |  | 2548 |
|  4.932% due 02/25/2036 •  |  | 5074 |  | 5023 |
|  5.500% due 12/25/2035 |  | 468 |  | 397 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  4.372% due 10/25/2036 •  |  | 4 |  | 4 |
|  6.005% due 10/25/2036 ~ |  | 265 |  | 232 |
|  6.369% due 10/25/2036 þ |  | 345 |  | 301 |
|  6.386% due 10/25/2036 þ |  | 345 |  | 301 |
|  6.800% due 07/25/2036 þ |  | 378 |  | 330 |
|  Deutsche Mortgage & Asset Receiving Corp. | Deutsche Mortgage & Asset Receiving Corp. | Deutsche Mortgage & Asset Receiving Corp. | Deutsche Mortgage & Asset Receiving Corp. | Deutsche Mortgage & Asset Receiving Corp. |
|  3.833% due 11/27/2036 •  |  | 33 |  | 33 |
|  DOLP Trust | DOLP Trust | DOLP Trust | DOLP Trust | DOLP Trust |
|  2.956% due 05/10/2041 |  | 56700 |  | 50721 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  5.414% due 10/15/2043 •  | 13700 | 13322 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.428% due 04/19/2047 •  | 492 | 485 |
|  5.068% due 09/19/2044 •  | 27 | 24 |
|  5.104% due 07/19/2044 ~ | 7 | 7 |
|  Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV |
|  0.000% due 08/22/2067 ~ | 170 | 5937 |
|  2.784% due 08/22/2067 •  | 83971 | 98830 |
|  3.084% due 08/22/2067 •  | 6146 | 7246 |
|  3.484% due 08/22/2067 •  | 4302 | 5083 |
|  4.134% due 08/22/2067 •  | 4118 | 4874 |
|  5.534% due 08/22/2067 •  | 2643 | 3042 |
|  6.534% due 08/22/2067 •  | 83 | 97 |
|  7.534% due 08/22/2067 •  | 1844 | 2121 |
|  Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV |
|  0.000% due 07/31/2027 «~ | 5712 | 6574 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.522% due 01/26/2060 þ | 2698 | 2721 |
|  EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV |
|  2.842% due 04/17/2041 •  | 449 | 526 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  | 112493 | 112580 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.601% due 08/25/2035 ~ | 557 | 460 |
|  4.640% due 03/25/2035 ~ | 17 | 9 |
|  4.642% due 02/25/2037 •  | 15 | 4 |
|  5.074% due 08/25/2034 ~ | 43 | 43 |
|  5.500% due 05/25/2035 ~ | 996 | 619 |
|  6.250% due 08/25/2037 | 388 | 132 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  3.515% due 10/25/2036 ~ | 329 | 260 |
|  4.542% due 02/25/2035 •  | 4 | 4 |
|  4.634% due 11/25/2037 ~ | 899 | 349 |
|  4.747% due 10/25/2035 ~ | 1035 | 950 |
|  4.893% due 01/25/2037 ~ | 13 | 6 |
|  5.445% due 11/25/2035 ~ | 329 | 292 |
|  6.002% due 08/25/2035 ~ | 350 | 234 |
|  6.059% due 09/25/2035 ~ | 667 | 647 |
|  FNT Mortgage-Backed Pass-Through Trust | FNT Mortgage-Backed Pass-Through Trust | FNT Mortgage-Backed Pass-Through Trust |
|  6.750% due 08/21/2031 | 36 | 36 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  3.000% due 04/25/2052 ~ | 75213 | 64943 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  4.016% due 05/25/2035 ~ | 358 | 321 |
|  5.466% due 04/19/2036 ~ | 1004 | 970 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.672% due 10/25/2046 •  | 243 | 225 |
|  4.812% due 04/25/2036 •  | 99 | 88 |
|  4.812% due 11/25/2045 •  | 120 | 114 |
|  4.952% due 10/25/2046 •  | 677 | 531 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.712% due 06/25/2045 •  | 122 | 111 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  2.856% due 05/10/2034 | 15528 | 13698 |
|  5.397% due 07/15/2035 •  | 5590 | 3801 |
|  5.447% due 11/15/2032 •  | 2850 | 2834 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  3.001% due 09/10/2052 | 10000 | 9397 |
|  3.659% due 01/10/2043 ~ | 1550 | 1469 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  2.500% due 06/25/2052 ~ | 44313 | 36870 |
|  2.500% due 09/25/2052 ~ | 24585 | 20409 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  0.000% due 01/25/2064 (b)(g) | 15 | 15 |
|  0.000% due 07/25/2064 (b)(g) | 28 | 28 |
|  0.000% due 08/25/2065 (b)(g) | 219 | 209 |
|  1.000% due 11/01/2075 «~ | 57 | 57 |
|  2.500% due 01/25/2052 ~ | 53781 | 44662 |
|  2.500% due 04/25/2052 ~ | 35093 | 29142 |
|  2.500% due 07/25/2059 ~ | 70197 | 66367 |
|  3.000% due 08/26/2052 ~ | 156048 | 135034 |
|  3.000% due 09/25/2052 ~ | 61693 | 53152 |
|  3.000% due 12/25/2052 ~ | 97997 | 84617 |
|  3.185% due 01/25/2064 ~ | 28265 | 23794 |
|  3.750% due 07/25/2061 ~ | 6322 | 6190 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.992% due 07/25/2064 ~ | $— | 21621 | $— | 19507 |
|  4.440% due 08/25/2065 ~ |  | 34821 |  | 32050 |
|  4.950% due 11/01/2075 « |  | 93984 |  | 91207 |
|  5.000% due 01/25/2052 •  |  | 7772 |  | 7276 |
|  5.875% due 04/25/2065 ~ |  | 59445 |  | 61940 |
|  GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust |
|  4.632% due 05/25/2036 •  |  | 65 |  | 62 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.622% due 09/25/2035 •  |  | 2612 |  | 2247 |
|  7.500% due 06/25/2043 |  | 1596 |  | 1459 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.162% due 03/25/2037 ~ |  | 2280 |  | 1113 |
|  4.290% due 11/25/2035 ~ |  | 2925 |  | 2554 |
|  4.292% due 04/25/2036 ~ |  | 25 |  | 15 |
|  4.317% due 05/25/2035 ~ |  | 7 |  | 5 |
|  4.431% due 04/25/2035 ~ |  | 63 |  | 55 |
|  4.572% due 07/25/2035 •  |  | 33 |  | 28 |
|  4.622% due 01/25/2034 •  |  | 1 |  | 1 |
|  4.668% due 01/25/2036 ~ |  | 32 |  | 31 |
|  4.844% due 06/25/2034 ~ |  | 81 |  | 79 |
|  4.977% due 11/25/2035 ~ |  | 2 |  | 2 |
|  5.000% due 05/25/2037 |  | 1 |  | 1 |
|  5.010% due 07/25/2035 ~ |  | 3 |  | 3 |
|  5.232% due 11/25/2035 ~ |  | 1476 |  | 685 |
|  5.381% due 09/25/2035 ~ |  | 7 |  | 6 |
|  5.500% due 06/25/2035 |  | 635 |  | 658 |
|  5.880% due 04/25/2032 •  |  | 31 |  | 30 |
|  5.880% due 03/25/2033 •  |  | 2 |  | 2 |
|  6.000% due 03/25/2032 |  | 2 |  | 2 |
|  6.000% due 11/25/2035 |  | 8094 |  | 2777 |
|  6.000% due 02/25/2036 |  | 2363 |  | 976 |
|  6.000% due 01/25/2037 |  | 457 |  | 275 |
|  6.000% due 03/25/2037 |  | 13 |  | 6 |
|  6.000% due 07/25/2037 |  | 124 |  | 79 |
|  6.250% due 09/25/2036 |  | 176 |  | 179 |
|  6.500% due 09/25/2036 |  | 2077 |  | 902 |
|  6.591% due 05/25/2035 ~ |  | 16 |  | 16 |
|  6.902% due 04/25/2035 ~ |  | 203 |  | 205 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.304% due 06/19/2036 ~ |  | 1815 |  | 729 |
|  4.508% due 03/19/2037 •  |  | 14049 |  | 13077 |
|  4.648% due 09/19/2046 •  |  | 1232 |  | 1087 |
|  4.658% due 06/19/2036 ~ |  | 3402 |  | 1603 |
|  4.688% due 05/19/2035 •  |  | 4097 |  | 3961 |
|  4.728% due 06/19/2035 •  |  | 346 |  | 339 |
|  4.783% due 06/19/2045 •  |  | 8582 |  | 3853 |
|  4.808% due 06/19/2034 •  |  | 186 |  | 171 |
|  4.815% due 07/19/2035 ~ |  | 139 |  | 104 |
|  4.848% due 04/19/2034 •  |  | 90 |  | 85 |
|  4.888% due 01/19/2035 •  |  | 600 |  | 484 |
|  4.948% due 01/19/2035 •  |  | 739 |  | 715 |
|  4.968% due 01/19/2035 •  |  | 27 |  | 25 |
|  5.048% due 11/19/2034 •  |  | 52 |  | 45 |
|  5.509% due 08/19/2036 ~ |  | 52 |  | 49 |
|  5.932% due 04/19/2034 ~ |  | 6 |  | 6 |
|  6.272% due 10/25/2037 •  |  | 499 |  | 468 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  2.828% due 11/05/2035 |  | 34800 |  | 29179 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.792% due 01/25/2036 •  |  | 213 |  | 208 |
|  5.012% due 12/25/2034 •  |  | 463 |  | 444 |
|  5.132% due 08/25/2029 •  |  | 190 |  | 187 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.712% due 11/25/2035 •  |  | 7878 |  | 7428 |
|  Hundred Acre Wood Trust | Hundred Acre Wood Trust | Hundred Acre Wood Trust | Hundred Acre Wood Trust | Hundred Acre Wood Trust |
|  5.000% due 10/25/2051 •  |  | 4586 |  | 4267 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.012% due 11/25/2034 •  |  | 141 |  | 140 |
|  5.052% due 10/25/2034 •  |  | 27 |  | 27 |
|  5.251% due 09/25/2034 þ |  | 72 |  | 82 |
|  Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust |
|  6.314% due 07/25/2035 ~ |  | 259 |  | 248 |
|  IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust |
|  5.774% due 01/25/2032 ~ |  | 56 |  | 54 |
|  6.380% due 01/25/2032 ~ |  | 23 |  | 23 |
|  IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust |
|  6.250% due 11/25/2037 |  | 888 |  | 349 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.644% due 08/25/2036 ~ | $— | 657 | $— | 512 |
|  5.496% due 01/25/2036 ~ |  | 1484 |  | 1401 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.872% due 11/25/2035 •  |  | 271 |  | 155 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.194% due 06/25/2037 ~ |  | 4201 |  | 2408 |
|  3.197% due 06/25/2037 ~ |  | 1047 |  | 855 |
|  3.252% due 02/25/2035 ~ |  | 211 |  | 190 |
|  3.329% due 07/25/2037 ~ |  | 874 |  | 566 |
|  3.369% due 01/25/2036 ~ |  | 56 |  | 50 |
|  3.509% due 01/25/2035 ~ |  | 27 |  | 25 |
|  3.558% due 01/25/2036 ~ |  | 1778 |  | 1600 |
|  3.567% due 05/25/2036 ~ |  | 1284 |  | 1016 |
|  3.656% due 10/25/2035 ~ |  | 228 |  | 183 |
|  3.686% due 08/25/2035 ~ |  | 408 |  | 304 |
|  3.691% due 04/25/2037 ~ |  | 2774 |  | 2494 |
|  3.764% due 04/25/2037 ~ |  | 4447 |  | 3941 |
|  3.817% due 03/25/2036 ~ |  | 1163 |  | 796 |
|  3.818% due 12/25/2035 ~ |  | 1435 |  | 1259 |
|  4.049% due 09/25/2035 ~ |  | 4734 |  | 3887 |
|  4.335% due 08/25/2035 ~ |  | 13 |  | 12 |
|  4.572% due 06/25/2037 •  |  | 688 |  | 234 |
|  4.580% due 12/25/2034 ~ |  | 30 |  | 28 |
|  4.632% due 02/25/2037 •  |  | 8258 |  | 7875 |
|  4.672% due 11/25/2046 •  |  | 243 |  | 232 |
|  4.692% due 05/25/2046 •  |  | 41 |  | 38 |
|  4.732% due 04/25/2035 •  |  | 33 |  | 31 |
|  4.752% due 07/25/2035 •  |  | 635 |  | 589 |
|  4.912% due 07/25/2045 •  |  | 21 |  | 16 |
|  4.954% due 10/25/2034 ~ |  | 804 |  | 769 |
|  5.052% due 05/25/2034 •  |  | 1 |  | 1 |
|  5.072% due 11/25/2034 •  |  | 18 |  | 17 |
|  5.092% due 11/25/2034 •  |  | 489 |  | 443 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.552% due 03/25/2037 •  |  | 584 |  | 501 |
|  4.647% due 12/25/2036 ~ |  | 134 |  | 132 |
|  4.779% due 05/25/2037 ~ |  | 1842 |  | 1625 |
|  5.843% due 05/26/2037 ~ |  | 11512 |  | 9091 |
|  6.550% due 05/25/2036 þ |  | 7 |  | 7 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  2.287% due 03/05/2042 |  | 8599 |  | 8018 |
|  3.474% due 12/15/2049 ~ |  | 1171 |  | 1165 |
|  3.648% due 12/15/2049 ~ |  | 8606 |  | 8518 |
|  4.046% due 06/10/2042 ~ |  | 17100 |  | 15991 |
|  4.997% due 04/15/2037 •  |  | 10349 |  | 10207 |
|  5.530% due 11/15/2038 •  |  | 2231 |  | 2230 |
|  5.648% due 12/15/2031 •  |  | 992 |  | 989 |
|  7.235% due 10/05/2040 |  | 7500 |  | 7945 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 02/25/2055 ~ |  | 37439 |  | 40781 |
|  2.500% due 11/25/2051 ~ |  | 2427 |  | 2022 |
|  2.500% due 12/25/2051 ~ |  | 1434 |  | 1191 |
|  2.500% due 02/25/2052 ~ |  | 7634 |  | 6351 |
|  3.000% due 01/25/2052 ~ |  | 4423 |  | 3830 |
|  3.000% due 03/25/2052 ~ |  | 71322 |  | 61940 |
|  3.500% due 10/25/2046 ~ |  | 691 |  | 634 |
|  3.500% due 10/25/2048 ~ |  | 252 |  | 228 |
|  3.500% due 09/25/2052 ~ |  | 7235 |  | 6493 |
|  4.063% due 07/27/2037 ~ |  | 3072 |  | 2885 |
|  4.274% due 10/25/2036 ~ |  | 966 |  | 683 |
|  4.341% due 10/25/2036 ~ |  | 28 |  | 15 |
|  4.526% due 05/25/2036 ~ |  | 917 |  | 748 |
|  4.625% due 07/25/2063 ~ |  | 4659 |  | 4580 |
|  4.746% due 04/25/2037 ~ |  | 128 |  | 106 |
|  4.863% due 08/25/2036 ~ |  | 774 |  | 603 |
|  4.983% due 11/25/2035 ~ |  | 648 |  | 506 |
|  5.000% due 08/25/2051 ~ |  | 8921 |  | 8793 |
|  5.000% due 12/25/2051 ~ |  | 9843 |  | 9700 |
|  5.000% due 04/25/2052 ~ |  | 16609 |  | 16377 |
|  5.000% due 05/25/2052 •  |  | 20006 |  | 18696 |
|  5.106% due 08/25/2035 ~ |  | 396 |  | 351 |
|  5.125% due 10/25/2035 ~ |  | 209 |  | 143 |
|  5.170% due 12/25/2037 ~ |  | 42 |  | 32 |
|  5.203% due 09/25/2035 ~ |  | 43 |  | 41 |
|  5.204% due 07/25/2035 ~ |  | 1115 |  | 1074 |
|  5.234% due 04/25/2036 ~ |  | 1635 |  | 1429 |
|  5.244% due 02/25/2036 ~ |  | 4551 |  | 3157 |
|  5.250% due 11/25/2063 ~ |  | 766 |  | 770 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.378% due 02/25/2034 ~ | $— | 82 | $— | 76 |
|  5.424% due 10/25/2035 ~ |  | 2508 |  | 2320 |
|  5.425% due 11/25/2035 ~ |  | 402 |  | 327 |
|  5.439% due 10/25/2035 ~ |  | 3661 |  | 3447 |
|  5.456% due 07/25/2035 ~ |  | 164 |  | 159 |
|  5.500% due 07/25/2036 |  | 352 |  | 146 |
|  5.561% due 08/25/2035 ~ |  | 19 |  | 19 |
|  5.561% due 10/25/2036 ~ |  | 6747 |  | 5269 |
|  5.729% due 04/25/2036 ~ |  | 911 |  | 796 |
|  5.750% due 01/25/2036 |  | 16 |  | 7 |
|  5.792% due 07/25/2035 ~ |  | 326 |  | 319 |
|  5.913% due 07/25/2035 ~ |  | 3 |  | 3 |
|  5.945% due 11/25/2033 ~ |  | 1 |  | 1 |
|  6.037% due 08/25/2035 ~ |  | 237 |  | 226 |
|  6.049% due 06/25/2035 ~ |  | 147 |  | 149 |
|  6.069% due 06/25/2035 ~ |  | 108 |  | 87 |
|  6.193% due 07/25/2035 ~ |  | 23 |  | 22 |
|  6.262% due 07/25/2035 ~ |  | 18 |  | 17 |
|  6.340% due 02/25/2036 ~ |  | 24 |  | 16 |
|  6.500% due 07/25/2036 |  | 2637 |  | 807 |
|  6.500% due 08/25/2036 |  | 374 |  | 120 |
|  6.500% due 01/25/2056 ~ |  | 48100 |  | 49128 |
|  7.390% due 12/25/2055 ~ |  | 53828 |  | 55947 |
|  8.512% due 01/25/2056 «~ |  | 77134 |  | 83122 |
|  JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
|  2.180% due 05/13/2053 |  | 10000 |  | 8488 |
|  3.057% due 11/13/2052 |  | 7900 |  | 7172 |
|  Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC |
|  0.000% due 02/22/2045 ~ |  | 2 |  | 4821 |
|  2.250% due 02/22/2045 |  | 9470 |  | 8163 |
|  4.906% due 02/22/2045 •  |  | 32456 |  | 43554 |
|  6.106% due 02/22/2045 •  |  | 29232 |  | 38336 |
|  KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust |
|  2.558% due 11/05/2044 | $— | 2400 |  | 1891 |
|  Lavender Trust | Lavender Trust | Lavender Trust | Lavender Trust | Lavender Trust |
|  6.250% due 10/26/2036 |  | 3619 |  | 1627 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  0.000% due 12/25/2053 (b)(g) |  | 119 |  | 117 |
|  0.000% due 12/25/2056 ~(a) |  | 349963 |  | 2338 |
|  0.000% due 07/25/2057 (g) |  | 174 |  | 170 |
|  0.000% due 07/25/2057 ~ |  | 76756 |  | 73298 |
|  0.000% due 01/25/2058 ~ |  | 23 |  | 23 |
|  3.047% due 12/25/2056 ~ |  | 349963 |  | 277364 |
|  4.000% due 02/25/2058 ~ |  | 11175 |  | 11155 |
|  4.250% due 02/25/2058 ~ |  | 15577 |  | 15351 |
|  4.274% due 01/25/2058 ~ |  | 21655 |  | 19847 |
|  4.335% due 02/25/2058 ~ |  | 15577 |  | 11171 |
|  4.500% due 02/25/2058 ~ |  | 15577 |  | 14685 |
|  4.594% due 12/26/2057 ~ |  | 251614 |  | 230916 |
|  5.794% due 12/25/2053 ~ |  | 398482 |  | 417595 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.352% due 12/25/2035 ~ |  | 3323 |  | 500 |
|  4.592% due 08/25/2036 •  |  | 2465 |  | 1587 |
|  4.922% due 06/25/2037 •  |  | 180 |  | 161 |
|  5.033% due 01/25/2036 ~ |  | 652 |  | 629 |
|  5.500% due 01/25/2036 |  | 512 |  | 241 |
|  5.739% due 04/25/2036 ~ |  | 496 |  | 308 |
|  6.000% due 07/25/2036 |  | 3670 |  | 1828 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.652% due 11/25/2046 •  |  | 119 |  | 106 |
|  4.672% due 08/25/2046 •  |  | 3688 |  | 3641 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.592% due 11/25/2036 •  |  | 109 |  | 99 |
|  4.632% due 12/25/2036 •  |  | 803 |  | 776 |
|  4.672% due 02/25/2046 •  |  | 35 |  | 25 |
|  4.992% due 04/25/2036 •  |  | 4776 |  | 4216 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 |  | 47900 |  | 45676 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.188% due 07/25/2035 ~ |  | 259 |  | 229 |
|  4.247% due 12/25/2033 ~ |  | 3 |  | 3 |
|  4.480% due 03/25/2035 ~ |  | 123 |  | 110 |
|  4.482% due 04/25/2046 •  |  | 1822 |  | 1689 |
|  4.752% due 05/25/2037 •  |  | 591 |  | 231 |
|  4.928% due 12/25/2034 ~ |  | 747 |  | 741 |
|  5.321% due 12/25/2033 ~ |  | 4 |  | 4 |
|  5.843% due 10/25/2034 ~ |  | 342 |  | 334 |
|  5.859% due 05/25/2034 ~ |  | 34 |  | 33 |
|  6.625% due 10/25/2032 ~ |  | 65 |  | 66 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.672% due 03/25/2036 •  | 6794 | 613 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  6.000% due 06/25/2036 | 165 | 89 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  4.632% due 07/25/2035 •  | 1817 | 861 |
|  7.000% due 08/25/2034 | 1197 | 829 |
|  7.000% due 05/25/2035 | 330 | 216 |
|  MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust |
|  6.500% due 08/25/2032 ~ | 808 | 803 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  4.965% due 11/15/2031 •  | 273 | 265 |
|  5.005% due 09/15/2030 •  | 39 | 29 |
|  5.145% due 11/15/2031 •  | 6 | 5 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  5.125% due 08/15/2032 •  | 15 | 15 |
|  5.137% due 10/20/2029 •  | 261 | 256 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.492% due 03/25/2037 •  | 688 | 162 |
|  4.582% due 06/25/2037 ~ | 644 | 291 |
|  4.872% due 03/25/2037 •  | 1820 | 425 |
|  6.000% due 03/25/2037 | 1040 | 86 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.681% due 06/25/2035 ~ | 1244 | 1201 |
|  4.772% due 11/25/2035 •  | 3 | 3 |
|  4.774% due 04/25/2029 •  | 79 | 76 |
|  4.890% due 09/25/2035 ~ | 3134 | 2468 |
|  4.892% due 10/25/2028 •  | 7 | 6 |
|  4.932% due 06/25/2028 •  | 77 | 72 |
|  4.932% due 09/25/2029 •  | 2 | 2 |
|  4.932% due 11/25/2029 •  | 41 | 36 |
|  4.994% due 11/25/2029 •  | 17 | 16 |
|  5.012% due 03/25/2028 •  | 2 | 2 |
|  5.052% due 03/25/2028 •  | 1 | 1 |
|  5.123% due 08/25/2034 ~ | 128 | 122 |
|  5.130% due 10/25/2028 •  | 8 | 8 |
|  5.275% due 06/25/2037 ~ | 228 | 219 |
|  5.457% due 02/25/2035 ~ | 1221 | 1166 |
|  5.683% due 07/25/2035 ~ | 84 | 76 |
|  5.850% due 05/25/2033 ~ | 581 | 567 |
|  5.889% due 12/25/2035 ~ | 172 | 166 |
|  5.943% due 11/25/2035 •  | 834 | 811 |
|  5.945% due 12/25/2032 •  | 49 | 48 |
|  6.054% due 02/25/2033 ~ | 4 | 3 |
|  6.187% due 02/25/2034 ~ | 2 | 1 |
|  6.500% due 05/25/2036 ~ | 46 | 47 |
|  6.556% due 12/25/2034 ~ | 4 | 4 |
|  6.692% due 09/25/2035 ~ | 733 | 713 |
|  7.000% due 05/25/2033 ~ | 3 | 3 |
|  MFA Trust | MFA Trust | MFA Trust |
|  5.750% due 11/25/2067 þ | 24480 | 24459 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  2.509% due 04/05/2042 ~ | 17000 | 15027 |
|  3.918% due 04/15/2055 ~ | 45800 | 43027 |
|  4.071% due 03/15/2052 | 3635 | 3561 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  2.862% due 06/25/2037 ~ | 2338 | 1293 |
|  3.272% due 11/25/2037 ~ | 5962 | 4146 |
|  3.582% due 07/25/2035 ~ | 127 | 113 |
|  4.264% due 06/25/2036 ~ | 7519 | 5416 |
|  4.532% due 03/25/2036 •  | 501 | 325 |
|  4.552% due 01/25/2036 •  | 5322 | 2840 |
|  4.562% due 12/25/2035 •  | 13 | 9 |
|  4.582% due 01/25/2035 •  | 1 | 1 |
|  4.592% due 01/25/2035 •  | 666 | 634 |
|  4.641% due 09/25/2035 ~ | 1253 | 303 |
|  5.252% due 07/25/2035 ~ | 2388 | 1946 |
|  6.000% due 02/25/2036 | 86 | 84 |
|  6.000% due 10/25/2037 | 1332 | 686 |
|  6.035% due 06/25/2036 ~ | 55 | 54 |
|  6.201% due 02/25/2047 þ | 1139 | 389 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  0.000% due 11/01/2075 «(c) | 369 | 369 |
|  4.250% due 11/01/2075 «(c) | 59225 | 53532 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  4.732% due 04/25/2036 •  | 2311 | 2212 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust |
|  4.772% due 09/25/2037 •  | 4333 | 3299 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  5.052% due 02/25/2035 •  | 64 | 65 |
|  NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust |
|  7.500% due 03/25/2034 | 316 | 297 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.187% due 04/15/2032 •  | 2790 | 2774 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  3.000% due 03/25/2052 ~ | 34241 | 29598 |
|  6.864% due 10/25/2063 þ | 14546 | 14762 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  4.805% due 05/25/2036 ~ | 1506 | 1230 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  2.614% due 12/15/2050 •  | 23602 | 27392 |
|  4.265% due 12/01/2050 •  | 249 | 331 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  0.000% due 02/25/2036 ~ | 11 | 0 |
|  4.350% due 10/25/2035 ~ | 26 | 23 |
|  5.272% due 05/25/2035 •  | 1390 | 1245 |
|  6.320% due 03/25/2047 þ | 405 | 383 |
|  7.000% due 02/19/2030 ~ | 317 | 316 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.360% due 11/15/2038 •  | 114370 | 114070 |
|  OBX Trust | OBX Trust | OBX Trust |
|  2.500% due 10/25/2051 ~ | 57765 | 47987 |
|  3.000% due 01/25/2052 ~ | 97248 | 84152 |
|  3.000% due 02/25/2052 ~ | 15203 | 13156 |
|  3.688% due 04/25/2053 ~ | 5548 | 5467 |
|  6.113% due 03/25/2063 þ | 1390 | 1396 |
|  6.120% due 11/25/2062 ~ | 14346 | 14340 |
|  6.520% due 07/25/2063 þ | 5368 | 5417 |
|  7.045% due 09/25/2063 þ | 6228 | 6324 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.672% due 02/25/2034 •  | 201 | 191 |
|  Proteus RMBS DAC | Proteus RMBS DAC | Proteus RMBS DAC |
|  0.000% due 10/29/2054 ~ | 481 | 0 |
|  0.000% due 10/29/2054 (b)(g) | 33620 | 27784 |
|  2.871% due 10/29/2054 •  | 33733 | 39161 |
|  3.321% due 10/29/2054 •  | 20861 | 24041 |
|  3.621% due 10/29/2054 •  | 15172 | 17328 |
|  4.601% due 10/29/2054 •  | 11379 | 12972 |
|  6.471% due 10/29/2054 •  | 9482 | 10779 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.104% due 08/25/2035 ~ | 1247 | 434 |
|  4.572% due 08/25/2035 •  | 173 | 120 |
|  4.572% due 02/25/2037 •  | 1099 | 974 |
|  4.602% due 03/25/2037 •  | 960 | 178 |
|  4.632% due 05/25/2036 •  | 5107 | 4679 |
|  4.632% due 09/25/2036 •  | 916 | 849 |
|  4.642% due 12/25/2036 •  | 13 | 11 |
|  4.652% due 07/25/2036 •  | 1318 | 1207 |
|  4.652% due 08/25/2036 •  | 1634 | 1654 |
|  4.652% due 09/25/2036 •  | 20 | 18 |
|  4.672% due 11/25/2036 •  | 592 | 425 |
|  4.692% due 06/25/2037 •  | 721 | 646 |
|  4.812% due 02/25/2046 •  | 829 | 424 |
|  5.250% due 03/25/2026 | 23 | 23 |
|  5.513% due 09/25/2045 •  | 121 | 103 |
|  5.818% due 02/25/2036 ~ | 547 | 468 |
|  6.000% due 08/25/2036 | 703 | 594 |
|  6.000% due 09/25/2036 | 1296 | 1040 |
|  6.000% due 11/25/2036 | 789 | 630 |
|  6.000% due 01/25/2037 | 4 | 4 |
|  6.250% due 03/25/2037 | 686 | 546 |
|  6.500% due 07/25/2037 | 223 | 184 |
|  6.500% due 09/25/2037 | 787 | 658 |
|  RBSGC Mortgage Loan Trust | RBSGC Mortgage Loan Trust | RBSGC Mortgage Loan Trust |
|  4.652% due 12/25/2034 •  | 11620 | 10690 |
|  5.750% due 04/25/2035 | 5526 | 4676 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  3.337% due 09/27/2037 •  | 9301 | 8260 |
|  4.000% due 10/26/2037 | 5318 | 3778 |
|  4.492% due 10/27/2036 •  | 845 | 792 |
|  4.677% due 08/27/2037 •  | 228 | 226 |
|  4.767% due 02/27/2037 •  | 1007 | 941 |
|  Regal Trust IV | Regal Trust IV | Regal Trust IV |
|  4.433% due 09/29/2031 •  | 6 | 5 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  8.500% due 10/25/2031 | 57 | 53 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  5.500% due 08/25/2034 | 35 | 35 |
|  5.750% due 02/25/2036 | 519 | 172 |
|  6.000% due 04/25/2037 | 196 | 98 |
|  6.000% due 05/25/2037 | 111 | 56 |
|  6.000% due 07/25/2037 | 1086 | 396 |
|  6.250% due 08/25/2036 | 67 | 46 |
|  6.250% due 11/25/2036 | 1792 | 637 |
|  6.250% due 09/25/2037 | 1939 | 720 |
|  6.500% due 08/25/2036 | 1317 | 366 |
|  6.500% due 09/25/2036 | 1094 | 325 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  4.325% due 12/15/2043 •  | 1217 | 1578 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  4.898% due 02/25/2037 ~ | 1394 | 913 |
|  5.109% due 07/27/2037 ~ | 3083 | 2244 |
|  5.500% due 12/25/2034 | 115 | 112 |
|  5.594% due 02/25/2036 ~ | 721 | 688 |
|  6.000% due 06/25/2036 | 424 | 326 |
|  6.000% due 07/25/2036 | 415 | 359 |
|  6.000% due 10/25/2036 | 3971 | 3233 |
|  6.000% due 06/25/2037 | 201 | 157 |
|  6.500% due 03/25/2032 | 33 | 33 |
|  Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC |
|  0.000% due 08/28/2056 (g) | 24635 | 22647 |
|  0.000% due 08/28/2056 ~(a) | 714 | 1 |
|  4.986% due 08/28/2056 •  | 32762 | 44177 |
|  5.186% due 08/28/2056 •  | 28562 | 38355 |
|  5.586% due 08/28/2056 •  | 14701 | 19754 |
|  6.486% due 08/28/2056 •  | 6300 | 8389 |
|  6.986% due 08/28/2056 •  | 1151 | 1545 |
|  7.986% due 08/28/2056 •  | 5460 | 7317 |
|  Ripon SPV Assets | Ripon SPV Assets | Ripon SPV Assets |
|  0.000% due 08/20/2056 « | 8063 | 10628 |
|  RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC |
|  2.179% due 06/12/2044 •  | 935 | 1079 |
|  4.255% due 06/12/2044 •  | 13076 | 17326 |
|  Roundstone Securities No. 2 DAC | Roundstone Securities No. 2 DAC | Roundstone Securities No. 2 DAC |
|  0.000% due 06/28/2058 ~ | 19959 | 20349 |
|  2.880% due 06/28/2058 •  | 338490 | 398478 |
|  2.980% due 06/28/2058 •  | 34142 | 40135 |
|  3.180% due 06/28/2058 •  | 28988 | 33940 |
|  3.980% due 06/28/2058 •  | 24158 | 28197 |
|  4.000% due 06/28/2058 ~ | 54756 | 20034 |
|  4.980% due 06/28/2058 •  | 14495 | 16837 |
|  5.480% due 06/28/2058 •  | 7730 | 8833 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.573% due 09/20/2046 ~ | 1145 | 754 |
|  4.650% due 07/20/2036 •  | 10 | 9 |
|  4.670% due 06/20/2036 •  | 248 | 231 |
|  4.699% due 01/20/2047 ~ | 614 | 435 |
|  4.910% due 06/20/2033 •  | 1 | 1 |
|  4.950% due 07/20/2033 •  | 29 | 29 |
|  5.076% due 05/20/2034 •  | 96 | 90 |
|  5.138% due 09/20/2033 •  | 29 | 28 |
|  5.185% due 01/20/2047 ~ | 839 | 617 |
|  Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 | Sequoia Mortgage Trust 10 |
|  5.010% due 10/20/2027 •  | 4 | 4 |
|  5.050% due 10/20/2027 •  | 39 | 38 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.414% due 05/15/2038 •  | 34140 | 33922 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  4.721% due 10/25/2037 ~ | 326 | 245 |
|  5.958% due 02/25/2037 ~ | 127 | 109 |
|  6.236% due 04/25/2037 ~ | 121 | 57 |
|  6.711% due 01/25/2037 ~ | 977 | 576 |
|  Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust |
|  5.123% due 11/15/2036 •  | 17500 | 17473 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.925% due 01/25/2035 ~ | 39 | 39 |
|  4.059% due 04/25/2036 ~ | 1691 | 882 |
|  4.457% due 05/25/2036 ~ | 949 | 842 |
|  4.461% due 11/25/2035 ~ | 67 | 62 |
|  4.529% due 08/25/2035 ~ | 16 | 14 |
|  4.572% due 09/25/2034 •  | 690 | 642 |
|  4.572% due 08/25/2036 •  | 2040 | 1617 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.574% due 02/25/2036 ~ | $— | 804 | $— | 593 |
|  4.690% due 12/25/2035 ~ |  | 536 |  | 307 |
|  4.792% due 02/25/2036 ~ |  | 1472 |  | 765 |
|  4.871% due 12/25/2035 ~ |  | 852 |  | 580 |
|  4.944% due 09/25/2035 ~ |  | 235 |  | 211 |
|  5.095% due 11/25/2036 ~ |  | 1392 |  | 1062 |
|  5.216% due 03/25/2036 ~ |  | 226 |  | 181 |
|  5.238% due 09/25/2034 ~ |  | 1 |  | 1 |
|  5.553% due 01/25/2035 •  |  | 80 |  | 73 |
|  5.938% due 12/25/2034 ~ |  | 5 |  | 5 |
|  5.945% due 10/25/2037 •  |  | 331 |  | 303 |
|  6.336% due 02/25/2034 ~ |  | 161 |  | 156 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.532% due 03/25/2037 •  |  | 847 |  | 322 |
|  4.612% due 03/25/2037 •  |  | 128 |  | 11 |
|  4.652% due 06/25/2036 •  |  | 244 |  | 242 |
|  4.652% due 07/25/2046 •  |  | 342 |  | 274 |
|  4.692% due 04/25/2036 •  |  | 139 |  | 127 |
|  4.692% due 05/25/2036 •  |  | 43 |  | 30 |
|  4.712% due 05/25/2046 •  |  | 7177 |  | 2456 |
|  4.732% due 02/25/2036 •  |  | 48 |  | 45 |
|  4.748% due 07/19/2035 •  |  | 974 |  | 945 |
|  4.892% due 12/25/2035 •  |  | 989 |  | 839 |
|  4.948% due 01/19/2034 •  |  | 70 |  | 67 |
|  5.122% due 05/25/2047 •  |  | 6583 |  | 5402 |
|  5.553% due 12/25/2035 •  |  | 768 |  | 652 |
|  6.226% due 02/25/2036 •  |  | 3210 |  | 2756 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  3.905% due 06/25/2029 ~ |  | 6 |  | 6 |
|  4.908% due 09/19/2032 •  |  | 212 |  | 202 |
|  5.088% due 10/19/2033 •  |  | 176 |  | 164 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.072% due 04/15/2027 ~ |  | 5 |  | 5 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  7.500% due 10/25/2036 |  | 2169 |  | 1228 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  4.770% due 06/25/2034 þ |  | 36 |  | 36 |
|  5.114% due 01/25/2034 ~ |  | 408 |  | 399 |
|  6.414% due 07/25/2033 ~ |  | 5 |  | 4 |
|  6.606% due 11/25/2033 ~ |  | 18 |  | 18 |
|  6.698% due 03/25/2033 ~ |  | 228 |  | 226 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  5.750% due 04/25/2035 |  | 1263 |  | 637 |
|  Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust |
|  4.922% due 12/25/2035 •  |  | 838 |  | 728 |
|  5.750% due 12/25/2035 |  | 550 |  | 501 |
|  6.000% due 04/25/2036 |  | 347 |  | 116 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.130% due 01/25/2037 þ |  | 451 |  | 101 |
|  6.470% due 09/25/2036 þ |  | 5583 |  | 143 |
|  6.500% due 07/25/2036 |  | 4587 |  | 951 |
|  6.515% due 07/25/2037 þ |  | 699 |  | 260 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.072% due 09/25/2037 ~ |  | 371 |  | 368 |
|  4.712% due 10/25/2046 •  |  | 17308 |  | 16460 |
|  4.972% due 12/25/2033 •  |  | 92 |  | 90 |
|  5.208% due 07/25/2036 •  |  | 17427 |  | 13978 |
|  5.297% due 10/25/2043 ~ |  | 113 |  | 106 |
|  5.583% due 06/25/2047 •  |  | 8148 |  | 7655 |
|  5.633% due 03/25/2037 •  |  | 4882 |  | 3448 |
|  5.688% due 09/25/2047 ~ |  | 8851 |  | 5671 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.710% due 01/25/2060 ~ |  | 709 |  | 685 |
|  2.900% due 10/25/2059 ~ |  | 6077 |  | 5848 |
|  4.415% due 02/25/2055 ~ |  | 7648 |  | 7450 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.969% (SONIO/N + 0.900%) due 07/15/2059 ~ |  | 22532 |  | 30381 |
|  UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
|  4.241% due 06/15/2051 ~ | $— | 7000 |  | 6970 |
|  4.296% due 08/15/2051 |  | 5975 |  | 5922 |
|  4.313% due 05/15/2051 |  | 10000 |  | 9949 |
|  4.334% due 10/15/2051 |  | 17486 |  | 17324 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  2.500% due 11/25/2051 ~ |  | 181682 |  | 151263 |
|  2.500% due 12/25/2051 ~ |  | 76108 |  | 62968 |
|  3.000% due 01/25/2052 ~ |  | 55206 |  | 47715 |
|  5.000% due 11/25/2051 •  |  | 1845 |  | 1727 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **25** |

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| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return 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)** |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  5.165% due 07/15/2039 •  | $— | 7550 | $— | 7397 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.260% due 02/25/2067 þ |  | 772 |  | 744 |
|  5.811% due 05/25/2068 þ |  | 491 |  | 493 |
|  5.850% due 12/25/2067 þ |  | 6916 |  | 6916 |
|  5.999% due 02/25/2068 þ |  | 3290 |  | 3293 |
|  6.193% due 03/25/2068 þ |  | 3147 |  | 3156 |
|  6.443% due 08/25/2068 þ |  | 4913 |  | 4956 |
|  6.665% due 09/25/2068 þ |  | 8144 |  | 8243 |
|  7.070% due 10/25/2068 þ |  | 7346 |  | 7468 |
|  Visio Trust | Visio Trust | Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ |  | 4093 |  | 4130 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  3.920% due 08/20/2035 ~ |  | 358 |  | 331 |
|  7.280% due 10/20/2035 ~ |  | 55 |  | 53 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.712% due 04/25/2037 ~ |  | 1173 |  | 1061 |
|  3.727% due 05/25/2046 •  |  | 116 |  | 95 |
|  3.875% due 05/25/2037 ~ |  | 553 |  | 485 |
|  3.943% due 12/25/2046 •  |  | 3762 |  | 3423 |
|  3.965% due 03/25/2036 ~ |  | 6813 |  | 6071 |
|  4.108% due 02/25/2037 ~ |  | 214 |  | 184 |
|  4.108% due 05/25/2037 ~ |  | 30 |  | 24 |
|  4.161% due 12/25/2036 ~ |  | 3581 |  | 3254 |
|  4.200% due 02/25/2037 ~ |  | 6007 |  | 5413 |
|  4.206% due 12/25/2036 ~ |  | 3958 |  | 3553 |
|  4.208% due 11/25/2036 ~ |  | 10 |  | 9 |
|  4.242% due 04/25/2037 ~ |  | 338 |  | 309 |
|  4.341% due 08/25/2036 ~ |  | 491 |  | 443 |
|  4.350% due 04/25/2035 ~ |  | 934 |  | 907 |
|  4.357% due 12/25/2036 ~ |  | 29 |  | 27 |
|  4.387% due 02/25/2037 ~ |  | 2717 |  | 2519 |
|  4.400% due 02/25/2037 ~ |  | 2110 |  | 1887 |
|  4.498% due 09/25/2036 ~ |  | 2050 |  | 1799 |
|  4.546% due 10/25/2035 ~ |  | 222 |  | 204 |
|  4.554% due 08/25/2036 ~ |  | 63 |  | 59 |
|  4.565% due 01/25/2036 ~ |  | 1830 |  | 1811 |
|  4.640% due 12/25/2035 ~ |  | 3322 |  | 3056 |
|  4.662% due 07/25/2037 ~ |  | 128 |  | 116 |
|  4.673% due 08/25/2046 ~ |  | 3393 |  | 3084 |
|  4.680% due 09/25/2035 ~ |  | 4509 |  | 4297 |
|  4.721% due 08/25/2036 ~ |  | 4730 |  | 4540 |
|  4.812% due 12/25/2045 •  |  | 134 |  | 136 |
|  4.852% due 07/25/2045 •  |  | 102 |  | 98 |
|  4.913% due 04/25/2047 •  |  | 3979 |  | 3651 |
|  4.923% due 05/25/2047 •  |  | 5684 |  | 5039 |
|  4.951% due 07/25/2047 •  |  | 1674 |  | 1448 |
|  4.961% due 03/25/2035 ~ |  | 369 |  | 367 |
|  4.993% due 03/25/2037 ~ |  | 6408 |  | 5926 |
|  5.012% due 11/25/2034 •  |  | 226 |  | 220 |
|  5.051% due 12/25/2035 ~ |  | 387 |  | 362 |
|  5.092% due 11/25/2045 •  |  | 112 |  | 106 |
|  5.092% due 12/25/2045 •  |  | 90 |  | 83 |
|  5.153% due 08/25/2046 •  |  | 47 |  | 43 |
|  5.252% due 11/25/2034 •  |  | 110 |  | 106 |
|  5.277% due 08/25/2034 ~ |  | 66 |  | 64 |
|  5.398% due 05/25/2035 ~ |  | 4884 |  | 4842 |
|  5.553% due 06/25/2042 •  |  | 103 |  | 97 |
|  5.653% due 10/25/2046 •  |  | 3639 |  | 3453 |
|  5.677% due 09/25/2033 ~ |  | 171 |  | 170 |
|  5.706% due 09/25/2033 ~ |  | 9 |  | 9 |
|  6.248% due 01/25/2033 ~ |  | 36 |  | 36 |
|  Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC |
|  0.000% due 12/21/2049 (g) |  | 4 |  | 19703 |
|  4.937% due 12/21/2049 •  |  | 52083 |  | 70299 |
|  5.636% due 12/21/2049 •  |  | 23296 |  | 31566 |
|  6.136% due 12/21/2049 •  |  | 11648 |  | 15689 |
|  6.636% due 12/21/2049 •  |  | 6656 |  | 8924 |
|  7.136% due 12/21/2049 •  |  | 6656 |  | 8855 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  3.918% due 09/25/2036 þ | $— | 2732 |  | 721 |
|  4.592% due 02/25/2037 •  |  | 5883 |  | 4586 |
|  4.722% due 04/25/2035 •  |  | 3092 |  | 2599 |
|  5.123% due 05/25/2046 •  |  | 1914 |  | 1698 |
|  5.500% due 11/25/2035 |  | 314 |  | 292 |
|  5.500% due 06/25/2037 |  | 454 |  | 444 |

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 04/25/2036 | $— | 966 | 850 |
|  6.768% due 07/25/2036 þ |  | 1099 | 232 |
|  6.949% due 07/25/2036 þ |  | 1877 | 395 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  4.690% due 06/25/2033 ~ |  | 582 | 511 |
|  5.319% due 05/25/2033 ~ |  | 81 | 83 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.443% due 07/25/2037 ~ |  | 411 | 382 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.725% due 02/15/2053 |  | 9400 | 8768 |
|  3.311% due 06/15/2052 |  | 8800 | 8336 |
|  3.472% due 11/15/2050 |  | 10070 | 9896 |
|  3.615% due 12/15/2049 |  | 1924 | 1915 |
|  3.862% due 12/15/2039 |  | 41000 | 39537 |
|  3.874% due 06/15/2036 ~ |  | 500 | 461 |
|  4.023% due 03/15/2052 |  | 33712 | 33353 |
|  4.442% due 09/15/2061 |  | 4000 | 4018 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.085% due 04/25/2036 ~ |  | 413 | 409 |
|  6.327% due 03/25/2036 ~ |  | 20 | 20 |
|  6.421% due 07/25/2034 ~ |  | 2 | 2 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 |  | 6280 | 4246 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $9,679,239) | Total Non-Agency Mortgage-Backed Securities (Cost $9,679,239) | Total Non-Agency Mortgage-Backed Securities (Cost $9,679,239) | 9216911 |
| ASSET-BACKED SECURITIES 8.4% | ASSET-BACKED SECURITIES 8.4% | ASSET-BACKED SECURITIES 8.4% | ASSET-BACKED SECURITIES 8.4% |
| AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% |
|  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 |
|  5.250% due 04/20/2029 |  | 20700 | 21194 |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  5.990% due 09/25/2026 |  | 860 | 861 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  5.740% due 12/20/2026 |  | 8256 | 8297 |
|  First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
|  6.440% due 10/16/2028 |  | 2697 | 2723 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  3.890% due 09/25/2028 |  | 31800 | 31583 |
|  Oscar U.S. Funding XIV LLC | Oscar U.S. Funding XIV LLC | Oscar U.S. Funding XIV LLC | Oscar U.S. Funding XIV LLC |
|  2.820% due 04/10/2029 |  | 3262 | 3228 |
|  Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust |
|  4.930% due 06/25/2036 |  | 9400 | 9628 |
|  |  |  | 77514 |
| CASINO SERVICES 0.1% | CASINO SERVICES 0.1% | CASINO SERVICES 0.1% | CASINO SERVICES 0.1% |
|  Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. |
|  5.000% due 03/12/2038 « |  | 85471 | 57522 |
| CMBS OTHER 1.4% | CMBS OTHER 1.4% | CMBS OTHER 1.4% | CMBS OTHER 1.4% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  5.400% due 10/16/2036 •  | $— | 7746 | 7740 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.615% due 11/15/2036 •  |  | 38499 | 38593 |
|  5.822% due 01/15/2037 •  |  | 63515 | 63642 |
|  AREIT Trust | AREIT Trust | AREIT Trust | AREIT Trust |
|  5.636% due 01/20/2037 •  |  | 8271 | 8276 |
|  6.385% due 06/17/2039 •  |  | 26121 | 26168 |
|  BDS LLC | BDS LLC | BDS LLC | BDS LLC |
|  5.934% due 03/19/2039 •  |  | 41274 | 41352 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.600% due 12/16/2036 •  |  | 8025 | 8036 |
|  BRSP Ltd. | BRSP Ltd. | BRSP Ltd. | BRSP Ltd. |
|  5.398% due 08/19/2038 •  |  | 3516 | 3508 |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  5.585% due 12/15/2038 •  |  | 309 | 309 |
|  6.446% due 07/15/2039 •  |  | 21658 | 21710 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  6.287% due 01/19/2039 •  |  | 23029 | 23029 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.750% due 07/16/2035 •  |  | 4169 | 4161 |

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|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HGI CRE CLO Ltd. | HGI CRE CLO Ltd. | HGI CRE CLO Ltd. |
|  6.074% due 04/20/2037 •  | 15762 | 15801 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.584% due 02/17/2039 •  | 34701 | 34767 |
|  LFT CRE Ltd. | LFT CRE Ltd. | LFT CRE Ltd. |
|  5.435% due 06/15/2039 •  | 26325 | 26393 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.565% due 07/15/2036 •  | 175 | 175 |
|  5.565% due 11/15/2038 •  | 20917 | 20941 |
|  5.931% due 01/17/2037 •  | 63393 | 63570 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.750% due 11/22/2038 •  | 2063 | 2032 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.284% due 06/19/2037 •  | 24201 | 24209 |
|  6.769% due 09/17/2037 •  | 11655 | 11671 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 17758 | 17770 |
|  5.350% due 07/16/2036 •  | 370 | 370 |
|  5.484% due 02/19/2037 •  | 18724 | 18747 |
|  5.957% due 12/15/2035 •  | 9913 | 9929 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.450% due 04/18/2038 •  | 41603 | 41735 |
|  5.722% due 11/15/2038 •  | 59433 | 59288 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.457% due 03/15/2038 •  | 5978 | 5984 |
|  5.793% due 02/15/2039 •  | 41223 | 41329 |
|  |  | 641235 |
| HOME EQUITY OTHER 1.8% | HOME EQUITY OTHER 1.8% | HOME EQUITY OTHER 1.8% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  5.052% due 10/25/2035 •  | 555 | 551 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.728% due 12/25/2030 •  | 360 | 359 |
|  5.322% due 03/25/2034 •  | 1009 | 990 |
|  5.367% due 05/25/2032 •  | 94 | 102 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.815% due 01/25/2035 •  | 278 | 277 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.392% due 10/25/2036 •  | 8 | 3 |
|  4.492% due 12/25/2036 •  | 5064 | 1272 |
|  4.592% due 08/25/2036 •  | 4492 | 1013 |
|  4.672% due 12/25/2036 •  | 19525 | 4904 |
|  4.712% due 08/25/2036 •  | 5772 | 1301 |
|  4.932% due 11/25/2035 •  | 709 | 772 |
|  5.097% due 12/25/2045 •  | 2585 | 1975 |
|  5.202% due 02/25/2036 •  | 960 | 906 |
|  5.247% due 11/25/2033 •  | 849 | 864 |
|  5.247% due 12/25/2034 •  | 169 | 158 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.917% due 12/25/2035 •  | 2230 | 2106 |
|  4.992% due 06/25/2035 •  | 1155 | 1111 |
|  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 |
|  3.702% due 05/25/2034 þ | 686 | 667 |
|  5.142% due 07/25/2034 •  | 12 | 12 |
|  7.647% due 11/25/2032 •  | 1609 | 1694 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.382% due 09/25/2036 •  | 3744 | 1208 |
|  4.422% due 09/25/2036 •  | 19332 | 6237 |
|  4.572% due 06/25/2036 •  | 17115 | 4667 |
|  4.652% due 03/25/2036 •  | 5157 | 2891 |
|  4.812% due 05/25/2036 •  | 21508 | 5158 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.912% due 01/25/2036 •  | 7434 | 6930 |
|  5.397% due 11/25/2034 •  | 941 | 944 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.352% due 05/25/2037 •  | 141 | 100 |
|  5.032% due 10/25/2034 •  | 1 | 1 |
|  5.615% due 04/15/2033 •  | 381 | 382 |
|  7.490% due 08/15/2032 •  | 2747 | 2636 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.612% due 12/25/2036 •  | 1788 | 1758 |
|  5.322% due 08/25/2037 •  | 3491 | 3173 |
|  5.432% due 06/25/2035 •  | 7306 | 7336 |

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|:---|:---|:---|
| **26** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

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September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.072% due 10/27/2032 •  | 49 | 49 |
|  5.272% due 11/25/2042 •  | 42 | 42 |
|  6.140% due 06/25/2043 ~ | 177 | 174 |
|  C-BASS Mortgage Loan Trust | C-BASS Mortgage Loan Trust | C-BASS Mortgage Loan Trust |
|  3.270% due 03/25/2037 þ | 4179 | 1462 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  2.957% due 04/25/2037 •  | 612 | 365 |
|  4.392% due 11/25/2036 •  | 75 | 34 |
|  4.572% due 11/25/2036 •  | 7252 | 3303 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.432% due 10/25/2036 •  | 2760 | 2123 |
|  4.522% due 10/25/2036 •  | 3234 | 2488 |
|  4.532% due 02/25/2037 •  | 28618 | 27706 |
|  CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust |
|  5.067% due 07/25/2034 •  | 178 | 228 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.832% due 02/25/2033 •  | 20 | 20 |
|  4.912% due 08/25/2032 •  | 357 | 354 |
|  CIT Home Equity Loan Trust | CIT Home Equity Loan Trust | CIT Home Equity Loan Trust |
|  5.322% due 09/25/2030 •  | 133 | 133 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.144% due 10/25/2037 þ | 1285 | 1244 |
|  4.442% due 07/25/2045 •  | 6079 | 4270 |
|  4.462% due 05/25/2037 •  | 7834 | 5293 |
|  4.532% due 07/25/2045 •  | 2830 | 1988 |
|  4.592% due 12/25/2036 •  | 7335 | 4133 |
|  4.772% due 08/25/2036 •  | 7669 | 7645 |
|  4.812% due 05/25/2037 •  | 2146 | 2135 |
|  5.007% due 09/25/2035 •  | 892 | 889 |
|  7.264% due 01/25/2037 þ | 760 | 321 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.672% due 08/25/2034 •  | 293 | 287 |
|  4.952% due 12/25/2036 •  | 297 | 246 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.123% due 03/25/2036 •  | 554 | 548 |
|  3.364% due 04/25/2035 •  | 467 | 461 |
|  4.366% due 10/25/2032 ~ | 0 | 101 |
|  4.412% due 08/25/2037 •  | 9083 | 8298 |
|  4.502% due 10/25/2047 •  | 295 | 293 |
|  4.552% due 02/25/2037 •  | 3650 | 3485 |
|  4.552% due 03/25/2037 •  | 1140 | 1121 |
|  4.632% due 11/25/2047 •  | 1187 | 1117 |
|  4.712% due 09/25/2037 •  | 831 | 882 |
|  4.712% due 09/25/2047 •  | 8132 | 8239 |
|  4.772% due 10/25/2034 •  | 1108 | 1085 |
|  4.857% due 06/25/2036 •  | 2036 | 2019 |
|  5.012% due 12/25/2034 •  | 1044 | 1022 |
|  5.172% due 11/25/2034 •  | 197 | 193 |
|  5.232% due 02/25/2036 •  | 3968 | 3887 |
|  5.583% due 08/25/2035 ~ | 16720 | 16290 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  3.691% due 08/25/2032 •  | 1058 | 1018 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.392% due 07/25/2037 •  | 201 | 134 |
|  6.780% due 05/25/2035 þ | 604 | 560 |
|  Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust |
|  5.085% due 09/15/2029 •  | 76 | 73 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.012% due 05/25/2040 •  | 9 | 9 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  5.022% due 01/25/2034 •  | 8 | 8 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.652% due 05/25/2036 •  | 5198 | 3919 |
|  4.757% due 11/25/2036 •  | 7515 | 4887 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  5.172% due 08/25/2034 •  | 66 | 61 |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  3.500% due 07/25/2075 «þ | 74410 | 72224 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  2.595% due 05/25/2035 •  | 875 | 788 |
|  4.412% due 08/25/2037 •  | 2219 | 1119 |
|  4.552% due 08/25/2037 •  | 2303 | 1161 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.332% due 01/25/2037 •  | 25 | 12 |
|  4.422% due 01/25/2037 •  | 11157 | 5164 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.472% due 08/25/2036 •  | $— | 334 | $— | 104 |
|  4.532% due 11/25/2036 •  |  | 34555 |  | 12087 |
|  4.592% due 08/25/2036 •  |  | 6844 |  | 2137 |
|  4.612% due 02/25/2037 •  |  | 40702 |  | 12564 |
|  4.752% due 02/25/2037 •  |  | 15456 |  | 4803 |
|  4.772% due 05/25/2036 •  |  | 9564 |  | 6218 |
|  4.812% due 04/25/2036 •  |  | 2672 |  | 2449 |
|  4.932% due 01/25/2036 •  |  | 5309 |  | 5145 |
|  5.202% due 07/25/2034 •  |  | 3 |  | 6 |
|  5.337% due 06/25/2035 •  |  | 2298 |  | 2275 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.352% due 08/25/2036 •  |  | 5 |  | 2 |
|  GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust |
|  7.000% due 09/25/2037 ~ |  | 5 |  | 5 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.357% due 03/25/2036 ~ |  | 3933 |  | 1579 |
|  4.412% due 03/25/2036 •  |  | 37 |  | 12 |
|  4.472% due 03/25/2037 •  |  | 487 |  | 132 |
|  4.512% due 04/25/2047 •  |  | 853 |  | 790 |
|  4.512% due 05/25/2047 •  |  | 2450 |  | 1434 |
|  4.612% due 09/25/2036 •  |  | 8106 |  | 1792 |
|  4.632% due 05/25/2036 •  |  | 13453 |  | 2807 |
|  4.632% due 07/25/2037 •  |  | 213 |  | 209 |
|  4.872% due 03/25/2037 •  |  | 1692 |  | 667 |
|  4.872% due 05/25/2047 •  |  | 136 |  | 84 |
|  5.172% due 08/25/2037 •  |  | 138 |  | 136 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.362% due 01/25/2037 •  |  | 2441 |  | 1498 |
|  4.392% due 12/25/2036 •  |  | 4967 |  | 2459 |
|  4.452% due 11/25/2035 •  |  | 350 |  | 26 |
|  4.752% due 06/25/2036 •  |  | 3261 |  | 1804 |
|  4.752% due 08/25/2036 •  |  | 1291 |  | 1109 |
|  4.812% due 04/25/2036 •  |  | 2918 |  | 1980 |
|  5.592% due 12/25/2034 •  |  | 787 |  | 714 |
|  5.922% due 10/25/2034 •  |  | 120 |  | 122 |
|  6.147% due 03/25/2034 •  |  | 1690 |  | 1427 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.872% due 11/25/2032 •  |  | 154 |  | 144 |
|  5.367% due 05/25/2035 •  |  | 239 |  | 238 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.502% due 04/25/2037 •  |  | 2287 |  | 2236 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.512% due 04/25/2037 •  |  | 829 |  | 591 |
|  4.692% due 04/25/2037 •  |  | 2664 |  | 1901 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.392% due 12/25/2036 •  |  | 87 |  | 25 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.372% due 10/25/2036 •  |  | 131 |  | 47 |
|  4.492% due 12/25/2036 •  |  | 469 |  | 117 |
|  4.612% due 12/25/2036 •  |  | 4277 |  | 1018 |
|  5.052% due 11/25/2035 •  |  | 1721 |  | 1612 |
|  IMC Home Equity Loan Trust | IMC Home Equity Loan Trust | IMC Home Equity Loan Trust | IMC Home Equity Loan Trust | IMC Home Equity Loan Trust |
|  5.690% due 07/25/2026 ~ |  | 1 |  | 1 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  2.706% due 10/25/2035 •  |  | 698 |  | 689 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.432% due 08/25/2036 •  |  | 183 |  | 81 |
|  4.492% due 08/25/2036 •  |  | 19 |  | 14 |
|  4.592% due 07/25/2036 •  |  | 4932 |  | 1359 |
|  6.337% due 08/25/2036 þ |  | 1498 |  | 889 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 10/25/2055 ~ |  | 28416 |  | 30909 |
|  Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust |
|  4.362% due 06/25/2037 •  |  | 4318 |  | 2880 |
|  4.472% due 06/25/2037 •  |  | 2331 |  | 1555 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.592% due 12/25/2036 •  |  | 16797 |  | 11473 |
|  4.632% due 03/25/2046 •  |  | 1439 |  | 1256 |
|  4.792% due 08/25/2045 •  |  | 3614 |  | 3570 |
|  4.832% due 10/25/2034 •  |  | 9 |  | 9 |
|  5.322% due 06/25/2035 •  |  | 4465 |  | 4396 |
|  5.547% due 02/25/2035 •  |  | 2045 |  | 2014 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.372% due 01/25/2037 •  |  | 81 |  | 23 |
|  4.572% due 08/25/2036 •  |  | 3869 |  | 1368 |
|  4.752% due 03/25/2036 •  |  | 4723 |  | 2841 |
|  4.752% due 10/25/2036 •  |  | 3952 |  | 3551 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.022% due 10/25/2035 •  | $— | 6005 | $— | 5858 |
|  5.971% due 11/25/2035 þ |  | 92 |  | 68 |
|  6.219% due 02/25/2036 þ |  | 157 |  | 133 |
|  Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
|  4.612% due 04/25/2037 •  |  | 2057 |  | 775 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.107% due 11/25/2037 •  |  | 11386 |  | 3595 |
|  4.492% due 08/25/2037 •  |  | 6972 |  | 3432 |
|  4.512% due 02/25/2037 •  |  | 841 |  | 237 |
|  4.572% due 08/25/2037 •  |  | 29198 |  | 14373 |
|  4.752% due 08/25/2037 •  |  | 1460 |  | 718 |
|  4.792% due 03/25/2037 •  |  | 21126 |  | 19872 |
|  4.792% due 04/25/2037 •  |  | 2097 |  | 998 |
|  4.912% due 03/25/2037 •  |  | 5665 |  | 5330 |
|  5.172% due 02/25/2047 •  |  | 13191 |  | 7823 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.332% due 12/25/2036 •  |  | 2373 |  | 1192 |
|  4.332% due 05/25/2037 •  |  | 719 |  | 654 |
|  4.362% due 01/25/2037 •  |  | 4635 |  | 2138 |
|  4.372% due 07/25/2036 •  |  | 124 |  | 45 |
|  4.372% due 11/25/2036 •  |  | 1147 |  | 676 |
|  4.382% due 03/25/2037 •  |  | 5488 |  | 2337 |
|  4.412% due 11/25/2036 •  |  | 11697 |  | 5595 |
|  4.412% due 05/25/2037 •  |  | 3163 |  | 2450 |
|  4.422% due 10/25/2036 •  |  | 11004 |  | 5745 |
|  4.422% due 11/25/2036 •  |  | 12690 |  | 7484 |
|  4.422% due 12/25/2036 •  |  | 1640 |  | 824 |
|  4.452% due 03/25/2037 •  |  | 21145 |  | 9001 |
|  4.472% due 02/25/2037 •  |  | 1760 |  | 778 |
|  4.487% due 03/25/2037 •  |  | 8351 |  | 3263 |
|  4.502% due 10/25/2036 •  |  | 1316 |  | 687 |
|  4.502% due 11/25/2036 •  |  | 11421 |  | 6743 |
|  4.522% due 12/25/2036 •  |  | 7115 |  | 3572 |
|  4.522% due 05/25/2037 •  |  | 1287 |  | 1172 |
|  4.532% due 02/25/2037 •  |  | 745 |  | 329 |
|  4.572% due 06/25/2036 •  |  | 5462 |  | 2740 |
|  4.572% due 09/25/2036 •  |  | 14638 |  | 5048 |
|  4.592% due 09/25/2036 •  |  | 8814 |  | 3802 |
|  4.612% due 03/25/2037 •  |  | 2728 |  | 1161 |
|  4.632% due 02/25/2037 •  |  | 3592 |  | 1138 |
|  4.772% due 08/25/2036 •  |  | 12820 |  | 6440 |
|  5.007% due 07/25/2035 •  |  | 2881 |  | 2836 |
|  5.202% due 11/25/2034 •  |  | 115 |  | 114 |
|  5.272% due 03/25/2033 •  |  | 390 |  | 385 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.547% due 09/25/2032 •  |  | 181 |  | 181 |
|  5.622% due 02/25/2033 •  |  | 218 |  | 233 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.372% due 12/25/2036 •  |  | 12711 |  | 6106 |
|  4.592% due 04/25/2036 •  |  | 3872 |  | 2710 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.322% due 11/25/2036 •  |  | 5 |  | 2 |
|  4.572% due 07/25/2036 •  |  | 7676 |  | 3003 |
|  4.732% due 07/25/2036 •  |  | 23538 |  | 9265 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.432% due 11/25/2036 •  |  | 3160 |  | 876 |
|  5.695% due 11/25/2036 •  |  | 1559 |  | 572 |
|  5.750% due 04/25/2037 ~ |  | 526 |  | 254 |
|  6.000% due 02/25/2037 ~ |  | 324 |  | 179 |
|  6.077% due 10/25/2046 þ |  | 2316 |  | 538 |
|  6.226% due 10/25/2036 þ |  | 975 |  | 260 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.992% due 10/25/2035 •  |  | 486 |  | 479 |
|  5.052% due 03/25/2035 •  |  | 509 |  | 508 |
|  5.157% due 05/25/2034 •  |  | 470 |  | 486 |
|  7.272% due 01/25/2033 •  |  | 1077 |  | 941 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.932% due 10/25/2036 •  |  | 19950 |  | 3618 |
|  5.072% due 02/25/2037 •  |  | 1728 |  | 480 |
|  6.532% due 10/25/2036 þ |  | 2580 |  | 449 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.472% due 01/25/2037 •  |  | 3402 |  | 1123 |
|  4.572% due 06/25/2036 •  |  | 1512 |  | 1122 |
|  4.572% due 09/25/2036 •  |  | 11844 |  | 4647 |
|  4.572% due 03/25/2037 •  |  | 3508 |  | 1116 |
|  4.612% due 11/25/2036 •  |  | 7873 |  | 2438 |
|  4.632% due 03/25/2037 •  |  | 2904 |  | 924 |
|  4.692% due 01/25/2037 •  |  | 15304 |  | 5049 |
|  4.772% due 10/25/2036 •  |  | 4104 |  | 1896 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **27** |

---

------

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| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.982% due 12/25/2033 •  | $— | 150 | $— | 150 |
|  5.097% due 06/25/2034 •  |  | 4 |  | 4 |
|  6.147% due 03/25/2035 •  |  | 2603 |  | 2581 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.442% due 05/25/2037 •  |  | 3092 |  | 1672 |
|  4.452% due 04/25/2037 •  |  | 5827 |  | 2930 |
|  4.472% due 01/25/2037 •  |  | 7813 |  | 4592 |
|  4.492% due 04/25/2037 •  |  | 14512 |  | 10102 |
|  4.512% due 04/25/2037 •  |  | 2337 |  | 1330 |
|  4.522% due 07/25/2037 •  |  | 2231 |  | 1459 |
|  4.552% due 01/25/2037 •  |  | 17588 |  | 10336 |
|  4.552% due 02/25/2037 •  |  | 6846 |  | 3366 |
|  4.602% due 04/25/2037 •  |  | 1895 |  | 930 |
|  4.712% due 01/25/2037 •  |  | 6613 |  | 3886 |
|  4.772% due 03/25/2037 •  |  | 1089 |  | 541 |
|  4.812% due 01/25/2036 •  |  | 5933 |  | 5619 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  4.962% due 11/25/2035 •  |  | 8643 |  | 8369 |
|  5.127% due 10/25/2032 •  |  | 888 |  | 1046 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.172% due 10/25/2036 •  |  | 1584 |  | 1569 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  6.072% due 12/25/2034 •  |  | 9288 |  | 9293 |
|  People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
|  5.217% due 05/25/2035 •  |  | 2182 |  | 2061 |
|  5.622% due 01/25/2035 •  |  | 349 |  | 343 |
|  People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust |
|  4.412% due 09/25/2036 •  |  | 17443 |  | 4207 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.482% due 01/25/2037 •  |  | 1948 |  | 1891 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  4.972% due 11/25/2046 •  |  | 5050 |  | 4692 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  4.795% due 09/25/2055 «þ |  | 6000 |  | 5990 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.434% due 08/25/2033 •  |  | 32 |  | 29 |
|  4.972% due 08/25/2032 •  |  | 104 |  | 100 |
|  4.992% due 11/25/2034 •  |  | 183 |  | 163 |
|  5.893% due 06/25/2037 þ |  | 8030 |  | 2041 |
|  5.906% due 06/25/2037 þ |  | 8997 |  | 2292 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.842% due 01/25/2036 •  |  | 1216 |  | 1202 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.512% due 10/25/2036 •  |  | 896 |  | 887 |
|  4.532% due 11/25/2036 •  |  | 3531 |  | 3293 |
|  4.562% due 06/25/2033 •  |  | 602 |  | 591 |
|  4.612% due 11/25/2036 •  |  | 1223 |  | 1147 |
|  4.707% due 06/25/2036 •  |  | 10265 |  | 10178 |
|  4.832% due 04/25/2036 •  |  | 467 |  | 468 |
|  4.887% due 03/25/2036 •  |  | 1200 |  | 1181 |
|  5.367% due 03/25/2035 •  |  | 1953 |  | 1959 |
|  SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust |
|  4.457% due 12/25/2034 •  |  | 496 |  | 494 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.392% due 12/25/2036 •  |  | 221 |  | 47 |
|  4.532% due 05/25/2037 •  |  | 360 |  | 279 |
|  4.592% due 07/25/2036 •  |  | 2125 |  | 702 |
|  4.752% due 07/25/2036 •  |  | 2732 |  | 902 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.572% due 10/25/2036 •  |  | 7927 |  | 7500 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.452% due 08/25/2037 •  |  | 272 |  | 271 |
|  4.492% due 01/25/2037 •  |  | 2331 |  | 1702 |
|  4.592% due 01/25/2037 •  |  | 2225 |  | 1625 |
|  4.632% due 02/25/2037 •  |  | 7599 |  | 2033 |
|  4.792% due 02/25/2037 •  |  | 9805 |  | 2635 |
|  4.832% due 05/25/2036 •  |  | 1372 |  | 1347 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.422% due 09/25/2036 •  |  | 309 |  | 308 |
|  4.572% due 06/25/2036 •  |  | 116 |  | 115 |
|  4.872% due 01/25/2036 •  |  | 756 |  | 747 |
|  5.172% due 05/25/2035 •  |  | 2943 |  | 2904 |
|  5.179% due 09/25/2034 •  |  | 122 |  | 127 |
|  5.202% due 09/25/2034 •  |  | 46 |  | 40 |
|  5.202% due 01/25/2035 •  |  | 9234 |  | 9178 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.397% due 01/25/2035 •  | 3957 | 3468 |
|  5.472% due 12/25/2034 •  | 467 | 467 |
|  5.652% due 04/25/2033 •  | 129 | 132 |
|  5.847% due 01/25/2035 •  | 4313 | 3624 |
|  5.997% due 01/25/2035 •  | 3850 | 1741 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.452% due 01/25/2037 •  | 2115 | 1190 |
|  4.732% due 01/25/2037 •  | 15811 | 9103 |
|  4.812% due 04/25/2036 •  | 4237 | 4202 |
|  5.172% due 05/25/2037 •  | 1048 | 1032 |
|  6.272% due 08/25/2037 •  | 190 | 189 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.572% due 01/25/2037 •  | 11339 | 5172 |
|  4.772% due 04/25/2037 •  | 9228 | 3349 |
|  Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust |
|  3.845% due 10/25/2036 •  | 1278 | 447 |
|  |  | 789529 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  3.908% due 07/25/2036 •  | 837 | 832 |
|  4.532% due 03/25/2037 •  | 1152 | 1143 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.512% due 04/25/2037 •  | 4499 | 1182 |
|  4.732% due 02/25/2037 •  | 406 | 79 |
|  4.992% due 04/25/2037 •  | 2180 | 573 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.612% due 10/25/2046 •  | 2460 | 2422 |
|  |  | 6231 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  7.490% due 07/01/2031 þ | 63 | 64 |
| WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.672% due 11/25/2034 •  | 566 | 484 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.037% due 07/25/2036 ~ | 1 | 1 |
|  5.125% due 10/25/2036 ~ | 576 | 250 |
|  5.500% due 01/25/2034 þ | 13 | 11 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.851% due 05/25/2036 þ | 1971 | 708 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.582% due 10/25/2036 •  | 6000 | 4975 |
|  4.592% due 04/25/2036 •  | 1634 | 1606 |
|  4.752% due 08/25/2036 •  | 1949 | 1908 |
|  4.752% due 10/25/2036 •  | 3176 | 2095 |
|  5.472% due 01/25/2035 •  | 797 | 803 |
|  5.697% due 10/25/2034 •  | 463 | 466 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.322% due 06/25/2034 •  | 453 | 459 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.872% due 06/25/2044 •  | 657 | 606 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.622% due 10/25/2036 •  | 4905 | 4806 |
|  4.818% due 12/25/2034 •  | 25 | 25 |
|  4.872% due 03/25/2036 •  | 3412 | 3381 |
|  4.912% due 01/25/2036 •  | 2092 | 1952 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.772% due 03/25/2036 •  | 8688 | 5460 |
|  4.772% due 05/25/2036 •  | 8808 | 4767 |
|  5.232% due 01/25/2036 •  | 1021 | 987 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  3.687% due 02/25/2037 þ | 27789 | 9014 |
|  4.472% due 11/25/2037 •  | 355 | 194 |
|  4.570% due 12/25/2036 •  | 943 | 935 |
|  4.572% due 11/25/2037 •  | 4621 | 2547 |
|  4.972% due 03/25/2037 •  | 1699 | 876 |
|  5.172% due 06/25/2036 •  | 9348 | 9061 |
|  5.247% due 12/25/2035 •  | 319 | 318 |
|  |  | 58695 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OTHER ABS 4.8% | OTHER ABS 4.8% | OTHER ABS 4.8% |
|  Apidos CLO XXIV Ltd. | Apidos CLO XXIV Ltd. | Apidos CLO XXIV Ltd. |
|  5.537% due 10/20/2030 •  | 740 | 741 |
|  ARES European CLO XII DAC | ARES European CLO XII DAC | ARES European CLO XII DAC |
|  2.874% due 04/20/2032 •  | 14973 | 17597 |
|  ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. |
|  5.278% due 07/25/2034 •  | 14400 | 14450 |
|  Atlas Senior Loan Fund XIII | Atlas Senior Loan Fund XIII | Atlas Senior Loan Fund XIII |
|  5.674% due 04/22/2031 •  | 484 | 485 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  2.764% due 01/20/2032 •  | 8585 | 10084 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.870% due 07/17/2037 •  | 27450 | 27587 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  2.884% due 01/20/2032 •  | 11 | 13 |
|  3.016% due 05/15/2032 •  | 3803 | 4469 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.646% due 10/15/2031 •  | 10959 | 12876 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.508% due 10/25/2030 •  | 11225 | 11245 |
|  BlueMountain Fuji EUR CLO III DAC | BlueMountain Fuji EUR CLO III DAC | BlueMountain Fuji EUR CLO III DAC |
|  1.050% due 01/15/2031 | 199 | 232 |
|  2.746% due 01/15/2031 •  | 7367 | 8646 |
|  BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC |
|  2.936% due 01/15/2033 •  | 9868 | 11596 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  2.626% due 04/15/2031 •  | 3094 | 3633 |
|  2.815% due 07/22/2032 •  | 17304 | 20333 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  3.059% due 10/15/2031 •  | 15262 | 17930 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.418% due 10/15/2034 •  | 2650 | 2650 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% due 01/20/2037 •  | 38800 | 38975 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.726% due 01/15/2031 •  | 15705 | 18416 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.786% due 11/15/2031 •  | 8046 | 9452 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  5.548% due 07/16/2031 •  | 7293 | 7301 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.694% due 04/22/2030 •  | 1351 | 1353 |
|  CBAMR Ltd. | CBAMR Ltd. | CBAMR Ltd. |
|  5.948% due 07/15/2037 •  | 39000 | 39192 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.530% due 10/24/2030 •  | 11660 | 11677 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  2.550% due 05/25/2041 | 997 | 956 |
|  Consumer Loan Finance | Consumer Loan Finance | Consumer Loan Finance |
|  0.000% due 11/25/2054 «(g) | 7231 | 3564 |
|  5.150% due 11/25/2054 | 13756 | 13854 |
|  5.350% due 11/25/2054 | 27963 | 28609 |
|  5.450% due 11/25/2054 | 6888 | 7016 |
|  5.750% due 11/25/2054 | 3438 | 3497 |
|  6.600% due 11/25/2054 | 4500 | 4569 |
|  8.750% due 11/25/2054 | 2576 | 2627 |
|  Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust |
|  0.000% due 11/25/2053 «(g) | 59839 | 27432 |
|  0.000% due 11/25/2054 «(g) | 4226 | 2108 |
|  5.150% due 11/25/2054 | 4367 | 4376 |
|  5.350% due 11/25/2054 | 14059 | 14391 |
|  5.450% due 11/25/2054 | 3888 | 3953 |
|  5.750% due 11/25/2054 | 1943 | 1975 |
|  6.250% due 11/25/2053 | 36867 | 37030 |
|  6.400% due 11/25/2053 | 179510 | 186466 |
|  6.600% due 11/25/2054 | 2445 | 2483 |
|  6.950% due 11/25/2053 | 38717 | 40143 |
|  7.400% due 11/25/2053 | 38717 | 40261 |
|  8.750% due 11/25/2054 | 1463 | 1490 |
|  9.100% due 11/25/2053 | 22605 | 23556 |
|  9.350% due 11/25/2053 | 20976 | 21314 |
|  CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC | CVC Cordatus Loan Fund VII DAC |
|  2.644% due 09/15/2031 •  | 2852 | 3345 |
|  CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC |
|  2.676% due 10/15/2031 •  | 21413 | 25140 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC |
|  1.760% due 04/15/2049 | 1100 | 1055 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.686% due 04/15/2033 •  | 26986 | 31621 |
|  Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC |
|  2.896% due 05/15/2034 •  | 15364 | 18012 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  5.475% due 10/19/2029 •  | 770 | 770 |
|  Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC |
|  2.564% due 04/24/2034 •  | 26456 | 31068 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  0.000% due 04/20/2033 •(c) | 11000 | 11000 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.435% due 04/20/2035 •  | 11850 | 11891 |
|  GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust |
|  2.100% due 05/20/2048 | 6896 | 5517 |
|  4.000% due 04/20/2049 | 13983 | 12467 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  2.666% due 10/15/2031 •  | 13927 | 16365 |
|  Harvest CLO XXI DAC | Harvest CLO XXI DAC | Harvest CLO XXI DAC |
|  1.040% due 07/15/2031 | 2230 | 2576 |
|  2.786% due 07/15/2031 •  | 19668 | 23105 |
|  Harvest CLO XXII DAC | Harvest CLO XXII DAC | Harvest CLO XXII DAC |
|  2.876% due 01/15/2032 •  | 10101 | 11857 |
|  Jamestown CLO XI Ltd. | Jamestown CLO XI Ltd. | Jamestown CLO XI Ltd. |
|  5.682% due 07/14/2031 •  | 950 | 951 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.676% due 04/15/2031 •  | 30245 | 35533 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  5.321% due 10/15/2034 •  | 28400 | 28401 |
|  KKR CLO 9 Ltd. | KKR CLO 9 Ltd. | KKR CLO 9 Ltd. |
|  5.529% due 07/15/2030 •  | 3205 | 3207 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.667% due 04/20/2031 •  | 8352 | 8366 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  1.900% due 11/20/2031 | 750 | 727 |
|  Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC |
|  2.826% due 07/15/2032 •  | 14427 | 16955 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.552% due 04/25/2038 •  | 277 | 277 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.200% due 09/13/2027 | 1934 | 1940 |
|  Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust |
|  2.640% due 01/20/2053 | 15683 | 13531 |
|  Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. |
|  5.778% due 04/15/2034 •  | 6100 | 6110 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  3.610% due 12/15/2059 | 653 | 651 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  0.000% due 06/22/2065 •  | 27700 | 27740 |
|  4.670% due 06/22/2065 | 32100 | 32021 |
|  6.589% due 02/20/2041 •  | 4068 | 4157 |
|  6.640% due 02/20/2041 | 4469 | 4635 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  4.862% due 07/20/2034 •  | 19500 | 19500 |
|  Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC |
|  2.764% due 10/20/2031 •  | 20693 | 24296 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.300% due 10/20/2039 •  | 25690 | 30254 |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.475% due 10/20/2030 •  | 2982 | 2984 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  1.750% due 09/14/2035 | 1050 | 1032 |
|  5.132% due 06/16/2036 •  | 2249 | 2254 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.746% due 10/15/2031 •  | 3321 | 3902 |
|  Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. |
|  5.342% due 01/20/2034 •  | 12400 | 12407 |
|  Performer Funding 1 PLC | Performer Funding 1 PLC | Performer Funding 1 PLC |
|  0.000% due 06/21/2035 (g) | 27414 | 19769 |
|  5.973% due 06/21/2035 •  | 30900 | 41567 |
|  6.973% due 06/21/2035 •  | 21700 | 29281 |
|  7.973% due 06/21/2035 •  | 14400 | 19691 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  9.473% due 06/21/2035 •  |  | 6200 | $— | 8471 |
|  11.473% due 06/21/2035 •  |  | 9300 |  | 12705 |
|  Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC |
|  7.819% due 01/03/2029 «~ | $— | 46803 |  | 47048 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.293% due 07/20/2034 •  |  | 8400 |  | 8401 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(c) |  | 11300 |  | 11300 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.611% due 10/23/2030 •  |  | 6985 |  | 6989 |
|  Scalelogix ABS U.S. Issuer LLC | Scalelogix ABS U.S. Issuer LLC | Scalelogix ABS U.S. Issuer LLC | Scalelogix ABS U.S. Issuer LLC | Scalelogix ABS U.S. Issuer LLC |
|  5.673% due 07/25/2055 |  | 19400 |  | 19444 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  2.904% due 07/20/2032 ~ |  | 19337 |  | 22724 |
|  Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. |
|  5.603% due 05/07/2031 •  | $— | 141 |  | 141 |
|  SLC Student Loan Trust | SLC Student Loan Trust | SLC Student Loan Trust | SLC Student Loan Trust | SLC Student Loan Trust |
|  5.529% due 06/15/2040 •  |  | 1250 |  | 1239 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  6.302% due 01/27/2026 •  |  | 199 |  | 200 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  0.000% due 03/15/2052 «(g) |  | 1595 |  | 2117 |
|  0.000% due 09/15/2053 (g) |  | 1 |  | 277 |
|  0.000% due 03/15/2055 «(g) |  | 11 |  | 138 |
|  3.940% due 02/16/2055 |  | 26321 |  | 25761 |
|  4.780% due 03/15/2055 |  | 8500 |  | 8385 |
|  4.960% due 03/15/2055 |  | 177223 |  | 178072 |
|  5.100% due 03/15/2055 |  | 8500 |  | 8536 |
|  5.260% due 03/15/2055 |  | 16900 |  | 16336 |
|  5.550% due 03/15/2052 |  | 11487 |  | 11826 |
|  5.572% due 03/15/2055 •  |  | 19713 |  | 19750 |
|  5.674% due 03/15/2052 •  |  | 11487 |  | 11509 |
|  5.822% due 02/16/2055 •  |  | 10925 |  | 11036 |
|  6.022% due 09/15/2053 •  |  | 32814 |  | 33421 |
|  6.150% due 09/15/2053 |  | 20214 |  | 21370 |
|  6.250% due 03/15/2052 |  | 2679 |  | 2758 |
|  6.500% due 03/15/2052 |  | 1100 |  | 1156 |
|  6.930% due 09/15/2053 |  | 12921 |  | 13788 |
|  7.540% due 09/15/2053 |  | 2644 |  | 2807 |
|  8.290% due 03/15/2052 |  | 1195 |  | 1253 |
|  8.870% due 09/15/2053 |  | 5450 |  | 5933 |
|  SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust |
|  4.643% due 05/16/2050 ~ |  | 42375 |  | 40673 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  0.000% due 03/27/2034 «(g) |  | 4019 |  | 5438 |
|  4.910% due 03/27/2034 « |  | 27129 |  | 27292 |
|  5.250% due 03/27/2034 « |  | 3796 |  | 3850 |
|  5.770% due 03/27/2034 « |  | 2944 |  | 3022 |
|  6.260% due 03/27/2034 « |  | 2177 |  | 2253 |
|  Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. |
|  5.707% due 01/21/2031 •  |  | 127 |  | 128 |
|  Sound Point CLO XX Ltd. | Sound Point CLO XX Ltd. | Sound Point CLO XX Ltd. | Sound Point CLO XX Ltd. | Sound Point CLO XX Ltd. |
|  5.675% due 07/26/2031 •  |  | 1870 |  | 1873 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 |  | 179 |  | 173 |
|  Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC |
|  2.270% due 01/30/2057 |  | 34358 |  | 30950 |
|  Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. |
|  6.125% due 01/20/2037 •  |  | 14075 |  | 14137 |
|  Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. |
|  5.261% due 10/23/2035 •  |  | 13300 |  | 13300 |
|  T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust |
|  5.050% due 09/20/2029 |  | 21200 |  | 21399 |
|  Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC |
|  2.921% due 01/12/2032 •  |  | 9637 |  | 11327 |
|  Toro European CLO 7 DAC | Toro European CLO 7 DAC | Toro European CLO 7 DAC | Toro European CLO 7 DAC | Toro European CLO 7 DAC |
|  2.846% due 02/15/2034 •  |  | 17536 |  | 20609 |
|  Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. |
|  4.590% due 10/02/2039 •  | $— | 2660 |  | 25 |
|  4.763% due 10/02/2039 ^•(d) |  | 13598 |  | 125 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  0.000% due 01/25/2034 •(c) |  | 16100 |  | 16100 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  5.310% due 10/20/2034 •  |  | 29700 |  | 29700 |
|  Venture 32 CLO Ltd. | Venture 32 CLO Ltd. | Venture 32 CLO Ltd. | Venture 32 CLO Ltd. | Venture 32 CLO Ltd. |
|  5.691% due 07/18/2031 •  |  | 635 |  | 636 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. |
|  5.639% due 07/15/2031 •  | 3447 | 3451 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.717% due 04/20/2032 •  | 12239 | 12268 |
|  Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. |
|  5.463% due 09/07/2030 •  | 7445 | 7456 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.637% due 07/20/2030 •  | 1418 | 1419 |
|  Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. |
|  5.577% due 07/20/2030 •  | 1341 | 1341 |
|  Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. |
|  5.707% due 07/20/2032 •  | 14372 | 14396 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.301% due 04/20/2034 •  | 11700 | 11700 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.491% due 04/17/2030 •  | 1981 | 1983 |
|  5.789% due 10/15/2030 •  | 179 | 179 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.122% due 07/20/2034 •  | 13000 | 13002 |
|  |  | 2185627 |
|  Total Asset-Backed Securities (Cost $3,997,830) | Total Asset-Backed Securities (Cost $3,997,830) | 3816417 |
| SOVEREIGN ISSUES 9.5% | SOVEREIGN ISSUES 9.5% | SOVEREIGN ISSUES 9.5% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  3.125% due 04/16/2030 | 1600 | 1556 |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  2.750% due 06/21/2035 | 179200 | 104124 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  6.125% due 03/15/2034 | 15700 | 16085 |
|  7.125% due 05/13/2054 | 2450 | 2491 |
|  7.250% due 01/12/2056 | 53215 | 53885 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (g) | 2838500 | 498218 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 67100 | 50900 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 106950 | 108641 |
|  European Union | European Union | European Union |
|  2.875% due 10/05/2029 | 185300 | 221254 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 | 31800 | 32721 |
|  5.500% due 03/12/2034 | 27000 | 27772 |
|  5.750% due 03/12/2054 (n) | 3900 | 3697 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  5.875% due 10/17/2031 | 20800 | 24344 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 9406000 | 48769 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.300% due 12/20/2054 | 15900000 | 91726 |
|  2.400% due 03/20/2055 | 17085500 | 100675 |
|  2.800% due 06/20/2055 | 12340000 | 79082 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 | 20860000 | 129297 |
|  2.400% due 03/20/2045 | 11554800 | 76114 |
|  Korea Development Bank | Korea Development Bank | Korea Development Bank |
|  3.000% due 01/13/2026 | 2600 | 2592 |
|  5.019% (SOFRRATE + 0.700%) due 10/23/2026 ~ | 7450 | 7498 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  4.875% due 04/03/2029 | 1700 | 1740 |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.016% due 10/09/2028 (c) | 18500 | 18500 |
|  4.136% due 10/09/2030 (c) | 19700 | 19700 |
|  4.652% due 10/09/2035 (c) | 14200 | 14200 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  3.500% due 09/19/2029 | 6100 | 7204 |
|  4.500% due 03/19/2034 | 5500 | 6562 |
|  4.750% due 03/22/2031 | 13600 | 13522 |
|  5.000% due 04/27/2051 | 26100 | 21480 |
|  5.125% due 03/19/2038 | 800 | 957 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **29** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.375% due 03/22/2033 | $— | 16000 | $— | 16008 |
|  5.625% due 09/22/2035 |  | 28400 |  | 28302 |
|  6.000% due 05/07/2036 |  | 1100 |  | 1127 |
|  6.625% due 01/29/2038 |  | 12208 |  | 12861 |
|  6.875% due 05/13/2037 |  | 11400 |  | 12323 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (h) |  | 3249 |  | 170 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  2.750% due 11/20/2025 (h) |  | 1617 |  | 1073 |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  4.950% due 04/28/2031 | $— | 8000 |  | 8104 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  5.940% due 02/12/2029 |  | 3000 |  | 906 |
|  6.850% due 08/12/2035 |  | 93230 |  | 28400 |
|  7.300% due 08/12/2033 |  | 509528 |  | 163661 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.350% due 08/12/2040 |  | 6400 |  | 1636 |
|  5.400% due 08/12/2034 |  | 1051 |  | 293 |
|  6.150% due 08/12/2032 |  | 359420 |  | 109741 |
|  6.950% due 08/12/2031 |  | 284001 |  | 90599 |
|  Province of Alberta | Province of Alberta | Province of Alberta | Province of Alberta | Province of Alberta |
|  2.050% due 08/17/2026 | $— | 6000 |  | 5908 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 |  | 31300 |  | 23482 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 |  | 700 |  | 513 |
|  3.800% due 12/02/2034 |  | 95200 |  | 69339 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 |  | 6100 |  | 4443 |
|  4.450% due 09/01/2034 |  | 275700 |  | 211137 |
|  Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |
|  4.400% due 04/16/2050 | $— | 46200 |  | 41384 |
|  5.103% due 04/23/2048 |  | 600 |  | 598 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  5.125% due 09/18/2034 |  | 5300 |  | 5430 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 |  | 208700 |  | 9593 |
|  7.000% due 02/28/2031 |  | 1368700 |  | 75181 |
|  8.500% due 01/31/2037 |  | 720900 |  | 38463 |
|  8.750% due 01/31/2044 |  | 57990 |  | 2923 |
|  8.750% due 02/28/2048 |  | 131800 |  | 6597 |
|  8.875% due 02/28/2035 |  | 4729500 |  | 269050 |
|  9.000% due 01/31/2040 |  | 176780 |  | 9374 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  7.100% due 11/19/2036 | $— | 4100 |  | 4282 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.000% due 01/28/2032 |  | 33500 |  | 32637 |
|  2.000% due 04/14/2033 |  | 5190 |  | 4787 |
|  3.000% due 02/27/2027 | $— | 5240 |  | 5119 |
|  3.624% due 05/26/2030 |  | 25050 |  | 28270 |
|  5.250% due 03/10/2030 |  | 12000 |  | 14527 |
|  5.250% due 05/30/2032 |  | 30900 |  | 36251 |
|  5.625% due 05/30/2037 |  | 29200 |  | 32819 |
|  6.250% due 09/10/2034 |  | 5700 |  | 6906 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.375% due 03/05/2032 |  | 17800 |  | 21114 |
|  3.750% due 03/05/2037 |  | 22200 |  | 25813 |
|  4.750% due 01/18/2028 | $— | 34700 |  | 35214 |
|  4.750% due 01/16/2030 |  | 13600 |  | 13903 |
|  4.875% due 07/18/2033 |  | 12100 |  | 12289 |
|  5.000% due 01/16/2034 |  | 12600 |  | 12920 |
|  5.125% due 01/13/2028 |  | 37900 |  | 38734 |
|  5.375% due 01/13/2031 |  | 57500 |  | 60468 |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 |  | 16450 |  | 17997 |
|  2.050% due 09/23/2036 |  | 15500 |  | 14222 |
|  3.125% due 05/15/2027 |  | 19600 |  | 23017 |
|  State of Israel | State of Israel | State of Israel | State of Israel | State of Israel |
|  3.800% due 05/13/2060 | $— | 47500 |  | 31738 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  0.500% due 10/22/2061 |  | 16400 |  | 5395 |
|  3.750% due 03/07/2027 |  | 447000 |  | 599186 |
|  4.375% due 07/31/2054 |  | 178073 |  | 200508 |
|  Total Sovereign Issues (Cost $4,243,579) | Total Sovereign Issues (Cost $4,243,579) | Total Sovereign Issues (Cost $4,243,579) |  | 4312041 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Desarrolladora Homex SAB de CV «(e) | 775108 | 0 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  MNSN Holdings, Inc. (e)(l) | 7633 | 458 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Drillco Holdings Luxembourg SA «(l) | 195636 | 4239 |
|  Foresea Holdings SA « | 1161108 | 25157 |
|  |  | 29396 |
|  Total Common Stocks (Cost $32,812) | Total Common Stocks (Cost $32,812) | 29854 |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(i) | 5200000 | 5061 |
|  Encina Private Credit LLC « | 3411 | 0 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  7.000% due 09/15/2030 •(i) | 9300000 | 9771 |
|  |  | 14832 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  11.000% due 11/07/2032 | 8700 | 4741 |
|  Total Preferred Securities (Cost $23,044) | Total Preferred Securities (Cost $23,044) | 19573 |
| REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  CBL & Associates Properties, Inc. | 26809 | 820 |
|  Total Real Estate Investment Trusts (Cost $372) | Total Real Estate Investment Trusts (Cost $372) | 820 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% |
| COMMERCIAL PAPER 0.3% | COMMERCIAL PAPER 0.3% | COMMERCIAL PAPER 0.3% |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.500% due 10/07/2025 | 23300 | 23280 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  4.550% due 10/08/2025 (c) | 5300 | 5294 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.610% due 10/21/2025 (c) | 2291 | 2285 |
|  4.610% due 10/23/2025 | 18959 | 18903 |
|  4.620% due 10/21/2025 | 17594 | 17547 |
|  4.620% due 10/23/2025 | 9805 | 9776 |
|  4.800% due 10/07/2025 | 2100 | 2098 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  4.480% due 10/03/2025 | 2900 | 2899 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  4.600% due 10/06/2025 | 1200 | 1199 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.600% due 10/24/2025 | 26800 | 26717 |
|  4.750% due 10/09/2025 | 2750 | 2747 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.330% due 11/19/2025 | 9900 | 9842 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.800% due 10/27/2025 | 7000 | 6976 |
|  |  | 129563 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| REPURCHASE AGREEMENTS (m) 1.0% | REPURCHASE AGREEMENTS (m) 1.0% | REPURCHASE AGREEMENTS (m) 1.0% | REPURCHASE AGREEMENTS (m) 1.0% |
|  |  | $— | 448291 |
| NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% |
|  31.172% due 06/11/2026 - 09/29/2026 ~(f)(g) | 73366707 |  | 43377 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.219% due 10/16/2025 - 01/27/2026 (f)(g)(p)(r) | 21767 |  | 21638 |
| Total Short-Term Instruments (Cost $638,931) | Total Short-Term Instruments (Cost $638,931) |  | 642869 |
| Total Investments in Securities (Cost $59,557,933) | Total Investments in Securities (Cost $59,557,933) |  | 57047772 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 6.3% | INVESTMENTS IN AFFILIATES 6.3% | INVESTMENTS IN AFFILIATES 6.3% | INVESTMENTS IN AFFILIATES 6.3% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 586600 |  | 29958 |
| Total Mutual Funds (Cost $29,652) | Total Mutual Funds (Cost $29,652) |  | 29958 |
| SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% |
|  PIMCO Short Asset Portfolio | 246866033 |  | 2422002 |
|  PIMCO Short-Term Floating NAV Portfolio III | 39750776 |  | 387133 |
| Total Short-Term Instruments (Cost $2,843,473) | Total Short-Term Instruments (Cost $2,843,473) |  | 2809135 |
| Total Investments in Affiliates (Cost $2,873,125) | Total Investments in Affiliates (Cost $2,873,125) |  | 2839093 |
| Total Investments 131.6% (Cost $62,431,058) | Total Investments 131.6% (Cost $62,431,058) | $— | 59886865 |
|  Financial Derivative<br>Instruments (o)(q) 0.1%<br> (Cost or Premiums, net $196,193) | Financial Derivative<br>Instruments (o)(q) 0.1%<br> (Cost or Premiums, net $196,193) |  | 42977 |
| Other Assets and Liabilities, net (31.7)% | Other Assets and Liabilities, net (31.7)% |  | (14435910) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 45493932 |

---

---

| | | |
|:---|:---|:---|
| 30.0 | PIMCO TOTAL RETURN FUND | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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

^ Security is in default.

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Principal only security.

(c) When-issued security.

(d) Security is not accruing income as of the date of this report.

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

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

(g) Zero coupon security.

(h) Principal amount of security is adjusted for inflation.

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

(j) Institutional Class Shares of each Fund.

(k) Contingent convertible security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  BAMLL Commercial Mortgage Securities Trust 7.617% due 10/15/2027 | 09/21/2023 | $48284 | $45512 | 0.10% |
|  Credit Opportunities Partners LLC 6.520% due 03/20/2028 | 02/20/2025 | 9900 | 10026 | 0.02 |
|  Credit Opportunities Partners LLC 6.740% due 03/20/2030 | 03/20/2025 | 8400 | 8575 | 0.02 |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | 3913 | 4239 | 0.01 |
|  Hardwood Funding LLC 4.840% due 06/07/2028 | 03/11/2025 | 8900 | 9016 | 0.02 |
|  Hardwood Funding LLC 4.980% due 06/07/2030 | 03/11/2025 | 5800 | 5924 | 0.01 |
|  Hardwood Funding LLC 5.160% due 06/07/2032 | 03/11/2025 | 13900 | 14315 | 0.03 |
|  MNSN Holdings, Inc. | 06/02/2020 | 149 | 458 | 0.00 |
|  National Football League 5.480% due 10/05/2028 | 03/14/2024 | 27600 | 28328 | 0.06 |
|  Pantheon Senior Debt Secondaries III 6.043% due 03/26/2026 | 03/18/2025 | 15300 | 15302 | 0.03 |
|  Pinnacol Assurance 8.625% due 06/25/2034 | 06/23/2014 | 15000 | 16922 | 0.04 |
|  Project Alfa Investindustrial VIII SCSp 4.117% due 02/27/2026 | 02/28/2025 | 10489 | 11871 | 0.03 |
|  Project Fenno TBD% - 0.500% due 07/10/2028 | 07/16/2025 | 17323 | 17479 | 0.04 |
|  Project Fenno 4.366% due 07/10/2028 | 07/16/2025 | 17292 | 17553 | 0.04 |
|  Ripon Investments Financing Ltd. 0.000% due 11/28/2025 | 01/11/2023 | 176 | 195 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205715 | 0.45% |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BAR | 0.150% | 10/03/2025 | 12/03/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334139 | Barclays Bank PLC 4.050% due 09/02/2026 | $(333547) | $334139 | $334139 |
| JPS | 4.220 | 07/30/2024 | TBD<sup>(2)</sup> | 114152 | U.S. Treasury Bonds 1.375% due 11/15/2040 | (119065) | 114152 | 120377 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452612) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454516 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 31

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(3)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(3)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BAR | 0.000% | 09/04/2025 | 12/03/2025 | $(334139) | $(334138) |
|  BRC | 1.000 | 09/04/2025 | TBD<sup>(4)</sup> | EUR (6383) | (7500) |
|  MBC | 3.750 | 09/19/2025 | TBD<sup>(4)</sup> | $(428) | (429) |
|  RCE | 1.000 | 07/22/2025 | TBD<sup>(4)</sup> | EUR (3339) | (3928) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345995) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500% | 10/01/2055 | $23130 | $(19126) | $(19491) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 11/01/2055 | 25000 | (21042) | (21070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 10/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156013 | (152923) | (151347) |
|  Total Short Sales (0.4)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193091) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191908) |

---

#### 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 September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(5)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BAR | $334139 | $(334138) | $0 | $1 | $18257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18258 |
|  BRC | 0 | (7500) | 0 | (7500) | 7456 | (44) |
|  JPS | 120377 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122581) | (2204) |
|  MBC | 0 | (429) | 0 | (429) | 474 | 45 |
|  RCE | 0 | (3928) | 0 | (3928) | 3841 | (87) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345995) | $&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 | $(334138) | $(11428) | $(345566) |
|  Sovereign Issues | 0 | 0 | 0 | (429) | (429) |
|  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;(334138) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11857) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345995) |
|  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  | $(345995) |

---

(n) Securities with an aggregate market value of $368,683 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(208589) at a weighted average interest rate of 0.035%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Open maturity reverse repurchase agreement.

<sup>(5)</sup> 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. 

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 3234 | $3234 | $(603) | $(657) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 2415 | 2415 | (548) | (517) |
|  Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 10/24/2025 | 1585 | 1585 | (583) | (354) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 436 | 436 | (96) | (123) |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 1149 | 1149 | (525) | (121) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2355) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1772) |

---

#### 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 - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 10/24/2025 | 1340 | $1340 | $(250) | $(150) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 2159 | 2159 | (540) | (297) |
|  |  |  |  |  | $(790) | $(447) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3145) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2219) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 1958 | $146859 | $(427) | $1008 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 5710 | 502441 | 10422 | 2257 | 0 |
|  Euro-Bobl December Futures  | 12/2025 | 104 | 14385 | 4 | 20 | 0 |
|  Long Guilt December Futures  | 12/2025 | 2098 | 256314 | 269 | 1100 | (141) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 74144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8096177 | 15970 | 2896 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 40836 | 4594050 | 21635 | 0 | (638) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 3136 | 376516 | 10260 | 0 | (1764) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 3357 | 386317 | 3867 | 0 | (210) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2753) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund December Futures  | 12/2025 | 3851 | $(581300) | $(2114) | $135 | $(1537) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4290) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(</sup><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>September 30, 2025<sup>(</sup><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 |
|  AES Corp. | 5.000% | Quarterly | 12/20/2025 | 0.170% | $2300 | $444 | $(416) | $28 | $0 | $0 |
|  AES Corp. | 5.000 | Quarterly | 06/20/2028 | 0.623 | 1100 | 154 | (28) | 126 | 0 | 0 |
|  AES Corp. | 5.000 | Quarterly | 12/20/2028 | 0.706 | 3600 | 447 | 28 | 475 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.226 | 13300 | 118 | (92) | 26 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.237 | 7900 | 120 | (75) | 45 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.364 | 1700 | 3 | 21 | 24 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.402 | 75100 | (382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.209 | 8000 | 29 | 18 | 47 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.272 | 17200 | (91) | 246 | 155 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2027 | 0.323 | 8200 | (477) | 572 | 95 | 0 | (1) |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2027 | 0.352 | 44900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2000) | 2636 | 636 | 7 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2029 | 0.528 | 1900 | (32) | 68 | 36 | 1 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2030 | 0.595 | 97550 | 158 | 1579 | 1737 | 0 | (16) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **33** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(</sup><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>September 30, 2025<sup>(</sup><sup>3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  Boeing Co. | 1.000% | Quarterly | 12/20/2030 | 0.648% | $21250 | $372 | $(12) | $360 | $1 | $0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2027 | 0.189 | 7500 | (34) | 193 | 159 | 0 | 0 |
|  Energy Transfer Operating LP | 1.000 | Quarterly | 12/20/2025 | 0.197 | $3300 | (42) | 49 | 7 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | 26100 | 169 | 12 | 181 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.322 | 7100 | 1374 | (966) | 408 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.618 | 6962 | 882 | (81) | 801 | 0 | (4) |
|  Hess Corp. | 1.000 | Quarterly | 12/20/2026 | 0.106 | 1900 | (21) | 42 | 21 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 109700 | 300 | (84) | 216 | 0 | (3) |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.240 | 47300 | 299 | (30) | 269 | 0 | (2) |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 0.528 | 57600 | 1270 | (74) | 1196 | 0 | (54) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.217 | 3300 | 75 | (56) | 19 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.284 | 9300 | 212 | (129) | 83 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.335 | 3700 | (60) | 114 | 54 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.391 | 42050 | 48 | 630 | 678 | 0 | (7) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.430 | 8500 | (21) | 171 | 150 | 1 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2029 | 0.513 | 14200 | 257 | 18 | 275 | 0 | (2) |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.581 | 3400 | 27 | 18 | 45 | 0 | (1) |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 12/20/2028 | 0.656 | 6300 | (135) | 216 | 81 | 0 | 0 |
|  Williams Cos., Inc. | 1.000 | Quarterly | 12/20/2026 | 0.124 | $6800 | 49 | 24 | 73 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9693 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-40 5-Year Index | 1.000% | Quarterly | 06/20/2028 | $1100 | $5 | $16 | $21 | $0 | $0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 400 | 4 | 5 | 9 | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 200 | 4 | 1 | 5 | 0 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25400 | 567 | 16 | 583 | 3 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | $&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 | 3.750% | Annual | 09/17/2030 | 164100 | $(746) | $(202) | $(948) | $226 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.900 | Annual | 03/11/2052 | 19400 | 0 | 15440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15440 | 0 | (82) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.900 | Annual | 03/15/2052 | 16500 | 1632 | 11489 | 13121 | 0 | (70) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 1180 | 56 | (20) | 36 | 0 | (9) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18195 | 541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | $879430 | (16401) | 7595 | (8806) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(489) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 62500 | (123) | (892) | (1015) | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 568000 | 8127 | (3136) | 4991 | 0 | (253) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 59400 | 0 | 66 | 66 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 49200 | 0 | (6) | (6) | 0 | (20) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 106700 | 0 | (68) | (68) | 0 | (43) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 59200 | 0 | (176) | (176) | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 133600 | 0 | (699) | (699) | 0 | (55) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 129000 | 0 | (768) | (768) | 0 | (53) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 204400 | 0 | (1335) | (1335) | 0 | (84) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 241800 | 0 | (1606) | (1606) | 0 | (100) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 242900 | 0 | (1640) | (1640) | 0 | (100) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 161100 | 0 | (1361) | (1361) | 0 | (67) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 140400 | 0 | (1190) | (1190) | 0 | (58) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 116900 | 0 | (1023) | (1023) | 0 | (49) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 74700 | 0 | (674) | (674) | 0 | (31) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 111100 | 0 | (1049) | (1049) | 0 | (46) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 471429 | (540) | (7093) | (7633) | 0 | (161) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 189460 | 6269 | (3081) | 3188 | 0 | (57) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/15/2033 | 206900 | 2589 | (3420) | (831) | 0 | (37) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 08/15/2033 | 312700 | 2155 | (5025) | (2870) | 0 | (58) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.709 | Annual | 08/15/2033 | 303200 | 1576 | (4830) | (3254) | 0 | (56) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.718 | Annual | 08/15/2033 | 437940 | 1986 | (6953) | (4967) | 0 | (82) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.734 | Annual | 08/15/2033 | 235900 | 781 | (3721) | (2940) | 0 | (44) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 37800 | (128) | (591) | (719) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 41800 | (119) | (952) | (1071) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 70100 | (206) | (1320) | (1526) | 0 | (7) |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884% | Annual | 03/25/2035 | $2980 | $(9) | $(44) | $(53) | $0 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/02/2035 | 166400 | (1189) | (1154) | (2343) | 0 | (13) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 214836 | (2455) | 1107 | (1348) | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 487900 | 24891 | (7643) | 17248 | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 30700 | (91) | 361 | 270 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.617 | Annual | 02/15/2048 | 105500 | 0 | 22547 | 22547 | 181 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 616800 | 120849 | 120257 | 241106 | 1684 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 1299650 | 36784 | 65338 | 102122 | 3698 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 12/17/2054 | 57700 | 0 | 2027 | 2027 | 169 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 270400 | 4212 | 18384 | 22596 | 793 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.642 | Annual | 02/15/2055 | 38500 | 0 | 2112 | 2112 | 113 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 02/15/2055 | 19300 | 0 | 1013 | 1013 | 57 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.776 | Annual | 02/15/2055 | 6700 | 0 | 208 | 208 | 20 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 02/15/2055 | 16800 | 0 | 426 | 426 | 50 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 146600 | 17814 | 636 | 18450 | 420 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 42400 | 4048 | 1168 | 5216 | 122 | 0 |
| Pay | 1-Year BRL-CDI | 11.463 | Maturity | 01/04/2027 | 310700 | 0 | (2178) | (2178) | 0 | (9) |
| Pay | 1-Year BRL-CDI | 11.548 | Maturity | 01/04/2027 | 2520500 | 0 | (16823) | (16823) | 0 | (71) |
| Pay | 1-Year BRL-CDI | 11.754 | Maturity | 01/04/2027 | 213300 | 0 | (1274) | (1274) | 0 | (6) |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 169900 | 0 | (152) | (152) | 0 | (31) |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 1633700 | 15 | (1466) | (1451) | 0 | (296) |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 108600 | 0 | (56) | (56) | 0 | (1) |
| Receive | 1-Year BRL-CDI | 13.000 | Maturity | 01/02/2029 | 387600 | 0 | 335 | 335 | 0 | (41) |
| Receive | 1-Year BRL-CDI | 13.017 | Maturity | 01/02/2029 | 1647900 | 0 | 1332 | 1332 | 0 | (176) |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 878000 | 0 | (269) | (269) | 0 | (3) |
| Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 95000 | 0 | (11) | (11) | 6 | 0 |
| Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 | 129700 | 0 | 10 | 10 | 14 | 0 |
| Pay | 1-Year BRL-CDI | 13.400 | Maturity | 01/02/2029 | 1177500 | (28) | 645 | 617 | 129 | 0 |
| Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 | 668600 | (9294) | 20429 | 11135 | 290 | 0 |
| Pay | 3-Month NZD-BBR | 4.250 | Semi-Annual | 12/21/2027 | 64900 | 47 | 1644 | 1691 | 41 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 323800 | (3547) | 9382 | 5835 | 851 | 0 |
| Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 | 16400 | (97) | 238 | 141 | 34 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 | 154300 | (4425) | 7073 | 2648 | 438 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 | 305200 | 1364 | 3588 | 4952 | 928 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 03/19/2035 | 171600 | (186) | (1720) | (1906) | 551 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | 63800 | (313) | (1849) | (2162) | 12 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 153600 | (835) | (4486) | (5321) | 29 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 214200 | (1615) | (5752) | (7367) | 31 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 233700 | (851) | (5284) | (6135) | 37 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 133700 | (5956) | 2410 | (3546) | 20 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.760 | Annual | 01/03/2029 | 23900 | (46) | (826) | (872) | 0 | (19) |
| Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 | 52500 | (89) | 119 | 30 | 0 | (55) |
| Receive | 6-Month EUR-EURIBOR | 2.050 | Annual | 10/05/2029 | 37600 | 0 | 207 | 207 | 0 | (39) |
| Receive | 6-Month EUR-EURIBOR | 2.056 | Annual | 10/05/2029 | 56000 | 0 | 289 | 289 | 0 | (58) |
| Receive | 6-Month EUR-EURIBOR | 2.063 | Annual | 10/05/2029 | 91700 | 0 | 454 | 454 | 0 | (95) |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 34600 | (71) | (25) | (96) | 0 | (49) |
| Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 | 27800 | (52) | 40 | (12) | 0 | (39) |
| Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 | 28900 | (75) | (114) | (189) | 88 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 10640 | (27) | (64) | (91) | 32 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 812900 | 606 | 530 | 1136 | 2724 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 289100 | (3172) | (2143) | (5315) | 0 | (2261) |
| Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 | 678900 | 28 | 678 | 706 | 38 | 0 |
| Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | 589500 | (3954) | (19210) | (23164) | 0 | (1145) |
| Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 | 3200 | 0 | (21) | (21) | 0 | (7) |
| Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2033 | 1100 | 0 | (10) | (10) | 0 | (2) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 | 48700 | 176 | (882) | (706) | 0 | (100) |
| Receive | CAONREPO | 3.750 | Semi-Annual | 12/20/2033 | 27500 | 0 | (1497) | (1497) | 0 | (61) |
| Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 | 38200 | 0 | 110 | 110 | 0 | (85) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 133600 | (29) | (1594) | (1623) | 0 | (299) |
|  |  |  |  |  |  | $161682 | $208504 | $370186 | $14640 | $(7183) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214723 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7283) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 35

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total 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 September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2219) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4290) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7283) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13792) |

---

(p) Securities with an aggregate market value of $1,051,712 and cash of $27,026 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.

<sup>(1)</sup> Future styled option variation margin asset of $215 and liability of $(44) is outstanding at period end. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 346090 | $223901 | $0 | $(5107) |
|  | 10/2025 | 2118 | 1240 | 12 | 0 |
|  | 10/2025 | $90033 | 137100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | 0 |
|  | 10/2025 | 750742 | 1044432 | 0 | (234) |
|  | 11/2025 | 137100 | $90076 | 0 | (685) |
|  | 11/2025 | 1042780 | 750742 | 235 | 0 |
|  | 11/2025 | $1242 | 2118 | 0 | (12) |
|  BOA | 10/2025 | 91319 | $622 | 5 | 0 |
|  | 10/2025 | 1488 | 857 | 0 | (6) |
|  | 10/2025 | 71901 | 19968 | 0 | (733) |
|  | 10/2025 | 61 | 48 | 0 | 0 |
|  | 10/2025 | $24267 | 20729 | 69 | 0 |
|  | 10/2025 | 5829 | 19601 | 88 | 0 |
|  | 10/2025 | 13465 | 1191053 | 0 | (69) |
|  | 10/2025 | 8413 | 1255443 | 83 | (6) |
|  | 10/2025 | 7345 | 10169611 | 0 | (97) |
|  | 10/2025 | 3458 | 12441 | 0 | (36) |
|  | 11/2025 | 62971 | $74095 | 16 | 0 |
|  | 11/2025 | 962598 | 6449 | 0 | (83) |
|  | 11/2025 | $4100 | 13708 | 39 | 0 |
|  | 11/2025 | 858 | 1488 | 6 | 0 |
|  | 11/2025 | 1702643 | $97692 | 0 | (559) |
|  | 12/2025 | $1025 | 19297 | 20 | 0 |
|  BPS | 10/2025 | 1346900 | $224956 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28113) |
|  | 10/2025 | 242548 | 34056 | 13 | 0 |
|  | 10/2025 | 24290 | 28682 | 164 | 0 |
|  | 10/2025 | 784831791 | 47357 | 404 | (93) |
|  | 10/2025 | 1215453 | 13800 | 129 | 0 |
|  | 10/2025 | 36298163 | 26160 | 298 | 0 |
|  | 10/2025 | 1466 | 859 | 9 | 0 |
|  | 10/2025 | 3072 | 2398 | 16 | 0 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 5553512 | $184416 | $2056 | $(61) |
|  | 10/2025 | $248499 | 1346900 | 4588 | (17) |
|  | 10/2025 | 1011 | 750 | 0 | (3) |
|  | 10/2025 | 58959 | 972528024 | 0 | (669) |
|  | 10/2025 | 26301 | 2327455 | 0 | (121) |
|  | 10/2025 | 7532 | 1119090 | 35 | 0 |
|  | 10/2025 | 46870 | 64717060 | 0 | (754) |
|  | 10/2025 | 34045 | 123912 | 49 | (12) |
|  | 10/2025 | 179 | 7628 | 4 | 0 |
|  | 10/2025 | 18 | 541 | 0 | 0 |
|  | 11/2025 | 171959973 | $10290 | 0 | (10) |
|  | 11/2025 | 1042297 | 11710 | 0 | (1) |
|  | 11/2025 | 1115203 | 7532 | 0 | (35) |
|  | 11/2025 | 9013676 | 6430 | 2 | 0 |
|  | 11/2025 | $3247 | 17390 | 0 | (5) |
|  | 11/2025 | 7125 | 23947 | 105 | 0 |
|  | 11/2025 | 860 | 1466 | 0 | (9) |
|  | 12/2025 | 177968 | $5930 | 55 | 0 |
|  | 12/2025 | $458 | 152236 | 0 | (2) |
|  | 12/2025 | 16929 | 284825434 | 105 | 0 |
|  | 01/2026 | 536 | $18 | 0 | 0 |
|  | 04/2026 | 417200 | 73035 | 0 | (2010) |
|  | 05/2026 | $7555 | 2302 | 14 | (1) |
|  | 06/2026 | 5178 | 1581 | 21 | 0 |
|  | 07/2026 | 1881 | 574 | 9 | 0 |
|  | 06/2027 | 2856 | 866 | 0 | (3) |
|  | 05/2029 | 12803 | $44014 | 1629 | 0 |
|  | 07/2029 | 1291 | 4440 | 164 | 0 |
|  BRC | 10/2025 | 29962 | 37492 | 0 | (147) |
|  | 10/2025 | 2797 | 3279 | 0 | (5) |
|  | 10/2025 | 1298370 | 1745751 | 0 | (427) |
|  | 10/2025 | 3919681 | 239 | 4 | 0 |
|  | 10/2025 | 316691 | 7612 | 0 | (5) |
|  | 10/2025 | 340129 | 11255 | 84 | 0 |
|  | 10/2025 | $4431 | 3281 | 0 | (18) |
|  | 10/2025 | 106080 | 9381461 | 0 | (554) |
|  | 10/2025 | 1 | 11 | 0 | 0 |
|  | 10/2025 | 22436 | 82034 | 130 | 0 |
|  | 10/2025 | 142544 | 6100690 | 3182 | 0 |
|  | 11/2025 | 371204 | $245384 | 0 | (357) |
|  | 11/2025 | 11 | 1 | 0 | 0 |
|  | 11/2025 | $27804 | 22105 | 75 | 0 |
|  | 11/2025 | 3286 | 2797 | 5 | 0 |
|  | 11/2025 | 194580 | 8491447 | 2862 | 0 |
|  | 11/2025 | 111726 | $6345 | 0 | (102) |
|  | 12/2025 | $981 | 18142 | 2 | 0 |
|  | 12/2025 | 1487 | 6238 | 0 | (2) |
|  | 12/2025 | 43478 | 1910598 | 97 | 0 |
|  BSH | 10/2025 | 1875260 | $352585 | 242 | 0 |
|  | 10/2025 | 1899216 | 2206608 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23168) |
|  | 10/2025 | 436 | 253 | 0 | 0 |
|  | 10/2025 | 262700 | 73606 | 0 | (2030) |
|  | 10/2025 | $336207 | 1875260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16137 | 0 |
|  | 10/2025 | 17029 | 59737 | 172 | 0 |
|  | 11/2025 | 253 | 436 | 0 | 0 |
|  | 12/2025 | 238193 | $67491 | 0 | (971) |
|  | 01/2026 | 23458 | 6586 | 0 | (150) |
|  | 03/2026 | 74614 | 21204 | 0 | (185) |
|  | 04/2026 | 792700 | 139569 | 0 | (3021) |
|  CBK | 10/2025 | 156696 | 103956 | 463 | (193) |
|  | 10/2025 | 1979620 | 371760 | 0 | (192) |
|  | 10/2025 | 1201 | 862 | 0 | (1) |
|  | 10/2025 | 976638 | 137517 | 442 | 0 |
|  | 10/2025 | 136339 | 160243 | 256 | (81) |
|  | 10/2025 | 92408 | 124728 | 448 | 0 |
|  | 10/2025 | 494845250 | 29802 | 219 | (76) |
|  | 10/2025 | 12947169 | 145703 | 71 | 0 |
|  | 10/2025 | 3365 | 341 | 4 | 0 |
|  | 10/2025 | 160638 | 45656 | 0 | (590) |
|  | 10/2025 | 67313 | 52447 | 264 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 35179 | $1090 | $3 | $0 |
|  | 10/2025 | 3825915 | 129106 | 3400 | 0 |
|  | 10/2025 | $372207 | 1979620 | 0 | (255) |
|  | 10/2025 | 4887 | 6705 | 0 | (69) |
|  | 10/2025 | 1963 | 12569 | 14 | 0 |
|  | 10/2025 | 30330 | 26003 | 202 | (3) |
|  | 10/2025 | 2364 | 1751 | 0 | (10) |
|  | 10/2025 | 30796 | 506311367 | 0 | (449) |
|  | 10/2025 | 57336 | 5036870 | 0 | (687) |
|  | 10/2025 | 121 | 1208 | 0 | 0 |
|  | 10/2025 | 10748 | 37596 | 80 | 0 |
|  | 10/2025 | 9908 | 93905 | 67 | 0 |
|  | 10/2025 | 538313 | 694641 | 189 | 0 |
|  | 10/2025 | 39216 | 1193266 | 32 | (51) |
|  | 10/2025 | 27713 | $1600 | 0 | (4) |
|  | 11/2025 | 1038 | 104 | 0 | 0 |
|  | 11/2025 | 158277 | 42849 | 0 | (2675) |
|  | 11/2025 | 692842 | 538313 | 0 | (201) |
|  | 11/2025 | $862 | 1199 | 1 | 0 |
|  | 11/2025 | 5130 | 17192 | 61 | 0 |
|  | 11/2025 | 145703 | 12973713 | 0 | (74) |
|  | 12/2025 | 171431 | $47553 | 0 | (1720) |
|  | 12/2025 | 892847 | 29531 | 69 | (11) |
|  | 12/2025 | $371760 | 2007911 | 131 | 0 |
|  | 12/2025 | 17504 | 294153429 | 88 | 0 |
|  | 12/2025 | 13 | 47 | 0 | 0 |
|  | 01/2026 | 190027 | $53124 | 0 | (1442) |
|  | 01/2026 | 291229 | 9654 | 5 | 0 |
|  | 03/2026 | $6177 | 21712 | 49 | 0 |
|  | 08/2026 | 39462 | $10948 | 0 | (304) |
|  CIB | 11/2025 | 689800 | 39805 | 0 | (1) |
|  DUB | 10/2025 | 519735 | 73096 | 149 | 0 |
|  | 10/2025 | 206465456 | 12597 | 223 | 0 |
|  | 10/2025 | 1909087 | 21490 | 19 | 0 |
|  | 10/2025 | 22714352 | 16382 | 194 | 0 |
|  | 10/2025 | 210 | 48 | 0 | 0 |
|  | 10/2025 | 170627 | 133131 | 857 | 0 |
|  | 10/2025 | $22685 | 77510 | 716 | 0 |
|  | 10/2025 | 27619 | 2442006 | 0 | (152) |
|  | 10/2025 | 32 | 43921 | 0 | 0 |
|  | 11/2025 | 77471 | $22685 | 0 | (705) |
|  | 11/2025 | 147720 | 1660 | 2 | 0 |
|  | 11/2025 | $21490 | 1912882 | 0 | (18) |
|  | 11/2025 | 269792 | $15413 | 0 | (156) |
|  FAR | 10/2025 | 323952 | 60951 | 83 | 0 |
|  | 10/2025 | 3977 | 4991 | 0 | (4) |
|  | 10/2025 | 226605 | 31916 | 111 | 0 |
|  | 10/2025 | 44628588 | 303572 | 1793 | 0 |
|  | 10/2025 | 1034 | 605 | 6 | 0 |
|  | 10/2025 | 179 | 140 | 1 | 0 |
|  | 10/2025 | $60909 | 323952 | 0 | (42) |
|  | 10/2025 | 2281895 | 1953175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11232 | 0 |
|  | 10/2025 | 1776960 | 1321298 | 53 | 0 |
|  | 10/2025 | 54444 | 4801953 | 0 | (437) |
|  | 10/2025 | 44641 | 163003 | 198 | 0 |
|  | 11/2025 | 1953175 | $2286481 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11235) |
|  | 11/2025 | 1321298 | 1777275 | 0 | (50) |
|  | 11/2025 | 57960 | 15677 | 0 | (996) |
|  | 11/2025 | $4991 | 3961 | 4 | 0 |
|  | 11/2025 | 606 | 1034 | 0 | (6) |
|  | 12/2025 | 3702 | $196 | 0 | (4) |
|  | 12/2025 | $60951 | 328597 | 0 | (90) |
|  | 12/2025 | 175564 | 3328951 | 4746 | 0 |
|  GLM | 10/2025 | 1935320 | $332792 | 81 | (30918) |
|  | 10/2025 | 1408 | 1761 | 0 | (8) |
|  | 10/2025 | 17864 | 2513 | 6 | 0 |
|  | 10/2025 | 285420012 | $17114 | 7 | 0 |
|  | 10/2025 | 34872843 | 24705 | 0 | (149) |
|  | 10/2025 | 2538 | 1981 | 13 | 0 |
|  | 10/2025 | $353532 | 1935320 | 10141 | (45) |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $13972 | 230959968 | $1 | $(130) |
|  | 10/2025 | 15594 | 1368401 | 0 | (204) |
|  | 10/2025 | 24705 | 34883900 | 149 | 0 |
|  | 10/2025 | 69244 | 251873 | 35 | 0 |
|  | 11/2025 | 1313 | 4379 | 9 | 0 |
|  | 11/2025 | 25893 | 1128652 | 174 | 0 |
|  | 11/2025 | 369935 | $21313 | 0 | (34) |
|  | 12/2025 | 2872022 | 171 | 0 | (1) |
|  | 12/2025 | 15841 | 834 | 0 | (24) |
|  | 12/2025 | $16893 | 282451595 | 0 | 0 |
|  | 12/2025 | 21655 | 419232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | 0 |
|  | 04/2026 | 1628600 | $287127 | 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5859) |
|  IND | 10/2025 | 9841 | 6430 | 0 | (82) |
|  | 10/2025 | 13680 | 2139 | 0 | (12) |
|  | 11/2025 | $2139 | 13648 | 12 | 0 |
|  JPM | 10/2025 | 1740 | $319 | 0 | (8) |
|  | 10/2025 | 921231 | 666624 | 4646 | 0 |
|  | 10/2025 | 9486 | 1490 | 0 | (2) |
|  | 10/2025 | 15032 | 17624 | 0 | (25) |
|  | 10/2025 | 412097300 | 24683 | 0 | (17) |
|  | 10/2025 | 39313756 | 28358 | 338 | 0 |
|  | 10/2025 | 15366 | 4387 | 0 | (37) |
|  | 10/2025 | 11982 | 9321 | 32 | 0 |
|  | 10/2025 | 414158 | 9946 | 0 | (8) |
|  | 10/2025 | $1067 | 1614 | 1 | 0 |
|  | 10/2025 | 327 | 1740 | 0 | 0 |
|  | 10/2025 | 1094 | 929 | 0 | (3) |
|  | 10/2025 | 5458 | 4060 | 3 | 0 |
|  | 10/2025 | 49884 | 826808270 | 15 | (333) |
|  | 10/2025 | 6242 | 20957 | 85 | 0 |
|  | 10/2025 | 14785 | 54332 | 161 | 0 |
|  | 10/2025 | 3036 | 92212 | 0 | (7) |
|  | 11/2025 | 9913 | $2972 | 0 | (21) |
|  | 11/2025 | $97365 | 537579 | 2832 | 0 |
|  | 11/2025 | 1490 | 9464 | 2 | 0 |
|  | 11/2025 | 238910 | $13630 | 0 | (156) |
|  | 12/2025 | $371 | 6944 | 5 | 0 |
|  MBC | 10/2025 | 2748 | $1999 | 25 | 0 |
|  | 10/2025 | 1403 | 1759 | 0 | (4) |
|  | 10/2025 | 264484 | 37211 | 89 | 0 |
|  | 10/2025 | 21812 | 25831 | 223 | 0 |
|  | 10/2025 | 20464198 | 1243 | 16 | 0 |
|  | 10/2025 | 64925 | 443 | 4 | 0 |
|  | 10/2025 | 87177863 | 62525 | 401 | 0 |
|  | 10/2025 | 155923 | 16264 | 0 | (298) |
|  | 10/2025 | 434024 | 338673 | 2207 | 0 |
|  | 10/2025 | 83085 | 2580 | 12 | 0 |
|  | 10/2025 | $45001 | 35684 | 0 | (175) |
|  | 10/2025 | 41126 | 292963 | 0 | (8) |
|  | 10/2025 | 41900 | 35679 | 17 | (28) |
|  | 10/2025 | 80693 | 59638 | 7 | (493) |
|  | 10/2025 | 6011 | 891734 | 22 | (3) |
|  | 10/2025 | 40055 | 55953706 | 0 | (177) |
|  | 10/2025 | 1 | 11 | 0 | 0 |
|  | 10/2025 | 3859 | 6574 | 0 | (47) |
|  | 10/2025 | 7481 | 71635 | 128 | 0 |
|  | 10/2025 | 5230 | 169321 | 3 | 0 |
|  | 11/2025 | 292268 | $41126 | 7 | 0 |
|  | 11/2025 | 948220 | 6412 | 0 | (22) |
|  | 11/2025 | 11 | 1 | 0 | 0 |
|  | 11/2025 | $10259 | 8716 | 0 | (5) |
|  | 11/2025 | 22442 | 16692 | 11 | 0 |
|  | 11/2025 | 2487 | 8276 | 12 | 0 |
|  | 11/2025 | 158882 | $9166 | 0 | (3) |
|  | 12/2025 | $2523 | 47726 | 62 | 0 |
|  MYI | 10/2025 | 20200 | $3322 | 0 | (474) |
|  | 10/2025 | 267016 | 37525 | 48 | 0 |
|  | 10/2025 | 82744136 | 5026 | 65 | 0 |
|  | 10/2025 | 496748 | 3366 | 7 | 0 |
|  | 10/2025 | $3798 | 20200 | 0 | (3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **39** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $141727 | 21158455 | $1347 | $0 |
|  | 10/2025 | 18562 | 67194 | 0 | (80) |
|  | 10/2025 | 23903 | 720142 | 0 | (242) |
|  | 11/2025 | 21085237 | $141727 | 0 | (1347) |
|  | 12/2025 | 715457 | 23903 | 286 | 0 |
|  | 12/2025 | $630 | 12983 | 0 | (2) |
|  NGF | 10/2025 | 52072392 | $37441 | 328 | 0 |
|  | 10/2025 | $12376 | 204858937 | 0 | (98) |
|  | 11/2025 | 55589 | 2427664 | 756 | 0 |
|  | 12/2025 | 19342 | 848162 | 62 | 0 |
|  SCX | 10/2025 | 47065 | $8847 | 4 | 0 |
|  | 10/2025 | 194192 | 27329 | 73 | 0 |
|  | 10/2025 | 291882027 | 17481 | 0 | (13) |
|  | 10/2025 | 1359161 | 15289 | 3 | 0 |
|  | 10/2025 | 2334167 | 15871 | 88 | 0 |
|  | 10/2025 | 62817 | 17914 | 0 | (166) |
|  | 10/2025 | 304 | 70 | 0 | 0 |
|  | 10/2025 | 4303 | 3374 | 38 | 0 |
|  | 10/2025 | 2604334 | 87681 | 2116 | 0 |
|  | 10/2025 | $8849 | 47065 | 0 | (6) |
|  | 10/2025 | 1649 | 10596 | 17 | 0 |
|  | 10/2025 | 13822 | 227281805 | 0 | (200) |
|  | 10/2025 | 28691 | 2533301 | 0 | (197) |
|  | 10/2025 | 3188 | 5431 | 0 | (39) |
|  | 10/2025 | 2353 | 22160 | 0 | 0 |
|  | 11/2025 | 4568 | $31 | 0 | 0 |
|  | 11/2025 | $13628 | 1213958 | 0 | (1) |
|  | 11/2025 | 419 | 539 | 0 | 0 |
|  | 12/2025 | 8847 | 47737 | 0 | (5) |
|  | 12/2025 | 146 | 2992 | 0 | (1) |
|  | 12/2025 | 17481 | 292619730 | 20 | 0 |
|  | 12/2025 | 1460 | 27058 | 5 | 0 |
|  SOG | 10/2025 | 48544 | 247324 | 0 | (16) |
|  | 10/2025 | 23288657 | $158360 | 881 | 0 |
|  | 10/2025 | 5462 | 3182 | 16 | 0 |
|  | 10/2025 | $309663 | 46077786 | 1916 | 0 |
|  | 11/2025 | 45918434 | $309663 | 0 | (1918) |
|  | 12/2025 | 48544 | 248463 | 0 | (20) |
|  SSB | 10/2025 | $1323 | 1062 | 11 | 0 |
|  UAG | 10/2025 | 125957 | 91161 | 650 | 0 |
|  | 10/2025 | 125857 | 37726 | 0 | (271) |
|  | 10/2025 | 20 | 6 | 0 | 0 |
|  | 10/2025 | $1793 | 2709 | 0 | (1) |
|  | 10/2025 | 2274 | 7783 | 75 | 0 |
|  | 10/2025 | 626 | 55304 | 0 | (4) |
|  | 10/2025 | 206 | 2100 | 4 | 0 |
|  | 10/2025 | 20611 | 74742 | 0 | (52) |
|  | 10/2025 | 5230 | 169253 | 1 | 0 |
|  | 10/2025 | 1604 | 27712 | 1 | 0 |
|  | 10/2025 | 27725 | $1604 | 0 | (1) |
|  | 11/2025 | 7779 | 2274 | 0 | (74) |
|  | 11/2025 | 121621 | 6899 | 0 | (119) |
|  | 12/2025 | $327 | 108116 | 0 | (3) |
|  | 12/2025 | 19355 | 361707 | 236 | 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;93200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138371) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS | Put - OTC EUR versus USD | $1.122 | 10/14/2025 | 4722 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | $9 |
|  | Put - OTC EUR versus USD | 1.110 | 11/26/2025 | 42662 | 180 | 15 |
| BRC | Put - OTC AUD versus USD | 0.623 | 10/14/2025 | 31603 | 92 | 0 |
|  | Put - OTC EUR versus USD | 1.132 | 10/10/2025 | 231613 | 839 | 6 |
|  | Call - OTC USD versus SEK | 10.200 | 11/26/2025 | 92604 | 578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| GLM | Put - OTC AUD versus USD | $0.625 | 10/08/2025 | 115500 | $445 | $0 |
|  | Put - OTC EUR versus USD | 1.129 | 10/14/2025 | 215353 | 833 | 8 |
|  | Put - OTC EUR versus USD | 1.100 | 12/17/2025 | 10619 | 1214 | 218 |
| MBC | Put - OTC AUD versus USD | 0.618 | 10/10/2025 | 121700 | 320 | 0 |
|  | Put - OTC EUR versus USD | 1.098 | 12/23/2025 | 12238 | 1421 | 245 |
| MYI | Put - OTC EUR versus USD | 1.145 | 10/08/2025 | 228034 | 1425 | 18 |
|  | Put - OTC EUR versus USD | 1.110 | 11/24/2025 | 247628 | 1162 | 78 |
|  | Call - OTC USD versus SEK | 10.125 | 10/14/2025 | 20220 | 106 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 62100 | $(189) | $(23) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 62200 | (171) | (8) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 85600 | (223) | (21) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 62200 | (171) | (379) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 85600 | (223) | (336) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.610 | 10/02/2025 | 64500 | (164) | (6) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.850 | 10/02/2025 | 64500 | (164) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 45300 | (104) | (28) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 45300 | (104) | (101) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 83600 | (255) | (18) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 83600 | (242) | (279) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 87900 | (301) | (27) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 87900 | (301) | (24) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 57500 | (183) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 57500 | (183) | (103) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 64000 | (173) | (223) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 64000 | (173) | (109) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/06/2025 | 43800 | (113) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790 | 10/06/2025 | 43800 | (113) | (9) |
|  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;(3550) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1698) |

---

#### 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>September 30, 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>September 30, 2025<sup>(3)</sup> |  | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Peru Government International Bonds | 1.000% | Quarterly | 12/20/2027 | 0.309 | % | $11500 | $(281) | $455 | $174 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 |  | 90600 | (4513) | 5196 | 683 | 0 |
| BPS | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.242 |  | 21600 | (619) | 977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 |  | 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233 | 34 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 |  | 5000 | (446) | 444 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.210 |  | 2200 | 6 | 7 | 13 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.406 |  | 500 | (16) | 22 | 6 | 0 |
| BRC | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.242 |  | 46900 | (1519) | 2296 | 777 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.766 |  | 43700 | (2009) | 2142 | 133 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 |  | 8500 | (413) | 477 | 64 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.632 |  | 13800 | 4 | 11 | 15 | 0 |
| CBK | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.766 |  | 37700 | (1873) | 1988 | 115 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 |  | 9400 | (338) | 351 | 13 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 |  | 53100 | (2713) | 3113 | 400 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 17411 | 0 | 223 | 223 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 7588 | 0 | 101 | 101 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 |  | 9100 | (407) | 475 | 68 | 0 |
| GST | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.242 |  | 30200 | (875) | 1375 | 500 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 |  | 44310 | (1711) | 1772 | 61 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 |  | 20976 | (1870) | 1864 | 0 | (6) |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.631 |  | 400 | (5) | 10 | 5 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 |  | 2000 | (21) | 49 | 28 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872 |  | 5900 | (50) | 57 | 7 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 |  | 20000 | (961) | 1112 | 151 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **41** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 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>September 30, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| JPM | Colombia Government International Bonds | 1.000% | Quarterly | 06/20/2027 | 0.933% | $4900 | $(189) | $196 | $7 | $0 |
| MYC | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.242 | 38500 | (1146) | 1784 | 638 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 17300 | (622) | 646 | 24 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 18974 | (1692) | 1687 | 0 | (5) |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.289 | 2000 | 6 | 12 | 18 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.365 | 700 | (2) | 10 | 8 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.487 | 1300 | (25) | 43 | 18 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 | 5700 | (60) | 141 | 81 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 | 385900 | (18192) | 21099 | 2907 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43751) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7630 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### 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 | 132204 | $25532 | $1860 | $27392 | $0 |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | $4498 | (1301) | 948 | 0 | (353) |
| GST | CDX.iTraxx Crossover 38 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2027 | 60678 | 9567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1974) | 7593 | 0 |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 84077 | 16804 | 616 | 17420 | 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;103792 | 21071 | 434 | 21505 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71673 | $1884 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73910 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of<br>Units | Financing<br>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<br>Units | Financing<br>Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive | iBoxx USD Liquid Leveraged Loan Index | 25568 | 226.850% | Maturity | 12/22/2025 | $5800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| CBK | Pay | iBoxx USD Liquid Investment Grade Index | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.750%<br>(SOFR less<br>a specified<br>spread) | Monthly | 07/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89176 | 0 | 0 | 0 | 0 |
| MYC | Receive | iBoxx USD Liquid Leveraged Loan Index | 14160 | 227.400% | Maturity | 12/22/2025 | 3220 | 0 | 1 | 1 | 0 |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index | 63748 | 227.300% | Maturity | 12/22/2025 | 14490 | 0 | (4) | 0 | (4) |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index | 14170 | 227.250% | Maturity | 12/22/2025 | 3220 | 0 | (1) | 0 | (1) |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index | 14157 | 227.450% | Maturity | 12/22/2025 | 3220 | 0 | 37 | 37 | 0 |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index | 36790 | 226.690% | Maturity | 12/22/2025 | 8340 | 0 | (25) | 0 | (25) |
|  |  |  |  |  |  |  |  | $0 | $(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $(43) |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of<br>Shares | Financing<br>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<br>Shares | Financing<br>Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | iShares iBoxx USD Investment Grade Corporate Bond ETF | 1700000 | 3.750%<br>(SOFR less<br>a specified<br>spread) | Monthly | 09/23/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189142 | $0 | $(242) | $0 | $(242) |
|  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;27922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(651) |

---

#### 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 September 30, 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 | $933 | $0 | $0 | $933 | $(6038) | $0 | $0 | $(6038) | $(5105) | $3869 | $(1236) |
|  BOA | 326 | 0 | 857 | 1183 | (1589) | (767) | 0 | (2356) | (1173) | 1074 | (99) |
|  BPS | 9869 | 24 | 27803 | 37696 | (31919) | 0 | (257) | (32176) | 5520 | (5605) | (85) |
|  BRC | 6441 | 51 | 989 | 7481 | (1617) | (135) | (353) | (2105) | 5376 | (9637) | (4261) |
|  BSH | 16551 | 0 | 0 | 16551 | (29525) | 0 | 0 | (29525) | (12974) | 10988 | (1986) |
|  CBK | 6558 | 0 | 528 | 7086 | (9088) | (297) | 0 | (9385) | (2299) | 1078 | (1221) |
|  CIB | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  DUB | 2160 | 0 | 392 | 2552 | (1031) | (51) | 0 | (1082) | 1470 | (1100) | 370 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>** |
|  FAR | $18227 | $0 | $0 | $18227 | $(12864) | $0 | $0 | $(12864) | $5363 | $(6783) | $(1420) |
|  GLM | 11703 | 226 | 0 | 11929 | (37372) | (437) | 0 | (37809) | (25880) | 26033 | 153 |
|  GST | 0 | 0 | 25765 | 25765 | 0 | 0 | (6) | (6) | 25759 | (25590) | 169 |
|  IND | 12 | 0 | 0 | 12 | (94) | 0 | 0 | (94) | (82) | 0 | (82) |
|  JPM | 8120 | 0 | 21512 | 29632 | (617) | 0 | 0 | (617) | 29015 | (29169) | (154) |
|  MBC | 3246 | 245 | 0 | 3491 | (1263) | 0 | 0 | (1263) | 2228 | (1980) | 248 |
|  MYC | 0 | 0 | 3732 | 3732 | 0 | (11) | (35) | (46) | 3686 | (3620) | 66 |
|  MYI | 1753 | 96 | 0 | 1849 | (2148) | 0 | 0 | (2148) | (299) | 364 | 65 |
|  NGF | 1146 | 0 | 0 | 1146 | (98) | 0 | 0 | (98) | 1048 | (810) | 238 |
|  SCX | 2364 | 0 | 0 | 2364 | (628) | 0 | 0 | (628) | 1736 | (2100) | (364) |
|  SOG | 2813 | 0 | 0 | 2813 | (1954) | 0 | 0 | (1954) | 859 | (1630) | (771) |
|  SSB | 11 | 0 | 0 | 11 | 0 | 0 | 0 | 0 | 11 | 0 | 11 |
|  UAG | 967 | 0 | 0 | 967 | (525) | 0 | 0 | (525) | 442 | (180) | 262 |
|  Total Over the Counter | $93200 | $642 | $81578 | $175420 | $(138371) | $(1698) | $(651) | $(140720) |  |  |  |

---

(r) Securities with an aggregate market value of $43,406 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of September 30, 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 | $7416 | $7416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 13 | 0 | 0 | 14640 | 14653 |
|  | $0 | $13 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22056 | $22069 |
|  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  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $93200 | $0 | $93200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 642 | 0 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81540 | 0 | 0 | 38 | 81578 |
|  | $0 | $81540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93842 | $38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175420 |
|  | $0 | $81553 | $0 | $93842 | $22094 | $197489 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 43

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return 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 | $2219 | $2219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 4290 | 4290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 100 | 0 | 0 | 7183 | 7283 |
|  | $0 | $100 | $0 | $0 | $13692 | $13792 |
|  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 | $138371 | $0 | $138371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1698 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 366 | 242 | 0 | 43 | 651 |
|  | $0 | $366 | $242 | $138371 | $1741 | $140720 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154512 |

---

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the year ended September, 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 | $11403 | $11403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | 236481 | 236481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 11684 | 0 | 0 | 56465 | 68149 |
|  | $0 | $11684 | $0 | $0 | $304349 | $316033 |
|  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 | $(315583) | $0 | $(315583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | 0 | (19316) | (19316) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 1491 | 0 | 0 | 44343 | 45834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 15730 | (5606) | 0 | (1221) | 8903 |
|  | $0 | $17221 | $(5606) | $(315583) | $23806 | $(280162) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5606) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315583) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35871 |
|  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 | $(134180) | $(134180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | 960 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (11442) | 0 | 0 | 29280 | 17838 |
|  | $0 | $(11442) | $0 | $0 | $(103940) | $(115382) |
|  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 | $(4340) | $0 | $(4340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | (8550) | (4419) | (12969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | (121) | 0 | 1869 | 8593 | 10341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 8737 | (1171) | 0 | 409 | 7975 |
|  | $0 | $8616 | $(1171) | $(11021) | $4583 | $1007 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2826) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1171) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11021) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99357) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114375) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $9773 | $506599 | $516372 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 5845073 | 103046 | 5948119 |
| &nbsp;&nbsp; Industrials | 0 | 2766763 | 599301 | 3366064 |
| &nbsp;&nbsp; Utilities | 26649 | 1182185 | 0 | 1208834 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 43380 | 0 | 43380 |
| &nbsp;&nbsp; Connecticut | 0 | 177 | 0 | 177 |
| &nbsp;&nbsp; Florida | 0 | 5319 | 0 | 5319 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Georgia | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $52527 | $0 | $52527 |
| &nbsp;&nbsp; Louisiana | 0 | 5006 | 0 | 5006 |
| &nbsp;&nbsp; New York | 0 | 77628 | 0 | 77628 |
| &nbsp;&nbsp; Rhode Island | 0 | 179 | 0 | 179 |
| &nbsp;&nbsp; Texas | 0 | 99002 | 0 | 99002 |
| &nbsp;&nbsp; West Virginia | 0 | 19480 | 0 | 19480 |
|  U.S. Government Agencies | 0 | 20061302 | 0 | 20061302 |
|  U.S. Treasury Obligations | 0 | 7605898 | 0 | 7605898 |
|  Non-Agency Mortgage-Backed Securities | 0 | 8658174 | 558737 | 9216911 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

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------

September 30, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category<br>and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | $0 | $77514 | $0 | $77514 |
| &nbsp;&nbsp; Casino Services | 0 | 0 | 57522 | 57522 |
| &nbsp;&nbsp; CMBS Other | 0 | 641235 | 0 | 641235 |
| &nbsp;&nbsp; Home Equity Other | 0 | 711315 | 78214 | 789529 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 6231 | 0 | 6231 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 64 | 0 | 64 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 58695 | 0 | 58695 |
| &nbsp;&nbsp; Other ABS | 16100 | 2045265 | 124262 | 2185627 |
|  Sovereign Issues | 52400 | 4259641 | 0 | 4312041 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 458 | 0 | 0 | 458 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 29396 | 29396 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 14832 | 0 | 14832 |
| &nbsp;&nbsp; Industrials | 0 | 4741 | 0 | 4741 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 820 | 0 | 0 | 820 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 129563 | 0 | 129563 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 448291 | 0 | 448291 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 43377 | 0 | 43377 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 21638 | 0 | 21638 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54894268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57047772 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 29958 | 0 | 0 | 29958 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category<br>and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $2809135 | $0 | $0 | $2809135 |
|  | $2839093 | $0 | $0 | $2839093 |
|  Total Investments | $2935520 | $54894268 | $2057077 | $59886865 |
|  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 | $(191908) | $0 | $(191908) |
|  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 | 4520 | 17549 | 0 | 22069 |
|  Over the counter | 0 | 175096 | 324 | 175420 |
|  | $4520 | $192645 | $324 | $197489 |
|  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 | (2276) | (11516) | 0 | (13792) |
|  Over the counter | 0 | (140367) | (353) | (140720) |
|  | $(2276) | $(151883) | $(353) | $(154512) |
|  Total Financial Derivative Instruments | $2244 | $40762 | $(29) | $42977 |
|  Totals | $2937764 | $54743122 | $2057048 | $59737934 |

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The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $362833 | $231061 | $(102982) | $318 | $(122) | $4660 | $10831 | $0 | $506599 | $6096 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 85867 | 64682 | (48938) | 3 | 186 | 1246 | 0 | 0 | 103046 | 1735 |
| &nbsp;&nbsp; Industrials | 70557 | 527700 | 0 | (2) | 0 | 1046 | 0 | 0 | 599301 | 1045 |
|  Non-Agency Mortgage-Backed Securities | 357715 | 378019 | (30514) | 673 | 304 | 484 | 0 | (147944) | 558737 | (3264) |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Casino Services | 55652 | 0 | (1627) | 0 | (116) | 3613 | 0 | 0 | 57522 | 3295 |
| &nbsp;&nbsp; Home Equity Other | 0 | 78152 | (490) | 4 | 18 | 530 | 0 | 0 | 78214 | 530 |
| &nbsp;&nbsp; Other ABS | 146039 | 51341 | (65599) | 322 | (2870) | (4971) | 0 | 0 | 124262 | (5992) |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 34 | 0 | 0 | 0 | 0 | 424 | 0 | (458) | 0 | 0 |
| &nbsp;&nbsp; Industrials | 34173 | 0 | 0 | 0 | 0 | (4777) | 0 | 0 | 29396 | (4777) |
|  | $1112870 | $1330955 | $(250150) | $1318 | $(2600) | $2255 | $10831 | $(148402) | $2057077 | $(1332) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $283 | $0 | $(57) | $0 | $0 | $98 | $0 | $0 | $324 | $99 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $(372) | $0 | $(7) | $0 | $60 | $(34) | $0 | $0 | $(353) | $0 |
|  Totals | $1112781 | $1330955 | $(250214) | $1318 | $(2540) | $2319 | $10831 | $(148402) | $2057048 | $(1233) |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 45

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| | | | | |
|:---|:---|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund | (Cont.) | September 30, 2025 | (Unaudited) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | Input Value(s) | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $45032 | Cost | Purhcase Price |  | 100.000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360436 | Discounted Cash Flow | Discount Rate |  | 4.070-16.304 | 7.957 |
|  | 90300 | Indicative Market Quotation | Broker Quote |  | 95.558-101.750 | 97.283 |
|  | 10831 | Third Party Vendor | Broker Quote |  | 97.000 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 80052 | Discounted Cash Flow | Discount Rate |  | 4.320-12.000 | 6.071 |
|  | 195 | Discounted Cash Flow | Discount Rate |  | 10.000 |  |
|  | 4953 | Expected Recovery | Recovery Rate |  | 100.000 |  |
|  | 17846 | Recent Transaction | Purchase Price |  | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 71601 | Discounted Cash Flow | Discount Rate |  | 4.610-6.730 | 5.996 |
|  | 527700 | Recent Transaction | Purchase Price |  | 100.000 |  |
|  Non-Agency Mortgage-Backed Securities | 184977 | Discounted Cash Flow | Discount Rate |  | 5.102-20.000 | 8.038 |
|  | 373760 | Proxy Pricing | Base Price |  | 86.250-107.972 | 97.037 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Casino Services | 57522 | Discounted Cash Flow | Discount Rate |  | 6.124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Other | 72224 | Indicative Market Quotation | Broker Quote |  | 97.063 |  |
|  | 5990 | Proxy Pricing | Base Price |  | 99.999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 124262 | Discounted Cash Flow | Discount Rate |  | 4.616-24.400 | 7.787 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 29396 | Indicative Market Quotation | Broker Quote | $— | 21.667 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 324 | Indicative Market Quotation | Broker Quote |  | 0.939-0.978 | 0.951 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | (353) | Indicative Market Quotation | Broker Quote |  | 92.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057048 |  |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

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------

Notes to Financial Statements September 30, 2025 (Unaudited)

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and Class R shares of the PIMCO Total Return Fund (the "Fund") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Fund.

The Fund has established MLM 700 LLC, a Delaware limited liability company (the "Subsidiary"), which is wholly-owned and controlled by the Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

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

The Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Fund is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Consolidated Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **47** |

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------

Notes to Financial Statements (Cont.)

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 Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Fund does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Consolidated Statement of Operations. The Fund may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Consolidated Statement of Operations.

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

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

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. The Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Fund's annual financial statements presented under U.S. GAAP.

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

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| | |
|:---|:---|
| **48** | **PIMCO TOTAL RETURN FUND** |

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------

September 30, 2025 (Unaudited)

determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Fund's fiscal year end, if any, are reflected on the Consolidated Statements of Changes in Net Assets and have been recorded to paid in capital on the Consolidated Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Consolidated Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determination

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **49** |

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Notes to Financial Statements (Cont.)

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

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

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur

after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Fund normally will be taken into account in calculating the NAV. The Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold. The Fund's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in the Fund's prospectus.

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| | |
|:---|:---|
| **50** | **PIMCO TOTAL RETURN FUND** |

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September 30, 2025 (Unaudited)

Under certain circumstances, the per share NAV of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

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

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

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

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for

reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Consolidated Schedule of Investments for the Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **51** |

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Notes to Financial Statements (Cont.)

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

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

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

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

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

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

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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|:---|:---|
| **52** | **PIMCO TOTAL RETURN FUND** |

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September 30, 2025 (Unaudited)

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

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

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost

value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. The Fund may invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Fund's website at www.pimco.com, or upon request, as applicable. The tables below show the Fund's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short Asset Portfolio

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58925 | $&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;5134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58923 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5554004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5618699) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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#### Investments in PIMCO Senior Loan Active Exchange-Traded Fund

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29556 | $&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;402 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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

(b) Investments in Securities

The Fund may utilize the investments and strategies described below to the extent permitted by the Fund's investment policies.

Delayed-Delivery Transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **53** |

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Notes to Financial Statements (Cont.)

will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Fund may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Fund may originate loans or acquire direct interests in loans through primary loan distributions and/or in private

transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Consolidated Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Consolidated Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools 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.

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|:---|:---|
| **54** | **PIMCO TOTAL RETURN FUND** |

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September 30, 2025 (Unaudited)

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 often backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Consolidated Statement of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Consolidated Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is generally not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so to the extent the Fund invests in REITs, the Fund will bear its proportionate share of the costs of the REITs' operations.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund as of September 30, 2025, as applicable, are disclosed in the Notes to Consolidated Schedule of Investments.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **55** |

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Notes to Financial Statements (Cont.)

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Consolidated Statement of Assets and Liabilities as an asset or liability, respectively.

Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Fund may enter into the borrowings and other financing transactions described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on the Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Fund. The location of these instruments in the Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by the Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, the Fund has used bilateral repurchase agreements wherein the underlying securities will be held by the Fund's custodian. The market value of the collateral must be

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| | |
|:---|:---|
| **56** | **PIMCO TOTAL RETURN FUND** |

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September 30, 2025 (Unaudited)

equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Fund are reflected as a liability on the Consolidated Statement of Assets and Liabilities. The Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund

may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Fund sells a security that it does not own in anticipation that the market price of that security will decline. The Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities. Short sales expose the Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Fund. A short sale is "against the box" if the Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **57** |

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Notes to Financial Statements (Cont.)

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 September 30, 2025, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Fund may enter into the financial derivative instruments described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Consolidated Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Consolidated Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Consolidated Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

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

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

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|:---|:---|
| **58** | **PIMCO TOTAL RETURN FUND** |

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September 30, 2025 (Unaudited)

Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate 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.

(d) Swap Agreements are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Consolidated Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Consolidated Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Consolidated Statement of Operations.

For purposes of applying certain of the Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Fund's investment policies and restrictions, the Fund will value the credit default swap at its notional value or its full exposure value (i.e*.*, the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Fund's other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines (if any) because such value in general better reflects the Fund's actual economic exposure during the term of the credit default swap agreement. As a result, the Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **59** |

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Notes to Financial Statements (Cont.)

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund's exposure to the counterparty.

To the extent the Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional

amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on

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|:---|:---|
| **60** | **PIMCO TOTAL RETURN FUND** |

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September 30, 2025 (Unaudited)

corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Consolidated Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Fund is the seller of protection are disclosed in the Notes to Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements

exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including declining interest rates, changes in credit spreads and improvements in the issuer's credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **61** |

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Notes to Financial Statements (Cont.)

from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell 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. The liquidity of the Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar

instrument may also create margin delivery or settlement payment obligations for the Fund. The Fund's use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the

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| | |
|:---|:---|
| **62** | **PIMCO TOTAL RETURN FUND** |

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------

September 30, 2025 (Unaudited)

legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign 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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Fund's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Fund.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(b) Other Risks

In general, the Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see the Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Fund's performance.

Market Disruptions Risk The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund's service providers, including PIMCO as the Fund's investment adviser, rely, and could otherwise disrupt the Fund's service providers' ability to fulfill their obligations to the Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. Such

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **63** |

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Notes to Financial Statements (Cont.)

legislation or regulation could limit or preclude the Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of the Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/ or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude the Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Fund, or their service providers to adapt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing,

who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.

8. MASTER NETTING ARRANGEMENTS

The Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Consolidated Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral

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| | |
|:---|:---|
| **64** | **PIMCO TOTAL RETURN FUND** |

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September 30, 2025 (Unaudited)

are reflected as assets on the Consolidated Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Consolidated Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Consolidated Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Fund, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in

respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Fund may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **65** |

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Notes to Financial Statements (Cont.)

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R |
| 0.25% | 0.21% | 0.31%0.41%<sup>(1)</sup> |  | 0.21% | 0.30% | 0.30% | 0.30% |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of the Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, the Fund may compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits the Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

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| | | |
|:---|:---|:---|
|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  | 0.25% |
|  **Class C** | 0.75% | 0.25% |
|  **Class R** | 0.25% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** | 0.25% | 0.25% |

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The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended September 30, 2025, the Distributor retained $1,889,208 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Fund, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom

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| | |
|:---|:---|
| **66** | **PIMCO TOTAL RETURN FUND** |

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September 30, 2025 (Unaudited)

receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for the Fund is reflected on the Consolidated Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of the Fund's Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of September 30, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of September 30, 2025, the amount waived and/or reimbursed was $42,202.

(g) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through July 31, 2026, for the Fund to waive its Management

Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the Fund's investments in the Underlying Fund. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees, or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Fund and will not be waived under the contractual waiver described above. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, the amount waived and/or reimbursed was $89,282.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Consolidated Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Fund is known as "portfolio turnover." The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **67** |

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Notes to Financial Statements (Cont.)

of securities and reinvestments in other securities, which are borne by the Fund. Frequent and active trading of the Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect the Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $140458643 | $143168039 | $4798931 | $3372350 |

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

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 378144 | $3269664 | 931811 | $8004760 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 92304 | 797173 | 225487 | 1934429 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 2539 | 21933 | 9406 | 81022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 6279 | 54191 | 21528 | 184741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 20978 | 181380 | 61558 | 529133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 740 | 6413 | 3435 | 29622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 4462 | 38547 | 8023 | 68886 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 84593 | 733587 | 194923 | 1673295 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 12123 | 105145 | 23359 | 200641 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 432 | 3748 | 816 | 7017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1522 | 13195 | 3481 | 29887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 8958 | 77678 | 19708 | 169228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 201 | 1743 | 447 | 3840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 858 | 7442 | 1790 | 15371 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (497201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4289547) | (2138547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18394416) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (86397) | (744189) | (188736) | (1615383) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (2633) | (22736) | (6812) | (58653) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (11657) | (100783) | (37855) | (324748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (49515) | (427496) | (139504) | (1201223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (2187) | (18873) | (5298) | (45445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (5195) | (44756) | (11774) | (100988) |
|  **Net increase (decrease) resulting from Fund share transactions** | (40652) | $(336541) | (1022754) | $(8808984) |

---

---

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

---

As of September 30, 2025, two persons owned of record or beneficially 10% or more of the Fund's total outstanding shares, comprising 32% of the Fund.

14. BASIS FOR CONSOLIDATION

The Subsidiary, a Delaware limited liability company, was formed on May 7, 2018, as a wholly-owned subsidiary acting as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies in effect

from time to time. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary, comprising the entire issued share capital of the Subsidiary, with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association of the Subsidiary, shares

---

| | |
|:---|:---|
| **68** | **PIMCO TOTAL RETURN FUND** |

---

------

September 30, 2025 (Unaudited)

issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The net assets of the Subsidiary as of period end represented 0.01% of the Fund's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Fund's tax positions for all open tax years. As of September 30, 2025, the Fund

has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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 its last fiscal year ended March 31, 2025, the Fund had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Short-Term | Long-Term |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4587927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524770 |

---

---

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

---

As of September 30, 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>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62434160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332906 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3599245) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2266339) |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **69** |

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------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC |
| BAR | Barclays PLC Corporate RRP/REPO trading | FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | RCE | Royal Bank of Canada Europe Limited |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| CBK | Citibank N.A. | JPS | J.P. Morgan Securities LLC | SSB | State Street Bank and Trust Co. |
| CIB | Canadian Imperial Bank of Commerce | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | ILS | Israeli Shekel | PEN | Peruvian New Sol |
| BRL | Brazilian Real | INR | Indian Rupee | PLN | Polish Zloty |
| CAD | Canadian Dollar | JPY | Japanese Yen | RON | Romanian New Leu |
| CHF | Swiss Franc | KRW | South Korean Won | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | KWD | Kuwaiti Dinar | SGD | Singapore Dollar |
| CZK | Czech Koruna | MXN | Mexican Peso | THB | Thai Baht |
| DKK | Danish Krone | MYR | Malaysian Ringgit | TRY | Turkish New Lira |
| EUR | Euro | NGN | Nigerian Naira | TWD | Taiwanese Dollar |
| GBP | British Pound | NOK | Norwegian Krone | USD (or $) | United States Dollar |
| HUF | Hungarian Forint | NZD | New Zealand Dollar | ZAR | South African Rand |
| IDR | Indonesian Rupiah |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOT | Chicago Board of Trade | EUREX | Eurex Exchange | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| ABX.HE | Asset-Backed Securities Index - Home Equity | CDX.IG | Credit Derivatives Index - Investment Grade | MUTKCALM | Tokyo Overnight Average Rate |
| Bobl | Bundesobligation, the German word for federal government bond | EUR001M | 1 Month EUR Swap Rate | PRIME | Daily US Prime Rate |
| BNMMDTSC | Dreyfus Treasury Securites Cash Management Fund Yield | EUR003M | 3 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
| BRMMUSDF | BlackRock Money Market US Treasury Fund Index | H15T1Y | 1 Year US Treasury Yield Curve Constant Maturity Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CAONINDX | Bloomberg CORRA Compounded Index | JMMMUSTF | JP Morgan Money Market US Treasury Fund Index | TSFR1M | Term SOFR 1-Month |
| CAONREPO | Canadian Overnight Repo Rate Average | MSMMUSTF | MSILF Money Market US Treasury Fund Index | TSFR3M | Term SOFR 3-Month |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |  |  |  |  |
| AGM | Assured Guaranty Municipal | CR | Custodial Receipts | NPFGC | National Public Finance Guarantee Corp. |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | REMIC | Real Estate Mortgage Investment Conduit |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | RMBS | Residential Mortgage-Backed Security |
| BABs | Build America Bonds | DAC | Designated Activity Company | TBA | To-Be-Announced |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | TBD | To-Be-Determined |
| BBSW | Bank Bill Swap Reference Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BRL-CDI | Brazil Interbank Deposit Rate | OIS | Overnight Index Swap | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CDO | Collateralized Debt Obligation |  |  |  |  |

---

---

| | |
|:---|:---|
| **70** | **PIMCO TOTAL RETURN FUND** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Fund estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Total Return Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0334 | $0.0000 | $0.0000 | $0.0334 |
|  May 2025 | $0.0347 | $0.0000 | $0.0000 | $0.0347 |
|  June 2025 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
|  July 2025 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  August 2025 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  September 2025 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
| 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) |
|  April 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
|  May 2025 | $0.0339 | $0.0000 | $0.0000 | $0.0339 |
|  June 2025 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  July 2025 | $0.0334 | $0.0000 | $0.0000 | $0.0334 |
|  August 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  September 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
| 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) |
|  April 2025 | $0.0323 | $0.0000 | $0.0000 | $0.0323 |
|  May 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  June 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  July 2025 | $0.0330 | $0.0000 | $0.0000 | $0.0330 |
|  August 2025 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
|  September 2025 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  May 2025 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
|  June 2025 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  July 2025 | $0.0323 | $0.0000 | $0.0000 | $0.0323 |
|  August 2025 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  September 2025 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
| 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) |
|  April 2025 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
|  May 2025 | $0.0321 | $0.0000 | $0.0000 | $0.0321 |
|  June 2025 | $0.0287 | $0.0000 | $0.0000 | $0.0287 |
|  July 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  August 2025 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  September 2025 | $0.0291 | $0.0000 | $0.0000 | $0.0291 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **71** |

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------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
|  May 2025 | $0.0265 | $0.0000 | $0.0000 | $0.0265 |
|  June 2025 | $0.0236 | $0.0000 | $0.0000 | $0.0236 |
|  July 2025 | $0.0261 | $0.0000 | $0.0000 | $0.0261 |
|  August 2025 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
|  September 2025 | $0.0238 | $0.0000 | $0.0000 | $0.0238 |
| **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)** |
|  April 2025 | $0.0292 | $0.0000 | $0.0000 | $0.0292 |
|  May 2025 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  June 2025 | $0.0270 | $0.0000 | $0.0000 | $0.0270 |
|  July 2025 | $0.0298 | $0.0000 | $0.0000 | $0.0298 |
|  August 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  September 2025 | $0.0273 | $0.0000 | $0.0000 | $0.0273 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | |
|:---|:---|
| **72** | **PIMCO TOTAL RETURN FUND** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **73** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **74** | **PIMCO TOTAL RETURN FUND** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amended and Restated Asset Allocation Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund, each a series of the Trust, and Research Affiliates (collectively, the "Sub-Advisory Agreements" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Funds (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the

Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Fund that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Funds that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Fund that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. The

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **75** |

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------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Funds.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and the sub-advisory services provided by Research Affiliates to the PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, and PIMCO RAE Worldwide Long/Short PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation and/or sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreements are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended

---

| | |
|:---|:---|
| **76** | **PIMCO TOTAL RETURN FUND** |

---

------

(Unaudited)

March 31, 2025 and other performance data, as available, over short**-** and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2025 (the "Broadridge Report").

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Fund would have substantially similar performance to that of the Institutional Class of the relevant Fund on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation. The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a better comparison.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relative performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary

Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes at scale at the outset with reference to the total expense ratios of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, as well as the universe of other similar funds. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place or proposed for certain of the Funds and/or classes, including those implemented in connection with feedback provided by the Board, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Funds in their respective Subsidiaries. The Board also considered that PIMCO reviews the Funds' fee levels and considers changes where appropriate.

The Board also reviewed data comparing the Funds' advisory fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **77** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee for each Fund. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various

third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Funds and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Fund fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Funds in prior years. In addition, the Board considered proposed advisory and supervisory and administrative fee reductions for certain Funds and/or classes. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered any fee waiver agreements in place for the Funds of Funds.

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| | |
|:---|:---|
| **78** | **PIMCO TOTAL RETURN FUND** |

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(Unaudited)

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreements, and the total expense ratios of each Fund are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Funds. To the extent applicable, the Board also reviewed information regarding the portion of a Fund's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Fund. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and

noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds' Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **79** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.) (Unaudited)

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreements on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Funds and their shareholders.

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| | |
|:---|:---|
| **80** | **PIMCO TOTAL RETURN FUND** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Fund listed on the Report cover.

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![LOGO](g920200g75h91.jpg)

PIMS0700FSTMSAR_093025

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![LOGO](g920194g13e39.jpg)

PIMCO FUNDS

## Semiannual

## Financial and Other Information
September 30, 2025

PIMCO TRENDS Managed Futures Strategy Fund

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#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO TRENDS Managed Futures Strategy Fund](#tx920194_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx920194_2) | 6 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx920194_3) | 8 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx920194_4) | 10 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx920194_5) | 11 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments (N-CSR Item 6)](#tx920194_6) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx920194_7) | 26 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx920194_8) | 44 |
| &nbsp;&nbsp; [Glossary](#tx920194_9) | 48 |
| &nbsp;&nbsp; [Distribution Information](#tx920194_12) | 49 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx920194_14) | 50 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx920194_15) | 51 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx920194_10) | 52 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

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Important Information About the PIMCO TRENDS Managed Futures Strategy Fund

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund").

The Fund is intended for long-term investors and an investment in the Fund should be no more than a small part of a typical diversified portfolio. The Fund's share price is expected to be more volatile than that of other funds. The Fund may invest directly or indirectly (through investment in a wholly-owned subsidiary) in commodity-linked derivative instruments which may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments and/or notes may be affected by overall market movements, and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, and international economic, political or regulatory developments.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Fund may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Fund may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in

interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Fund's performance or cause the Fund to incur losses. As a result, the Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Fund may be subject to various risks as described in the Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Fund's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments section of this report may differ from the classification used for the Fund's compliance calculations, including those used in the Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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

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

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|:---|:---|
| **2** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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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 Fund and its investments.

Increased volatility in the U.S. and global markets could be harmful to the Fund, issuers in which it invests and other market participants and Fund service providers. For example, if a bank at which the Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit

facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Fund invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Fund and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

The following table discloses the inception dates of the Fund and its respective share classes along with the Fund's diversification status as of period end:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Fund<br>Inception | Institutional<br>Class | Institutional<br>Class | I-2 | I-2 | I-3 | I-3 | Class A | Class A | Class C | Class C | Diversification<br>Status | Diversification<br>Status |
|  PIMCO TRENDS Managed Futures Strategy Fund |  | 12/31/13 |  | 12/31/13 |  | 12/31/13 |  | 04/27/18 |  | 12/31/13 |  | 05/26/23 |  | Diversified |

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Fund's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the

Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when

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|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

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Important Information About the PIMCO TRENDS Managed Futures Strategy Fund (Cont.)

voting proxies on behalf of the Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund's website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Fund's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Fund's shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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|:---|:---|
| **4** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>5</sub> |

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Financial Highlights PIMCO TRENDS Managed Futures Strategy Fund (Consolidated)

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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>** |
| Selected Per Share Data for the Year or Period Ended**^:** | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.97 | $0.11 | $0.06 | $0.17 | $0.00 | $0.00 | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.14 | 0.25 | (1.42) | (1.17) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.50 | 0.16 | 0.48 | 0.64 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.48 | 0.08 | (0.50) | (0.42) | (1.42) | (0.14) | (1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.61 | (0.13) | 2.38 | 2.25 | (0.25) | (0.13) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.61 | (0.09) | 0.59 | 0.50 | (0.44) | (0.06) | (0.50) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.90 | 0.10 | 0.07 | 0.17 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.08 | 0.24 | (1.42) | (1.18) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.45 | 0.15 | 0.48 | 0.63 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.44 | 0.06 | (0.50) | (0.44) | (1.41) | (0.14) | (1.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.58 | (0.14) | 2.37 | 2.23 | (0.24) | (0.13) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.59 | (0.11) | 0.59 | 0.48 | (0.43) | (0.06) | (0.49) |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.92 | 0.10 | 0.06 | 0.16 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.10 | 0.24 | (1.42) | (1.18) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.47 | 0.14 | 0.49 | 0.63 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.46 | 0.05 | (0.49) | (0.44) | (1.41) | (0.14) | (1.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.60 | (0.16) | 2.39 | 2.23 | (0.24) | (0.13) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.60 | (0.10) | 0.58 | 0.48 | (0.42) | (0.06) | (0.48) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.74 | 0.09 | 0.06 | 0.15 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.93 | 0.21 | (1.40) | (1.19) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.34 | 0.12 | 0.47 | 0.59 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.33 | 0.01 | (0.48) | (0.47) | (1.38) | (0.14) | (1.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.49 | (0.18) | 2.36 | 2.18 | (0.21) | (0.13) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.50 | (0.12) | 0.57 | 0.45 | (0.40) | (0.06) | (0.46) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.76 | 0.05 | 0.06 | 0.11 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.03 | 0.12 | (1.39) | (1.27) | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/26/2023 - 03/31/2024 | 11.13 | 0.04 | (0.14) | (0.10) | 0.00 | 0.00 | 0.00 |

---

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

+ Unaudited

---

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

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. 

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

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

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $10.14 | 1.71% | $1262502 | 1.54 | %\* | 1.77 | %\* | 1.41 | %\* | 1.64 | %\* | 2.26 | 417% |
| 9.97 | (10.50) | 1716208 | 1.54 |  | 1.76 |  | 1.40 |  | 1.62 |  | 2.43 | 919 |
| 11.14 | 6.10 | 2420423 | 2.36 |  | 2.57 |  | 1.40 |  | 1.61 |  | 1.53 | 637 |
| 10.50 | (4.25) | 3088384 | 1.90 |  | 2.08 |  | 1.41 |  | 1.59 |  | 0.64 | 433 |
| 12.48 | 21.48 | 2211453 | 1.46 |  | 1.70 |  | 1.40 |  | 1.64 |  | (1.15) | 35 |
| 10.61 | 5.00 | 888307 | 1.40 |  | 1.65 |  | 1.37 |  | 1.62 |  | (0.86) | 48 |
| 10.07 | 1.72 | 212270 | 1.64 | \* | 1.87 | \* | 1.51 | \* | 1.74 | \* | 2.14 | 417 |
| 9.90 | (10.65) | 244407 | 1.64 |  | 1.86 |  | 1.50 |  | 1.72 |  | 2.34 | 919 |
| 11.08 | 6.03 | 370453 | 2.51 | <sup>(e)</sup> | 2.72 | <sup>(e)</sup> | 1.50 | <sup>(e)</sup> | 1.71 | <sup>(e)</sup> | 1.43 | 637 |
| 10.45 | (4.42) | 722203 | 2.00 |  | 2.18 |  | 1.51 |  | 1.69 |  | 0.51 | 433 |
| 12.44 | 21.37 | 395122 | 1.56 |  | 1.80 |  | 1.50 |  | 1.74 |  | (1.24) | 35 |
| 10.58 | 4.85 | 103899 | 1.50 |  | 1.75 |  | 1.47 |  | 1.72 |  | (1.05) | 48 |
| 10.08 | 1.61 | 15524 | 1.69 | \* | 1.97 | \* | 1.56 | \* | 1.84 | \* | 2.11 | 417 |
| 9.92 | (10.63) | 24400 | 1.69 |  | 1.96 |  | 1.55 |  | 1.82 |  | 2.30 | 919 |
| 11.10 | 6.02 | 37044 | 2.56 | <sup>(e)</sup> | 2.82 | <sup>(e)</sup> | 1.55 | <sup>(e)</sup> | 1.81 | <sup>(e)</sup> | 1.35 | 637 |
| 10.47 | (4.46) | 72830 | 2.05 |  | 2.28 |  | 1.56 |  | 1.79 |  | 0.38 | 433 |
| 12.46 | 21.27 | 67409 | 1.61 |  | 1.90 |  | 1.55 |  | 1.84 |  | (1.35) | 35 |
| 10.60 | 4.87 | 13869 | 1.55 |  | 1.85 |  | 1.52 |  | 1.82 |  | (1.01) | 48 |
| 9.89 | 1.54 | 19493 | 1.94 | \* | 2.17 | \* | 1.81 | \* | 2.04 | \* | 1.84 | 417 |
| 9.74 | (10.89) | 24228 | 1.94 |  | 2.16 |  | 1.80 |  | 2.02 |  | 2.04 | 919 |
| 10.93 | 5.71 | 48632 | 2.76 |  | 2.97 |  | 1.80 |  | 2.01 |  | 1.13 | 637 |
| 10.34 | (4.68) | 101476 | 2.30 |  | 2.48 |  | 1.81 |  | 1.99 |  | 0.11 | 433 |
| 12.33 | 21.04 | 84948 | 1.86 |  | 2.10 |  | 1.80 |  | 2.04 |  | (1.56) | 35 |
| 10.49 | 4.56 | 30969 | 1.80 |  | 2.05 |  | 1.77 |  | 2.02 |  | (1.15) | 48 |
| 9.87 | 1.13 | 154 | 2.69 | \* | 2.92 | \* | 2.56 | \* | 2.79 | \* | 1.06 | 417 |
| 9.76 | (11.51) | 90 | 2.64 |  | 2.86 |  | 2.55 |  | 2.77 |  | 1.23 | 919 |
| 11.03 | (0.90) | 28 | 3.33 | <sup>(e)</sup>\* | 3.54 | <sup>(e)</sup>\* | 2.55 | <sup>(e)</sup>\* | 2.76 | <sup>(e)</sup>\* | 0.46 | 637 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

Consolidated Statement of Assets and Liabilities PIMCO TRENDS Managed Futures Strategy Fund

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $1134698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 634221 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 18407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 42351 |
|  Cash | 3445 |
|  Deposits with counterparty | 189681 |
|  Foreign currency, at value | 33456 |
|  Receivable for investments sold | 388 |
|  Receivable for TBA investments sold | 555242 |
|  Receivable for Fund shares sold | 718 |
|  Interest and/or dividends receivable | 1891 |
|  Dividends receivable from Affiliates | 2191 |
|  Reimbursement receivable from PIMCO | 268 |
|  **Total Assets** | 2616957 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $12224 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 23471 |
|  Payable for investments in Affiliates purchased | 2274 |
|  Payable for TBA investments purchased | 1029717 |
|  Deposits from counterparty | 27282 |
|  Payable for Fund shares redeemed | 1236 |
|  Accrued investment advisory fees | 1582 |
|  Accrued supervisory and administrative fees | 402 |
|  Accrued servicing fees | 4 |
|  **Total Liabilities** | 1107014 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $1509943 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $1554318 |
|  Distributable earnings (accumulated loss) | (44375) |
|  **Net Assets** | $1509943 |
|  Cost of investments in securities | $935183 |
|  Cost of investments in Affiliates | $622827 |
|  Cost of foreign currency held | $33514 |
|  Proceeds received on short sales | $12225 |
|  Cost or premiums of financial derivative instruments, net | $33574 |
|  \* Includes repurchase agreements of: | $105100 |

---

---

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

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $1262502 |
|  I-2 | 212270 |
|  I-3 | 15524 |
|  Class A | 19493 |
|  Class C | 154 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 124550 |
|  I-2 | 21085 |
|  I-3 | 1540 |
|  Class A | 1972 |
|  Class C | 16 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $10.14 |
|  I-2 | 10.07 |
|  I-3 | 10.08 |
|  Class A | 9.89 |
|  Class C | 9.87 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>9</sub> |

---

------

Consolidated Statement of Operations PIMCO TRENDS Managed Futures Strategy Fund

---

| | |
|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $15259 |
|  Dividends from Investments in Affiliates | 15904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 31163 |
|  **Expenses:** |  |
|  Investment advisory fees | 10829 |
|  Supervisory and administrative fees | 2756 |
|  Distribution and/or servicing fees - Class A | 26 |
|  Distribution and/or servicing fees - Class C | 1 |
|  Trustee fees | 5 |
|  Interest expense | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 14741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1928) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 12813 |
|  **Net Investment Income (Loss)** | 18350 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 77531 |
|  Investments in Affiliates | (38) |
|  Exchange-traded or centrally cleared financial derivative instruments | (168033) |
|  Over the counter financial derivative instruments | (105934) |
|  Foreign currency | 4379 |
|  **Net Realized Gain (Loss)** | (192095) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (13786) |
|  Investments in Affiliates | 1169 |
|  Exchange-traded or centrally cleared financial derivative instruments | 99267 |
|  Over the counter financial derivative instruments | 77636 |
|  Foreign currency assets and liabilities | (682) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;163604 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(10141) |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

Consolidated Statements of Changes in Net Assets PIMCO TRENDS Managed Futures Strategy Fund

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $18350 | $63136 |
|  Net realized gain (loss) | (192095) | (240332) |
|  Net change in unrealized appreciation (depreciation) | 163604 | (117619) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (10141) | (294815) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions<sup>\*</sup> | (489249) | (572432) |
|  **Total Increase (Decrease) in Net Assets** | (499390) | (867247) |
|  **Net Assets:** |  |  |
|  Beginning of period | 2009333 | 2876580 |
|  End of period | $1509943 | $2009333 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</sub> |

---

------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 75.1% | INVESTMENTS IN SECURITIES 75.1% | INVESTMENTS IN SECURITIES 75.1% |
| CORPORATE BONDS & NOTES 3.5% | CORPORATE BONDS & NOTES 3.5% | CORPORATE BONDS & NOTES 3.5% |
| BANKING & FINANCE 1.7% | BANKING & FINANCE 1.7% | BANKING & FINANCE 1.7% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 200 | 197 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.450% due 09/15/2026 | 400 | 390 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.068% due 07/16/2026 •  | 10000 | 10025 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  | 2000 | 1993 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  7.147% (SOFRRATE + 2.950%) due 03/06/2026 ~ | 3522 | 3549 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.900% due 01/13/2027 | 3400 | 3430 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  5.099% (SOFRRATE + 0.770%) due 07/06/2028 ~ | 2300 | 2308 |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  4.853% due 12/03/2027 | 3700 | 3768 |
|  |  | 25660 |
| INDUSTRIALS 1.0% | INDUSTRIALS 1.0% | INDUSTRIALS 1.0% |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.975% (SOFRRATE + 0.710%) due 08/11/2027 ~ | 4800 | 4822 |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
|  3.000% due 07/15/2026 | 2900 | 2875 |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 | 200 | 159 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.625% due 12/15/2025 | 3000 | 2995 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.625% due 11/13/2025 | 4000 | 3999 |
|  |  | 14850 |
| UTILITIES 0.8% | UTILITIES 0.8% | UTILITIES 0.8% |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  3.625% due 10/13/2025 | 12505 | 12500 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  3.550% due 06/15/2026 | 400 | 398 |
|  |  | 12898 |
|  Total Corporate Bonds & Notes<br>(Cost $53,095) | Total Corporate Bonds & Notes<br>(Cost $53,095) | 53408 |
| U.S. GOVERNMENT AGENCIES 34.2% | U.S. GOVERNMENT AGENCIES 34.2% | U.S. GOVERNMENT AGENCIES 34.2% |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.810% due 03/15/2037 - 08/15/2042 •  | 1851 | 1806 |
|  4.887% due 11/15/2043 •  | 448 | 444 |
|  5.037% due 01/15/2042 •  | 123 | 123 |
|  5.245% due 04/15/2049 - 12/15/2050 •  | 3276 | 3278 |
|  5.326% due 08/25/2054 •  | 3822 | 3840 |
|  5.345% due 08/15/2048 •  | 1286 | 1295 |
|  5.356% due 08/25/2055 •  | 487 | 490 |
|  5.506% due 12/25/2054 •  | 2287 | 2296 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.810% due 12/25/2044 •  | 527 | 522 |
|  4.860% due 03/25/2049 •  | 421 | 418 |
|  4.910% due 07/25/2046 - 09/25/2046 •  | 1335 | 1327 |
|  4.921% due 07/25/2049 •  | 1396 | 1361 |
|  5.125% due 12/25/2047 •  | 718 | 719 |
|  5.145% due 01/25/2051 •  | 1442 | 1445 |
|  5.245% due 12/25/2050 •  | 1176 | 1173 |
|  5.306% due 01/25/2055 •  | 593 | 595 |
|  5.326% due 08/25/2054 •  | 735 | 738 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.816% due 05/20/2059 •  | 8 | 8 |
|  4.966% due 03/20/2061 - 11/20/2069 •  | 91 | 91 |
|  5.039% due 02/20/2074 - 05/20/2074 •  | 1961 | 1960 |
|  5.089% due 02/20/2074 •  | 371 | 370 |
|  5.096% due 03/20/2065 •  | 154 | 154 |
|  5.116% due 02/20/2070 •  | 32 | 32 |
|  5.126% due 12/20/2065 •  | 79 | 79 |
|  5.179% due 04/20/2074 •  | 955 | 956 |
|  5.199% due 12/20/2068 •  | 739 | 742 |
|  5.216% due 02/20/2067 •  | 350 | 350 |
|  5.239% due 05/20/2074 •  | 980 | 982 |
|  5.289% due 07/20/2074 •  | 1358 | 1364 |
|  5.366% due 09/20/2069 •  | 985 | 990 |
|  Government National Mortgage Association, TBA  | Government National Mortgage Association, TBA  | Government National Mortgage Association, TBA  |
|  6.000% due 10/01/2055 - 11/01/2055 | 228500 | 232421 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.000% due 10/01/2040 | 109900 | 111049 |
|  6.000% due 11/01/2055 | 99800 | 101943 |
|  6.500% due 10/01/2055 - 11/01/2055 | 39600 | 40937 |
|  Total U.S. Government Agencies<br>(Cost $516,901) | Total U.S. Government Agencies<br>(Cost $516,901) | 516298 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% |
|  OBX Trust |  |  |
|  2.305% due 11/25/2061 ~ | 5447 | 4945 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.582% due 12/25/2044 þ | 430 | 435 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.442% due 11/25/2063 ~ | 723 | 728 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $6,589) | Total Non-Agency Mortgage-Backed Securities (Cost $6,589) | 6108 |
| ASSET-BACKED SECURITIES 4.4% | ASSET-BACKED SECURITIES 4.4% | ASSET-BACKED SECURITIES 4.4% |
| AUTOMOBILE SEQUENTIAL 1.2% | AUTOMOBILE SEQUENTIAL 1.2% | AUTOMOBILE SEQUENTIAL 1.2% |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.530% due 02/15/2028 | 1659 | 1673 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.750% due 10/15/2027 | 200 | 201 |
|  5.340% due 08/16/2027 | 1069 | 1073 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.330% due 07/10/2029 | 500 | 505 |
|  5.630% due 11/10/2027 | 40 | 40 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 | 1491 | 1501 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 | 672 | 674 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.470% due 02/16/2028 | 271 | 271 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.560% due 02/22/2028 | 3700 | 3712 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  4.670% due 11/15/2028 | 500 | 502 |
|  Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust |
|  4.630% due 07/20/2027 | 4684 | 4706 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.580% due 07/20/2027 | 2745 | 2755 |
|  |  | 17613 |
| OTHER ABS 3.2% | OTHER ABS 3.2% | OTHER ABS 3.2% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  | 1000 | 1001 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.519% due 10/23/2034 •  | 300 | 301 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.525% due 01/20/2035 •  | 1000 | 1002 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  5.425% due 01/20/2035 •  | 1000 | 1001 |
|  Apidos CLO XI Ltd. | Apidos CLO XI Ltd. | Apidos CLO XI Ltd. |
|  5.520% due 04/17/2034 •  | 1000 | 1002 |
|  ARES European CLO X DAC |  |  |
|  2.806% due 10/15/2031 •  | 112 | 132 |
|  ARES XXVII CLO Ltd. |  |  |
|  5.464% due 10/28/2034 •  | 1000 | 1002 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.585% due 01/20/2035 •  | 900 | 901 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  5.439% due 01/18/2035 •  | 1000 | 1004 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.415% due 10/21/2034 •  | 1000 | 1001 |
|  5.469% due 10/23/2034 •  | 1000 | 1001 |
|  5.525% due 10/20/2034 •  | 1000 | 1002 |
|  5.529% due 10/23/2034 •  | 1000 | 1002 |
|  5.548% due 07/16/2034 •  | 1000 | 1001 |
|  5.565% due 07/19/2034 •  | 1000 | 1001 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.418% due 10/15/2034 •  | 500 | 500 |
|  Crown Point CLO 7 Ltd. |  |  |
|  5.555% due 10/20/2031 •  | 304 | 305 |
|  Dryden 95 CLO Ltd. |  |  |
|  5.244% due 08/20/2034 •  | 1100 | 1101 |
|  Elevation CLO Ltd. |  |  |
|  5.618% due 01/25/2035 •  | 1000 | 1004 |
|  Elmwood CLO 15 Ltd. |  |  |
|  5.408% due 04/22/2035 •  | 300 | 301 |
|  Fortress Credit BSL VII Ltd. |  |  |
|  5.409% due 07/23/2032 •  | 491 | 491 |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. |
|  5.475% due 10/20/2034 •  | 1000 | 1002 |
|  Greywolf CLO III Ltd. |  |  |
|  5.562% due 04/22/2033 •  | 975 | 978 |
|  Griffith Park CLO DAC |  |  |
|  2.754% due 11/21/2031 •  | 167 | 196 |
|  Jamestown CLO XVIII Ltd. |  |  |
|  5.588% due 07/25/2035 •  | 1000 | 1001 |
|  KKR CLO 36 Ltd. |  |  |
|  5.321% due 10/15/2034 •  | 1200 | 1200 |
|  KKR CLO 42 Ltd. |  |  |
|  5.349% due 07/20/2034 •  | 1000 | 1000 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  5.582% due 10/22/2034 •  | 1000 | 1002 |
|  Mountain View CLO XIV Ltd. |  |  |
|  6.813% due 10/15/2034 •  | 1000 | 1001 |
|  Navient Student Loan Trust |  |  |
|  5.245% due 12/15/2059 •  | 224 | 224 |
|  Nelnet Student Loan Trust |  |  |
|  0.000% due 05/17/2055 •  | 2700 | 2720 |
|  0.000% due 06/22/2065 •  | 3700 | 3705 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  5.330% due 07/17/2036 •  | 1000 | 1001 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  5.380% due 10/14/2036 •  | 1000 | 1001 |
|  Northwoods Capital 25 Ltd. |  |  |
|  4.862% due 07/20/2034 •  | 1000 | 1000 |
|  Northwoods Capital XII-B Ltd. |  |  |
|  5.228% due 06/15/2031 •  | 536 | 536 |
|  Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC | Oak Hill European Credit Partners VII DAC |
|  2.764% due 10/20/2031 •  | 142 | 167 |
|  Pikes Peak CLO 2 |  |  |
|  5.549% due 10/11/2034 •  | 1000 | 1001 |
|  Pikes Peak CLO 4 |  |  |
|  5.528% due 07/15/2034 •  | 1000 | 1002 |
|  Recette CLO Ltd. |  |  |
|  5.667% due 04/20/2034 •  | 600 | 601 |
|  Regatta XVI Funding Ltd. |  |  |
|  5.518% due 01/15/2033 •  | 929 | 931 |
|  Sandstone Peak Ltd. |  |  |
|  5.598% due 10/15/2034 •  | 1000 | 1002 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.539% due 12/16/2041 •  | $— | 217 | $— | 213 |
|  4.589% due 06/15/2039 •  |  | 411 |  | 394 |
|  4.609% due 12/15/2038 •  |  | 235 |  | 232 |
|  4.629% due 06/15/2039 •  |  | 401 |  | 391 |
|  SLM Student Loan Trust |  |  |  |  |
|  4.921% due 06/25/2043 •  |  | 386 |  | 380 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  2.540% due 05/15/2046 |  | 124 |  | 120 |
|  Steele Creek CLO Ltd. |  |  |  |  |
|  5.589% due 04/15/2031 •  |  | 213 |  | 213 |
|  Symphony CLO XXII Ltd. |  |  |  |  |
|  5.509% due 04/18/2033 •  |  | 943 |  | 945 |
|  TIAA CLO IV Ltd. |  |  |  |  |
|  5.465% due 01/20/2032 •  |  | 554 |  | 554 |
|  Tralee CLO V Ltd. |  |  |  |  |
|  5.405% due 10/20/2034 •  |  | 1000 |  | 1001 |
|  Tralee CLO VI Ltd. |  |  |  |  |
|  5.538% due 10/25/2032 •  |  | 390 |  | 390 |
|  Trinitas CLO VI Ltd. |  |  |  |  |
|  5.648% due 01/25/2034 •  |  | 1000 |  | 1000 |
|  Trinitas CLO XIX Ltd. |  |  |  |  |
|  5.435% due 10/20/2033 •  |  | 988 |  | 990 |
|  TSTAT Ltd. |  |  |  |  |
|  5.475% due 07/20/2037 •  |  | 159 |  | 159 |
|  Venture 44 CLO Ltd. |  |  |  |  |
|  5.465% due 10/20/2034 •  |  | 1000 |  | 1002 |
|  Voya CLO Ltd. |  |  |  |  |
|  5.579% due 10/15/2030 •  |  | 117 |  | 117 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wellfleet CLO Ltd. |  |  |
|  5.505% due 04/20/2034 •  | 500 | 501 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.122% due 07/20/2034 •  | 1100 | 1100 |
|  |  | 49029 |
|  Total Asset-Backed Securities<br>(Cost $66,400) | Total Asset-Backed Securities<br>(Cost $66,400) | 66642 |
|  | **OUNCES** |  |
| COMMODITIES 23.3% | COMMODITIES 23.3% | COMMODITIES 23.3% |
|  Gold Warehouse Receipts | 92067 | 352436 |
| Total Commodities (Cost $152,397) | Total Commodities (Cost $152,397) | 352436 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 9.3% | SHORT-TERM INSTRUMENTS 9.3% | SHORT-TERM INSTRUMENTS 9.3% |
| REPURCHASE AGREEMENTS (c) 7.0% | REPURCHASE AGREEMENTS (c) 7.0% | REPURCHASE AGREEMENTS (c) 7.0% |
|  |  | 105100 |
| U.S. TREASURY BILLS 2.3% | U.S. TREASURY BILLS 2.3% | U.S. TREASURY BILLS 2.3% |
|  4.261% due 10/02/2025 - 01/27/2026 (a)(b)(e)(g) | 34848 | 34706 |
| Total Short-Term Instruments<br>(Cost $139,801) | Total Short-Term Instruments<br>(Cost $139,801) | 139806 |
| Total Investments in Securities<br>(Cost $935,183) | Total Investments in Securities<br>(Cost $935,183) | 1134698 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 42.0% | INVESTMENTS IN AFFILIATES 42.0% | INVESTMENTS IN AFFILIATES 42.0% | INVESTMENTS IN AFFILIATES 42.0% |
| SHORT-TERM INSTRUMENTS 42.0% | SHORT-TERM INSTRUMENTS 42.0% | SHORT-TERM INSTRUMENTS 42.0% | SHORT-TERM INSTRUMENTS 42.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 42.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 42.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 42.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 42.0% |
|  PIMCO Short Asset Portfolio | 56139563 | $— | 550785 |
|  PIMCO Short-Term Floating NAV Portfolio III | 8567213 |  | 83436 |
| Total Short-Term Instruments<br>(Cost $622,827) | Total Short-Term Instruments<br>(Cost $622,827) |  | 634221 |
| Total Investments in Affiliates<br>(Cost $622,827) | Total Investments in Affiliates<br>(Cost $622,827) |  | 634221 |
| Total Investments 117.1%<br>(Cost $1,558,010) | Total Investments 117.1%<br>(Cost $1,558,010) | $— | 1768919 |
|  Financial Derivative<br>Instruments (d)(f) 1.9 %<br> (Cost or Premiums, net $33,574) | Financial Derivative<br>Instruments (d)(f) 1.9 %<br> (Cost or Premiums, net $33,574) |  | 28465 |
| Other Assets and Liabilities, net (19.0)% | Other Assets and Liabilities, net (19.0)% |  | (287441) |
| Net Assets 100.0% |  | $— | 1509943 |

---

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Zero coupon security.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BPS | 4.210% | 09/30/2025 | 10/01/2025 | $6300 | U.S. Treasury Notes 4.500% due 12/31/2031 | $(6423) | $6300 | $6301 |
| DEU | 4.300 | 09/30/2025 | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800 | U.S. Treasury Bonds 2.750% due 11/15/2047 | (15077) | 14800 | 14802 |
|  | 4.300 | 09/30/2025 | 10/02/2025 | 74700 | U.S. Treasury Bonds 3.875% due 02/15/2043 | (76087) | 74700 | 74709 |
|  |  |  |  |  | U.S. Treasury Inflation-Indexed Notes 0.125% due 04/15/2026 | (102) |  |  |
| GSC | 4.250 | 09/30/2025 | 10/01/2025 | 9300 | Ginnie Mae 5.500% due 06/20/2054 | (9633) | 9300 | 9301 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107322) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105113 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 13

------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy Fund (Cont.)

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.8)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000% | 11/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100 | $(12225) | $(12224) |
|  Total Short Sales (0.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12225) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12224) |

---

#### 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 September 30, 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 |
|  BPS | $6301 | $0 | $0 | $6301 | $(6423) | $(122) |
|  DEU | 89511 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1755) |
|  GSC | 9301 | 0 | 0 | 9301 | (9633) | (332) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105113 | $&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 September 30, 2025 was $(30,836) at a weighted average interest rate of 4.549%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 |
|  3-Month SOFR Active Contract December Futures  | 03/2027 | 320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77524 | $(128) | $20 | $0 |
|  Arabica Coffee December Futures  | 12/2025 | 236 | 33174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | 0 |
|  Arabica Coffee March Futures  | 03/2026 | 20 | 2692 | 91 | 26 | 0 |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 111 | 8326 | (26) | 57 | 0 |
|  CAC 40 Index October Futures  | 10/2025 | 41 | 3800 | 11 | 11 | 0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 128 | 11263 | 51 | 51 | 0 |
|  Carbon Emissions December Futures  | 12/2025 | 301 | 26759 | (119) | 282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378) |
|  CME Bitcoin October Futures  | 10/2025 | 5 | 2880 | 53 | 0 | (1) |
|  DAX Index December Futures  | 12/2025 | 12 | 8457 | 25 | 52 | 0 |
|  E-Mini Russell 2000 Index December Futures  | 12/2025 | 99 | 12155 | 143 | 23 | 0 |
|  E-Mini S&P 100 Index December Futures  | 12/2025 | 62 | 30878 | 623 | 79 | 0 |
|  E-Mini S&P 500 Index December Futures  | 12/2025 | 20 | 6739 | 78 | 25 | 0 |
|  Euro STOXX Bank December Futures  | 12/2025 | 1271 | 17347 | (46) | 37 | (142) |
|  Euro-BTP Future December Futures  | 12/2025 | 141 | 19838 | (6) | 63 | 0 |
|  FTSE 100 Index December Futures  | 12/2025 | 274 | 34667 | 293 | 293 | 0 |
|  FTSE China 50 Index October Futures  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682 | 55653 | 84 | 0 | (272) |
|  FTSE Taiwan Index October Futures  | 10/2025 | 493 | 42166 | (351) | 0 | (15) |
|  FTSE/JSE TOP 40 Index December Futures  | 12/2025 | 446 | 26382 | 1034 | 353 | 0 |
|  FTSE/MIB Index December Futures  | 12/2025 | 68 | 16963 | (37) | 68 | (39) |
|  Gas Oil December Futures  | 12/2025 | 273 | 18387 | 56 | 0 | (150) |
|  Hang Seng Index October Futures  | 10/2025 | 165 | 28531 | 318 | 724 | 0 |
|  HSCEI October Futures  | 10/2025 | 521 | 32056 | 393 | 832 | 0 |
|  IBEX 35 Index October Futures  | 10/2025 | 129 | 23487 | 173 | 208 | 0 |
|  IFSC Nifty 50 Index October Futures  | 10/2025 | 90 | 4457 | (59) | 0 | (8) |
|  Iron Ore November Futures  | 11/2025 | 4528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1306) | 254 | 0 |
|  Lean Hogs December Futures  | 12/2025 | 435 | 15438 | 115 | 0 | (283) |
|  Live Cattle December Futures  | 12/2025 | 151 | 14180 | (154) | 58 | 0 |
|  LME Aluminum November Futures  | 11/2025 | 492 | 32978 | 538 | 618 | (78) |
|  LME Aluminum October Futures  | 10/2025 | 293 | 19652 | 570 | 0 | 0 |
|  LME Lead November Futures  | 11/2025 | 133 | 6554 | (84) | 24 | (2) |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  LME Lead October Futures  | 10/2025 | 366 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17869 | $(93) | $0 | $0 |
|  LME Nickel November Futures  | 11/2025 | 156 | 14185 | 39 | 42 | (2) |
|  LME Nickel October Futures  | 10/2025 | 302 | 27335 | (532) | 0 | 0 |
|  LME Zinc November Futures  | 11/2025 | 305 | 22694 | 1059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | (15) |
|  LME Zinc October Futures  | 10/2025 | 430 | 32189 | 2132 | 0 | 0 |
|  MSCI Singapore Index October Futures  | 10/2025 | 1052 | 36483 | (19) | 16 | (82) |
|  New York Harbor January Futures  | 12/2025 | 196 | 18795 | 190 | 0 | (193) |
|  Nikkei 225 Index December Futures  | 12/2025 | 95 | 14423 | 468 | 2 | (64) |
|  OMX Stockholm 30 Index October Futures  | 10/2025 | 931 | 26354 | 136 | 188 | 0 |
|  Palladium December Futures  | 12/2025 | 135 | 17380 | 1461 | 0 | (49) |
|  Platinum January Futures  | 01/2026 | 285 | 22881 | 2051 | 0 | (379) |
|  RBOB Gasoline January Futures  | 12/2025 | 128 | 9952 | 90 | 0 | (112) |
|  S&P/TSX 60 Index December Futures  | 12/2025 | 109 | 27770 | 437 | 237 | 0 |
|  Silver December Futures  | 12/2025 | 131 | 30549 | 5557 | 0 | (246) |
|  Soybean Oil December Futures  | 12/2025 | 105 | 3118 | (299) | 0 | (13) |
|  SPI 200 Index December Futures  | 12/2025 | 167 | 24513 | (31) | 207 | (58) |
|  Topix Index December Futures  | 12/2025 | 207 | 43966 | 331 | 19 | (164) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 353 | 73565 | 56 | 39 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 284 | 32682 | 98 | 0 | (18) |
|  WIG20 Index December Futures  | 12/2025 | 653 | 10266 | (31) | 0 | (22) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2785) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR March Futures  | 03/2027 | 296 | $(85068) | $20 | $0 | $(13) |
|  3-Month SONIA December Futures  | 03/2027 | 557 | (180526) | 93 | 0 | (47) |
|  Australia Government 3-Year Bond December Futures  | 12/2025 | 749 | (52952) | (1) | 15 | (16) |
|  Brent Crude January Futures  | 11/2025 | 63 | (4134) | (26) | 66 | 0 |
|  Cocoa December Futures  | 12/2025 | 51 | (3442) | 283 | 127 | 0 |
|  Cocoa December Futures  | 12/2025 | 143 | (9097) | 1066 | 231 | (60) |
|  Cocoa March Futures  | 03/2026 | 25 | (1699) | 59 | 59 | 0 |
|  Copper December Futures  | 12/2025 | 43 | (5221) | (390) | 38 | 0 |
|  Corn December Futures  | 12/2025 | 2070 | (43004) | (313) | 621 | 0 |
|  Cotton No. 2 December Futures  | 12/2025 | 92 | (3025) | 5 | 0 | (12) |
|  Euro-Oat December Futures  | 12/2025 | 64 | (9118) | (83) | 0 | (22) |
|  Gold 100 oz. December Futures  | 12/2025 | 807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23097) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1464) |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 1557 | (38750) | 3276 | 817 | 0 |
|  LME Aluminum October Futures  | 10/2025 | 293 | (19652) | (541) | 0 | 0 |
|  LME Lead November Futures  | 11/2025 | 575 | (28336) | 44 | 0 | 0 |
|  LME Lead October Futures  | 10/2025 | 366 | (17869) | 321 | 0 | 0 |
|  LME Nickel October Futures  | 10/2025 | 302 | (27335) | 6 | 0 | 0 |
|  LME Zinc October Futures  | 10/2025 | 430 | (32189) | (2328) | 0 | 0 |
|  Natural Gas December Futures  | 11/2025 | 63 | (2444) | (60) | 3 | 0 |
|  Natural Gas January Futures  | 12/2025 | 530 | (14873) | 738 | 746 | 0 |
|  Natural Gas January Futures  | 12/2025 | 557 | (23266) | 27 | 72 | 0 |
|  Natural Gas November Futures  | 10/2025 | 545 | (17712) | 937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | 0 |
|  OMX Stockholm 30 Index December Futures  | 12/2025 | 180 | (5098) | (45) | 0 | (32) |
|  Phelix De Base January Futures  | 12/2025 | 67 | (15674) | 527 | 421 | 0 |
|  Robusta Coffee November Futures  | 11/2025 | 95 | (3990) | (374) | 0 | (13) |
|  Rotterdam Coal Febuary Futures  | 02/2026 | 46 | (4501) | 53 | 18 | 0 |
|  Rotterdam Coal January Futures  | 01/2026 | 46 | (4469) | 85 | 14 | 0 |
|  Rotterdam Coal March Futures  | 03/2026 | 46 | (4533) | 20 | 23 | 0 |
|  Short Euro-BTP Italy Government Bond December Futures  | 12/2025 | 633 | (80214) | (23) | 0 | (44) |
|  Soybean January Futures  | 01/2026 | 263 | (13416) | 131 | 125 | 0 |
|  Soybean Meal December Futures  | 12/2025 | 1325 | (36212) | 3142 | 278 | 0 |
|  Sugar No. 11 March Futures  | 02/2026 | 2212 | (41126) | (353) | 0 | (372) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 417 | (45534) | (62) | 0 | (16) |
|  Volatility S&P 500 Index October Futures  | 10/2025 | 917 | (16128) | 663 | 145 | 0 |
|  VSTOXX October Futures  | 10/2025 | 686 | (1430) | 124 | 28 | (8) |
|  Wheat December Futures  | 12/2025 | 1278 | (32461) | 2215 | 735 | 0 |
|  Wheat December Futures  | 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28000) | 1067 | 489 | 0 |
|  White Sugar December Futures  | 11/2025 | 646 | (15126) | (105) | 0 | (194) |
|  WTI Crude December Futures  | 11/2025 | 81 | (5019) | (4) | 85 | 0 |
|  WTI Crude January Futures  | 12/2025 | 50 | (3084) | 3 | 52 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12900) | $6275 | $(2313) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $4290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5098) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 15

------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy 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>September 30, 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>September 30, 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 |
|  Morgan Stanley | 1.000% | Quarterly | 12/20/2025 | 0.227% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/<br>(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/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.EM-43 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $680 | $(13) | $3 | $(10) | $0 | $0 |
|  CDX.iTraxx Europe 43 5-Year Index | (1.000) | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170440 | 4440 | 91 | 4531 | 56 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | $&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.EM-44 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $165300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3595) | $14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3581) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 33900 | 2647 | 103 | 2750 | 8 | (13) |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 24400 | 1857 | 58 | 1915 | 26 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264900 | 5726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | 6092 | 21 | (6) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 129200 | 2908 | 61 | 2969 | 21 | 0 |
|  CDX.iTraxx Europe 44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 36700 | 933 | 4 | 937 | 10 | 0 |
|  CDX.iTraxx Crossover 44 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 37630 | 4615 | 141 | 4756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | 0 |
|  |  |  |  |  | $15091 | $747 | $15838 | $157 | $(69) |

---

#### 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<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/18/2028 | 78600 | $250 | $168 | $418 | $0 | $(45) |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.250 | Annual | 03/18/2036 | 90600 | 1005 | (511) | 494 | 319 | 0 |
|  Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.750 | Annual | 03/18/2056 | 63000 | (1336) | 72 | (1264) | 0 | (514) |
|  Pay<sup>(6)</sup> | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/18/2031 | 13830800 | (226) | (29) | (255) | 0 | (34) |
|  Receive<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 03/18/2036 | 9971800 | 245 | 252 | 497 | 117 | 0 |
|  Receive<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.500 | Annual | 03/18/2056 | 4826300 | 145 | (75) | 70 | 73 | 0 |
|  Pay<sup>(6)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 03/18/2031 | 252500 | 187 | (909) | (722) | 460 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2028 | $428200 | (3824) | 1605 | (2219) | 0 | (191) |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 26900 | 391 | (220) | 171 | 9 | 0 |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 154200 | 5490 | (1250) | 4240 | 0 | (18) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 19400 | (341) | 90 | (251) | 60 | 0 |
|  Pay | 1-Year BRL-CDI | 12.955 | Maturity | 01/02/2031 | 225600 | 0 | (435) | (435) | 36 | 0 |
|  Pay | 1-Year BRL-CDI | 13.230 | Maturity | 01/02/2031 | 328900 | 0 | (108) | (108) | 52 | 0 |
|  Pay | 1-Year BRL-CDI | 13.290 | Maturity | 01/02/2031 | 14300 | 0 | (4) | (4) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 13.385 | Maturity | 01/02/2031 | 77700 | 100 | (64) | 36 | 12 | 0 |
|  Receive | 1-Year BRL-CDI | 13.470 | Maturity | 01/02/2031 | 81700 | 0 | (70) | (70) | 0 | (13) |
|  Pay | 1-Year BRL-CDI | 13.570 | Maturity | 01/02/2031 | 358000 | 0 | 434 | 434 | 56 | 0 |
|  Receive | 1-Year BRL-CDI | 13.738 | Maturity | 01/02/2031 | 471200 | 0 | (954) | (954) | 0 | (74) |
|  Receive | 1-Year BRL-CDI | 14.740 | Maturity | 01/02/2031 | 99500 | (64) | (619) | (683) | 0 | (15) |
|  Receive<sup>(6)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 03/18/2031 | 1690400 | 2011 | (14) | 1997 | 0 | (267) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.105 | Quarterly | 10/25/2029 | 140224800 | 0 | 679 | 679 | 36 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.105 | Quarterly | 10/28/2029 | 294005600 | 0 | 1424 | 1424 | 75 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.250 | Quarterly | 10/30/2029 | 108582100 | 0 | 381 | 381 | 28 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.180 | Quarterly | 11/01/2029 | 107569200 | 0 | 446 | 446 | 27 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.240 | Quarterly | 11/05/2029 | 105203300 | 0 | 379 | 379 | 27 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.225 | Quarterly | 06/18/2030 | 165188800 | (123) | (623) | (746) | 0 | (37) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 3.585 | Annual | 06/12/2030 | 2134700 | 278 | 1118 | 1396 | 0 | (40) |
|  Pay<sup>(6)</sup> | 3-Month HKD-HIBOR | 3.000 | Quarterly | 03/18/2031 | 770200 | 794 | (564) | 230 | 92 | 0 |
|  Pay | 3-Month ILS-TELBOR | 3.908 | Annual | 04/21/2030 | 286000 | (45) | 1115 | 1070 | 307 | 0 |
|  Receive | 3-Month ILS-TELBOR | 4.170 | Annual | 05/23/2030 | 123600 | 127 | (613) | (486) | 0 | (136) |
|  Pay | 3-Month ILS-TELBOR | 3.800 | Annual | 07/04/2030 | 150900 | (52) | (83) | (135) | 169 | 0 |
|  Receive<sup>(6)</sup> | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 03/18/2031 | 27811700 | 149 | 5 | 154 | 5 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 | 159100 | (51) | 2393 | 2342 | 110 | 0 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 3-Month PLN-WIBOR | 4.910% | Annual | 02/10/2030 | 8000 | $1 | $(124) | $(123) | $0 | $(6) |
|  Pay | 3-Month PLN-WIBOR | 4.695 | Annual | 03/28/2030 | 404700 | 0 | 5256 | 5256 | 278 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.665 | Annual | 03/31/2030 | 129300 | 0 | 1622 | 1622 | 89 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.670 | Annual | 03/31/2030 | 17200 | 0 | 217 | 217 | 12 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.692 | Annual | 03/31/2030 | 116400 | 0 | 1499 | 1499 | 80 | 0 |
|  Receive | 3-Month PLN-WIBOR | 3.952 | Annual | 07/29/2030 | 481765 | 940 | 304 | 1244 | 0 | (364) |
|  Pay<sup>(6)</sup> | 3-Month TWD-TAIBOR | 1.750 | Quarterly | 03/18/2031 | 951400 | (57) | 14 | (43) | 16 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.276 | Quarterly | 06/14/2029 | 982300 | 0 | 2748 | 2748 | 38 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.790 | Quarterly | 01/31/2030 | 1319600 | 1504 | 1097 | 2601 | 57 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.330 | Quarterly | 07/10/2030 | 998500 | 399 | 424 | 823 | 52 | 0 |
|  Receive<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 3.250 | Quarterly | 03/18/2028 | 291400 | 209 | 541 | 750 | 0 | (125) |
|  Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 67200 | 154 | (361) | (207) | 246 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.285 | Semi-Annual | 12/24/2029 | 21848800 | 0 | (501) | (501) | 8 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.500 | Semi-Annual | 03/19/2030 | 92857100 | (46) | (2858) | (2904) | 35 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.650 | Semi-Annual | 06/18/2030 | 256123400 | 24 | (1843) | (1819) | 0 | (112) |
|  Pay | 6-Month CLP-CHILIBOR | 4.800 | Semi-Annual | 06/18/2030 | 71342610 | 139 | (137) | 2 | 0 | (31) |
|  Receive | 6-Month CLP-CHILIBOR | 4.860 | Semi-Annual | 06/18/2030 | 29571000 | 0 | (85) | (85) | 13 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.700 | Semi-Annual | 09/17/2030 | 46868300 | 212 | 49 | 261 | 25 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.850 | Annual | 05/06/2030 | 21171000 | 1520 | (311) | 1209 | 53 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.550 | Annual | 03/07/2030 | 127800 | 87 | (60) | 27 | 2 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 1570000 | 1879 | (1281) | 598 | 0 | (28) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 | 51200 | 174 | 69 | 243 | 0 | (22) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 129500 | 768 | (587) | 181 | 434 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 55500 | (1236) | 216 | (1020) | 0 | (434) |
|  Pay | 6-Month HUF-BBR | 6.170 | Annual | 08/13/2030 | 33624700 | (6) | (455) | (461) | 0 | (84) |
|  Pay | 6-Month HUF-BBR | 6.130 | Annual | 09/24/2030 | 15809580 | 17 | (297) | (280) | 0 | (30) |
|  Pay<sup>(6)</sup> | 6-Month THB-THBFIX | 1.000 | Quarterly | 03/18/2031 | 5539700 | (654) | (693) | (1347) | 164 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.500 | Lunar | 03/13/2030 | 2273600 | 369 | 5623 | 5992 | 133 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.100 | Lunar | 03/13/2030 | 607000 | 794 | 1581 | 2375 | 36 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.775 | Lunar | 06/12/2030 | 263900 | 22 | (309) | (287) | 0 | (16) |
|  Receive | 28-Day MXN-TIIE | 8.090 | Lunar | 06/12/2030 | 1186800 | (874) | (1246) | (2120) | 0 | (73) |
|  Pay | 28-Day MXN-TIIE | 9.100 | Lunar | 12/06/2034 | 888000 | 1865 | 2676 | 4541 | 33 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.700 | Lunar | 03/07/2035 | 1009400 | 654 | 3073 | 3727 | 41 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.135 | Lunar | 04/17/2035 | 837900 | (1448) | 142 | (1306) | 0 | (35) |
|  Pay<sup>(6)</sup> | CAONREPO | 2.500 | Semi-Annual | 03/18/2028 | 93900 | 125 | 67 | 192 | 48 | 0 |
|  Pay<sup>(6)</sup> | CAONREPO | 2.750 | Semi-Annual | 03/18/2031 | 174800 | 765 | 273 | 1038 | 259 | 0 |
|  Pay<sup>(6)</sup> | CAONREPO | 3.000 | Semi-Annual | 03/18/2036 | 413000 | 1067 | 769 | 1836 | 1213 | 0 |
|  Receive<sup>(6)</sup> | CAONREPO | 3.250 | Semi-Annual | 03/18/2056 | 117500 | (60) | (816) | (876) | 0 | (643) |
|  Pay | CPURNSA | 2.500 | Maturity | 03/29/2033 | $86600 | (258) | (1023) | (1281) | 0 | (27) |
|  Receive | CPURNSA | 2.525 | Maturity | 06/07/2033 | 21100 | 120 | 119 | 239 | 7 | 0 |
|  Receive | CPURNSA | 2.595 | Maturity | 07/12/2033 | 65500 | 0 | 231 | 231 | 22 | 0 |
|  Receive | CPURNSA | 2.598 | Maturity | 04/10/2034 | 37300 | (11) | (52) | (63) | 10 | 0 |
|  |  |  |  |  |  | $14268 | $18987 | $33255 | $5476 | $(3414) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $33796 | $19826 | $53622 | $5689 | $(3483) |

---

#### 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 September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(7)</sup> | Variation Margin<br>Asset<sup>(7)</sup> | **Total** | Market Value | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18407 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5098) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3724) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8822) |

---

(e) Securities with an aggregate market value of $10,543 and cash of $189,681 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **17** |

---

------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy Fund (Cont.)

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

<sup>(7)</sup> Unsettled variation margin asset of $123 for closed futures and unsettled variation margin asset of $102 and liability of $(241) for closed swap agreements 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 | 10/2025 | $118619 | 165023 | $0 | $(37) |
|  | 10/2025 | 37210 | 31903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | 0 |
|  | 11/2025 | 164762 | $118619 | 37 | 0 |
|  | 11/2025 | 27664 | 16060 | 2 | 0 |
|  BOA | 10/2025 | 581761 | 6577 | 34 | 0 |
|  | 10/2025 | 1590 | 439 | 2 | 0 |
|  | 10/2025 | $1132 | 967 | 4 | 0 |
|  | 10/2025 | 104 | 357 | 3 | 0 |
|  | 10/2025 | 2346 | 351261 | 30 | 0 |
|  | 10/2025 | 54328 | 94353 | 373 | 0 |
|  | 10/2025 | 13631 | 440974 | 0 | (4) |
|  | 10/2025 | 108014 | $6212 | 0 | (35) |
|  | 11/2025 | 345380 | 2314 | 0 | (30) |
|  | 11/2025 | 94353 | 54397 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374) |
|  | 11/2025 | $125 | 5454 | 1 | 0 |
|  | 11/2025 | 1055 | 18420 | 8 | 0 |
|  | 12/2025 | 27776 | $5100 | 0 | (26) |
|  | 12/2025 | 58182 | 1810 | 5 | 0 |
|  | 12/2025 | $450 | 9284 | 0 | (2) |
|  | 12/2025 | 265 | 87815 | 0 | (1) |
|  BPS | 10/2025 | 3839 | $539 | 0 | 0 |
|  | 10/2025 | 654728382 | 39663 | 421 | 0 |
|  | 10/2025 | 186478 | 51235 | 17 | (74) |
|  | 10/2025 | 82150 | 64216 | 532 | 0 |
|  | 10/2025 | 15140 | 358 | 0 | (6) |
|  | 10/2025 | $285 | 241 | 0 | (2) |
|  | 10/2025 | 12076 | 202590281 | 66 | 0 |
|  | 10/2025 | 2702 | 401529 | 13 | 0 |
|  | 10/2025 | 2582 | 83490 | 0 | (2) |
|  | 10/2025 | 250 | 10688 | 5 | 0 |
|  | 10/2025 | 2647 | 80488 | 0 | (3) |
|  | 11/2025 | 23607960 | $5662 | 0 | (334) |
|  | 11/2025 | 400135 | 2702 | 0 | (13) |
|  | 11/2025 | 11232 | 259 | 0 | (1) |
|  | 11/2025 | $111 | 373 | 1 | 0 |
|  | 12/2025 | 335921304 | $20117 | 102 | (75) |
|  | 12/2025 | 1358939 | 15400 | 172 | 0 |
|  | 12/2025 | 18433463 | 13213 | 39 | 0 |
|  | 12/2025 | 43200 | 25067 | 0 | (51) |
|  | 12/2025 | $2405 | 2287208 | 0 | (26) |
|  | 12/2025 | 19900 | 140671 | 0 | (71) |
|  | 12/2025 | 65079 | 21594690 | 0 | (369) |
|  | 12/2025 | 57868 | 79255057 | 0 | (1226) |
|  | 12/2025 | 20700 | 203557 | 0 | (298) |
|  | 12/2025 | 67822 | 113565 | 0 | (1790) |
|  | 12/2025 | 10627 | 38110 | 0 | (155) |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BRC | 10/2025 | 181580 | $33935 | $17 | $(199) |
|  | 10/2025 | 12324 | 15439 | 0 | (42) |
|  | 10/2025 | 6509 | 8791 | 37 | 0 |
|  | 10/2025 | 31147 | 9335 | 0 | (68) |
|  | 10/2025 | 15402 | 3648 | 0 | (14) |
|  | 10/2025 | 3844 | 385 | 0 | 0 |
|  | 10/2025 | 169100 | 101080 | 3044 | 0 |
|  | 10/2025 | 21721 | 507 | 0 | (8) |
|  | 10/2025 | $33255 | 181580 | 863 | 0 |
|  | 10/2025 | 3451 | 4762 | 0 | (30) |
|  | 10/2025 | 56963 | 45680 | 420 | 0 |
|  | 10/2025 | 54213 | 198226 | 315 | 0 |
|  | 10/2025 | 1476 | 63182 | 32 | 0 |
|  | 10/2025 | 37915 | 668790 | 763 | 0 |
|  | 11/2025 | 35644 | 819 | 0 | (6) |
|  | 11/2025 | $15439 | 12275 | 42 | 0 |
|  | 11/2025 | 8792 | 6509 | 0 | (37) |
|  | 11/2025 | 385 | 3843 | 0 | 0 |
|  | 11/2025 | 754 | 32875 | 7 | 0 |
|  | 12/2025 | 42950944 | 30787 | 91 | 0 |
|  | 12/2025 | 40950 | 9764 | 13 | (1) |
|  | 12/2025 | $35022 | 52700 | 0 | (119) |
|  | 12/2025 | 6208 | 5932241 | 0 | (38) |
|  | 12/2025 | 26200 | 185207 | 0 | (94) |
|  | 12/2025 | 24711 | 20750 | 0 | (243) |
|  | 12/2025 | 58340 | 42687 | 0 | (924) |
|  | 12/2025 | 44713 | 187525 | 0 | (57) |
|  | 12/2025 | 5038 | 8435 | 0 | (134) |
|  | 12/2025 | 19800 | 183816 | 0 | (182) |
|  | 12/2025 | 135 | 5959 | 0 | 0 |
|  CBK | 10/2025 | 228932 | 42735 | 0 | (279) |
|  | 10/2025 | 190 | 136 | 0 | 0 |
|  | 10/2025 | 53778 | 7578 | 30 | 0 |
|  | 10/2025 | 24931 | 29483 | 213 | 0 |
|  | 10/2025 | 98849 | 134852 | 1910 | 0 |
|  | 10/2025 | 116115594 | 7060 | 100 | 0 |
|  | 10/2025 | 2460220 | 28005 | 335 | 0 |
|  | 10/2025 | 611675 | 61673 | 380 | 0 |
|  | 10/2025 | 195945 | 21198 | 385 | 0 |
|  | 10/2025 | $43044 | 228932 | 0 | (30) |
|  | 10/2025 | 22306 | 18869 | 2 | (155) |
|  | 10/2025 | 1037 | 768 | 0 | (4) |
|  | 10/2025 | 1120 | 8712 | 0 | (1) |
|  | 10/2025 | 12486 | 209233733 | 54 | 0 |
|  | 10/2025 | 6527 | 579626 | 0 | (8) |
|  | 10/2025 | 1531 | 223800 | 0 | (18) |
|  | 10/2025 | 4684 | 47308 | 57 | 0 |
|  | 10/2025 | 2445 | 3134 | 0 | (16) |
|  | 11/2025 | 580762 | 6527 | 8 | 0 |
|  | 11/2025 | 15 | 11 | 0 | 0 |
|  | 11/2025 | $136 | 189 | 0 | 0 |
|  | 11/2025 | 85805 | 357293114 | 4944 | 0 |
|  | 11/2025 | 37979 | 378768 | 0 | (17) |
|  | 11/2025 | 283 | 4992 | 5 | 0 |
|  | 12/2025 | 27804 | 5100 | 0 | (32) |
|  | 12/2025 | 209826835 | 12486 | 0 | (63) |
|  | 12/2025 | 20 | 1 | 0 | 0 |
|  | 12/2025 | $639 | 13249 | 1 | 0 |
|  | 12/2025 | 19845 | 73463 | 1278 | 0 |
|  | 12/2025 | 59 | 3385 | 0 | (1) |
|  | 12/2025 | 28962 | 913528 | 0 | (621) |
|  | 01/2026 | 42735 | 233864 | 233 | 0 |
|  | 03/2026 | 21872702 | 22667 | 0 | (67) |
|  | 05/2026 | $34130 | 121701 | 680 | 0 |
|  DUB | 10/2025 | 8227 | 1157 | 2 | 0 |
|  | 10/2025 | 235897 | 69040 | 0 | (2179) |
|  | 10/2025 | 1120807 | 12679 | 74 | 0 |
|  | 10/2025 | 12694393 | 9156 | 108 | 0 |
|  | 10/2025 | $10557 | 937818 | 0 | (9) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **19** |

---

------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy 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** |
|  | 10/2025 | $18 | 24546 | $0 | $0 |
|  | 11/2025 | 939682 | $10557 | 9 | 0 |
|  | 11/2025 | $69040 | 235777 | 2146 | 0 |
|  | 12/2025 | 1817393 | $5400 | 0 | (46) |
|  | 12/2025 | 8500841 | 6049 | 0 | (26) |
|  | 12/2025 | 34832 | 27100 | 0 | (56) |
|  | 12/2025 | $3860 | 559453 | 0 | (48) |
|  | 12/2025 | 22877 | 28978 | 0 | (285) |
|  FAR | 10/2025 | 14670 | $2738 | 0 | (18) |
|  | 10/2025 | 2208 | 2772 | 0 | (2) |
|  | 10/2025 | 3587 | 505 | 2 | 0 |
|  | 10/2025 | 2345477 | 26593 | 213 | 0 |
|  | 10/2025 | 107910 | 29592 | 0 | (92) |
|  | 10/2025 | $26126 | 40261 | 515 | 0 |
|  | 10/2025 | 2758 | 14670 | 0 | (2) |
|  | 10/2025 | 12649 | 1859518 | 0 | (75) |
|  | 10/2025 | 60356 | 220613 | 331 | 0 |
|  | 10/2025 | 48276 | 62174 | 0 | (77) |
|  | 11/2025 | 2531 | $1653 | 0 | (22) |
|  | 11/2025 | 62017 | 48276 | 73 | 0 |
|  | 11/2025 | $26040 | 145492 | 1078 | 0 |
|  | 11/2025 | 2772 | 2200 | 2 | 0 |
|  | 12/2025 | 99 | $28 | 0 | 0 |
|  | 12/2025 | $2739 | 14878 | 17 | 0 |
|  | 12/2025 | 113513 | 2151097 | 2999 | 0 |
|  GLM | 10/2025 | 283 | $40 | 0 | 0 |
|  | 10/2025 | 2964901 | 179 | 2 | 0 |
|  | 10/2025 | 3605 | 1076 | 0 | (12) |
|  | 10/2025 | 668385 | 7617 | 100 | 0 |
|  | 10/2025 | 15111 | 3585 | 0 | (7) |
|  | 10/2025 | 158 | 5 | 0 | 0 |
|  | 10/2025 | $92 | 74 | 0 | 0 |
|  | 10/2025 | 12050 | 200997620 | 0 | (3) |
|  | 10/2025 | 148 | 507 | 5 | 0 |
|  | 10/2025 | 263 | 1148 | 2 | 0 |
|  | 11/2025 | 159 | 540 | 4 | 0 |
|  | 11/2025 | 214 | 9317 | 2 | 0 |
|  | 12/2025 | 201479628 | $12050 | 0 | 0 |
|  | 12/2025 | 29161 | 6950 | 6 | 0 |
|  | 03/2026 | 36013579 | 37168 | 0 | (264) |
|  IND | 12/2025 | $126 | 2589 | 0 | (1) |
|  JPM | 10/2025 | 40261 | $26859 | 218 | 0 |
|  | 10/2025 | 710 | 130 | 0 | (3) |
|  | 10/2025 | 31224 | 39538 | 315 | 0 |
|  | 10/2025 | 22577 | 26404 | 0 | (102) |
|  | 10/2025 | 294429790 | 17862 | 214 | 0 |
|  | 10/2025 | 21971322 | 15848 | 189 | 0 |
|  | 10/2025 | 24266 | 574 | 0 | (2) |
|  | 10/2025 | $134 | 710 | 0 | 0 |
|  | 10/2025 | 96449 | 133286 | 0 | (672) |
|  | 10/2025 | 35855 | 131751 | 388 | (1) |
|  | 10/2025 | 8639 | 152814 | 199 | 0 |
|  | 11/2025 | 4639 | $107 | 0 | 0 |
|  | 12/2025 | 6182807 | 18502 | 0 | (26) |
|  | 12/2025 | 13138819 | 9351 | 0 | (39) |
|  | 12/2025 | 225720 | 12117 | 0 | (109) |
|  | 12/2025 | 87300 | 50692 | 0 | (68) |
|  MBC | 10/2025 | 4187 | 589 | 1 | 0 |
|  | 10/2025 | 9428 | 12710 | 36 | (5) |
|  | 10/2025 | 17449878 | 12563 | 126 | 0 |
|  | 10/2025 | 3926 | 393 | 0 | 0 |
|  | 10/2025 | $52 | 71 | 0 | (1) |
|  | 10/2025 | 1233 | 8781 | 0 | 0 |
|  | 10/2025 | 1081 | 920 | 0 | 0 |
|  | 10/2025 | 2408 | 1771 | 0 | (26) |
|  | 10/2025 | 1361 | 202330 | 8 | 0 |
|  | 10/2025 | 64354 | 616974 | 1181 | 0 |
|  | 10/2025 | 13141 | 16841 | 0 | (86) |
|  | 10/2025 | 38414 | 1237061 | 0 | (184) |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 8760 | $,233 | $0 | $0 |
|  | 11/2025 | 340221 | 2301 | 0 | (8) |
|  | 11/2025 | $12712 | 9427 | 5 | (36) |
|  | 11/2025 | 7 | 24 | 0 | 0 |
|  | 11/2025 | 393 | 3925 | 0 | 0 |
|  | 12/2025 | 27507340 | $7000 | 55 | 0 |
|  | 12/2025 | 974348 | 59 | 1 | 0 |
|  | 12/2025 | 88408 | 2748 | 5 | 0 |
|  | 12/2025 | $190 | 3901 | 0 | (1) |
|  | 12/2025 | 527 | 174406 | 0 | (4) |
|  | 12/2025 | 134340 | 19469738 | 0 | (1674) |
|  | 12/2025 | 145 | 2731 | 3 | 0 |
|  | 12/2025 | 18123 | 22960 | 0 | (223) |
|  MYI | 10/2025 | 303074 | $220311 | 2528 | 0 |
|  | 10/2025 | 4227 | 594 | 1 | 0 |
|  | 10/2025 | 28404000 | 193638 | 1570 | 0 |
|  | 10/2025 | 116 | 12 | 0 | 0 |
|  | 10/2025 | 101522 | 28044 | 120 | 0 |
|  | 10/2025 | $1782 | 13855 | 0 | (1) |
|  | 10/2025 | 50992 | 7612343 | 483 | 0 |
|  | 11/2025 | 7565375 | $50852 | 0 | (483) |
|  | 11/2025 | $12 | 116 | 0 | 0 |
|  | 11/2025 | 200 | 3482 | 1 | 0 |
|  | 12/2025 | 81792 | $58900 | 0 | (83) |
|  | 12/2025 | 12566532 | 13200 | 130 | 0 |
|  | 12/2025 | 44625 | 59772 | 0 | (251) |
|  | 12/2025 | 674647 | 2005 | 0 | (17) |
|  | 12/2025 | 10557150 | 71100 | 0 | (836) |
|  | 12/2025 | 175915 | 9500 | 0 | (28) |
|  | 12/2025 | 15551 | 3704 | 1 | 0 |
|  | 12/2025 | $12227 | 18300 | 0 | (107) |
|  | 12/2025 | 35900 | 27947 | 0 | (480) |
|  | 12/2025 | 33199 | 684891 | 0 | (107) |
|  | 12/2025 | 4532 | 6196151 | 0 | (104) |
|  | 12/2025 | 392 | 7326 | 5 | 0 |
|  | 12/2025 | 13320 | 55836 | 0 | (24) |
|  | 12/2025 | 9873 | 35414 | 0 | (142) |
|  NGF | 10/2025 | 2662950 | $161 | 1 | 0 |
|  | 10/2025 | 29101754 | 20924 | 183 | 0 |
|  | 10/2025 | $233 | 10113 | 4 | 0 |
|  | 11/2025 | 193 | 8444 | 2 | 0 |
|  | 12/2025 | 101 | 4418 | 0 | 0 |
|  RYL | 12/2025 | 55 | 3145 | 0 | (1) |
|  SCX | 10/2025 | 3074 | $433 | 1 | 0 |
|  | 10/2025 | 3273 | 4378 | 0 | (24) |
|  | 10/2025 | 116759211 | 7101 | 103 | 0 |
|  | 10/2025 | 1087630 | 12324 | 91 | 0 |
|  | 10/2025 | 13735 | 1459 | 0 | 0 |
|  | 10/2025 | $2550 | 1906 | 14 | 0 |
|  | 10/2025 | 9692 | 161832300 | 7 | 0 |
|  | 10/2025 | 6717 | 597220 | 0 | 0 |
|  | 10/2025 | 721 | 105970 | 0 | (4) |
|  | 11/2025 | 1906 | $2550 | 0 | (14) |
|  | 11/2025 | 598379 | 6717 | 1 | 0 |
|  | 11/2025 | 1639 | 11 | 0 | 0 |
|  | 11/2025 | $4379 | 3273 | 24 | 0 |
|  | 11/2025 | 104 | 348 | 1 | 0 |
|  | 12/2025 | 162241315 | $9692 | 0 | (11) |
|  | 12/2025 | 2910609 | 50823 | 1034 | 0 |
|  | 12/2025 | $1081 | 1032355 | 0 | (7) |
|  | 12/2025 | 6228 | 127745 | 0 | (56) |
|  SOG | 10/2025 | 113469 | $21334 | 15 | 0 |
|  | 10/2025 | 109287055 | 27107 | 0 | (682) |
|  | 10/2025 | 8623 | 10141 | 17 | 0 |
|  | 10/2025 | 12823 | 1285 | 1 | 0 |
|  | 10/2025 | 409727 | 43390 | 0 | (131) |
|  | 10/2025 | $20197 | 113469 | 1123 | 0 |
|  | 10/2025 | 3799 | 3231 | 0 | (6) |
|  | 10/2025 | 117705 | 17503049 | 687 | (37) |
|  | 10/2025 | 27432 | 47083 | 0 | (136) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **21** |

---

------

Consolidated Schedule of Investments PIMCO TRENDS Managed Futures Strategy 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** |
|  | 10/2025 | $247 | 1075 | $1 | $0 |
|  | 11/2025 | 3231 | $3807 | 6 | 0 |
|  | 11/2025 | 16475516 | 111107 | 0 | (688) |
|  | 11/2025 | $10161 | 8623 | 0 | (17) |
|  | 11/2025 | 1286 | 12820 | 0 | (1) |
|  | 11/2025 | 43390 | 408864 | 133 | 0 |
|  | 12/2025 | 33844 | 32225094 | 0 | (328) |
|  | 12/2025 | 9000 | 1316368 | 0 | (30) |
|  | 12/2025 | 179 | 3325 | 1 | 0 |
|  | 03/2026 | 7092 | 6849555 | 27 | 0 |
|  SSB | 10/2025 | 2740 | $3693 | 8 | 0 |
|  | 10/2025 | $156835 | 116354 | 0 | (351) |
|  | 12/2025 | 8022 | 2169 | 0 | (137) |
|  | 12/2025 | $24262 | 23078014 | 0 | (259) |
|  UAG | 10/2025 | 23686 | $6922 | 0 | (229) |
|  | 10/2025 | 27013 | 306 | 2 | 0 |
|  | 10/2025 | 101463 | 27950 | 42 | 0 |
|  | 10/2025 | $87 | 121 | 0 | (1) |
|  | 10/2025 | 78638 | 262342 | 565 | 0 |
|  | 10/2025 | 57489 | 585049 | 1136 | 0 |
|  | 10/2025 | 248 | 4343 | 4 | 0 |
|  | 11/2025 | 46 | 186043 | 1 | 0 |
|  | 11/2025 | 6922 | 23674 | 226 | 0 |
|  | 12/2025 | 6462 | 25632735 | 9 | 0 |
|  | 12/2025 | 35702 | 11817919 | 0 | (288) |
|  | 12/2025 | 434 | 8183 | 9 | 0 |
|  | 12/2025 | 45615 | 2618589 | 0 | (822) |
|  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;39324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21930) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650% | 09/09/2026 | 332100 | $346 | $361 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 25700 | 26 | 28 |
| NGF Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 268300 | 285 | 291 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $657 | $680 |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Pay<br> 3-Month MYR-KLIBOR<sup>(2)</sup> | 3.000% | Quarterly | 03/18/2031 | MYR | 543600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(879) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(653) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1532) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(3)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| Counterparty | Pay/Receive<sup>(3)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MEI | Receive | BOVESPA Index | 650 | 0.000% | Maturity | 10/15/2025 | BRL | 93860 | $0 | $335 | $335 | $0 |
|  | Receive | KOSPI2 Index | 84750000 | 0.000% | Maturity | 12/11/2025 | KRW | 37505483 | 0 | 2012 | 2012 | 0 |
|  | Receive | Thailand Equity Index | 491600 | 0.000% | Maturity | 12/29/2025 | THB | 401346 | 0 | (9) | 0 | (9) |
|  |  |  |  |  |  |  |  |  | $0 | $2338 | $2347 | $(9) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $(879) | $1685 | $2347 | $(1541) |

---

22 PIMCO TRENDS MANAGED FUTURES STRATEGY FUND See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### 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 September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(4)</sup> |
|  AZD | $285 | $0 | $0 | $285 | $(37) | $0 | $0 | $(37) | $248 | $(360) | $(112) |
|  BOA | 460 | 0 | 0 | 460 | (472) | 0 | 0 | (472) | (12) | 0 | (12) |
|  BPS | 1368 | 0 | 0 | 1368 | (4496) | 0 | 0 | (4496) | (3128) | 3342 | 214 |
|  BRC | 5644 | 0 | 0 | 5644 | (2196) | 0 | 0 | (2196) | 3448 | (2980) | 468 |
|  CBK | 10615 | 0 | 0 | 10615 | (1312) | 0 | (1532) | (2844) | 7771 | (8301) | (530) |
|  DUB | 2339 | 361 | 0 | 2700 | (2649) | 0 | 0 | (2649) | 51 | (32) | 19 |
|  FAR | 5230 | 0 | 0 | 5230 | (288) | 0 | 0 | (288) | 4942 | (4580) | 362 |
|  GLM | 121 | 0 | 0 | 121 | (286) | 0 | 0 | (286) | (165) | 1 | (164) |
|  IND | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  JPM | 1523 | 0 | 0 | 1523 | (1022) | 0 | 0 | (1022) | 501 | (1137) | (636) |
|  MBC | 1421 | 0 | 0 | 1421 | (2248) | 0 | 0 | (2248) | (827) | 1427 | 600 |
|  MEI | 0 | 0 | 2347 | 2347 | 0 | 0 | (9) | (9) | 2338 | (2590) | (252) |
|  MYC | 0 | 28 | 0 | 28 | 0 | 0 | 0 | 0 | 28 | 0 | 28 |
|  MYI | 4839 | 0 | 0 | 4839 | (2663) | 0 | 0 | (2663) | 2176 | (3670) | (1494) |
|  NGF | 190 | 291 | 0 | 481 | 0 | 0 | 0 | 0 | 481 | (590) | (109) |
|  RYL | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  SCX | 1276 | 0 | 0 | 1276 | (116) | 0 | 0 | (116) | 1160 | (970) | 190 |
|  SOG | 2011 | 0 | 0 | 2011 | (2056) | 0 | 0 | (2056) | (45) | 398 | 353 |
|  SSB | 8 | 0 | 0 | 8 | (747) | 0 | 0 | (747) | (739) | 1207 | 468 |
|  UAG | 1994 | 0 | 0 | 1994 | (1340) | 0 | 0 | (1340) | 654 | (1185) | (531) |
|  Total Over the Counter | $39324 | $680 | $2347 | $42351 | $(21930) | $0 | $(1541) | $(23471) |  |  |  |

---

(g) Securities with an aggregate market value of $6,646 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

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

<sup>(3)</sup> 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>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of September 30, 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  | $8713 | $0 | $3547 | $0 | $356 | $12616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 213 | 0 | 0 | 5578 | 5791 |
|  | $8713 | $213 | $3547 | $0 | $5934 | $18407 |
|  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 | $39324 | $0 | $39324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 680 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 2347 | 0 | 0 | 2347 |
|  | $0 | $0 | $2347 | $39324 | $680 | $42351 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60758 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 23

------

Schedule of Investments PIMCO TRENDS Managed Futures Strategy 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; Futures  | $4015 | $0 | $906 | $1 | $176 | $5098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 70 | 0 | 0 | 3654 | 3724 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 | $8822 |
|  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 | $21930 | $0 | $21930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 9 | 0 | 1532 | 1541 |
|  | $0 | $0 | $9 | $21930 | $1532 | $23471 |
|  | $4015 | $70 | $915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21931 | $5362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32293 |

---

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended September 30, 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  | $(118909) | $0 | $9819 | $155 | $(6974) | $(115909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8213 | 0 | 0 | (60337) | (52124) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118909) | $8213 | $9819 | $155 | $(67311) | $(168033) |
|  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 | $(102379) | $0 | $(102379) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (1003) | (1003) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | (4880) | 0 | 2328 | (2552) |
|  | $0 | $0 | $(4880) | $(102379) | $1325 | $(105934) |
|  | $(118909) | $8213 | $4939 | $(102224) | $(65986) | $(273967) |
|  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  | $26595 | $0 | $7571 | $(171) | $(283) | $33712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (4715) | 0 | 0 | 70270 | 65555 |
|  | $26595 | $(4715) | $7571 | $(171) | $69987 | $99267 |
|  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 | $75915 | $0 | $75915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (310) | (310) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 2596 | 0 | (565) | 2031 |
|  | $0 | $0 | $2596 | $75915 | $(875) | $77636 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4715) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176903 |

---

24 PIMCO TRENDS MANAGED FUTURES STRATEGY FUND See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $25660 | $0 | $25660 |
| &nbsp;&nbsp; Industrials | 0 | 14850 | 0 | 14850 |
| &nbsp;&nbsp; Utilities | 0 | 12898 | 0 | 12898 |
|  U.S. Government Agencies | 0 | 516298 | 0 | 516298 |
|  Non-Agency Mortgage-Backed Securities | 0 | 6108 | 0 | 6108 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 17613 | 0 | 17613 |
| &nbsp;&nbsp; Other ABS | 0 | 49029 | 0 | 49029 |
|  Commodities | 0 | 352436 | 0 | 352436 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 105100 | 0 | 105100 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 34706 | 0 | 34706 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134698 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134698 |
|  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 | $634221 | $0 | $0 | $634221 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134698 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768919 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(12224) | $0 | $(12224) |
|  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 | 12434 | 5748 | 0 | 18182 |
|  Over the counter | 0 | 42351 | 0 | 42351 |
|  | $12434 | $48099 | $0 | $60533 |
|  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 | (5064) | (3517) | 0 | (8581) |
|  Over the counter | 0 | (23471) | 0 | (23471) |
|  | $(5064) | $(26988) | $0 | $(32052) |
|  Total Financial Derivative Instruments | $7370 | $21111 | $0 | $28481 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143585 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785176 |

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There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **25** |

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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 and Class C shares of the PIMCO TRENDS Managed Futures Strategy Fund (the "Fund") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Fund.

The Fund has established PIMCO Cayman Commodity Fund VIII, Ltd., a Cayman Islands exempted company (the "Commodity Subsidiary"), which is wholly-owned and controlled by the Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

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

The Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Consolidated

Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Fund is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Consolidated Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

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|:---|:---|
| **26** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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September 30, 2025 (Unaudited)

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Fund does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Consolidated Statement of Operations. The Fund may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Consolidated Statement of Operations.

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the

Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared and distributed to shareholders quarterly. Net realized capital gains earned by the Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. The Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Fund's annual financial statements presented under U.S. GAAP.

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **27** |

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Notes to Financial Statements (Cont.)

and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Fund's fiscal year end, if any, are reflected on the Consolidated Statements of Changes in Net Assets and have been recorded to paid in capital on the Consolidated Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Consolidated Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determination

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|:---|:---|
| **28** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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September 30, 2025 (Unaudited)

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

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

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The

Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold. The Fund's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in the Fund's prospectus.

Under certain circumstances, the per share NAV of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy,

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **29** |

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Notes to Financial Statements (Cont.)

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 Consolidated Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Consolidated Schedule of Investments for the Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options

on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

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

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

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

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

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using

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|:---|:---|
| **30** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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September 30, 2025 (Unaudited)

these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

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

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

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs

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

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

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

Physical commodities are valued using spot prices from established commodity exchanges as published by third-party Pricing Sources as of the reporting date. In addition, warehouse receipts are generally valued by a third-party vendor using the front month futures discounted back to the reporting date. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Fund's website at www.pimco.com, or upon request, as applicable. The tables below show the Fund's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short Asset Portfolio

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO TRENDS Managed Futures Strategy Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245776) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **31** |

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Notes to Financial Statements (Cont.)

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO TRENDS Managed Futures Strategy Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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

(b) Investments in Securities

The Fund may utilize the investments and strategies described below to the extent permitted by the Fund's investment policies.

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 often backed by a diversified pool of high risk, below investment grade fixed income

securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

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|:---|:---|
| **32** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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September 30, 2025 (Unaudited)

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Consolidated Statement of Assets and Liabilities as an asset or liability, respectively.

Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

(c) The Fund may acquire and hold physical commodities. Physical commodities are pursuant to warehouse receipts providing proof of ownership of such commodities. Warehouse receipts may be negotiable or non-negotiable. Negotiable warehouse receipts allow transfer of ownership of that commodity without having to deliver the physical commodity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Fund may enter into the borrowings and other financing transactions described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on the Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Fund. The location of these instruments in the Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by the Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, the Fund has used bilateral repurchase agreements wherein the underlying securities will be held by the Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement,

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **33** |

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Notes to Financial Statements (Cont.)

there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Fund are reflected as a liability on the Consolidated Statement of Assets and Liabilities. The Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Fund sells a security that it does not own in anticipation that the market price of that security will decline. The Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Fund makes a short sale, it will often borrow

the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities. Short sales expose the Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Fund. A short sale is "against the box" if the Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended September 30, 2025, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Fund may enter into the financial derivative instruments described below to the extent permitted by the Fund's investment policies.

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| **34** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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September 30, 2025 (Unaudited)

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Consolidated Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Consolidated Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Consolidated Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Fund may use futures contracts to manage its exposure to the securities markets, commodities and other assets and/or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures

contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities.

The Fund may invest in cash-settled futures contracts based on price movements of Bitcoin that are traded on an exchange regulated by the U.S. Commodity Futures Trading Commission (e.g., Chicago Mercantile Exchange) ("Bitcoin Futures"). Bitcoin Futures are subject to the risk that the value of Bitcoin (and therefore, the price of Bitcoin Futures), is not backed by any government, corporation, or other identified body. Because Bitcoin is a new technological innovation with a limited history and is a highly speculative asset, future regulatory actions or policies may limit, perhaps to a materially adverse extent, the value of any Fund exposure to Bitcoin through investments in Bitcoin Futures.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **35** |

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Notes to Financial Statements (Cont.)

Fund's exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

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.

(d) Swap Agreements are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Consolidated Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences

between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Consolidated Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Consolidated Statement of Operations.

For purposes of applying certain of the Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Fund's investment policies and restrictions, the Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Fund's other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines (if any) because such value in general better reflects the Fund's actual economic exposure during the term of the credit default swap agreement. As a result, the Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty

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|:---|:---|
| **36** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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September 30, 2025 (Unaudited)

over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund's exposure to the counterparty.

To the extent the Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit

event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Consolidated Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

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Notes to Financial Statements (Cont.)

compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Fund is the seller of protection are disclosed in the Notes to Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked

return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including declining interest rates, changes in credit spreads and improvements in the issuer's credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, 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 market, 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.

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| **38** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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September 30, 2025 (Unaudited)

Market Risk is the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell 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. The liquidity of the Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. The Fund's use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund's performance.

Futures Contract Risk is the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract. In addition, futures contracts may expose the Fund to leverage risk, liquidity risk, market volatility, and margin requirements.

Model Risk is the risk that the 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 the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Fund.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through the Commodity Subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **39** |

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Notes to Financial Statements (Cont.)

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign 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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign(non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment

transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Fund's sensitivity to interest rate changes and other market risks.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Fund.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in the Commodity Subsidiary, the Fund is indirectly exposed to the risks associated with the Commodity Subsidiary's investments. The Commodity Subsidiary is not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of the Commodity Subsidiary will be achieved.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(b) Other Risks

In general, the Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Fund's performance.

Market Disruptions Risk The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures,

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| **40** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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September 30, 2025 (Unaudited)

including the imposition of tariffs, or other U.S. economic policies and related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund's service providers, including PIMCO as the Fund's investment adviser, rely, and could otherwise disrupt the Fund's service providers' ability to fulfill their obligations to the Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of the Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/ or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude the Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.

8. MASTER NETTING ARRANGEMENTS

The Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **41** |

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Notes to Financial Statements (Cont.)

Consolidated Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Consolidated Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Consolidated Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Consolidated Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared

OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Fund, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

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 the 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 Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the

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| **42** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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Fund may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

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|:---|:---|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | I-2 | I-3 | Class A | Class C |
| 1.15% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.40% | 0.40% |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class C shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares, and in connection with personal services rendered to Class A and Class C shareholders and the

maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A and Class C shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

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|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  | 0.25% |
|  **Class C** | 0.75% | 0.25% |

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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 September 30, 2025, the Distributor retained $1,889,208 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Fund, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, and may include certain other

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **43** |

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Notes to Financial Statements (Cont.)

expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for the Fund is reflected on the Consolidated Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of the Fund's Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of September 30, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Consolidated

Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of September 30, 2025, the amount waived and/or reimbursed was $4,802.

(g) Acquired Fund Fees and Expenses The Commodity Subsidiary has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary's portfolio pursuant to which the Commodity Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the Fund's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Commodity Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Commodity Subsidiary is in place. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, the amount waived and/or reimbursed was $1,923,017. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Consolidated Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Fund is known as "portfolio turnover." The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale

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| | |
|:---|:---|
| **44** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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September 30, 2025 (Unaudited)

of securities and reinvestments in other securities, which are borne by the Fund. Frequent and active trading of the Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect the Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $3876824 | $4184185 | $100740 | $399336 |

---

---

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

---

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 34799 | $339876 | 98276 | $1031085 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 4861 | 46768 | 12634 | 130749 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 386 | 3722 | 1705 | 17946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 156 | 1477 | 2659 | 27533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 7 | 60 | 10 | 106 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (82465) | (781361) | (143395) | (1485866) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (8458) | (80864) | (21395) | (220605) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (1307) | (12585) | (2582) | (26578) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (671) | (6342) | (4623) | (46764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 | (4) | (38) |
|  **Net increase (decrease) resulting from Fund share transactions** | (52692) | $(489249) | (56715) | $(572432) |

---

---

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

---

As of September 30, 2025, two persons owned of record or beneficially 10% or more of the Fund's total outstanding shares comprising, 49% of the Fund. One of the shareholders is a related party of the Fund and comprises 27% of the Fund. Related parties 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.

14. BASIS FOR CONSOLIDATION

The Commodity Subsidiary, a Cayman Islands exempted company, was incorporated on September 6, 2013, as a wholly-owned subsidiary acting as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies as specified in its prospectus and statement of additional information. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Commodity Subsidiary. The consolidated financial statements include the accounts of the Fund and the Commodity Subsidiary, if any. All

inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary, with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Commodity Subsidiary. The net assets of the Commodity Subsidiary as of period end represented 33.1% of the Fund's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **45** |

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Notes to Financial Statements (Cont.)

16. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Fund's tax positions for all open tax years. As of September 30, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

The Fund may gain exposure to the commodities markets primarily through investments in swap agreements, futures and options. The Fund may also gain exposure indirectly to commodity markets by investing in the Commodity Subsidiary, which may invest without limit in commodity-linked swap agreements and other commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Fund must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by the Fund, is not qualifying income under Subchapter M of the Code. As such, the Fund's ability to utilize direct investments in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. However, in a subsequent revenue ruling, the IRS provides that income from alternative investment instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will be qualifying income.

Based on the reasoning in such rulings, the Fund will continue to seek to gain exposure to the commodity markets primarily through

investments in its Commodity Subsidiary and perhaps through commodity-linked notes. The Commodity Subsidiary will be treated as a controlled foreign corporation. As a result, the Fund with the Commodity Subsidiary will be required to include in gross income for U.S. federal income tax purposes all of its Commodity Subsidiary's "subpart F income," whether or not such income is distributed by the Commodity Subsidiary. It is expected that all of the Commodity Subsidiary's income and realized gains and mark-to-market gains will be "subpart F income." The Fund's recognition of its Commodity Subsidiary's "subpart F income" will increase the Fund's tax basis in its Commodity Subsidiary. Distributions by the Commodity Subsidiary to the Fund will be tax-free, to the extent of its previously undistributed "subpart F income," and will correspondingly reduce the Fund's tax basis in its Commodity Subsidiary. "Subpart F income" is generally treated by the Fund as ordinary income, regardless of the character of the Commodity Subsidiary's underlying income or gains.

If a net loss is realized by Commodity Subsidiary, such loss is not generally available to offset the income earned by such Commodity Subsidiary's parent Fund, and such loss cannot be carried forward to offset taxable income of the parent Fund or the Commodity Subsidiary in future periods.

Under IRS regulations, income derived from a controlled foreign corporation will be considered qualifying income if distributed to the Fund or if the Fund's income from in the subsidiary is derived with respect to the Fund's business of investing in securities. A subsidiary may pay such a distribution at any time. An IRS revenue procedure states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

There can be no assurance that the IRS will not change its position with respect to some or all of these conclusions or that future legislation will not adversely impact the tax treatment of the Fund's commodity-linked investments. If the IRS were to change or reverse its position, or if future legislation adversely affected the tax treatment of the Fund's commodity-linked investments, there would likely be a significant adverse impact on the Fund, including the possibility of failing to qualify as a regulated investment company. If the Fund did not qualify as a regulated investment company for any taxable year, its taxable income would be subject to tax at the Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. Furthermore, the tax treatment of the Fund's investments in its Commodity Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of the Fund's taxable income or any distributions made by the Fund or result in the inability of the Fund to operate as described in this prospectus.

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| | |
|:---|:---|
| **46** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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------

September 30, 2025 (Unaudited)

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of its last fiscal year ended March 31, 2025, the Fund had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| Short-Term | Long-Term |
| $198923 | $2601 |

---

As of September 30, 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 Tax<br>Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> |
| $1579359 | $328611 | $(75247) | $253364 |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **47** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | GLM | Goldman Sachs Bank USA | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | GSC | Goldman Sachs & Co. LLC | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | IND | Crédit Agricole Corporate and Investment Bank S.A. | RYL | NatWest Markets Plc |
| BRC | Barclays Bank PLC | JPM | JP Morgan Chase Bank N.A. | SCX | Standard Chartered Bank, London |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | SOG | Societe Generale Paris |
| DEU | Deutsche Bank Securities, Inc. | MEI | Merrill Lynch International | SSB | State Street Bank and Trust Co. |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC | UAG | UBS AG Stamford |
| FAR | Wells Fargo Bank National Association |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | HKD | Hong Kong Dollar | PEN | Peruvian New Sol |
| BRL | Brazilian Real | HUF | Hungarian Forint | PHP | Philippine Peso |
| CAD | Canadian Dollar | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CHF | Swiss Franc | ILS | Israeli Shekel | RON | Romanian New Leu |
| CLP | Chilean Peso | INR | Indian Rupee | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | SGD | Singapore Dollar |
| CNY | Chinese Renminbi (Mainland) | KRW | South Korean Won | THB | Thai Baht |
| COP | Colombian Peso | MXN | Mexican Peso | TRY | Turkish New Lira |
| CZK | Czech Koruna | MYR | Malaysian Ringgit | TWD | Taiwanese Dollar |
| EUR | Euro | NOK | Norwegian Krone | USD (or $) | United States Dollar |
| GBP | British Pound | NZD | New Zealand Dollar | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CME | Chicago Mercantile Exchange | LME | London Metal Exchange | OTC | Over the Counter |
| FTSE | Financial Times Stock Exchange |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BOVESPA | Brazil Bovespa Index | DAX | Deutscher Aktien Index 30 | S&P 500 | Standard & Poor's 500 Index |
| Brent | Brent Crude | FTSE MIB | Borsa Italiana's 40 Most Liquid/Capitalized Italian Shares Equity Index | SIBCSORA | Singapore Overnight Rate Average |
| CAC | Cotation Assistée en Continu | HSCEI | Hang Seng China Enterprises Index | SOFR | Secured Overnight Financing Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | IBEX 35 | Spanish Continuous Exchange Index | SONIA | Sterling Overnight Interbank Average Rate |
| CDX.EM | Credit Derivatives Index - Emerging Markets | IBR | Indicador Bancario de Referencia | SONIO | Sterling Overnight Interbank Average Rate |
| CDX.HY | Credit Derivatives Index - High Yield | IFSC | National Stock Exchange of India | SPI 200 | Australian Equity Futures Index |
| CDX.IG | Credit Derivatives Index - Investment Grade | KOSPI2 | Korea Stock Exchange KOSPI 200 Index | VSTOXX | Euro Stoxx 50 Volatility Index |
| CNREPOFIX | China Fixing Repo Rates 7-Day | MUTKCALM | Tokyo Overnight Average Rate | WIG20 | Capitalization-weighted Stock Market Index of the 20 largest companies on the Warsaw Stock Exchange |
| CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | OMX | Stockholm 30 Index |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | JIBAR | Johannesburg Interbank Agreed Rate | RBOB | Reformulated Blendstock for Oxygenate Blending |
| BBR | Bank Bill Rate | KLIBOR | Kuala Lumpur Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| BBSW | Bank Bill Swap Reference Rate | KORIBOR | Korea Interbank Offered Rate | TAIBOR | Taipei Interbank Offered Rate |
| BRL-CDI | Brazil Interbank Deposit Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBA | To-Be-Announced |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | MIBOR | Mumbai Interbank Offered Rate | TELBOR | Tel Aviv Inter-Bank Offered Rate |
| CHILIBOR | Chile Interbank Offered Rate | MSCI | Morgan Stanley Capital International | THBFIX | Thai Baht Floating-Rate Fix |
| CLO | Collateralized Loan Obligation | Oat | Obligations Assimilables du Trésor | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| DAC | Designated Activity Company | OIS | Overnight Index Swap | WIBOR | Warsaw Interbank Offered Rate |
| EURIBOR | Euro Interbank Offered Rate | oz. | Ounce | WTI | West Texas Intermediate |
| HIBOR | Hong Kong Interbank Offered Rate | PRIBOR | Prague Interbank Offered Rate |  |  |

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| | |
|:---|:---|
| **48** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Fund estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO TRENDS Managed Futures Strategy Fund | PIMCO TRENDS Managed Futures Strategy Fund | PIMCO TRENDS Managed Futures Strategy Fund | PIMCO TRENDS Managed Futures Strategy Fund | PIMCO TRENDS Managed Futures Strategy 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) |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| 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) |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| 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) |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| 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) |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| 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) |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **49** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **50** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **51** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amended and Restated Asset Allocation Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund, each a series of the Trust, and Research Affiliates (collectively, the "Sub-Advisory Agreements" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Funds (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the

Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Fund that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Funds that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Fund that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed

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| **52** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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(Unaudited)

relevant to their consideration of the renewal of the Agreements. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Funds.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and the sub-advisory services provided by Research Affiliates to the PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, and PIMCO RAE Worldwide Long/Short PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation and/or sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreements are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **53** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

March 31, 2025 and other performance data, as available, over short**-** and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2025 (the "Broadridge Report").

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Fund would have substantially similar performance to that of the Institutional Class of the relevant Fund on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation. The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a better comparison.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relative performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary

Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes at scale at the outset with reference to the total expense ratios of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, as well as the universe of other similar funds. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place or proposed for certain of the Funds and/or classes, including those implemented in connection with feedback provided by the Board, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Funds in their respective Subsidiaries. The Board also considered that PIMCO reviews the Funds' fee levels and considers changes where appropriate.

The Board also reviewed data comparing the Funds' advisory fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services

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|:---|:---|
| **54** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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(Unaudited)

provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee for each Fund. In return for this unified fee, PIMCO provides or procures

supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Funds and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Fund fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Funds in prior years. In addition, the Board considered proposed advisory and supervisory and administrative fee reductions for certain Funds and/or classes. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **55** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

funds. The Board also considered any fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreements, and the total expense ratios of each Fund are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Funds. To the extent applicable, the Board also reviewed information regarding the portion of a Fund's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Fund. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders

of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds' Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board

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|:---|:---|
| **56** | **PIMCO TRENDS MANAGED FUTURES STRATEGY FUND** |

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(Unaudited)

noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreements on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Funds and their shareholders.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **57** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Fund listed on the Report cover.

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![LOGO](g920194g75h91.jpg)

PIMS10789FSTMSAR_093025

------

**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>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**Item 19.** **Exhibits.** <br>

(a)(1) Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2) Not applicable to the Registrant.

(a)(3) [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d920090dex99cert.htm)

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(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.](d920090dex99906cert.htm)

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#### 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.

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| | |
|:---|:---|
| 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: | December 4, 2025 |

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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.

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| | |
|:---|:---|
| By: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: | December 4, 2025 |
| By: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: | December 4, 2025 |

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## 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: | December 4, 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: | December 4, 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: | December 4, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Date: | December 4, 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.